Postal savings

Bibliographic data

Monograph

Identifikator:: 869930397

URN:: urn:nbn:de:zbw-retromon-49420

Document type:: Monograph

Author:: Kemmerer, Edwin Walter http://d-nb.info/gnd/101827717

Title:: Postal savings

Place of publication:: London

Publisher:: Humphrey Milford

Year of publication:: 1917

Scope:: 1 Online-Ressource (VIII, 176 Seiten)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I - The movement for establishment of a postal savings system in the United States

Collection:: Economics Books

ESTABLISHMENT OF THE SYSTEM 8 “Everywhere the banks suddenly found them selves confronted with demands for money by frightened depositors; everywhere, also, banks manifested a lack of confidence in each other.” 5 There was a widespread belief among the people, a belief based on sad experience in previous finan cial panics, that it would be difficult to secure cash during periods of economic disturbance. Add to the hardships of this panic the numer ous recent scandals in “high finance,” particu larly those connected with New York banks, and it is not surprising that among certain classes in the country a lack of confidence in banking insti tutions should have been manifested. This dis trust of banks led to the propaganda for the guar anty of bank deposits and to a renewal of the agitation for postal savings banks. Postmaster- General Cortelyou, in his annual report for 1906, 5 had merely mentioned postal savings banks in connection with other projects, “the merits and defects ... of which should have in the not distant future the fullest consideration.” In the three succeeding annual reports the Post master-General strongly urged the establishment of postal savings banks. Before the panic of 6 O. M. W. Sprague, History of Crises under the National Banking System, National Monetary Commission Report, Sen. Doc. No. 538, 61 Cong., 2 Sess., pp. 259-260. 6 Report of the Postmaster-General, 1906, p. 81.

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