The Washington herald., 1908-04-28
PLANSAPOSTALBANK
Unique Idea in Bill of Rep
reSentatiYe Burton.
PROVIDES NO PASS BOOKS
Depositors would Receive Cards
Showing Amount and Date-Inter-
est Bearing Coupons Attached.
Every Money order Post-ofTice In
ciaded in the Proposed Plan.

Representative Burton, of Delaware, on
Saturday introduce in the House a re-
markable bin. providing for the establish
ment of postal savings bank repositories
This bill differs in many respects from
previous efforts in this direction. and is
unique in many respects.
In the first place the bill provides that
q system of postal savings repositories,
under the direction of the Postmaster
General. he created at every post-office
in the United States. which is authorized
10 issue money orders and such others as
the Postmaster General may designate.
These repositories are 10 be kept open
for The same number of hours as is the
post-OfI1ce in which they are located. The
Postmaster General may. in his discre-
ton. limit the establishment of the first
repositories to Offices Of the first second,
and third classes.
Any person over ten years OF age. or
any corporation any married woman in
her own name. and any trustee or guard
ian may open an account When an ap-
plication for an account is made TO the
postmaster Of a postal savings bank de-
pOsltory he shall deliver to the depositor
a postal savings certificate" bearing two
signature cards and two interest cou-
poHs.
Certificate a Pass Book.
The certificate is TO be kept by the de-
positor, One Of the stubs, showing the
amount deposited. the depositor's name.
&C. is 10 be kept by the postmaster with
whom the deposit was made. and the
other stub is to be forwarded TO the
Postmaster General.
No savings certificate may be made out
for less than 81, nor shall any be made
out for more than $50. Interest is pay
able at six months from the date Of de-
posit and again at twelve months there
after
The certificates are payable on demand
at the Office where taken out or at the
United States Treasury, and If made 'tO
bearer" are, of course. a sort Of currency
in themselves. The certificates bear in
terest but for the one year.
The arrangement Of the certificate and
the coupon is unique. II you imagine
five cards all strung together like the
street car tickets of the Washington
traction companies, only very much
larger you would not be far from wrong,
Goes 10 Head.
The first coupon would be the stub to
be returned 10 the Postmaster General:
second, the stub to be retained at the
post-oflce Of issue; third, the postal saw
ings certificate proper-whieh is really a
sort Of cross between q pass book and
cashiers CheCk-fOuTIh, the interest cOu-
pom payable at the end of twelve months,
and. fifth, the interest coupon payable at
the end Of six months
In a neat little row, therefore, there is
a pass-bosl1, a certified check. good on
demand OF good IS coin if originally
made payable 10 bearer, and Two interest
coupons. The Postmaster General has d
record of your deposit as has the post
Office al which the order was purchased.
The coupons can be collected either at
the United States Treasury or at any
money-order post-office in the United
States. This virtually means that they
would pass anywhere or their face
value
While no deposits. or less than one
dollar, may be taken another entirely
new unique provision is this. That the
Postmaster General shall furnish and
keep for sale. al branch postal savings
depository Offices, adhesive savings
stamps Of the denominations Of five cents
and ten cents. to be known as postal
savings stamps" Cards, known as
postal savings cards" are to be fur
nished for these stamps. These cards,
with stamps affixed, up TO one dollar
may be received as deposits. Amounts
Of stamps less than one dollar may be
redeemed Ordinary postage stamps
cannot be used as postal savings stamps.
Deposit in Banks.
The general is to deposit all
postal savings depository funds in nation
al banks 10 be designated by him, at a
rate of interest not less than % pei. cent
per annum. These funds shall be de-
posted, where practicable IN localities
IN which they We're received. In case
any bank carrying such funds becomes
insolvent these deposits shall be a prior
lien over all other claims Interest upon
deposits in banks shall be devoted first
TO payment Of the interest of postal saw
ings depOsitOrs and the excess shall be
covered into the Treasury.
POstmasters OF the fourth class shall
be allowed additional compensation for
this new work at the annual rate Of one
fourth Of l per cent Of the deposits re-
ceived Other postmasters shall not be
so affected
The Postmaster General shall report to
Congress at the beginning of each regular
session the operations Of the postal saw
ings banks The sum of 100000 is ap-
propriated by the bill. which is TO become
effective on the first day of the third cal