2

POSTAL  SAVINGS

the  other  great  nations  of  the  world  in  this  matter. ­
 3  This  is  not,  however,  the  first  experience  of
the  United  States  with  postal  savings  banks.  To
be  exact,  this  is  the  third  postal  savings  bank  to
exist  under  the  American  flag  ;  the  first  being  the
Hawaiian  postal  savings  bank,  which  was  established ­
  in  1886  and  was  closed  shortly  after  the
American  annexation  in  1898,  and  the  second
being  the  Philippine  postal  savings  bank,  which
has  been  in  successful  operation  since  1906/
A  study  of  the  forty  years  of  discussion  which
culminated  in  the  establishment  of  a  postal  savings ­
  system  in  the  United  States  does  not  fall
within  the  scope  of  this  book,  which  is  primarily
concerned  with  the  system  created  by  the  legislation ­
  of  1910.  It  will  be  desirable  to  consider
only  the  events  immediately  leading  to  that
legislation.
Movement  for  Postal  Savings  Encouraged  by
Punic  of  1907
The  panic  of  1907  was  characterized  by  a  general ­
  lack  of  confidence  in  banking  institutions.
8  For  descriptions  of  the  different  postal  savings  banks  of
the  world,  see  Notes  on  the  Postal  Savings  Banks  Systems
of  the  Leading  Countries,  National  Monetary  Commission
Report,  Sen.  Doc.  No.  658,  61  Cong.,  8  Sess.
4  The  Philippine  Postal  Savings  act,  as  amended  to  date,
together  with  the  principal  regulations  issued  thereunder,
will  be  found  in  Appendix  B,  pp.  151-169.