Postal savings

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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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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 15 tions throughout the country: “Resolved, that it is the sense of this association that we should condemn in unqualified terms the proposition for the establishment of postal savings banks or any other system by which the government enters di rectly into banking relations with the people.” 24 In reply the advocates of postal savings banks asserted that existing banks had nothing to fear from governmental competition; that they had the advantages of an established clientèle, higher interest rates, higher limits, if any, in the amounts that could be kept on deposit, and of the close personal and advisory relation which so often Colt at you, say: ‘I am shooting these bullets at you, but I do not intend to hurt you in any way.’ “[The advocates of postal savings banks] would have the Government cast loose from its moorings of protection for the individual and plunge into the frightful slough of social ism. The American people may well pause before they take this step, for the real persons injured are not the bankers in their individual capacity, but the nation at large. Socialism is not a mere harmless dream, impossible of ful filment, to be tolerated as the well wishings of people more poetical than practical—it is a hideous growth of positive malevolence, and it is directly opposed to every fundamen tal principle of our government. It is an ingrate knocking at our doors, a thief at night creeping into our domiciles. It takes from industry its every reward and dampens energy and ambition with the stifling of the incentive for success. Well may we wake to the hidden currents of the stream of socialistic banking, before we take the fatal plunge !” 24 Chron., A. B. A. Conv. Suppl., 1908, p. 131.

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