The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1908-10-23
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 fuv-
orably reported by the United States
Senate Committee on Postottices 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 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-otiice
business hours OF the town and locali-
ties where the respective repositories
are loca ted, and during such additional
hours as the Postma ster- General may
designate.
Accounts may be opened by any per-
son Of the age Of 10 years, and nnr-
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.
depositors pass book will be lie
livered to ench 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 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 deposit the post
master Is required to enter the same
In the pass book Of the depositor and
Immediately notify the Postmaster-G 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
acknowledgment shall constitute con-
elusive evidence OF the making OF such
deposit
Interest Allowed on Deposits.
Interest is allowed ut the rate OF 2
per cent per annum, computed ANN
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
PostmnsterGe General on the anniversary
Of the making Of the first deposit for
verification, posting, and credit of in
terest due. Withdrawals may be made
under rules and regulations to be pre-
scribed by the Postmaster General. De-
posts 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 70 a deposltor or the amount
to his or her credit may not be dis
rlosed unless by order Of the Postmas-
ter General.
Postal savings funds are to be de-
posted by the Postmaster General In
national banks located as near as may
be In the neighborhood where such de-
posits were received at rate Of inter-
est not less than 2A per cent per an
mum. II 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 General,
iAvest the same in State, Territorial,
county, o. municipal bonds.