Devils Lake inter-ocean and Devils Lake free press. (Devils Lake, Ramsey County, N.D.) 1905-1909, 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.

"A DILL providing for the establish
ment of postal savings banks was fav-
orably reported by the United States
Senate Committee on PostoHlces 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 deposi-
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-G 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 ard legal holidays ex-
espted, during the usual. post-office
haslness hours: Of, the town and local.
eass where the: respective repositories
are located, and during such additional
hours as tho Postmaster General may
| aesignate.
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
ether person. No person can open more
than enc saving account except when
aeting aG trustee for another person.
A AepositoE's pass book viii be lie
MveFed to each depositor in which the
name and other memoranda necessary
for Identification Will be entered, and
antry Of all deposits shall be made.
II One Dollar or q 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 10 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 Gen
eral Of the amount Of the deposit and
the name of the depositer. The Post.
master General, upon receipt Of sucl
notice. is required to send an aeknowl.
edsment thereof to the depositoz, which
acknowledgment shall constitute con.
elusive evidence Of the making Of such
deposit.
Interest Allowed ON Deposits.
Interest Is allowed at the rate OF
per cent per annum, computed annu'
ally, On the, average deposit during
each quarter.sef the year. One thou'
sand dollars is the maximua deposit
allowed to the credit OF any one &C
count, and interest will not be paid On
any amount to the credit Of an aecouat
TN excess of $500.
! Pass books must DO forwarded % the
! Postmaster General on tho anniversary
ssee the making OF the aRst deposit fol
aAsysriG cation, posting, ana credit scs IL
ssRest Aue. q Withdrawals may be made
! uRaor rules and regulations % be pre-
saEihed by the Postmaater- General. De
lposits are exempt from seizure unde,
1Ieag legal pfocess against the Opposite.
Nand They are also exempt from taxa
saon By the United sfates or any state
p The name 10 xtsepoaitor OF tAe aERean1
Il % his or her credit may not BE- dis
\ closed unlens by eFaer Of The RsssHaaa
], Cor General. :, B NJ a5 Sss ss 5$s
i b Postal ssavings tunes ara go % da
j lsssatsa by, aha Rssfraa seess9 aaasal sl
RasioRal banks located an wear as naas
@tbe IN the Reighborhaoa whsra gueh de
| peaiss Wsse received at d rate ee inter
ont EsA lass than IA par cant per; an
h nnH deposits can net be made Ii
/ naesensi banka-at shs spsssasa gaaa ..
\ sntsssss she ssfsassfer-t saa sall nsay
& With tias apprsval eS the gsesseasy ID
ssTreAB ma ths Attosnsg zenesaI
aavsst the same In gtats, grssEsseEsal
Il oOsznfy, Of municipal honda.