The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1874-01-17
POSTAL SAVINGS BANKS.
SCHEME SET FORTH IN A BILL. BE
FORE THE HOUSE.

Provisions of an Act for Establ ishing
the Postal Savings Depositsry-An
Addition to the POsl-Ofice Army of
Five or Six Hundred Employees.
House bill No 797, entitled, "a
bill to'establish and maintain a Ma
tiOnal savings depository as branch
of the Post Office Department" in
troduced, on the 18th inst, by the
Hon. Horace Maynard of Tennessee,
Chairman of the House Committee on
Banking and Currency, embodies the
features of the plan proposed by the
postmaster General in his last annual
report. It is modelled in part after
the English and Canadian systems.
The bill contains thirty-one Sec
tions. Section l recites:
That in order to furnish for the
public convenience increased facilities
for the deposit and withdrawal Of
small savings, and to make the Post
Office Department available for such
purpose, there shall be, and hereby is
! established branch Of said Depart
ment, to be designated the Postal Saw.
ings Depository of the United Ststes
and, in order to give complete and di.
rect security to all depositors, the
credit of the United States is hereby
pledged for the repayment of the de-
positor, or his legal representative. o.
every sum of money deposited in &C
cordance with the provisions of thi.
| act.
Section 2 establishes a Central De
positOry at the seat of Government
and authorizes the Postmaster Gen
eral to designate suitable Money Or
der Post-Offices as ub-depositories
the Postmaster at which shall receive
deposits of money from the public
upon which the United States shall
allow interest not exceeding four pc
cent. per annum. to the deposition; an,
also provides for the compounding O
such interest, on the Both day of jun
in each year. Section 3 provides tina
each depositor shall be furnished witt
a book in which shall be entered al
deposits and Withdrawals made b.
him, and further provides for the at
testing of such entries.
Section 4 provides that no sum les
than and not multiple of 81 shall b
received; that interest on deposit
shall begin on the first day of the cal
endar month following the deposit
and on sums withdrawn shall cease O
the first day of the month in whic
such sum is withdrawn; that not NOR
than $500 shall be deposited by an
person in one year, and that the tots
deposits and accrued interest to til
credit of single depositor shall nj
exceed 81 500; also that such deposi,
shall not be subject to demand Q
seizure for debt, and that in case
the death. of depositor leaving vic
ow or minor children the Postmaster
General may direct the payment of til
balance due such depositor to his vic
Ow or minor children.
Section 5 provides that married We
men and minors above the age of
years, may deposit and withdraw fund
in their own name independent of til
husbands of such women, or the d.
rents or guardians of such minor
and that deposits made by any woma
previous to her marriage shall be e.
empt from control of her husband.
Section 6 provides for the issue I
depoSitors OF certificates of depos
and withdrawal checks, aud for tn
prompt repayment with interest {
sums deposited.
Section Z provides that certificat.
of deposit and withdrawal checks sha
not be transferable, and that will
drawal checks not presented for pa.
ment within one year shall become il
n