The Louisiana populist., 1897-04-09
GOVERNMENT BANKS.
A SECURE PLACE TO DEPOSIT
THE PEOPLES SAVINGS.
A Description OF tho Postal Savings
Banks of Canada Are Not a
Government by the People But for the
Trnsts.

Trusts.
Chicago Sentinel: No other question
is to-day attracting more notable at
tention from the public than that of
postal savings banks, and the numer-
GUS bank failures all over the country
causing loss to depositors amounting
to many millions, is steadily adding to
the interest taken in this question.
While the subject Is under consldera-
tion a report Of the plan as carried on
in Canada will be of interest.
After it had been demonstrated that
the postal savings bank was marvel.
Gus success In Great Britain; the
colonies generally followed the exam
pie OF the mother country and eStab-
lished like systems. Canada was one
OF the first to see the benefits OF the
postal savings bank, the system liz
operation in that country dating from
April l, 1868. 1t has been highly sue
ceIsful in its workings.
Money order postoffices, on designa-
tion by the postmaster-general, become
agencies of the postal savings bank.
Deposits received are forwarded to the
central savings bank in the postofiice
department at Ottawa, where all ac-
counts are kept Deposits of 81 or of
any number of dollars are received at
the postoffice savings banks, subject to
the limitations that not more than
$1,000 may be deposited in any one
year, and that no depositor can have
| standing to his credit on the books OF
the postmaster-general more than 3d.
600, exclusive of interest. No interest
Is allowed on a sum above $4,000. This
limitation is considerably higher than
In most countries having the system in
operation. Every depositor, on making
| his first deposit, is required to specify
his Christian name and surname, occu-
patton, and residence, to the post
master receiving such deposit. He also
signs declaration that he has no
funds in the postofice savings bank
either in his own name or in the name
Of some other person. When this de-
claration is made on behalf of child
under 10 years OF age the signature OF
a parent or friend must accompany
that of the child. When deposits are
made by or for 6 child under 10 years
Of age repayments are not made until
the child reaches the age of 10. In
addition to the postmaster's entry in
the book, & depositor receives for
each deposit direct receipt from the
| postmaster-general. A depos.tor in any
of the savings bank postofices may
continue his deposits at any other SUI b
Office, and may withdraw money at the
savings bank postoffice which is most
convenient to him. A depositor wish
ing to withdraw the whole or part of
the sum standing to his credit makes
application therefor on printed form
that is furnished by postmasters. This
application for withdrawal must speci-
fly the number of the pass-book and the
name of the savings bank postoffice
at which the book was originally OBJ
tanned, the sum required, the deposit
or's occupation and residence and the
name of the savings bank postoftice al
which he desires to receive the post
master-generals check in repayment
of his deposits. On receipt by the post
master-g general of such application
duly filled up and signed, check Il
sent by return nail to the postmaste1
designated for delivery to the deposit
or. When the withdrawal check is for
warded by the postmaster-general tn
depositor also is notified. When h
applies to the postmaster for his none,
he produces his pass book for the en-
| try of the repayment. The checks ar
drawn on the Bank of Montreal, a
Ottawa. When the postmaster ha
funds on hand he Is expected to us
them in cashing depositors' checks.
Children over IL years of age an
married women are given the sam
privileges of deposit and withdraw
at the postotfice savings banks as ar
.. accorded other persons.
The rate of interest paid On deposit
is 31h per cent. Until recently it.wa
4 per cent. Interest is computed 'frol
| the first day OF the calendar mont
. next following the day on which tn
deposit is made up to the first day
!, the calendar month in which money
!. ara withdrawn. June 30 Of each yea
: / interest is added to principal. Ont
: each year every deposition forwards h
hook to the postmaster-general,
order that entries may be compare
! with those in the books OF the pos
= master-general, and that interest d.
: the depositor may be credited. \
y charge for postage is made deposito
. / for transmissions to the postmaste
d general.
: Postmasters and other officers of II
: : nostofice are forbidden to disclose Il
= name OF any deposition or the amou
!. deposited or withdrawn by him, exec
to the postmaster general or to such
!, his officers as may be appointed
! carry out the provisions, OF the pos
) office savings bank act.
n,s ~,or,th rf brIeinpcs done nv r