Yellowstone monitor. [volume] (Glendive, Mont.) 1905-1928, 1908-02-27


Belgium, Holland, the Netherlands,
Sweden, Japan, Canada, New South
Wales, Cape Colony, and New Zea-
land. The results have been highly
satisfactory in every case, and no evil
dence Of backward. ..Istepssappearsa in
anv direction. The faith and credit of
the government inspire the needed con-
fidence, and the postoffice supplies the
savings bank office to every community.
In Germany municipal savings banks
supply the place of the postal system,
but the highly efficient municipal gov
ernments supposed to obtain in that
country are not commonly found else
where. Students of finance freely ad- |
nit that the postal savings bank sys-
tenn contributes very materially to the
financial stability of the country by
collecting and making available an ag-
gregation of small sums, which in the
absence of the system would be boarded
! or scattered so as to be of little or no
value in a broad financial sense, where
as the savings enrich the people and
increase the power of the nation.
The proposal to establish postal
savings bank system in this country
is not new. In 1873 Postmaster-Gen-
eral Creswell earnestly urged legisla-
tion on the subject, and from that time
to this the heads of the department
have with almost unvarying regularity
favored postal savings banks. Congress
has taken up the matter for considera-
ton from time to time; and now, on
the recommendation of the present
postmaster general, the sixtieth con-
gress is called upon to act.
The bill introduced by me in the
senate December 5, 1907 IS. 1,234), is
| more elaborate, and in my opinion bet
: ter suited to the purpose in view, than
any bill at any time offered by the
postofice department. The bill is not
an original production, but rather an
appropriation of the best provisions
: for postal savings banks | could dis
e cover in the vast volume of existing
e and proposed legislation.
e The bill establishes system of pos
3 tai savings banks under the supervi-
: sion of the postmaster-g general and the
t secretary of the treasury, and provides
: that every postofice authorized to is
e sne money orders, and such other of
S fees as the postmaster general may
g designate, shall be postal savings bank
: offices to receive deposits and disburse
the same according to the act.
/ All persons, including married
:, women and minors, may deposit anc
e open an account at any of such offices
o If the parent or guardian of mi1ol
% files an objection in writing, sucl
= minor cannot open an account. Hus
J. bands may make deposits payable t.
: their wives, and parents may accumu
/ late fund for a growing child pay
u able at specified date or when tn
child becomes of age.
L An account cannot be opened with
d deposit of less than 81 but 10 cents o
IS multiples therefore may be deposite
III toIthe credit of an account whenopened
e No one is permitted to deposit NOR
s. than $500 during one calendar month
n To enable persons to save and de
od posit amounts less than 10 cents, spe
a cial cards may be purchased at an
= uCpOSlG OlLlCOs s1OI L CSuG,' Ol1 WHACn
a cent postal savings stamps may
es placed until the stamps and the cos
of the card amount to 81, when til
k card can be presented for cancellatio
K and regular deposit account opened
e. Thereafter deposits of 10 cents can /
he accumulated and made by the card an
he stamp system.
61 The offices must be kept open durin
n the usual business hours every da
he Sundays and legal holidays excepted
let and as late as nine o'clock on at lea
two evenings in each week.
ad When an account is opened, the pos
he master must deliver postal saving