Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-08-17

thereof, the postmaster general shall draw
| check on the treasury for the amount, payable
| to the depositor any person named in hi.
application and forward the same to the dc
| positor forthwith, and such check may BIZ
cashed at any postal -sayings bank oface.esaRro
vided that when the deposit h;lsbeen made by
q trustee for another tbe appASetion mist be
strat hs sexec1tor,or the admkaistlAtor;o tho,
survivor representing said party, andlprovidedss
/ furthertha whensa deposit 'has beehssnade by
Amthor uIidaE years of age the application
shall also be signed by the parent or guardian
If such party shall have filed written request
-ornotaee to that
Sec. 8. That no sum of money deposited un,
der this aot sthilk while il the -hhnds of any
postmaster or while in the course of transmits
| sion to or from the postmaster general, or
while in the possession of the United States.
" any time bs liable to demand, attaehnent,-
\ seizure or detention under any legal process
| against the depositor thereof. lClaiim1ol
/ n. Sec! .. That, the, postmasters and 1other
officers Of the postQffice engaged in the receipt
| or payment Of deposit shall not disclose the.
| name Of any depositor or the amount deposited
or withdrawn extept to the postmaster generS,
al or to such Of his officers as are appointed to
assist in carrying into operation the provisions
Of this act, or to such other person or persons
as the postmaster general may by general reg
ulatibns' or special order direct. 7i'ti'nl i"p \
r. Bee. no. That all foneysieceived for deposit
\ MASTER. general or to such United States depos
ttpry as he may direct as often as once each,
l. week and daily from such Offices as he may
| designate. and all moneys SO forwarded shall
DO paid into the treasury and shall he credited
TO IN account to be called 1.-THE postoffice saw,
| iings bank account, and all sums withdrawn
ioniaccount of dep9sltors or for other purposes
shall be charged to, such ,aceount, The post
| master general may, with the advice and ap
prevail Of the secretary Of the TREASURY, desig
hate such United States Repositories as may bt
1 convenient for the postal savings bank offices
I and for'the treasury, where deposits provided,
for by this actil may be forwarded BY post,
| masters 20 an. al, ,i-.,t,, i,t,,,, J..
Sec. IL That the secretary, Of the treasury
Is hereby authorized and directed to invest
such postal savings bank funds in excess q,
what shall be deeanedr by him land the post
4 master general necessary to keep on hand ID
reserve for. redemption purposes and for lex.
penses. of administering this act in, United
1 States bonds, rs far as possible to do SO and
r.aaiize profit for the postal savings bani
fund, and he Is further huthofizedA to invest
any funds that he may not be able to so invest
in stateSbonds under samen limitations norl to
loan to banks or approved Repositories, within
u the states, where such postal deposits arr
4 made. upon such security and under such
| rules and regulations as he may prescribe; al
| the rate of interest not less than ~ per cent
+ per annuin, and all such postal savings depos
Il
4 against the hanksholding the same and against
any persons who have become bound as! secu,
1 rity therefor. Provided that the, secretary Of
| the treasury, instead Of Investing or loanina
\ such funds in the manner provided above, may
| turn the same or any part of the same into the
I general fund Of the treasury when, in his
Judgment the condition Of, tho treasury de-
j mands it.,D-t fdt saotii,.,s,ff igt,,, .,t ,l
| u Sec, 10. That, the banks receiving ,deposits
4 Of postal savings funds as provided in this act
| shall Keep separate and distinct accounts Of all
| receipts and payments, and the balance sheet
Of Hsuch accounts from trthe list of January I'd
the 3lst rofi December in, each year. inclusive,
and for any shorter period, If the same be re,
|dQuired, shall be filed with the secretary of ths
treasury and postmaster general and laid be,
fore congress not later than the s1st day o.
| January in each year ''i'a f4t t'd"31 ~
4 Sec. TO- That the postmaster general, with
the consent and approval of the secretary Of
4 the treasury, If he shall deem it wise, and
necessary for the better working Of the postal
saytngS bank system, may designate certain
postoffces Of the first class as subdeposi tories,
I which for certain area may be directed and
required to perform, under rules and irsgula
,tions, certain duties Of the postofhce depart
| menttin the postal savings bank work, such al
a ireceiving daily reports and remittances from
the postal savings bank offices within given
area and receipting for the same, and such ad
ditional dulles as may be found NECESSARY o,
H.
n this sy stem, and the postmasters at lsubdepos
1tories shall lat the end of every calendar
month, or more frequently II required, make
/ reports to the secretary of the treasury of al
Il postal savings funds as shall have been re-
u ceived by them during the preceding month
,Ia OF shorter period from the receiving offices
and at the same, time furnish copies of said
| reports to the postmaster general. and nlse
transmit said moneys to the secretary Of thu
treasury 6r such banks or approved deposito
ries as the secretary of the treasury may deg
4 ignateaitl uniformity to the Terms and prpvt
sions of section II of this actll,,,.,. t,-i,t M
Ip Sec. "a, That any deposition, having standing
TO his credit for six months the sum Of 500 0,
more may make application to the post1naste,
!. general to purchase for him United State,
Z bonds at their market price with such deepest
n and accrued interest," whereHpon the post1has
n ter general shall purchase such bonds and de
|, l. LIVER the, same to the depostor in lieu, of hi
II deposit to. said amount. That any depositol
having standing to his credit for three month,
!, the sum 81 $40 or more may make application
to the postmaster general that United State,
bonds be issuedto him in lieu of such deposit
Thereupon the amount specified by the appli
cant, being in $40 multiple thereof, shah b,
+, transferred to the general fund of the treasury
and bonds of the denomination Of So $50 o,
I 500 each shall be issued to the deposition ii
, lieu thereof Mt his option, one $40 bond for eacI
SO, or one $50 bond for each $50, or one slO
IN bonds shall be due and payable on or before a
i years from date at the option Of the govern
ment, shall be dated July / or Jan. I Of tn,
year issued and shall bear interest at the rat,
of24!l0 per cent per annun,, which interes
shall become due and payable ON the 3Oth day
I Of June Of each year, and such bonds shall b
I, known as United States postal sayings bonds
and the words United States postal saying
bonds" shall be printed upon the face OF eacl
Of said bonds. And the holder Of such bond
may deposit the same with the postofffce de
i parthentiati Washington for safe keeping anS
4 take the postmaster generals receipt for tn,
! same Provided that not more than 81, 900 fac,
d value of ,spch bonds shall be Issued to any on,
, |. depositor IN any, one year. 't@7 -
Sec. ID That the postmaster general may ii
his discretion or shall, upon the request Of til
4 secretary Of the treasury require an addition
al bond Of any westminster of . postal saving
"a bank office or tsnbdepository, provided sucl
bend shall MT be ezcsssiye or
Sec. l8 That the postmaster general, Will
the consent and approval of -the. secretary O
d the Treasury, shall make the necessary regula
u tons and prepare the necessary instruction
III for carrying this act into effect including reg
: ulations regarding the deposits and Withdraw
al Of deposits by minors and trustees, and til
Anal disposition" or deposits Of deceased per
SONS, and such regulations iand Instruction
shall be binding on all persons to the same az
u tentlas if SUCH regulations formed part Of lthi