Omaha daily bee., 1888-06-24
Plan on Which England's Institution
is Conducted.
SIGHTING THE CONSTITUTION.
How Congressman O'Ne1 Expressed
His Contempt For the Buiwark OF
Our Liberties-Captain Thomas
and Bill Springer.
Pntting BY the Pennies.

Britain. This is made especially valuable at
this time in view of the various propositions
which have been made TO congress for the
establishment of national savings banks in
the United States. Should this countr
adopt postal savings system il will be based
upon that of Great Britain and will be
much in the same general line as that de-
scribed by Mr.. Walling. England has gone
farther however, in this direction than the
United States proposes. She has included n
life insurance branch of the postal system.
The propriety of this is very gravels doubted
by the American statesmen, and if 1t is ever
adopted it will be generations hence. The
following from Mr.. Walling's description
gives very fair outline of Great Britain's
postal savings banks system:
deposits of one shilling (25 cents), or any
number of shihngs, are received, subject to
the limit of $50 (Sl50) in one year, or Gl50
$3.50 in all, exclusive of interest. When the
principal and interest together standing to
the credit of any one depositor amounts to
the sum of e20O $1,000 all interest ceases
until the amount is reduced. Interest at the
rate of 2l3 per cent per annum is allowed on
every complete pound deposited, and is com
puted from the first day of the calendar
month next following the day on which n
complete pound shall have been deposited, or
on which deposits of less amounts shall have
made up a complete pound up to the first day
of the calendar month in which monies are
withdrawn. The interest is calculated on
December 81, and at that time credited to the
account of the depositor. Additional deposits
are also received for immediate investment
III government stock for the payment of
premiums on insurance and for the purchase
of annuites. No oaccount is opened for "A de-
posit of less than l shilling, but a person
wishing to save as little as / penny can do so
by the purchase of Il penny stamp, which is
to be affixed to n form that may be obtained
at any postoflice. When twelve stamps have
thus accumulated an account may be opened
Every depositor, on making his first de-
posit, is required to specify his full name, oc-
cupation, and place of residence, and make
and sign declaration which pledges that he
will abide by the regulations, and that he
has no deposit in any other postcfic savings
bank in Great Britain or Ireland. This dec
laration must be witnessed by the officer who
receives the deposit, the minister or church
warden of his parish or justice of the peace.
Deposits may be made by or for the benefit of
any person under twenty-one years of age,
andrepayments are made to such minor after
the age of seven years the same as if he
We're of full age. Under the age of seven
the declaration must be made by one of the
Deposits and Withdrawals are allowed to
be made by married women separate and dis
tinct from the control of their husbands. De
posits may be made by trustee in behalf of
another person in the joint names of such
trustee and the person on whose account
such money shall be deposited; but payment
of the same, or any part thereof, Will not Dc
made without the receipt of both of said part
les or the survivor, or the executors or ad
ministratOrs of the survivors. Trustees of
any charity, provident, or friendly society, or
penny or school bank, may deposit their
funds without restriction as to the amount in
the postotfice savings bank, provided always
that such deposits shall not be of less amount
than one shilling,n nor of any sum not Il multi
pie thereof. Deposits are Immediately entered
in the depositOr's book by the officer receiv-
ing it, said officer affiiXing his signature and
the stamp of his office to each entry. In ad-
dtion to this each deposit is acknowledged
through the Post by the savings bank depart
ment of London. This acknowledgment will
be addressed to any designated postotfice to
be called for
Once in each year. on the anniversary of
the day on which the first deposit was made,
if possible, the depOsitor is expected to for
ward his deposit book to the controller of the
savings bank department in London for com
parisOn with the books of that department.
and for the adjustment of the interest
When a depositor wishes to cheek out or
withdraw the whole or any part of the sum
standing to his credit he must make applica-
tiOn for the same on a printed form which is
furnished him. This form, properly filed up
is forwarded by post as If an ordinary letter
to the department at London. In return he
receives warrant for the amount required
which warrant is cashed at any pOstotfice
savings bank. These forms, as well as the
deposit books, are passed through the mails
without any postal charges or postage stamps
whatever.
'The limit of the deposit of any one person
being fixed at e2OO is supposed to be made
through the indlsposition of the government
TO put itself in competition with the banking
community. No very great amount of COM
plant is made against this restriction, as
some relief is found in the investments al
lowed in government stock, annuitIeS and
life insurance. The regulations governing
these are to be next mentioned. DepositOrs
can become hold rs of government stock
through the medium of the pOstoffice savings
banks. Not less than go can be invested at
one time, and not more than flOO will be
credited to any account in one year, or $500
in all; for the purpose of these investments
deposits may be made to the value of ElOO.
These sums are altogether irrespective Of the
limits of ordinary deposits.
The postmaster genera is empowered to
insure the lives of persons of either sex for
not less that G5 or more than El00. An in
surance may be effected by any person not
over the age of siXty-tive or under the age Of
fourteen years, or if the amount does not eX-
ceed e5 not under the age of eight years
to grant immediate or deferred annuities for
not less than II or more 400 to any person
not under the age of five years.
"All persons whose lives are insured or to
whom annuities are granted, have direct
government security for the full payment of
the money at the proper time. All premiums
for life insurance or annuities are payable
through the medium of the savings banks de-
post accounts, and will be accepted in addi-
ton to ordinary deposits and deposits for i'm
mediate investment in government stock"
~
Tim Campbell one OF the Hibernian men,
bers from New York, made himself famous,
if not ridiculous, in the house Il year or two
ago by pleading in eXtenuatiOn Of the priyi-
lege that measure he was advocating was
unconstitutional that 1.-THE constitution
should have nothing TO do with matters be-
tween friends.n Tim is not to wear the hon
ors of being the foremost constitutional
smasher. John O'Neil, of ST. Louis, who is
chairman of the house committee on labor,
is also Hibernian, and believer that the
constitution should not interfere with
proposition between friends, O'Neil was
recently member of conference commit
tee on a labor bill, and during the meeting of
the conferees the question of the constitu
tionalty of the measure was raised. One of
the senators on the conference committee
said that he did not care TO take part in the
adoption of law which would be kicked out
of the courts on constitutional grounds; that
il was shame TO build up the hopes of the
laboring men on a law which was clearly un-
constitutional, and which could not stand