Albuquerque citizen. [volume] (Albuquerque, N.M.) 1907-1909, 1908-04-20
Committee Changes 1t to Suit
Bankers and Agrees
TO Report It
Fdvordbly.
.FINANCIERS SAY
It IS OF BENEFIT
Would Have Been the Means Of
Keeping Much Money in CirCu-
ldtiOn Last Fall When ThOuS
dndS We're Drawn From
Banks and HOdrded Away.

Washington April 2O.---In order
to meet the objections of bankers in
all sections of the country. the SEN
ate committee on post offices and
post roads changed the official title
of the proposed savings banks to be
created if the bin passes the House
to postal savings repositories and
agreed to report the bill favorably.
The creation of postal savings
banks under government control Is
one Of the measures urged by Presi-
dent Roosevelt. There has been bit
ter opposition to the bill, principally
by the savings banks Of the country.
The president believes, however, that
in view of the success of these banks
in Canada, Great Britain and contin-
entail countries, the United States
should provide similar institutions.
Commercial banks are no longer
opposed to the plan as earnestly as
they were prior to last October. They
are inclined to believe that had the
postal savings banks been in exist
ence during the recent furry much
of the money which was withdrawn
from circulation and boarded would
have been deposited in the postal
banks.
Under the bill to be reported to-
morrow postmasters are required to
deposit the money collected daily in
national banks in order to keep it in
constant circulation. Postmaster Cen
eral Meyer and the president believe
that the establishment of these banks
where small deposits will be received,
will encourage spirit of thrift
among the poorer classes of the
country.
The bill to be reported was re-
drawn by Senator Carter, the chair
man Of the subcommittee to which
the question was referred. 1t en-
bodies many of the features of all
the various bills introduced since the
beginning of the session. 1t authoriz-
es the postmaster general to open
these banks in every office issuing
money orders. 1t provides. however,
that the postmaster general may be-
gin first by establishing the banks in
first, second and third-cass offices
and extending the system gradually
later on.
Any person 10 years Of age may
deposit sums of 81 or more in null
tiples of 10 cents. Married women
may open accounts in their own
names, which are to be free from
any control or interference By her
husband"
No person shall have more than
one account in his or her name, but
may open additional accounts as
trustee, parent or guardian. Interest
at the rate Of per cent will be paid
on sums of $500 and no account may
exceed $1,000. No person may deposit
more than $500 i'm one calendar
month.
Depositors must forward their pass
books to the postmaster general once
each year. which are to be transport
ed through the mails free Post
masters are to receive increased pay
for maintaining and managing the
banks at the rate of one-fourth of
one per cent of the amounts deposit
ed. one hundred thousand dollars -
appropriated i'm the postoffice appro-
priItion bill this year to establish the
system. The banks are TO be- opened
ou the first day of the third month
after the bill goes into effect.