The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1908-10-21
DETAILS OF THE
POSTAL SAVINGS Plan
Prompt Performance of Republican
Platform Promise Is Certain.
Postal Savings Banks Will Form
Save and Convenient System for
Accommodating Savings.

ment Of postal savings banks was IaV-
orably reported by the United States
Senate Committee on Postoffices and
Post Roads during the recent session of
Congress, and is reasonably certain to
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 of
finance.
The bill reported provides for the
establishment of postal savings depos1-
tories for depositing savings at interest
with the security of the Government
for the repayment thereof and desig-
mates the money-order post-offices and
such others as 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 ac-
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-office
business hours of the town and locali-
ties where the respective repositories
are located, and during such additional
hours as the Postmaster-G General may
designate.
Accounts may be opened by any per-
son of the age of 10 years, and a mar
ried woman may open an 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 lie
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 a larger amount in
/ multiples of 10 cents will be necessary
to open an account, but deposits Of Il
cents or muItiples thereof will be re
ceived after an account is opened.
Upon receiving a deposit the post
master is required to enter the same
in the pass book of the depositor ant
Immediately notify the Postmaster-Gen
eral of the amount of the deposit ant
the name of the depositor The Post
master General, upon receipt of sucl
notice, is required to send an acknowl
edgment thereof to the depositor, whicl
acknowledgment shall constitute con
elusive evidence of the making of sucl
deposit.
Interest Allowed on Deposits.
Interest is allowed at the rate of
per cent per annum, computed annn
ally, on the average deposit durin
each quarter of the year. One thou
sand dollars is the maximum deposi
allowed to the credit of any one az
count. and interest will not be paid O
any amount to the credit of an accoun
in excess of $500.
Pass books must be forwarded to til
Postmaster General on the anniversar
Of the making of the first deposit fo
verification, posting, and credit of il
terest due Withdrawals may be mad
under rules and regulations to be pre-
scribed by the PostmasterGeneral. d.
posits are exempt from seizure unde
any legal process against the depositc
and they are also exempt from taxs
ton by the United States or any stat
The name TO a depositor or the amour
to his or her credit may not be di
| closed unless by order of the Postma
ter-Genera1.
Postal savings funds are to be d
posted by the Postma ster-General
national banks located as near as ma
| be in the neighborheod where such d
| posits were received at a rate of int
est not less than PA per cent per a
mum. II deposits can not be made,
national banks at the specified rate
interest, the Postmaster-Ge General ma
with the approval of the Secretary
the Treasury and the Attorney-Gene
Invest the same in State, Territoris
county, or municipal bonds.