I again renew my recommendation for postal savings hanks, for
depositing savings with the security of the Government behind them. The
object is to encourage thrift and economy in the wage-earner and person
of moderate means. In 14 States the deposits in savings banks as
reported to the Comptroller of the Currency amount to $3,590,245,402,
or 98.4 per cent of the entire deposits, while in the remaining 32
States there are only $70,308,543, or 1.6 per cent, showing
conclusively that there are many localities in the United States where
sufficient opportunity is not given to the people to deposit their
savings. The result is that money is kept in hiding and unemployed. It
is believed that in the aggregate vast sums of money would be brought
into circulation through the instrumentality of the postal savings
banks. While there are only 1,453 savings banks reporting to the
Comptroller there are more than 61,000 post-offices, 40,000 of which
are money order offices. Postal savings banks are now in operation in
practically all of the great civilized countries with the exception of
the United States.