The time is here when the Postal Savings System has outlived its usefulness. Both as a matter of economy and practicality it should be discontinued. At the time of its creation in 1910 the Postal Savings System was a most necessary and vital innovation. The decade preceding 1910 had witnessed recessions. depressions. and a swarm of bank failures. Public confidence in commercial banking was at a low ebb. The great influx of immigrants during this period also had a bearing on the creation of the Postal Savings System. To most of these people postal banking was a way of life. In their native lands the principle banking institution was the post office.
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immigrants