The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1908-10-08
DETAILS OF THE
i POSTAL SAVINGS PLAN
Prompt Performance of Republican
Platform Promise Is Certain.
Postal Savings Banks Will Form
Save and Convenient System for
Accommodating Savings.

A bill providing for the establish
ment of postal savings banks was fav-
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 deposit
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 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 depCsitor in which the
name and other memoranda necessary
for Identification will be entered, and
entry of all deposits shall be made
One dollar or larger amount in
multiples of 10 cents will be necessary
to open an account but deposits of 10
cents or muItiples thereof will be re-
ceived after an account is opened.
Upon receiving Il deposit the post
master is required to enter the same
in the pass book of the depositor and
Immediately notify the Postmaster Cen
eral of the amount of the deposit and
the name of the depOsitOr. The Post
master General, upon receipt of such
edgment thereof to the depositOr, which
acknowledgment shall constitute con-
elusive evidence of the making Of such
deposit.
Interest Allowed on Deposits.
Interest is allowed at the rate Of
per cent per annum, computed annu-
ally, on the average deposit during
each quarter of the year. One thou
sand dollars is the maximum deposit
allowed to the credit of any one &C
count, and interest will not be paid on
any amount to the credit of an account
in excess of $500.
Pass books must be forwarded to the
POstmaster-General on the anniversary
of the making of the first deposit for
verifcatiOn, posting, and credit Of in
terest due. Withdrawals may be made
under rules and regulations to be pre-
scrbed by the Postmaster-Genera De-
pOsits are exempt from seizure under
any legal process against the depositor
and they are also exempt from taxa
ton by the United States or any state.
The name TO a depositor or the amount
to his or her credit may not be dis
closed unless by order of the Postmas-
ter-General.
Postal savings funds are to be de-
4osited by the Postmaster-General In
national banks located as near as may
be in the neighborhood where such de-
pOsits were received at a rate of inter
est not less than PA per cent per an
mum. If deposits can not be made in
national banks at the specified rate OF
interest, the Postmaster-General may
: with the approval of the Secretary Of
the Treasury and the Attorney-G General,
invest the same in State Territorial,
county. or municipal bonds.