The Pall Mall Gazette says the National Debt Commissioners are
paying too much interest on Savings-bank deposits. They have already incurred a deficiency of £4,500,000, and this is annually increasing. Sir Stafford Northcote was asked on Tues- day about the matter, and said that the Gazette was substantially correct, and he should have to bring that matter and some others connected with the National Debt before Parliament. He will, of course, come forward with some plan for meeting the deficiency, which ought never to have occurred—though its occurrence is not the fault of this Government—and we must await his plan before discussing it. We deprecate, however, the precipitate objections to the reduction on the interest allowed. The State ought not to give a bounty for thrift, any more than for any other virtue ; and if loss is incurred by the rate of interest allowed on savings, a bounty is given. May we be allowed to ask the Exchequer whether it is quite certain that the rate of interest has any effect on Savings-banks -deposits ? Would they decrease by a ten-pound note if no interest were allowed at all ? We do not want to refuse the in- terest, but we still fancy that the impulse of small depositors is to put their money where they are sure to get it back again, and that they think no more of interest than the depositors of the Bank -of England do. They want perfect security, not 8d. a year on -every sovereign saved.
Previous page
