Mr. President. I have no knowledge as to the proportion bf the depositors who are foreigners. but I apprehend that what the Senator says is substantially correct. There is no doubt that certain immigrants coming from southern Europe who are not acquainted with the system of banking in this country but are acquainted with the postal savings system in their own country prefer that system to our savingsbank system. But what I wanted to emphasize was the fact that if the Government goes into this matter on a large scale. not only will that money be deposited to a greater extent in the postal savings banks. but in the event of one of the senseless scares that get possession of the public mind occasionally. resulting in the socalled runs on banks which nine times out of ten are without any foundation in fact. our people may be led to withdraw their deposits from the savings banksand invest them to a large extent in the postal savings banks on the ground that the Government being back of them they are absolutely safe.
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immigrants