ESTABLISHMENT OF THE SYSTEM 19 
that the average loss of savings bank depositors 
over a long period of years is but a fraction of a 
mill on a dollar. The loss is theirs : it is not, like 
the figures, distributed among all depositors by 
a mathematical average. 
Attracting Money from Hoards 
In urging that postal savings banks would 
draw money from hoards into circulation, the ad 
vocates of the scheme claimed also that such 
banks would keep in the United States money 
that would otherwise be sent abroad by foreign 
ers. Although numerous estimates—more cor 
rectly, guesses—have been made from time to 
time as to the amount of hoarded money in the 
United States, we have no information of value 
on this subject. The distrust which causes hoard 
ing makes it impossible to secure information 
concerning the amount hoarded. Much was 
made of the fact that every year many millions 
of dollars in money orders payable to self were 
bought for savings purposes. The number so 
bought in first and second class post offices alone 
for the year ending March 1, 1908, was 127,623, 
representing a total value of $8,054,894. 34 In 
such cases the purchaser not only failed to re 
ceive any interest on his savings but was required 
34 House Doc. No. 1445, 61 Cong., 2 Sess., p. 93.