Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1908-02-29
How Bills of Carter and Hitch
cock Differ from Madden
Snapp Measure
DISPOSITION OF THE FUNDS.
Democrat Provides for Board Of
Investment-All Fix Deposit
Limit at $1,000.

Upon the Endorsement by Postmaster
General Meyer and later by President
Roosevelt of the postal savings bank
system for tine United States, three
separate and distinct plans have been
proposed to Congress as the proper pro
cedure for establishing and putting into
operation such banks. In the House
of Representatives Representatives
Madden, of Chicago, and Snapp, of
Joliet, H., have introduced similar
measures. Representative Hitchcock,
of Omaha, a Democrat, has introduced
another House bill, and Senator Thorn
as Carter, Of Montana, is the father Of
senate bill. The main differences in
these bills lie in the protection afford
ed depositors and deposits and in the
investment features of the funds of the
postal savings banks.
All these bills place limit on the
interest bearing deposits which car be
made by any individual within any sin.
gle calendar year and finally. The
Madden Snapp bill provides that $500
may be deposited within one year and
that no interest shall be paid to any
deposltor upon deposit in excess OF
$1,000. The Carter bill makes the linn
1t of annual deposit $500 and the final
limit Of Understanding deposit $1,000
while the Hitchcock bill has q double
barreled provision which is more com
pick. 1t provides limit of monthly
deposit of 500 and the final limit Of
any single deposit at $1,000. In ad
ditlon it provides that no interest shall
be paid on more than $500 to any de
positor and that If any depositor de
post more than $500 in any one yea
interest shall not be paid on new de
posits in excess of that amount.
Both the Madden-Snapp and Carte
bills provide an interest rate Of pc
cent on deposits, while the Hitchcocl
bill stipulates that the rate on 5000 o
less shall be 21a per cent, and owe
that amount and up to $500 the rat
shall be fixed by a board of investment
composed of the Postmaster General
the Secretary of the Treasury and tn
Comptroller Of the Currency.
In establishing postal savings BAN
adjuncts to post offices there is also
difference between the Madden-Snap
bill and the others, The Madden-Snap
measure gives the Postmaster Genera
discretion in the selection of offices TO
postal savings bank purposes; tn
Hitchcock bill is mandatory in that al
money order post Offices are mad
branches of the postal savings ban
system, while the Carter bill makes al
first, second and third-class post OF
fees branch postal savings banks an
gives the Postmaster General some dis
erection as to further extension Int
the fourth-class post offices.
In administration the Madden-Snap
bill provides a general superintendent
of postal savings banks, with such as
slstants and clerks as may be neces
sary, while the Secretary of the Treas
ury Is authorized TO increase the audit
or's force in the Post Office Department
The sum of $4,000 Is set aside to star
the banks in operation. Both tn
Hitchcock and Carter bills stipulat
that the head Of the postal banks shal
be an officer known to the Fifth AS
slstant Postmaster General and asl
100000 to establish the banks.