The Columbus journal., 1908-10-07
DETAILS Of THE
POSTAL SAVINGS PLAN
Prompt Performanee Of Republican
Platform Promise d Certain.
Postal Savings Banks VIII Form
Save and Convenient System for
Accommodating Savings.


orably reported by the United States
Senate Committee on Posto6ices and
Post Roads during the recent session el
Congress. and Is reasonably certain tc
be enacted into law during the coming
session. thus adding prompt perform
ance to the promise Of the Republican
national platform relative to this form
Of Strengthening our national system Oi
finance.
The bill reported provides for the
establishment e postal savings deposit
tories for depositing savings at interest
with the security Of the Government
for the repayment thereof and desig.
mates the. money-order post-ofilces and
such others AZ the Postmaster General
may, In his discretion. from time to
time designate as savings repositories
to receive deposits from the public and
to account and dispose Of the same nc
cording to the terms of the act.
The repositories are to be kept open
for the transaction Of business every
day, Sundays and legal holidays ex-
cepted, during the usual post-offics
business hours Of the town and locali-
ties where the respective repositories
are located. and during such additional
hours a. the Postmaster General may
designate.
Accounts may be opened BY any per-
son Of the age Of 10 years. and a mar
ried woman may open IN account free
from Interference By her husband. A
trustee may open an account for an
other person. No person can open more
than one saving account except when
acting as trustee for another person.
A depositor's pass book will be 'le-
livered to each depOsitor in which the
name and other memoranda necessary
for Identification will be entered. and
entry Of all deposits shall be made
One dollar or q larger amount in
multiples Of 10 cents will be necessary
to open an account. but deposits Of 10
cents or multiplss thereof will be re-
ceived after an account is opened.
Upon receiving q deposit the post
master Is required to enter the same
in the pass book Of the depositor and
Immediately notify the Postmaster Gen.
eral Of the amount Of the deposit and
the name Of de depositor. The Post
naster-General, upon receipt Of such
notice, II required to send an acknowl-
edgmeat thereof to the deposition. which
acknowledgment shall constitute con-
elusive evidence Of the making Of such
deposit.
Interest Allowed 81 Deposits.
Interest 10 allowed at the rate of 2
per cent per annum, computed annu-
ally, on the average deposit during
each quarter Of the year. One thou
sand dollars 10 the maximum deposit
allowed to the credit Of any one &C.
count, and interest will not be paid on
any amount 70 the credit Of an account
in excess Of 600.
Pass books must b forwarded to the
Postmaster. General On the anniversary
Of The making Of tho Arst deposit for
veriacation. posting. and credit Of in
terest due. Withdrawals may b made
under rules and regulations to b pre-
scribed By the Postmaster General. De
posits are exempt from seizure unAe.
any legal process against the depositor
and they are .alse exempt from taxa
ton BY the Unitsd States or any state.
The name 70 q depositor or the amount
to his Or her credit may not BE dis
closed unless By order Of the Postmas-
ter-0eDeral.
Postal savings funds are TO Be de-
pesitsd By The Postmaster General In
national banks located n near a. may
be in tho lsighberhood where such d.
posits were received ct 4 rate Of inter
est not less than ~ per cent per an
mum. II deposits saa not b made IN
national hanks at the specified rate Of
interest, ths Postmaster General nag.
WITH ~ approval Of the Secretary Of
the Treasury and the Attorney OsaSrsl,
Invest tie same In STATE, Territorial.
A~oAA