The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1874-01-16
THE POSTAL SAVINGS DEPOSITORY.
An Interesting Digest of the Bill TO
Establish National Savings Banks
In Connection With the POST
Office.

A bill to establish and maintain a
National Savings Depository as 3
branch of the POst-office Depart
ment was introduced by Represen-
tative Maynard, read twice, and
referred to the Committee on Bank
ing and Currency.
The main features of the bill are
to furnish for the public convent
ence increased facilities for the de-
post and withdrawal of small saw
ings, and to make the Postoffice
Department available for such pur-
pose, there shall be established q
branch of said department., to be
designated the Postal Savings De-
pository of the United States; and,
in order to give complete and d.
rect security to all depositors, the
credit of the United States is
pledged for the repayment to the
deposition, or his legal represents
tive, of every sum of money depos-
tied in accordance with the pro.
visions of the act,
A chief Office is provided for at
the seat of government, to be
styled the Central Depository, and
designate such suitable money-order
post-ofices as the business may re-
quire, to be known as sub-depoei-
tories, the postmaster at which
shall receive deposits of money
from the public when rendered in
United States current funds or ma
tional bank notes, and shall repay
such deposits, with interests, as
provided upon demand of the de-
positor OF his legal representative.
Rate of interest therin shall not ex-
coed per centum per annum, and
shall, on the 30th of June in each
year, be added to and become part
of the principal.
Each depositor is to be furnished
with depositor's book, in which
shall be entered, at the time of
making the first deposit, the name,
age, occupation and residence of
such deposition, and ON the day of
making any deposit or withdrawal,
the date and amount of the same,
which entry shall be attested by
the signature and office-slamp of
the Office receiving such deposit
or paying such withdrawal; and
the postmaster shall cause the de-
position, previous to the entry of
the first deposit in any depositcr's
book, to execute in tripiicste- dec
laration, setting forth such allega-
tious as may, in the opinion of the
Postmaster-Gener necessary for
the protection Of the parties inter-
ested one copy of such declaration
to be inserted in the depositor's
book; one copy to be fled at the
sub depository, and one copy for
Warded to the Postmaster General.
The deposit of any sum leAs than
81, or any sum not multiple
thereof, is prohibited; and Interest
will not be paid on any fractional
part of Q 81. Interest to be COM
puted from the first day of the cal.
euder month following the day of
such deposit; and upon the with
drsWal of any sum from deposit.
the interest to cease on the same
on the first day of the calender
month in which said sum lie With
drawn. Deposits by one deposition
limited to $500 in one year, begin |
ing on the first day of July. and |
ending the S0th day of June, and |
hat the aggregate amount of nrin. |
;ipal aud interest to the credit of
my depositor shall not exceed |
8, 900.
It IL also provided that any mon
" due to q deposition, while In the /
of the Postal Savings De-
of the United States, shall