Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-07-22
sI3,945,OOO
WOMEN LIKE THE BANKS.

Sl3,245,0OO
WOMEN LIKE THE BANKS.
The large number of accounts held
in the names of women, particularly
married women, is explained by the
fact that farmers and artisans frequent
ly experience difficulty in leaving their
work to visit the postoftice, the conse-
quence being that accounts are opened
in names of wives or other female
members of the family. Depositors in
Canadian cities, it is stated, consist to
a considerable extent of persons from
the surrounding rural districts.
Mr.. Matheson says there never has
been any friction in keeping accounts
since the system was established.
Neither has there been any loss through
the main Office. In the twenty-nine
years the system has been in operation
there have been six instances of loss
outside the main Office. In three cases
local postmasters kept the money of
depositors In two cases money was
obtained by forgery, and in one case
postoffice was broken into and robbed.
and the savings banks fluids were
among those taken.
HOW TIE SYSTEM WORKS.
The process of opening an account
with the postofice savings bank is sim
pie. Any person wishing to become a
dcpositor takes his money to any post
Office that has been designated by the
postmaster-general as savings bank.
Upon signing the proper application
blank he is furnished pass book by
the postmaster Whenever he wishes
to make another deposit the money is
taken and the amount entered in the
pass book by the postmaster These
deposits can be made at any savings
bank office. Besides the entry in his
pass book each, depositor receives from
the main Office at Ottawa. where all
accounts are kept, an acknowledge
ment of the receipt of his deposit. The
postmaster is obliged to report daily to
the head office at Ottawa the deposits
received by him, and to send to the
Bank of Montreal, where the govern
ment funds are kept, money so receiv-
ed by him.
When depositor wishes to with
draw the whole OF any part of the
money standing to his credit, he sends
his application to the head office on a
blank furnished him by the local post
master for that purpose The post
master-general then mails to the post
master from whose office the request
was sent warrant for the specified
amount, drawn on the Bank of Mont
real. The postmaster delivers this
warrant to the depositor, taking n re-
ceipt therefor If the postmaster has
the funds in his possession he is sup
posed to cash the warrant, which he
usually does
Ledger accounts of each depositor
are kept at the head office ut Ottawa.
Deposits are received only in amounts
of 81 or multiples thereof. Interest is
paid on deposits from the first day of
the month following the day of deposit
and ceasing on the first day of the
month in which deposits are with
drawn.
Interest is added to principal on June
so of each year. Depositors are ex-
pected to send their books to the main
Office once each year, in envelopes fur
nished them for that ppurose by the
postmaster, to have the books compar-
ed with the ledger accounts, thus fur
nishing a check on postmasters. At
this time accrued interest is added in
depositors' pass books.
The rate of interest to start with was
per cent. 1t was reduced to 81, and
now to per cent. The limit Of depos-
its which person may place to his
credit in any one year is $1,000, and
when the amount becomes SO, 900 all
told no interest is paid on sums in ex-
cess of that amount There is some
criticism that this limit is too high,
and places the postofiice savings bank
to some extent at the service of a rich
er class than those for whom it was
designed.
In Great Britain small deposits are
received in the form of adhesive stamps
attached to cards. Stamps are not
used in Canada. Mr.. Matheson has
always opposed the suggestion. He
thinks it safer and simpler to conhne
the system tothe use of pass hooks
Stamps, he says, could be easily count
erfeited, and with the stamp system in
operation it would be difficult, if not
impossible, for the head office to keep