Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1877-12-06


suffering that these failures will entail
upon the poor people who have their
few hard earned dollars in them lends
additional interest to the bills now be-
fore congress providing for the estab-
lishment Of a postal savings depart
ment in connection with the money
order post-offices. There are q num-
of such bills before congress, only two,
however, seem to be likely to meet with
favor at the hands of congress. The
better one of these is perhaps that Of
Mr.. Upton of Illinois This bill is en-
titled a bill to establish and maintain a
national savings depository as branch
Of the post-office department. A chief
office, to be styled the central depOsi-
tory, is to be established at Washing
ton, and the postmaster-generali IS to
designate the money-order post-otfices
ut which money may be received. The
rate of interest allowed is not to exceed
3 per cent, and, if the depositor SO
elects, this interest will on the 30th day
Of June each year be added to the prin-
cipal. Books will be furnished by the
post-office department, and declara-
tions, forms, etc. executed in triplicate.
The deposit of any sum less than one
dollar or of any sum not multiple
thereof is prohibited. The sum total of
deposits to any one mans credit must
not exceed $500 per year, and the ag
gregate amount of principal and inter
est to the credit of any one depositor
shall not exceed 1900 Money on de-
post is not liable to taxation by state
or municipal authority, and not subject
to seizure for debt. The bill provides
that any married woman, or minor
above the age of II, may become de-
positor Money belonging to married
woman is not sub hject to the order of the
husband The certificate given to each
depOstor is not transferable. When
money is to be withdrawn the post
master-general will cause to be trans
mitted to the depOsitOr ii withdrawal
check, and on presentation of this the
money will be paid. The bill provides
for superintendent and the necessary
clerks and messengers at Washington,
and directs that pOstmasters at sub-de-
positories shall be allowed commits
sion not exceeding three-eights of one
per cent or deposits roooisrad- IT,"
bill has been read twice, and referred to
the committee on pOst-offices and post
roads
The other bill is that of Mr.. Stone OF
Iowa. 1t is not so complete IN some
respects as Mr.. Tiptons, but contains
some superior. provisions. 1t provides
that there shall be created and opened
1T nost-offices in towns and cities of not
less than $500 inhabitants, savings
banks where the people may deposit
sums not less than 81, and in amount not
to exceed $500, on account, from any
one person. When deposit shall
reach the sum of S25 or some multlple
of that sum not exceeding $500, 1t shall
he entitled to draw interest from the
first dav of April, July, October o.
january thereafter at the rate OF pc
cent. per annum, payable, with tn
principal, on the days last mentlOne'
and for ten days thereafter, if desired
But no interest shall be allowed eXcep
on an even sum of $50 or some multi
pie thereof Deposits are to be payabl
during the first ten days of each quar-
ter commencing with April, July, Octc
Der. and january of each year Atte
the expiration of said ten days all sum
remaining on deposit shall be continue
until the first day of the next quarte7
It is provided that when there shall b
an amount exceeding S25,OO0,OOO
money deposited, all sums eNceedn
such amount shall be invested IN bond
to be issued by the secretary OF tt
treasury, payable forty years from IL
first day of January, 1873, in sums
s25, $50, 800, and $500, bearing inte
est at the rate of 4 per cent. per annun
with coupons payable quarterly, on ii
1st day of April, July, October, al
january; and the said bonds shall
issued by the secretary of the treasul
on being notified by the postmaste
general that there are funds ready
be so invested. Any depositor of SUI
savings banks may close his account
any time during the first ten days
any quarter, and receive the amou
of his account in such bonds.
These bills are designed after Il
present law of England, and are
tended mainly TO furnish safe depo
tory fer the small earnings of the poo
AS such, no bills can come before CO
gress more worthy of careful consid,
alton.
THAT Mexican war cloud does 1
seem to get any less and it is probat
that both Texas and Mexico are an
Qua to have it get larger. The {