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 II - The postal savings bank act of 1910

Collection:: Economics Books

THE POSTAL SAVINGS BANK ACT 45 ported on the following grounds: the greater safety of the funds invested in government bonds or secured by them ; the stronger constitu tional position given to the bank; and the fiscal advantage to the Government in times of emer gency. They were opposed principally on the ground that they would result in the withdrawal of funds from the local communities and in their transfer to financial centers. 33 Postal Savings Bonds Closely related to the subject of the investment of postal savings bank funds in government 88 Cf. views of minority members of Senate Committee on Post Office and Post Roads, House Report No. 1445, 61 Cong., 2 Sess., pp. 102, 103. Senator Hey burn of Idaho said, referring to the bill in its final form, a few days before it became law: “This is a through ticket to the money of the country to New York. There is no return ticket in this hill.” Cong. Rec., June 30, 1910, p. 8816. See also the speech of Senator Bacon of Georgia. Ibid., June 21, p. 8947. I'or a criticism of postal savings banks on the ground that they will draw money away from local investments, where it is most needed, and cause it to flow into investments of a national character bearing low rates of interest, see article hy George E. Roberts, N. Amer. Rev., Feb. 15, 1907. The provision that the funds deposited in banks might be withdrawn and invested in United States securities by direction of the President, whenever in bis judgment the general welfare so required, was strongly criticized on the ground that it placed a large and dangerous power in the hands of the President.

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