The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1908-10-06
DETAILS Or THE
POSTAL SAVINGS PLAN
Prompt Performance or Republican
Platform Promise II Certain.
Postal Savings Banks Will Form
Save and Convenient System for
Accumulating Savings.

a bill providing for the establish.
mcnt Of postal savings banks was fav-
orably reported by the United States
senate Committee on POstofElces and
Post Roads during the recent session Of
Congress, and Is reasonably certain 10
be enacted Into law during the comiug
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 deposl.
tories for deposIting savings at interest
with the security Of the Government
for the repayment thereof and desIg.
mates the money-order post-otflces and
such others as the Postmaster General
may, In bis discretion. from time TO
time designate MS savings repositories
to receive deposits from the public and
70 account and dispose OF the same nc
cording TO the terms or 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.offlce
business hours Of the town and locall-
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 o. 10 years. and d mar
rlcd woman may open an account free
from Interference by her husband. A
trustee may open nm account for ON.
other person No person can open more
than one saving account except when
acting as trustee for another person.
A deposltor's pass book viii be ie-
llyered to each deposltor In which the
name ard other memoranda necessary
for Identification will be entered. and
entry Of all deposits shall be made
One dollar or larger amount IN
multlples Of 10 cents viii be necessary
to open an account but deposits Of 10
cents or multlpes thereof will be re.
ceiyed after an account Is opened,
Upon receiving deposit the post
master Is required to enter the game
in the pass book OF the depositor aud
Immediately notify the Postmaster.Gen
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 annu-
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 win not be paid ON
any amount to the credit OF an account
In excess of $500
Pass books must be forwarded to the
Postmaster.G General on the anniversary
Of the making of the first deposit for
verifcatlon. posting, and credit Of in
terest due. Withdrawals may be made |
under rules and regulations to be pre-
scribed by the Postmaster General De
poslts 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 deposltor or the amount |
to his or her credit may not be dis
closed unless by order Of the Postmas-
er.General.
Postal savings funds are to be de-
posted by the Postmaster-Genera In
national banks located rs near as may
be In the neighhorhood where such de-
posits were received at a rate Of inter-
est not less than 2h per cent per an
num. If deposits can not be made in
national banks at the specified rate OF
interest the Postmaster-G General may,
with the approval Of the Secretary Of
fha Traa e,try and tho AftNrney. a Canprol