Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1877-12-08
POSTAL SAVINGS BANks.

For some years past the subject of es-
tablishing postal savings banks has been
under discussion. The many recent
failures of savings banks throughout the
country has awakened the public to the
necessity o. having some plan adopted
whereby the savings Of the laboring
classes will be made secure. The great
benefit derived by the country from the
present system of banking, by which the
issues OF the various banks are made
perfectly secure for the benefit of the
holders, has led many to think that
some plan might be devised whereby
the savings Of the poorer classes could
be made equally safe. ID effect this
purpose the postal savings banks have
been suggested, and the public demand
has been SO great for the establishment
of something of the kind. that already a
number of bills have been introduced i'm
Congress looking to the organization of
some such system. A thorough exami-
nation has been made of the workings OF
the postal savings banks i'm England and
Canada. The best features of these it is
proposed to retain with such modifica-
tons as may be necessary.
Among the bills introduced i'm the
house is that of Mr.. Upton, entitled Il
bill to establish anu mlintain national
savings depository as a branch of the
Postoffice department. This branch is
TO be designated tile postal savings de-
pository OF the United States, and the
credit Of the government is pledged for
the repayment to the depositor or to his
legal representatives Of every sum OF
money deposited.
A chief office, to be styled the Central
Depository. is to be established ut Wash
ington, and the Postmaster General is
TO designate the money order postoffices
ut which money may be received. The
rate of interest allowed is not to exceed
3 per cent, and. il the depOsitor so elects
this interest will on the 30th day of June,
each year be added 10 the principal.
Books will be furnished by the Postoffire
department, anu declarations, 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 mast
not exceed $500 per year, AMI the aggre-
gate amount of principal and interest to
the credit of any one depOsitor shall not
exceed $1,000. Money OIL deposit is not
liable to taxation by state or municipal
authority, and not subject to seizure for
debt.
Mr. Tipton's bill provides that any
married woman, or any minor above the
age of l2. may become depOsi or.
Money belonging to the husband, de-
posted by the wife without the huS-
bands consent, upon sufficient evidence
of fraudulent deposit, is to be repaid to
the husband. Money belonging TO a
married woman is not subject to the or
der of her husband. The certificate OF
deposit given TO each depOstOr is not
transferable. When money is to be with.
drawn the Postmaster General will cause
TO be transmitted TO the deposition a
withdrawal check. and OH presentation
OF this the money will be paid.
The bill provides for superintendent
and the necessary clerks and messengers
ut Washington, and directs that post
masters at sub-dcpositories shall be al
lowed Il commission not exceeding three
Fights OF one per cent. OF deposits re-
c,ived. This bill has been read twice
and referred to- the Committee OH Post.
offices and Pus;roads.
Some such plan as the above would be
OF great benefit 10 the labOring classes,
and it is to be hoped that there is enough
wisdom In Congress TO devise and pert, CT
asystem whereby the poorer classes will
be protected from the robbery which SO
many OF them have suffered by the fail
urc of savings banks i'm the past.