New-York tribune., 1874-01-01
POSTAL WINGS BANKS.
THE SCHEME SET FORTH IN A BILL Be
FORE THE HOUSE.

POSTAL SAVINGS DEPOsTORY-AN ADDITION TO
THE PosT-OFFICE ARMY OF FIVE OR SIX
HUNDRED EMPLOYEES.
House bill No. 797, entitled, "A bill to es-
tablish and maintain National savings depository as
branch OF tho Post-Once Department" introduced on
by Horace Maynard OF Tennessee
Chairman OF the House Committee on Banking and
Currency embodes tho features Of the plan proposed
by the Postmaster General In his last annualreport
1t Is modelled IN part after the English aud Canadian
systems.
The bill contains thirty one sections Section recites
That order furnish for the public convenience in
creased faeiues for the deposit ana WiIhoraWal OF
small savings, and TO make the Post once Department
available for such purpose there shall De- ana ereos Is
established branch of said Department TO be desg,
mated the Postal Savings Depository OF tue Unlted
sates and in order to give complete ana arres
all depOsors, the credit OF the United states IS
hereby pledged for the repayment to the deposor or
hs legal representative, OF every sum OF mGneo ue-
posted In accordance with the PROVISIONS OF ths ac|
Section establishes Central Depository at the seat
Of Government and authorizes the Posmaster-Goneral
TO designate suitable Money Post-Oices a. sub
repositories the Postmaster at which shall receive de-
poss OF money from the public upon which the Unted
states shall allow interest not exceeding four per cent
per annum, to the depOs0r and also provides Tor the
compoundng OF such interest on the 3Oth dayiof June
in each year Section provides that each depositor
shall furnished with book In which shall be entered
all deposits and Withdrawals made by him, and further
provides for the attesting OF such entries
Section 4proyides that no sum less than and not
multiple OF 81 shall be received that interest on deposits
shall begin the first day OF the calendar month foi'
lowing the deposit, and sums withdrawn shall cease
rr e first day OF the month in which such Is with
drawn; that not more than 500 shall be depositod by
any person in year, and nat the total deposits and
accrued intere the credit OF asnge depostor shall
not exceed 500 also that such deposits shall not be
subject to seiz for debt and that in case
OF the death OF depositor leaving widow or minor
children the General may direct the pay
nent Of the balance such depostor to Ills widow or
minor children.
Section provides that married women and minors
above tho age OF Il years may deposit and withdraw
funds in their independent OF the husbands OF
such women the parents OF guardians OF such MINORS
and that deposits made by any woman previous TO her
marriage shall be exempt from control OF her husoano
scction ,oyides for the issue to depositor OF cert
oatos of denosf aud withdrawal checks and for the
prompt repayment With interest Of sums deposited.
Section 7 proyides tina. certificates OF ost ana
withdrawal checks shalt not 6e transferable ana tnat
withdrawal checks not presented 1of payment "i'H'i
one year shall become invalid. but So"' uupi'aes vi
lost and invalid checks and certificates Wsy 10 Ssueu
by the POstmaster-General
seoton provides for blanks and forms Section for
nayman, of po.tsgu on mailable matter OF an onlal
character Section 10 makes postmasers AZ depost
tories responsible upon their official bond for all de-
posts postal savings funds in their possession Sec
ton permits the appointment by postmasters, OF sub
stitucs In certain cases, by permission Of the Post
masterGenera Section II authorizes tine Postmaster
General to permit the deposit OF funds by postmasers
in designated national bank depostores Section 10
oures daily reports from postmasters Section "A pro-
yidcs for the settlement by the Postmaster OF
disputes between depositors and postmasters or be-
tween claimants for moneys ON deposit
Section IS authorizes payments and transfers OF funds
to be made by the Postmaster General Section lG re-
quires posmasters to make quarterly returns OF postal
savings business for at the Auditors office Ill settle
Iuent Of their accounts.
Section II authorizes the Postma'terGeneral 10 make
and alter regulations Tor experimenting inspecting
and regulating the mode OF keeping and examining &C
counts depOsors" and in respect TO other matters
appertaining to the postal savings business.
Section 10 provides for the necessary clerical force at
the central Office for pay ment to postmasters OF com
msson OF OF per cent on deposits re-
ceyed by them the same TO be full compensation for s
labor performed by them or by their assistants also
provides for necessary allowances for stationery ana
incidental expenses. Section Is provides for SIX ad-
ditonal employees in the ofcs OF the Auditor OF the
pose OF auditing aud settling the accounts OF post
masters under the provisions OK ,hs act section 20
that the Postmaster General shall Include In MS an
nual reports summary statement OF the usnssetons
of the Postal Savings Depository OF the United
Section 81 provides that all postal savings moneys sno
deposits shall be deemed and taken 10 De poSta saw
ngs funds and moneys in the Treasury OF the Uned
states &c. that they shall be forthwith paid yer 20
the Of the United States ~ some officer OF
the Treasury to be designated BY him mat the hrea
account that the Postmaster General may, by DRAFT
ON the Treasurer withdraw such funds when necessary
the United Treasury shall allow to the Postal
Savings Depository interest at the rate OF per cent per
annum all monthly balances OF Postal Savings FUNDS
10 the credit OF said Postal Savings Depository account
and permits the Postmaster to authorize cor
demands Of dspostors Section % provides that the net
revenue arising from the transactions Of tho Postal
Treasurer Of the United states for the service OF the
Office Department and that losses, any. shall be
made good Of any moneys IN the Ire asury to the
credit OF said Department. Section 23 provides that
nne not exceeding 500 may be imposed on postmasters
for failure to make returns. Secton "a makes ms
deeanor for postmasters or employees to dyulge the
deposor or the dates OF Of deposits on
Withdrawals sectons25 g. and "a provide for the pun.
sbmen Of employees, &C., for false entres forgery and
embraced %S sSs pro
visions OF this oct may DO commenced wthh nve years
following the cause OF such acton or the gerpeTs
in apperaning 70 the subject OF THIS act not
therein provided for and not in eonnict therewn, the
OF the general postage and other laws OF the
United stes force for the time being, shall be held
10 apply" Section 80 APPROPRIATED 80 much OF the sum
Of may be necessary for payment OF employees
At the Central Depository until June 80 1875 Section 81
provides that ali the expenses OF ORGANIZING ana eo
provided shall be paid out OF the proceeds
It ia estmated that the opening OF the subdepoai-
tories at the 2Os nrscass post Offices in the UuNed will
require the ccntra Office the constant services of
abores and all Of said offices sn addition OF ll2
clerks to the present force being an average o sooa
the system Offices Of the second class tabout $50 In
number) will require about 100 additional clerks Nwo 10
every seven oces and 80 additional clerks at the cen
trail office that It's extension to thrdclass posOfces
sbout 76O in number will require at those omces 100
tra office that at the remaining LEO money srder OF
fees clerks will be required, as the business VIII De
performed by postmasters person, while but small
additional force win be 81 the central once
IL 10 proposed ~ open only nrstclass dur
ing the rst year. and extend the system by the add
ton Of other oces from year TO year as the public in
terest may require IL B provided that all expenses OF
conducting postal savings business At postoices
shal DO paid out of the theeeghths OF one per cent
commissions deposs 10 be allowed TO postmasters,
except OF 10 exchange deposit oces the Post
mastt General may allow an additional amount for
payment salaries OF clerks employed IN receiving aud
for arding remttances from other Offices and IL Is
mated that the total expense OF conducting the busi