The National tribune., 1897-12-09
POSTAL SAVINGS BANKS.


POSTAL SAVINGS BANKS.
The following bill was introduced at
the last session of Congress, by Senator
| Kyle, Of South Dakota:
A BILL to establish postal savings banks and
to encourage the savings of moneys in small
amounts.
| BE IL enacted By the Senate and House of
| Representatives. Of the United States Of america
| IN Congress assembled That the Postmaster
General is hereby authorized to direct such
postoffices As he may designate, not less
than one IN each County, as postal savings
banks to receive deposits for remittance to
the subdepositOries. rs hereinafter provided
| for, and to repay the same to depositors, or
to their legal representatives under such
regulations as he may prescribe.
Sec. .. That the Postmaster General shall
| furnish and keep for sale at each postal saw
| ings bank adhesive stamps of the denomi-
nations of 10 cents and 81, to be known as
postal savings stamps, and shall also furnish
and keep for use of purchasers of said stamps
| postal savings cards, upon which said stamps
when sold shall be affixed.
Sec. 3. That all postal savings moneys left
| with the Postmasers at the receiving offices,
be forwarded by them at stated intervals, to
be fixed by the Postmaster General, and
not less frequently in any case than once a
month, under regulations relating thereto,
to such postofIices of the first ella s as may
be designated by the Postmaster General as
| subdeposltories of postal savings funds; and
the Postmasters at such repositories shall,
ut the end of each calendar MONTH make de-
tailed reports to such officer of the Treasury
as the Secretary of the Treasury may desig
nate of all postal savings funds as shall
| have been received by them during the pre-
ceding month from the receiving offices, and
| at the same time furnish copies of said re-
ports to the Postmaster-GeneraL
Sec. 4. That it shall be the duty of the
Postmaster-Genera and the Secretary of
the Treasury to provide and issue interest
bearing certificates of deposits to the de-
| nomination of $50 and 500 each, bearing
interest at a rate not to exceed two and
| half percentum per annum upon de-
posts of 800 or multiple of $40, interest
to be paid upon sucn deposits only as re-
main a period of not less than six months.
and shall date from and begin the first Of
the calendar month following the deposit of
the amount of $40 or its multiple
Sec. 5. That the Secretary of the Treasury
ing lands. the value of which does not ex-
coed $1,000 within the State wherein such
postal deposits are made, upon such securi-
ties and under such rules and regulations as
he may prescribe, at a rate of interest not to
exceed four per centum per annum, all such
postal savings funds.
Sec. 6. That the amount of accumulations
| of deposits of any one individual shall not ex-
| coed 81. 900.
Sec. Z. That it is hereby made the duty of
| the Postmaster-General and the Secretary of
the Treasury to designate such officers and
| subdivisions of their respective Departments
to take charge of all business in connection
| with postal savings funds as may be neces-
sary.
Sec. 8. That the provisions of the several
statutes relating to the larcency, embezzle-
ment, or misappropriation of the postal funds,
money order funds, postage-stamps, stamped
| envelopes, Or postal-cards, and to the forging
or counterfeiting of postage-stamps, the
stamps printed on stamped envelopes or postal
cards, or the dies, plates or engraving used
in the manufacture of the same, be, and they
are hereby, extended, including the punish
ment prescribed therefor, and made appli-
| cable to the commission of similar crimes in
| connection with the postal savings system
hereby established.
| Sec. 8. That the Postmaster General is
hereby authorized and directed to promulgate
rules and regulations, not inconsistent with
| law for carrying out the purposes of this act
and for conducting the business to which it
| relates.
The amendments we would make to
the above are:
/. To reduce the lowest denomination
Of stamps to one cent. This is the prac-
tice in all other countries, where the
lowest stamprepresents the lowest current
COMA penny in England, centime in
France, a pfennig in Germany, and SO
ON. To make the Postal Savings Banks
a popular success, they must invite the
smallest possible savings.
2. The lowest form of bonds should
not exceed So. Then each bond will
represent an interest OF one cent-a trife
over-a month. This will be readily
understood and appreciated by deposit
ors, and the bonds will become very
popular. Millions of these bonds scat
tered through the country would have
the best possible effect. Besides teach
ing their lesson of thrift, they would
form visible bond between their holders
and the Government. 1t was in this
way that Napoleon III. strengthened
himself, and managed to hold power SC
long. He conceived the happy idea Of
issuing 25-franc-s4.80-bonds. The
priests advised the peasants to invest
their little boards in these, and receive
interest upon them. They did so, and
then felt that they had direct pecuni.
airy interest in the maintenance of the
Empire. This feeling was strengthened
at each regular payment of interest
Napoleon got immense sums of ready
money, part of which he expended in
works of permanent usefulness for the
country.
The provision about loaning money to
farmers will excite discussion, but il
seems that there might be way devised
| I'm which cpob Loan, ,.,o,x L.