The Marshall republican., 1908-10-23
DETAILS OF IT.
FOS7.L SAVINGS Film
Prompt Performance Of Republican
Platform Promise Is Certain.
Postal Savings Banks Will Form
Save and Convenient System for -.
Accumulating Savings.

A bill providing for the establish.
ment Of postal savings banks was fav-
Orably reported by tn. United States
Senate Committee on POstoiices aud
Post Roads during the recent session Of
Congress. and IL reasonably certain to
he enacted into law during the coming
session, thus adding prompt perform.
arcc To the promise of the Republican
national platform relative to this form
If strengthening our national system Of
finance.
The bill reported provides for the
establishment Of postal Swings deposit
cries for doposltlng savings ut interest
With the security Of the Government
or the repayment thereof and desig-
lates the money order p~ost-ofices and
such others Is the POstmaster-tienern
may, in his discretion, from time to
time designate as savings repositories
to receive deposits from the public and
to account ard 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 pcst-otlice
business hours Of the town and local.
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 n mar
ried woman may open an account free
from interference by her husband. A
trustee may open an account for an
other person. No person can open more
than one saving account except when
acting as trustee for another person.
A dgpOsitOr's pass book will be 'le-
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 a larger amount in
multlples Of 10 cents will be necessary
to open an account, but deposits Of 10
cents or multiplss thereof will be re-
ceived after an account Is opened.
Upon receiving a deposit the post
master IL requires to enter the same
In the pass book of the depositor and
Immediately notify the Postmaster-G en-
eral OF the amount of the deposit and
the name Of the depositor. The Post
master-G SIeral, 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 !
per cent per annum, computed annn'
ally, on the average deposit during
zach quarter of the year. One thou.
and dollars is the maximum deposit
allowed to the credit of any one ac
cunt, 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 fol
verifcation. posting, and credit of In
terest due. Withdrawals may be mad,
under rules and regulations TO be pre-
scribed by the Postmaster General. Do
posts are exempt from seizure undel
any legal process against the deposition
and they are also exempt from taxa
ton by the United States or any state
The name 70 a deposition or the amour
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 II
national banks located as near as ma.
Ne in the neighborhood where such lie
,osits wers received at a rate Of inter
st not less than az per cent per an
fun. II deposits can not be made 4
rational bans at the specified rate o
interest. the Postmaster General may
With the approval Of the Secretary q
the Treasury and the Attorney Genera
invest fbe same In State, Territorial
county, or municipal bonds.