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 ad vocates of the scheme claimed also that such banks would keep in the United States money that would otherwise be sent abroad by foreign ers. Although numerous estimates—more cor rectly, 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 hoard ing 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 re ceive any interest on his savings but was required 34 House Doc. No. 1445, 61 Cong., 2 Sess., p. 93.