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

S #- 81 81
IN Hn Introduosd by Senator Msrlon nut.
,Ier whieh wnIens. ACTED upoastssitshe
r. Next REGULAR sessionsof Congiess Ip
'sother- Conntries. .aa ~ ISss,
Senator Marion Butler introduced in
the senate July a bill providing for
/ the establishment of postal sayings,
banks 1t was read twice, and on July
Is was referred to the committee on
postofices and post roads. The subject
covered by this bill has been discussed
TO considerable extent by the congresses
Of the United States, and the people
have for several years been Investigating
it, until il is now pretty GENERALLY con,
ceded that such steps as are proposed iii
Mr.. Butler g measure should be, taken
BY the government. Reports. made by
our lconsuls show. that in many of b the
first class European, countries savings
banks are apart of the postal systems,
and that they have been uniformly sue,
cessful and OF benefit SENATOR Butler
also secured the passage Of d resolution
directing the secretary Of state to in.t
strnct diplomatic represent atiyes Of the
Omitted States to obtain from the sew
eral foreign governments to which they
are accredited all the informant ion posi-
BILE relating tolpostal telegraphs,, tele-
phones and postal savings banks Of such
countries as have adopted the same ~
During the recess Mr. Butler will
give considerable time to the collection
of statistics aha The preparation Of an,
gnments is favor Of his bin" II the,
people Of the, country. who are favorable
to the measure. will, agiltate the question
and; make known their wishes ITO. their
representatives land senators, d there is
every preasontto hope that. early lin, the
next session the bill will be passed, tand
q reform against which nome can bring
atenable objection Will be esta blished,.
= For the benefit Of those who Have
only d general idea Of the proposed
measure, as well as those Who wish to
pass upon, the details, Mr.. Butler 8 jbila
is here reproduced in full: NM ada -
a bill to establish postal sayings banks TO-
depositing sayings at interest with the Sc
curity of the government for repaymen,
thereof and for other purposes. ''''"t' W
Whereas 1t IL expedient to provide factlities
for the safe deposit Of small savings and to
make thet postofaoen department. and certain
npostoffces available for that purpose, and to
give the direct security Of the federal govern
ment TO every dePositor for repayment Of all
moneys SO Deposited BY him, together with
the interest due thereon Or for the investment
Of the same, therefore iiHn autpij :.
ld1Be 1t enactednby the senate and house Of
representatives Of the United States of Ameri
ca, in congress assembled, that there be, and u
hereby established e. system Of postal savings
banks to be under the direction and super,
| vision Of the postmaster general and the Score
taryl Of the treasury IN conformity to the pro
| Visions of this act. $50 II al 1aWal
W Sec. 2. That each and every postoffice with
In the United States which, isIauthorized to
l issue money orders, and such others as the
postmaster general, in his discretion, mag
from time to tiide destgnate, are hereby de-,
clared 10 be postal, savings bank offices torel
ceive+ deposits and repay the same to the de
poaitors OF their legaA representatives "a hers
j matter provided. ,tsoe,, aul5t1t ,,alsd, | y
h SEQ That any person, including married
women and minors (upless the parents OF
guardians Ct the latter shall file written pro,
| testJ. may deposit ana open an account at any
| one of such Offices provided that as much as
10 cents or . larger amount in multiples of 10
cents must be-, deposited before an account d
/ opened with the person ,depositing the same,
| but 10 cents or multiples Of the same may be
deposited and credited Ii 'passbook after stch
| account has been opened. " Provided further
isthat, in order that smaller amounts may be
| saved to be deposited7 any person may purs
chase from any such Office for Il cent % postal
! savings card on which may be attached United
1 States postage stamps OF any, denomination
now in general use or specially prepared postal
savings STAMPS, as the postmaster general may
direct and when the stamps 30 attached
4 amount to 50 cents OrH larger amount In niul
tiplesfof l0eents, including the i cent postal
savings card. may be- presented to any such
office as q deposit for opening an account, OF
when the stamps attached amount to 10 cents
Of any multiple OF 10 cents, Including the
cent postal savings card, IT may be presented
Il to the Office where such person has an account
an a deposit, and whens such card and stamps
thereon attached are. redeemed by any post
master he, shall cancel the same: 1t is hereby
made the duty Of the postmaster general t.
prepare such postal savings cards and keer
them on saieat every postal wings bank office
and every such postal savings bank Office shall
be kept open for the transaction Of business al
late ,as 8 o'clock post meridian on at least tive
| evenings in each week =, tf,5,5.,,tt ~,
Sec. That the postmaster Of any such ofac,
shall upon the receipt Of any such deposit fo1
opening an account deliver to the depositor &
4 postal savings bank passbook,i which shall
bear the name Of the person for whom the de
4 posit Is made and such other memoranda a.
may be necessary to identify the same, as vel
! q the signature or mark Of the depositor, II
/ which passbook the postmaster shall at the
time enter the amount and date Of the; de
posit, and the entry shall DO attested by him
In such manner and under such regulations al
the postmaster general may direct, and every
succeeding deposit shall be entered and certt
| fed in like manner, and every such depoA1
shall upon the day Of such receipt be repof tee
BY the postmaster to the postmaster general
and the acknowledgment Of the postmaster
general, signified by the officer whom he shal
appoint OF designate for that purpose, shah b
Forthwith transmitted to- the deposition, anG
the said acknowledgment shall be conclusive
evidence Of tho claim Of the depositor to til,
repay tnent Of the deposit on demand, With any
interest that may have been allow ed and en-
tered, or may have accrued, and until suct
Acknowledgment Is received the entry, by thu
aproper officer in the deposit passbools shall b.
conclusive evidence Of title as respects the de
| post made. t3,' .'
Sec. s. That interest at the rate Of 21S pel
0entum per annuin shall be computed, ALLOWED
and entered in the passbook to the credit 20
each depositor once in each year, and shah ID.
added to and theaome part Of the princdpa
money. but such interest shall notbe computed
or allowed on any amount less than IS
or some multiple thereof, and not commenc,
until the first day of the calendar Month peF
following the day ofsuch deposit or when de
| posits of less amount shall have amounted
10 the total, of S., and shall cease on the frs
day Of the calendar month in which SUCH de
/ DO6it ia withdrawn Provided that If apvi do