The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1908-10-08
AN. ADDRESS
CONTINUED from page 80

count has been opened.
ION receiving a deposit the post
master will make an entry in the pass
book of the depositor, and immed-
lately notify the postmaster general
OF the amount deposited, and the
name of the depositor. On receipt
of such notice the postmaster general
will send the depositor acknowledge
ment, OF the deposit.
''S1 900 to be the maximum amount
allowed to the credit of any one de-
positor. and interest not to be allow
ed on any amount standing to the
credit of an account in excess of $500.
No person to be permitted to deposit
more han 5000 in any one calendar
month
Every depositor to forward his
book to the Department, in an oft1c-
ial envelope furnished for the pur-
pose, once each year, within 30 days
after the anniversary of the date of
the first deposit. for examination, and
entry of interest found due.
'Depositors to be allowed to with
draw the whole or any portion of the
funds standing to their credit, with
accrued interest, after complying with
such regulations as may be adopted
by the Department, but Withdrawals
must be made in even dollars unless
the account is to be closed.
Postal depository funds will be
declared public funds, subject to the
safeguards and preferences provided
by statute: and shall be exempt from
demand, seizure, garnishment, exc
cution, attachment, or detention by
legal process against the depositor,
m 70 nv
the United States, or by any State.
1T is proposed that the postmaster
general shall deposit the depository
funds in national banks to be desig-
mated by him, after careful examina-
ton has been made to determine their
stability; and that such deposits shall
be made in national banks in the cit!
les and counties, as far as practicable,
where the depository post offices are
located In case of insolvency of
such bank, the depository funds will
be prior lien upon the assets, and
shall be first paid, at the exclusion of
all other Indebtedness of any nature.
''Postmasters at fourth class off,
fees designated as repositories, will
receive as compensation for the work
involved, one-fourth of one per cent.
of the face value of deposits. Presi-
Dental postmasters to receive no adj
ditional compensation.
VIII BE SeIf-Supporting.
1T is the calculation that the sys-
tenn would be entirely self-support-
ing. The expense of handling the
business, in connection with the
money order accounts in postoffices
would be very slight There seems
to be no doubt but what the national
banks constituted for and delegated
to act as repositories for the receipt
of savings funds from post Offices
would be willing to allow interest on
such funds at 2 1-2 per cent. per an
mum, in view of the fact that savings
accounts of this nature would be like
~ to he the reverse OF temporary in
nature, in that the depositors would
be DESTROYS OF maintaining and in
creasing their balances, rather than
drawing them out on every little pre-
text.
1T is believed by persons expert
enced in such matters that in the way
indicated through the adoption of
Postal Savings Banks more than
Ave hundred millions of dollars will
be added to the money in circulation !
in the United States.
The amount of money In the
United States is estimated to be $S,-
900. 200. 900. of which 81 .SOo,OO0,o00 (
is now on deposit in banks and the
United States Treasury leaving more
than 81, 100000 unaccounted for.
That money is either in hiding or in
the drawer or pocket. If each indi-
vidual in this country who has $40 in /
his possession we have about $780,
nm nn0 accounted
The plan of making deposits linn
tied to one dollar and multiples
thereof was adopted to give facility
in making calculations to keep down.