The Montgomery tribune. (Montgomery City, Mo.) 1892-1910, 1908-10-02
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.

A bill providing for the establish
ment of postal savings banks was fav-
orably reported by the United States
Senate Committee on PoStofices and
Post Roads during the recent session OF
Congress, and is reasonably certain to
ne enacted into law during the coming
session, thus adding prompt perform
ance to the promise of the Republican
rational platform relative to this form
of strengthening our national system of
finance.
The bill reported provides for the
establishment Of postal savings deposi-
tories for dcpositing savings at interest
with the security of the Government
for the repayment thereof and desig-
mates the money-order post-ofiices 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 nc
cordlng 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-otfice
business hours of the town and locali-
ties where the respective repositories
are located. and during such additional
hours as the Postmaster-Genera 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
thar one saving account except when
acting as trustee for another person.
a depositor's pass book will be lie.
iivered to each depOsitor in which the
:ame 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 10
cents or multiples 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 and
Immediately notify the Postmaster-Gen en-.
eral of the amount of the deposit and
the name of the. depOsitor. The Post
master General, upon receipt of such
notice, is required to send an acknOwl-
edgment thereof to the depositor, which
nIxn uladun shall nnnctifrfa nor,
elusive evidence of the making of sucl
deposit.
Interest Allowed ON Deposits.
Interest is allowed at the rate Of .
per cent per annun, computed annn
ally, on the average deposit during
each quarter of the year. One thou
sand dollars Is the maximum deposi
allowed to the credit OF any one &C
count and interest will not be paid OF
any amount to the credit Of an accoun
in excess Of $500.
Pass books must be forwarded to thu
Postmaster General on the anniversar!
Of the making of the first deposit TO
verification, posting. and credit Of In
terest due. Withdrawals may be mad
under rules and regulations to be pre-
scribed by the Postmaster-Gene De
posts are exempt from seizure unde
any legal process against the deposito
and they are also exempt from taxa
ton by the United States or any state
The name 70 a depositor or the amour
TO his or .Ler credit may not be dis