Long term Savings Gift to child?

Hey do it like they used to do it in the old days, You know the govenment will never go broke so invest in it. And you don't have to wait so long for the face value and if you need money you can cash them in anytime. And if you start now by the time your grand daughter is older enought o go to college she will have more than enough money if you buy government bonds. you pay for half the face valve on them and when they mature they will have full value.