Alaska sentinel., 1908-12-10
How Bills of Carter and Hitch- cock Differ from Madden.
 Snapp Measure.
DISPOSITION OF THE FUNDS
Democrat Provides for Board of Investment-All Fix Deposit
 Limit at S1,OoO.

Upon the indorsement by Postmaster General Meyer and later by President Roosevelt of the postal savings bank system for the United States, three separate and distinct plans have been proposed to Congress as the proper pro cedure for establishing and putting into | operation such banks. In the House of Representatives Representatives Madden, of Chicago. and Snapp, of Joliet. H.. have introduced similar measures. Representative Hitchcock, of Omaha. Democrat, has introduced another House bill and Senator Thom- as Carter, of Montana, is the father of a senate bill. The main differences in these bills lie in the protection afford ed depositors and deposits and in the ! investment features of the funds of the postal savings banks.
 All these bills place limit on the interest-beariug deposits which can be made by any individual within any sin
 gle calendar year and finally. The
 Madden-Snapp bill provides that S30C
 may be deposited within one year and 1 that no interest shall be paid to any | depositor upon a deposit in excess of l S1,O0O. The Carter bill makes the linn. i 1t of annual deposit S500 and the final 1 limit of interest-bearing deposit S1,OOO l while the Hitchcock bill has double i barreled provision which is more com 1 plex. It provides a limit of monthly l deposit of S1O0 and the final limit Of any single deposit at S1,OO0. In ad | ditlon it provides that no interest shall
 be paid on more than S5OO to any de, i positor and that If any depositor de,
 posit more than 5000 in any one yeaI l interest shall not be paid on new de
 poslts in excess of that amount.
 Both the Madden-Snapp and Garter 1 bills provide an interest rate of pei
 cent on deposits, while the Hitchcock
 bill stipulates that the rate on S2O0 oi
 less shall be 212 per cent, and oyei
 that amount and up to S500 the rate
 shall be fixed by board of investment
 composed of the Postmaster General
 the Secretary of the Treasury and tht l Comptroller of the Currency.
 In establishing postal savings banl
 adjuncts to post offices there Is also : l difference between the MaddenSnapI 1 bill and the others. The Madden SnapT measure gives the Postmaster Genera l discretion in the selection of offices fol
 postal savings bank purposes; thu | I r1
 money order post offices are mad'
 branches of the postal savings banE
 system, while the Carter bill makes al
 first, second and third-class post of l fees branch postal savings banks and 1 gives the Postmaster General some dis
 cretion as to further extension into 1 the fourth-class post offices.
 In administration the Madden-SnapI 1 bill provides a general superintendent i of postal savings banks, with such as. 1 sistants and clerks as may be neces- i sary, while the Secretary of the Treas.
 ury Is authorized to increase the audit.
 prs force in the Post Office Department. i The sum of s5OOOO is set aside to start 1 the banks in operation. Both the i Hitchcock and Carter bills stipulate | that the head of the postal banks shall be an officer known to the Fifth As l sstant Postmaster General, and ask S1OO,OOO to establish the banks.