Corvallis gazette. [volume] (Corvallis, Benton County, Or.) 1900-1909, 1908-10-09
DETAILS Of The / g
> :. POSTAL SAVINGS 6 Plan. |' ] .
Prompt psrf05rmnaIneee ma C. Of Repubiie-n
q Platform Promise Is Certain.
r,,,a.sD 4 4 a4 .yrt -3EHsL
Postal Savings Z Banks wili Form
4 Save and Convenient System for y
IeF Accommodating ;savings. 3I
Record.

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A bill providing for: the establish
ment of postal savings banks was fay-
orably reported by the United States
Senate Committee on Postoffices and
Post Roads during the recent session of Z
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. y tE --E,f.3 80
The bill REPORTED provides for the
establishment of postal savings deposl-
tories for depositing savings at interest
with the security of the Government
for the repayment thereof and desig-
mates the money-order posttofices ana
such others as. the Postmaster-G General
NAV. 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 ac-
/ cording to the terms of the act. - T.
| The repositories are to be kept open
| for the transaction of business every
| day. Sundays and legal holidays ex7
cepted, during the usual post office
business hours of the town and locali-
ties where the respective repositories
are located, and during such additional
i, hours as the Postmaster General may
designate. ,t y III ....,. ,.
Accounts may be opened by any per-
son of the age of 10 years, and mar
rieil 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
A 3depositor's pass book will be lie
: iivered to each depositor in, which the
, nane and other memoranda necessary
for Identification will be entered. and
entry of all, deposits shall be made
One dollar, or larger amount II
multlples of 10 cents will be necessar
!, Et to open an account, but deposits Of II
bents or multiples thereof will be re
ceived after an account is opened
S lUpon receiving a deposit the post
8 master is required to enter the SAM
;, in. the, pass book Of the depositor ant
Immediately notify the Postmaster-Gen
}, eral of the amount of the deposit AM
It the name Of the deposition The Post
al master-General, upon receipt OF sue
notice. is required to send an acknow
. edgment thereof to the depositor, Wh1c
IS acknowledgement shall constitute cor
al elusive evidence Of the making OF sue
q deposit t'- 81 -.
e Interest Allowed ON Deposits.
/ Interest is allowed at the rate OF
per cent per antum, computed ann
ally. on the average deposit durin
: each quarter of the year. One tho7
s. sand dollars is the maximum depos
allowed to the credit of any one a
count, and interest will not be paid {
"a any amount to the credit Of an accoul
, in excess Of $500. ry -.,fl
Pass books must be forwarded to Il
Us Postmaster-General on the anniyersal
e. Of the making of the first deposit f
20 yerification, posting, and credit OF
terest' due. Withdrawals may be ma
e under. rules and regulations to be ipl
scribed by the Postmaster-General.L
posits are exempt from seizure und
any legal process against the deposit
ne and they are also exempt from 'ta1
st tion by the United States or any sta
an The name TO depositor or the amou
:. to his or her credit may not be q
IA closed unless by order of the Postm
DC ter-General.
ke- Postal savings funds are to be
posited by the Postmaster General
national banks located as near as N
be in the neighborhood where such
posits were received at rate OF int
lIy est no, less than 214 per cent per
its mum. If deposits can not be made
70 national banks at the specified rate
interest, the Postmaster-General "a
roA with the approval of the Secretary
lch the Treasury and the Attorneys Gene
avs invest the same in State. Territor
county, or municipal bonds.
81 ~