POSTAL SAVINGS-BANKS. 167 



of such a policy would not necessarily involve the abandonment of the 

 policy of protection. The removal of a portion of the internal revenue 

 taxation would accomplish the necessary reduction of the income of the 

 Government. Of the 8348,519,869.92 receipts of the Government for 

 last year, $195,067,489.76 were from customs, $121,586,000 from in- 

 ternal revenue, and the remainder from other sources. Prominent 

 men of both parties are now vigorously advocating a reduction of the 

 burdens of taxation, and, notwithstanding the battle between the free- 

 traders and the protectionists, the general demand for relief will no 

 doubt lead to the adoption of some measure that will cut off the un- 

 necessary revenue. It is evident that the adoption of such a measure 

 can not be delayed many years. 



Besides national securities, State, county, and municipal bonds would 

 be available for investment by the Government. Many doubt the wis- 

 dom of investing in these, because such securities have in so many in- 

 stances proved unsafe. The bonds, however, of a number of the States 

 and cities are now considered, by those who are accustomed to invest 

 large sums of trust funds, very nearly as good as Government bonds. 

 If the Government should offer to loan the deposits at two and three 

 fourths per cent, numbers of States, counties, and cities which now pay 

 a much higher rate would be glad to refund portions of their debts, 

 and, in consideration of the very low rate of interest, would doubtless 

 be willing to so draw the bonds that in case of default the Govern- 

 ment would have no difficulty in enforcing payment. It would of 

 course be necessary that the investments be made with the greatest 

 care, and that those who have the making of them should possess the 

 confidence of the people in a high degree. The good results that came 

 from the Freedman's Bank when it was wisely administered, and the 

 deplorable effects of the loose management of its affairs in the later 

 years of its existence, would serve as valuable lessons for the conduct 

 of Government savings-banks. 



For many years our post-office management has been rapidly grow- 

 ing more and more efficient. Perhaps at the present time no great busi- 

 ness is managed more efficiently and economically. There is every reason 

 to believe that still further improvements will be made. Every one is so 

 directly interested in cheap postage, and in the sure and quick delivery 

 of the mail, that inefficiency or dishonesty in the Post-Office attracts at- 

 tention more quickly than in any other department of the Government. 

 Our rates of postage are now as low as those of Great Britain, although 

 we are compelled to maintain several times as many offices and miles of 

 mail-routes in proportion to the quantity of mail-matter as the latter 

 country. It is scarcely conceivable that, with so strong a public senti- 

 ment in favor of honest and efficient civil service, any Administration 

 for partisan reasons would dare to substitute to any considerable ex- 

 tent dishonest and inefficient men for those whose ability and integrity 

 have been tried and proved. It would be suicidal in any party to pur- 



