ESTABLISHMENT  OF  THE  SYSTEM  19

that  the  average  loss  of  savings  bank  depositors
over  a  long  period  of  years  is  but  a  fraction  of  a
mill  on  a  dollar.  The  loss  is  theirs  :  it  is  not,  like
the  figures,  distributed  among  all  depositors  by
a  mathematical  average.
Attracting  Money  from  Hoards
In  urging  that  postal  savings  banks  would
draw  money  from  hoards  into  circulation,  the  advocates ­
  of  the  scheme  claimed  also  that  such
banks  would  keep  in  the  United  States  money
that  would  otherwise  be  sent  abroad  by  foreigners. ­
  Although  numerous  estimates—more  correctly, ­
  guesses—have  been  made  from  time  to
time  as  to  the  amount  of  hoarded  money  in  the
United  States,  we  have  no  information  of  value
on  this  subject.  The  distrust  which  causes  hoarding ­
  makes  it  impossible  to  secure  information
concerning  the  amount  hoarded.  Much  was
made  of  the  fact  that  every  year  many  millions
of  dollars  in  money  orders  payable  to  self  were
bought  for  savings  purposes.  The  number  so
bought  in  first  and  second  class  post  offices  alone
for  the  year  ending  March  1,  1908,  was  127,623,
representing  a  total  value  of  $8,054,894. 34  In
such  cases  the  purchaser  not  only  failed  to  receive ­
  any  interest  on  his  savings  but  was  required
34  House  Doc.  No.  1445,  61  Cong.,  2  Sess.,  p.  93.