Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1908-10-22
DETAILS Of THE
POSTAL SAVINGS PLAN
Prompt Performance of Republican
Platform Promise Is Certain.
Postal Savings Banks Will Form
Save and Convenient System for
Accommodating Savings.

A bill providing for the establish
ment Of postal savings banks was fav-
orably reported by the United States
Senate Committee on Postoffices 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 bill 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-offices 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 nc
cording to the terms Of the act
The repositories are to be kept open
for the transaction Of business every
day, Sundays and legal holidays ex-
cepted, during the usual post-ottice
| business hours Of the town and locali-
/ ties where the respective repositories
are located, and during such additional
hours as the Postmaster-G General may
designate.
Accounts may be opened by any per-
son of the age Of 10 years, and a mar
ried woman may open an account free
| from interference by her husband. A
trustee may open an account for en-
than one saving account except when
acting as trustee for another person.
A depositor's pass book will be lie
livered to each depositor in which the
name and other memoranda necessary
| for Identification will be entered, and
entry of all deposits shall be made
One dollar or larger amount in
multiples Of 10 cents will be necessary
to open an account, but deposits Of 10
cents or multiples thereof will be re-
|
Upon receiving a deposit the post
| master is required to enter the same
in the pass book of the depositor and
| Immediately notify the Postmaster-Cen-
eral of the amount Of the deposit and
the name of the depositor. The Post
MASTER General, upon receipt of such
notice, is required to send an acknowl-
edgment thereof to the depositor, which
acknowledgment shall constitute con-
elusive evidence of the making Of such
deposit.
Interest Allowed ON Deposits.
Interest is allowed at the rate of 2
per cent per annum, computed annn-
ally, on the average deposit during
each quarter of the year. One thou
! sand dollars is the maximum deposit
allowed to the credit Of any one ac-
count. and interest will not be paid on
any amount to the credit Of an account
In excess of $500.
! Pass books must be forwarded to the
| Postmaster-General on the anniversary
| of the making of the first deposit for
yerifcation, posting. and credit of in
terest due. Withdrawals may be made
| under rules and regulations to be pre-
scribed by the Postmaster-General. De-
posits are exempt from seizure under
any legal process against the depositor
and they are also exempt from taxa
| ton by the United States or any state.
The name 70 deposition or the amount
to his or her credit may not be dis
closed unless by order of the Postmas-
| ter-General.
Postal savings funds are to be de-
| posted by the Postmaster-General in
national banks located as near as may
/ be in the neighborhood where such de-
posits were received at a rate OF inter-
est not less than "a per cent per an
mum. II deposits can not be made In
national banks at the specified rate OF
i interest. the Poetmaster-G General may,
with the approval Of the Secretary OF
the Treasury and the Attorney General.
| invest the same In State. Territorial,
county, or municipal honda
Gratitude to Mckinley.
The highest claim OF WillIam Nc
!, Kinley for the gratitude OF his coun-
| trymen is that. in spite of the abuse
and contumely that was heaped upon
his head for this policy. he placed our
country in the forefront of nations as
4 civilizer and uplifter of unfortunate
| peoples Hon. VIM. H. Taft. at Clevs-
land. Ohio.