The Rich Hill tribune. (Rich Hill, Mo.) 1903-1911, 1908-10-15
DETAILS OF THE
| POSTAL SAVINGS PLaH
Prompt Performance Of Republican
Platform Promise Is Certain.
Postal Savings Banks WI Form
Save and Convenient System for
Aecumulating Savings

A bill providing for the establish
ment Of postal savings banks was fay-
erably reported by the United states
Senate Committee 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 rerform-
anee to the promise Of tho Republican
Rational 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 Government
for the repayment thereof and desig-
mates the ~money-order post-ollces and
such others as the Postnaste General
mar, In his discretion. from time to
time designate as savings repositories
20 receive deposits from the public and
20 account and dispose Of the same nc
cording 10 the terms Of the act.
The de~positorles are 70 De kept open
for the transaction Of business every
day, Sundays aud legal holidays ex-
cepted, during tie usual post-omcs
business hours Of the town and locall-
ties where the respective repositories
are located, and during such additional
hours as the Postmaster General may
designate.
Accounts may be opened by any per-
son Of the age Of 10 years. and O mar
ried woman may open an account free
from interference by her husband A
trnstee may open an account for an
other person. No person can open more
than "a saving account except when
acting as trustee FOR another person.
A depositor's pass book VIII be Ie-
livered 10 each depositor IN which the
name and other memoranda necessary
for Identification win be entered. and
entry Of all deposits shall be made.
One dollar or a larger amount in
multIples OF 10 cents VIII be necessary
70 open an account, but deposits of 10
cents or multiples thereof viii be re-
ceived after an account Is opened.
Upon receiving a deposit the post.
master is required to enter the same
In the pass book OF the dcpositor and
Immediately notify lhs f5stHHazterGen-
efal Of the amount Of the deposit and
the name Of the deposition. The POST
mastsr-c General, upon receipt 81 such
notice, h required TO send an ncsnowl.
edgmsnt thereof 70 the depositor which
acknowledgment shall constitute cone
elusive evidence Of the making o. such
deposit.
Hntsrest Allowed on Deposits.
Interest Is allowed at the rate 81 2
per cent per aunum, computed anuu-
ally. on the average deposit during
each quarter OF the year. One thou
sapd dollars Is the maximum deposit
allowed 20 the credit Of any one ac-
count End interest will not be paid on
any amount 20 the credit Of an account
10 excess or $500
Pass books must be Forwarded 10 the
Postmaster General on the anniycrsll
Of the making Of the hrst deposit Tor
Ferineatioa. posting and credit - ins
terest due Withdrawals mas he made
under rules and regulations 81 b. pre-
scribed By the Postmaster General De.
posts are exempt from seizure under
any legal process against the dcDositor
and they are also exempt from taxa
ton By the United States OF any state.
The name 70 a deposition or ihe amount
% his on her credit may nof be dis
plsssa unless BY order Of the Posluas
Nr-Gencral.
Postal savings funds are 10 be de-
eosited by the Postmaster General "a
badonal banks located as near as may
BE- II the ne~lghborho0d where such De-
posits we're received AZ 3 rate OF inter
ssf not less than "a per cent per an-
num. IL deposits can not be made IN
halsonal hanks az de specified rare Of
lnterest. the Postmaster General may
with the approval Of the Secretary II
he Treasury ana the Atiorneg General
lnresl the same ln State Tttritoriel,
sunty, - municlpal bonds