The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1908-03-21
POSTAL BANK Bit
DRAFT or LAW READY Eon
sENTATloN TO SENATE
COMMITTEE.
Measure Decided Upon by sub.c..
mittee Is Composite Of Several e;,,.
Already Presented-opinion ov..
whe!ming That Senate Will Pas, >.
Measure, and Give House chanc. ).
Also Act on II.


several weeks consideration. nost,,
savings bank bill has been drafted fl,
presentation by the senate commits.
on postoffices and postroads nov.
week. The subcommittee appointas
to decide upon the measure held IT,
final meetings Saturday, Postmasto,
General Meyer participating in an al
visory capacity. The measure decidoa
upon is composite of the bills intro
duced by Senator Carter of Montan.
chairman of the subcommittee, by Sem
ator Burkett' of Nebraska and Senator
Knox of Pennsylvania. The Know
bill was introduced by request, and
was known as the Meyer measure hav.
ing been drawn under the direction If
the postmaster general.
Will Put Burden on House.
In all probability the bill will engage
the senate's attention as soon as the
Aldrich emergency currency measure
is out of the way. It is now planned
to have a vote on the Aldrich bill Dur
ing the week. Opinion is overwhelm.
ing that the senate will pass the postal
savings bank bill and in plenty of time
to give the house time to act before
adjournment of the present session, if
the leaders are willing to take it up
At any rate, the senate will do its
part and the popular branch of con.
gress will be responsible for non-ac.
ton.
Banks at All Money Order Offices.
Under the provisions of the bill
agreed upon, system Of postal saw
ings banks is established by law. as
proposed in the original Carter meas
ure, instead Of merely authorizing the
postmaster general to establish the
system. The system, however, is to
be under the direction of the postmas-
ter general. Every money order office
OF the presidential class is to be pos
tai bank from the start, and the post.
master general is authorized to extend
the system to other money order Of.
fees as fast as practicable. It is pro-
vided that accounts may be opened
and deposits made by any person 10
years of age or upward. No person
may have more than one account Cor
porations are barred from opening &C.
counts, the design being to encourage
individual savings and nothing more
Limit Deposits and Interest.
Initial deposit of an account must
be to the amount of 81, but additional
deposits of 10 cents or multiples there
of are to be allowed. Interest rate Of
2 per cent per annum on deposits is
allowed. No interest is to be allowed
on deposits in excess of $500 made in
any one year, and at no time is inter
est to be paid on deposit Of more
than $1,000. The depositor after the
first year may draw interest, in other
words, on total of $1,000, but for no
greater amount, regardless of the time
in which the deposits accumulate. Two
hundred dollars Is fixed as the maxi
mum amount of money a person may
deposit in any one month. It is pro-
vided that Withdrawals shall be made
in even dollars, except in settling up
accounts.
National banks are prohibited from
collecting exchange on any savings
bank remittances. There is a section
also which provides that all postal
savings are to be regarded as public
subject to the safeguards and
preferences provided by statute there
for. They are to be exempt from seiz-
ure or attachment and from taxation.
The amount of deposit cannot be dis
closed by any official except by order
of the postmaster general.