The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1908-03-12
How Bills Of Carter and Hitch
cock Differ from Madden
Snapp Measurs.
DISPOSITION OF THE FUNDS
Democrat Provides for Board Of
Inyestment-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 the 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. Democrat. has introduced
another House bill. and Senator Thorn
as Carter. OF Montana, is the father OF
a 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
Understanding deposits which can 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 10 any
depositor upon a deposit In excess Of
81 600. The Carter bill makes the lin
II OF annual deposit $500 and the final
limit Of Understanding deposit $1,000
while the Hitchcock bill has a double
barreled provision which is more com
plex. II provides n limit OF monthly
deposit OF 500 and the final limit OF
any single deposit at $1,000. In ad
dition il provides that no interest shall
be paid on more than $500 to any de
positor and that II any deposition de
posit more than 500 in any one veal
interest shall not be paid on new de
posits in excess OF that amount
Both the Madden-Snapp and Cartei
bills provide an Interest rate OF ? pei
cent on deposits. while the Hitchcock
bin stipulates that the rate on $500 OF
less shall be 2is per cent. and over
that amount and up to $500 the rata
shall be nxed by board OF Investment
composed OF the Postmaster General
the Secretary OF the Treasury and ths
Comptroller OF the Currency
In establishing postal savings bani
adjuncts TO post Offices there is also
difference between the Madden-Snapf
bin and the others The Madden-SnapI
measure gives the Postmaster Genera
discretion In the selection OF Offices FOL
postal savings bank purposes; thu
Hitchcock bin is mandatory In that al
money order post Offices are mad'
branches OF the postal savings banl
system. while the Carter bill makes al
first. second and thlrd-csass post OF
foes branch postal savings banks ane
gives the Postmaster General some dis
erection as to further extension int
the fourth-olass post Offices
In administration the Madden-SnapE
bin provides a general superintendent
OF postal savings banks. with such as
sIstnnts 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 start
the banks IN operation Both the
Hitchcock and Carter bills stipulats
that the head OF the postal banks shall
be an Officer known 10 the Fifth As
sistant Postmaster General. and ask
100000 to establish the banks