CONCLUSION 
129 
currency and credit. The meaning of this was, 
in part, that reserves and bank credit were kept 
too much at home when the public interest de 
manded a cheap and expeditious machinery for 
their prompt movement from places of redund 
ancy to places of scarcity. But even under our 
defective banking system in 1910, money and 
bank credit were the most fluid forms of capital 
in the country, and were continually “leaving 
home.” They are much more fluid in 1917 than 
they were in 1910, thanks to our Federal reserve 
system, our developing American discount 
market, and the rapid growth of the note broker 
age business. The great bulk of the postal sav 
ings deposits is in large cities. For example, 
on June 30, 1916, New York City (including 
Brooklyn and Long Island City) had 24 per 
cent of the total postal savings deposits of the 
country. Does any one think that it is possible 
“to keep money at home” in our large cities by 
merely depositing it in commercial banks, or that 
it would be socially desirable to do so, if it were 
possible? 
A Larger Use of Savings Banks as Depositories 
of Postal Savings Funds Desirable 
This brings us to the last point. Six years of 
postal savings history in the United States has