The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-14
Senator Buffers Bill for Their
Establishment Introduced
CONFIDENT OF REPORT
RESOLUTION SEEKING INfoh-
NATION FROM FOREIGNERS.
BE PAID DEP0SlToRS
The Principal Feature of the Bill is That All
Money Order Post Offices viii be Saving
Banks Thinks it VIII Prevent spe'u'-
alton in Government Bonds
alton in. Government oo0oS'

Banks--ThnkS it WI rFeVe"' 'Pe'''
alton in Government Bonds
washington. D. c., July l 113 bis hin
eauatnr Butler today lntroaucet Us rs+om
sen ostoblish postal savings pain s J.
" on,oction with the postohi.I Snn.-
III eo''r u,b:.s is a pet scheme OF tne Se nd
Me no has put mucn ,iAiie a.
toi, ~ IN It's preparation. lie iias =
liiou +ho subject with the meiiippi -
C.,,,;ttee on Postofflces ana :
.ne ana many of them have Maue ,nI
hoa ,:s which are embodied IN tne I'm I'm
, ges' Snrator feels confident that IL n
- n f,yorahlv reported and pas'seo
Congress meets next Decehpei oa 4,
CU 1n, Senator had already INTRODUCES
IN. which was passed yes'eruasi
i.;,o Tho Secretary of state 10 So
ohe .:I,Ia,at;c representatives Oh .n
80 states abroad circular -.
nar To that issued by cecie 80
- s,,nn an Nav 20, 1881, instructlhs 'ne
ni" ahto;n from the several foreisn -
" n,,t.- to which they are accreu,'eu "'
IN :, formation as possible as 10 'he ~
, LUZ. of nostal telegraphs, telephones 'na
uue' ~ limos hanks of such countries as
pos odonted them, the lnforinauion ~
o+,,rnad TO Congress by Its Decehio
session. If Mr.. Buffers
sov;nps bank bill are as foiiows'
al money order offices are 10
al &c nostal savings bank onlces anu
knI ,' n+her nostoffices as the Postmas,ei
su.n ol NAV in his discretion designate
...e- aonts is required to open an az
49, after which deposits as smaii o az
coun., NAV be made. Interest at re
~ cont will be paid on deposits, pu' IN
pc Iii not be paid on deposits III
cess Of $500 in any one !eal , larson can
60 oOO at any time. No person Gun
cess =. 40 than one account. Marri e.
na can have separate accounts. W.,
WIN non denosit and withdraw money
unless parents or guarulahs ny go tho
nrotests. The government nay hanks
donosits of the postal sa'Ine na+or
,rhenever it needs the FUNDS. III ~ -
putler's opinion this provision WIN when
o+e the necessity of issuing JOINS. ood
the government has no imhieuia'e GO.
For the money thus depositeo lne - IN
4orv If the Treasury shah Hives. ~
government bonds wheneVe n thor
+bam so as to net over ~ per cen,' ,,ador
,y;sn he may invest in state oonus IN
.bo came conditions or lend 10 pan AM -
Sta+as where such money is uepUs..eu 80
= rate not less than per cent LIS, 80 ~
nrovent the concentration Oh h.o ~
anv one State The bill also pf0siuss go.
danositors may direct the ';.h
Caeral to buy government pon :A cot
tbe;r deposits. Another nterestins 80 na-
no If the bill is that deposltoie . nc. 70
a,ost the Postmaster GENERA W H.,
tbom nostal savings banks bonus az eIo
of +beir deposits in denomna.ions - 80
S5n and 500, to bear interest az .ne ,,ore
- o2-5 per cent per annunn' ~.
than 81 900 to be issued TO any uep rs No.
~ anv one year. The bonds are 70 NC nv no
rot;ahle and continuous; theS n" t;r,a
called in by the government at any ,,;nas
Tho postmaster Of every pos.ai pnst
hanl office shall report daily 10 INC ~s
. pant General or to such suD-deposlsol'
=. e. frst class as the Postmaster He :il
ora1 NAV designate to receive suen -
.aaortc in which case the postnlas9te, ~
.sp 6rSt class shall report to tine pos. IL,
.n no+ loss often than once every .hiiIy
aars. Senator Butler says that ts., i.
oo,',,trv that has the postal savings JAIN
cvstem requires the posthasle CU,,o no
5o;lv to the seat Of government. =: ! ne pc 90.
.;s;on Of sub-depositories is put IN Oh az ~
oomut Of the vastness Of the county, :? ~
oou 20 enable the Postmaster Genera ~
as discretion, to divide the oh e.st
S sns into districts and make some mrs.
S s,ass postmaster in each district SUP o.
f hranch of the postoffice department nos a.
Wa shinrton. Each savings bank posi- a.
, Master Is to give an additional 6onu al
rho discretion Of the Postmaster nn .ha
W ' secretary of the Treasury. Onle 80 the the
G POSTMASTER General and Secretary Oh s ane
Treasury otherwise direct, all pos.al , sas
;nss banks deposits will be transm nn de.
w Washington. To withdraw money u
nositors must sign an application C CiamA
and forward it to the Postmaster nene
raj who, in return, will SEND the aa. %
check or warrant payable to the oroef "
the depositor. ~, onera.
Senator Butler says that by the opera
ton of this bill it will take but re"
years to transfer the bonded debt OF the
government to the common people, and
will virtually end speculation in govern
ment bonds.