Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1908-10-07
DETAILS OF The
POSTAL SAVINGS PLAN
Prompt Performance Of Republican
Platform Promise Is Certain.
Postal Savings Banks VIII Form
Save and Convenient system for
Accommodating Savings.

.H "A Dill providing Tor the establish
ment Of postal savings banks was fav-
orably reported BY the United States
Senate COMMITTEES on Postofices 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 bin reported provides for the
establishment Of postal savings deposit
tories for depositing savings at interest
with the security of the soYernment
for the repayment thereof and desig-
mates the money order post-of1ces 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 ac-
cording to the terms OF the act.
The depositories are to be kept open
for the transac tion OF business every
day, Sundays and legal holidays ax-
cepted, during the usual post-otfies
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 mar
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 enc saving account except when
setting AZ trustee for another person.
A depositor's pass book will bs de-
liyersd TO each depositor in which the
name and other memoranda necessary
foE classification viii be entered, ana
entry Of all deposits shall be made.
One dollar Or a larger amount In
multiples OF 10 cents will be necessary
70 open an account, but deposits OF 10
cents or multiples thereof Will be re-
ceived after an account In opened.
Upon receiving deposit the post
lnastsr 10 required to enter the same
in the pass book Of the depositor and
Immediately notify the Postnastsr-Gen-
eseI d the anaeunt Of the deposit and
the name Of the depesiter. The Post
naastsr-G General, upsn receipt of sHch
notics, ID required to send an aeknowa.
edgment thereof to the depoaitor, which
acknowledgment shall constitute con.
elusive evidence OF the making OF such
dsposit.
| IAtsress Allowed on Deposits.
Interest Is allowed at the rate e9
| per cent per annum, computed annu.
ally on the average deposit during
each quarter Of the year. One thou.
sand dollars Ii the maximum deposit
allowed to the credit of any one &C.
count, and interest win not be paid on
any amount to the credit Of an ascsuni
Id excess Of $500 s;S
| Pass books must DO forwarded to the
Postmaster General on the anniversary
Of the making of tho frst depesit fol
vertfcation, posting, and credit OF In,
tersst due. Withdrawals may be made
under rules and regulations to be pre-
scribed BY the Postmaster-a General. De
posts are exempt from seizure under
any legal process against the depositer
and they are also exempt from taxa.
tion by the United states or any state
The name 70 dapositor or the amount
70 his or her credit may not be dis
closed unless BY order Of the Rostmas
ter-G General. &. gss.
Postal savings funds are to be De
Hcsited by tho Postmaster-Ge General n
national banks located as near 40 may
b In the neighborhood where such de
posits were received at rats Of inter
Get net less than ~ per cent per an
NUN. II deposits dan net be made IN
national banks At the spsGifed rate 81
Interest, the Postmaster General may
with the approval Of the Secretary o.
the Treasury ard the Attorney General
shysst the saas In State, Tssxltorsal
eouaty. Or muaicipal honda