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Parliamentary Papers, UK. 1861 (12) Post Office savings banks. A bill to grant additional facilities for depositing small savings at interest, with the security of the government for due repayment thereof. Located through the 19th-century subject catalogue: Transport and communication > Postal communication > Other postal services > Post Office savings banks (http://www.culture24.org.uk/science+%2526+nature/technology/communications/art30440).
Available: parlipapers.chadwyck.com.proxy.uchicago.edu/fullrec/fullr...
Over the last couple weeks, our class has discussed the role of private banks in funding different development projects. The 1861 Post Office Savings Bank Bill, however, provides a separate glimpse into the emergence of financial institutions in mid-Century Britain. The 1861 Bill endowed Post Offices with the capacity to collect and deposit money from the public at large. What is remarkable is that people only needed 1 shilling to open an account, and within 1 year of this Bill's passage, 2532 Post Offices adopted this measure and served as savings banks. That post offices became the proposed sites of government savings banks is certainly not unintentional.
As post offices were among the first government institutions to become physically manifest in particularly grand buildings, they would have inspired the trust and represented the governmental security that people desire when deciding to whom they will entrust their savings.
Indeed, a key purpose of the Post Office banks was to ensure that people's money was given "the direct Security of the State." Ultimately, the Bill did require that should "the fund created under the Authority of this Act become insufficient to meet the lawful claims of all Depositors... the commissioners of Her Majesty's Treasury" shall "issue the Amount of such deficiency out of the Consolidated Fund of the United Kingdom." In a sense, then, the money of investors was "backed" by their government's resources and treasury.
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Greg Mortenson makes a point about smart power theory and whether it can achieve US national security objectives.
A film SLR camera with film pulled out and exposed. Isolated on White
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Structure Security conference at the Golden Gate Club in San Francisco on Tuesda & Wednesday September 27-28, 2016
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The Third Ministerial Meeting on Agriculture and Food Security was held in Mataram, Indonesia, from 3-5 October 2012
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BG J. Brad Nicholson speaks at the Security Cooperation Seminar at AUSA 2023 Annual Meeting in Washington, D.C., Tuesday, Oct. 10, 2023. (Jeromie Stephens for AUSA)
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