Sikes, who took up the question in 1850, pushed it, persevered with it,
and brought it under the notice of successive Chancellors of the
Exchequer; and lastly to Mr. Gladstone, who, having clearly foreseen the
immense benefits of Post Office Savings Banks, brought in a Bill and
carried it through Parliament in 1861.
The money-order department of the Post Office had suggested to Mr.
Sikes, as it had already done to other observers, that the organization
already existed for making Post Office Savings Banks practicable
throughout the kingdom. Wherever the local inspector found that as many
as five money-orders were required in a week, the practice was to make
that branch of the Post Office a money-order office. It was estimated
that such an office was established on an average within three miles of
every working man's door in the kingdom. The offices were open daily.
They received money from all comers, and gave vouchers for the amounts
transmitted through them. They held the money until it was drawn, and
paid it out on a proper voucher being presented. The Post Office was, in
fact, a bank for the transmission of money, holding it for periods of
from twenty-four hours to weeks and months. By enabling it to receive
more money from more depositors, and by increasing the time of holding
it, allowing the usual interest, it became to all intents and purposes a
National bank of deposit.
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