UNCLE SAM SAVES THE CHILDRENS PENNIES.

Evening Post, Volume LXXXIII, Issue 94, 22 April 1911, Page 13

UNCLE SAM SAVES THE CHILD RENS PENNIES.

A Government Postal Savings Bank has been opened in each State of America. The Government guarantees the deposits, and pays 2 per cent, a year on them. The communities chosen in each State were, as far as possible, those having many alien residents, .and especially those foreigners who, distrustful of our own private scavings banks, have sent their faavings to the Government postal savings banks in their respective home countries for deposit. In the secoud place, the communities chosen were none of them financial centres. As example, Rutherford, New Jersey, and Cohoes, New York may be taken. Rutherford is a typical American town, spruce, neat, well set up, well to do ; but the Rutherford postal district comprises, a fringe of communities populated by many foreigners — not) the kind who have become accustomed to American ways, and who send their scanty savings -back home, but whose social conditions are none too good. At Cohoes the knitting and other mill? haveattracted in the postal district a foreign population of many thousands. The large international money orders from that district, varyiig from 5 to 1000 doJ., for deposit in loreign postal savings banks-, would indicate that, as soon as the foreigners learn about a Government guaranteed savings bank in America, they will deposit their funds in it. The fust few days' business has shown that tho banks •will appeal especially '. to children — for accounts may be opened by any person over ten years of age in his or her name. Newsboys in particular have availed themselves of the opportunity of depositing even so small a sum as 10 cents ot its multiples. They receive a card, and for each 10 cents a j yellow stamp to be affixed to die usu'd. When ..he sum saved reaches a dollar, a i.eitific-ate for that amount is ibsued; and when 20 dollars have been saved thy depositor may increase his Tate of interest from* 2 to 2£ ptr cent, by accepting the Government's offer of a 2i per cent, bond of the 20 dollar denomination. Think of a child as a Government bond holder ! Thus there is a double inducement to childre-n to save tlieir p.6aaißt.,«-putlook, No# XesUv