Statement by the President Upon Signing Bill To Abolish the Postal Savings System.

I AM pleased to sign into law today H.R. 8030--a bill to abolish the Postal Savings System.

I consider this more than just a passing event. In one respect, it represents the end of an era. In another respect, it represents our willingness--a n d determination--to meet the changing needs of our times.

I hope that other Government agencies will take note of this bill signing. I hope they will intensify their search for the most efficient and economical way to serve the American public. Our citizens are entitled to confidence in their Government, and they will be confident only when they are certain that their taxes are carefully and frugally spent.

I sign this bill with the assurance that no postal worker will be adversely affected.

I also sign it with the assurance that no American saver will be inconvenienced. For those who would still like to deposit their savings with the United States Government, I can think of no better way to do so than through United States savings bonds. With the increase in interest that I announced just last month, these bonds will be giving more than twice the interest of the Postal Savings System.