, 1874-01-05
POSTAL SAVINGS BANKS.
The Scheme Set Forti, IN q RilI Before
the House.

FTarn the .tcic lGrE Tribune.
House bill No. 797 entitled "a bill to estab-
lish and maintain National Savings Depository
ns branch Of the Post-Odice Department" in
troduced, on the 18th inst, BY the Hon. Horace
MaJnerd. of Tennessee, Chairman OF the House
Committee on Banking and Currency, embodies
the features Of the plan proposed by tue Post
master General in his last annual report. 1t is
modelled in part after the English and Canadian
systems.
The bill contains tllirty-one sections. Sec.
1 recites:
yenience Increased facilities for the deposit aud
withdrawal Of small Savings, and to make the
Post Office Department available for such pnr-
pose, there thall be and hereby is established
branch of said Department. to be designated the
Postal Savings Depository Of the United States !;
and, i'll order to give complete and direct secnr-
itv to all depositors, the credit Of the United
States is hereby pledged Tor the repayment to
the deposltor, or his legal representative, Of
every sum Of money deposHed in nccordance with
the provisions Of said act
Sec. 9 establishes central depository at the
seat of Government, and authorizes the Post
mester-General to designate suitable money-or-
der post-ofices as aub-depositorles. the Post
master at which shall receive deposits OF money
from the public, upon which the United States
shall allow interest not exceeding per cent per
annum, to the depositor; and also provides for
the compounding OF such interest, Oh the 30th
dnv OF Juno in each year. Sec. 8 provides that
each depostor shall be furnished with book in
which shall be entered all deposits and with
drawals made by him, and further provides for
the attesting OF euch entries.
Sec. 4 provides that no sum less than an
not multiple Of 81 shall be received; that in
terest on deposits shall begin on the first day Of
the calendar month following the deposit, and on
sums Withdrawn shall ceaae on the first day of
the month in which such sum is withdrawn; that
nomore than $500 shall be deposited by any per-
son in one year. and that the total deposits and
accrued interest to the credit Of single de-
pos;tor shall not exceed 81 500; also that such
deposits shall not bo subject to demand or
scizule for debt and that in case OF the death of
q deposition leaving widow or minor children, the
Postmaster-General may direct the payment OF
the balance due such depositor to his widow OF
minor children.
Sec. provides that married women and minors
above the age Of IL years may deposit and with
draw funds in their own name Independent Of
the husbands Of such women, or the parents or
guardians of such minors, and that deposits
made bJ any woman previous to her marriage
shall be exempt from control Of her husband.
Sec. provides for the issue to deposltor8 Of
certificates Of deposit and withdrawal checks,
and for the prompt repayment with interest Of
sums deposited.
Sec provides that certificates Of deposit and
withdrawal checks shall not be transferable, and
that Withdrawal checks not presented for pny-
mect within one year shau become invalid. but
that duplicates of lost ard invalid checks and
certificates 1nay be issued By the Postmaster
General.
Sec provides for blanks and forms Sec. 0
for payment OF postage on 1uallable matter Of
an official character; Sec. 10 makes Poe.masters
ut eub-depositorcs responsible, upon their oHi-
cial bond, for all depoaits and postal-savinss
funds in their possession; Sec. IL permits tire
appointment, by Postmasters. OF substitutes in
certain case5, Ey permission of tue Postmaster
General; Sec. u authorizes the Postmaster
Gene1al to permit the deposit Of funds by Pos.-
masters in designated National Bank deposito-
ries: Sec. 10 requires daily reports from Post
masters; Sec. Il provides for the settlement by
the postmaster-Gcneral Of disputes between de-
poaltors and postmaste1R, or between claimants
for money on deposit.
Sec. Is authorizes payments and trnnsfera
of funds to be made by the Postmaster-Generai-
Sec Is requires Postrnastefs 10 maize quar-
terly returns Of the postal savings business, for
r1.n at the Auditors oico in settlement Of their
accounts.
Sec, II authorizes the Postmaster-G General
to make aud alter r. gulations for supeTlnteud-
ing, inspecting. and regulating tho mode OF keep
ing and examining accounts OF dep9s,tors,' and
in respect to other matters apperialnins to the
postal savings business
Soc. l9 provides for the necessary clerical
foroo at the central of1:ce; for payment to Fost-
masters Of a commission Of thrce~cl5hths OF I
per cent on deposits received by them, the came
to be full compensation for all labor performed
by them OF by their assistants also prorldes
for necessary allowances for stationery and luci-
dental expenses. Sec. - provides for Six i'd
ditlonal employees in the Office Of tho Auditor OF