The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1908-10-29
DETAILS OF THE
!. POSTAL SAVINGS PLAN
PreRpt Performance Of Republican
Pattern Promise Is Certaln.'
Postal Savings Banks Will Form
Save and Convenient System for
Accommodating Savings.

mat Of postal savings banks was fav-
staNly reported by the United States
Donate Committee on Postomces and
Hest Roads during the recent session of
Osasress, and is reasonably certain to
- enacted into law during the coming
s91ion, thus adding prompt perform
s1ee to the promise of the Republican
national platform relative to this form
Il Strengthening our national system Ut
1nance.
The bill reported provides for the
establishment Of postal savings deposit
eseies for dspositing savings at interest
With the security Of the Government
fsr the repayment thereof and desig.
1ates the money order post Offices and
such others as the postmaster General
nay, In his discretion, from time to
fiDs designate as savings repositories
. receive deposits from the public and
- account and dispose Of the, same nc
eording to the terms Of the act
The repositories are to be kept open
Ter the transaction Of business every
day, Sundays and legal holidays ex.
cepted, during the usual post-otfice
6usiness hours of the town and locali-
ties where the respective repositories
ara locat ted, and during such additional
heurs az the Postmast General may
designate.
Accounts may be opened by any per-
soa Of the age Of 10 years, and mar
ried woman may open an account free
from Interference by her husband. A
fEustee may open an account for an
sthsr person. No person can open more
Nm one saving account except when
riding IS trus tee for another person.
4 dspositor's pass book Will b lie
Ussred to eacl, deposition in which the
1qne and other memoranda necessary
~ identified ion will be entered, and
0try Of an Deposits shall be made.
One dollar or larger amount In
01ltlples OF 10 cents will be necessary
D open an account, but deposits Of 10
cents or multiples thereof will be re.
osfssd after an account Is opened
Upon receiving a deposit the post
0aster is required to enter the same
= the pass book Of the depositor and
a0nediately notify the Postma ster, Cen
a1al Of the amount Of the deposit and
u name Of the. deposltor. The Post
master General, upon receipt Of sucl,
1eties, is required to send an aaknowl-
sdsmsnt thereof to the deposito1, which
acknowledgment shall constitute COR
ausive evidence Of the making of sucn
14posit.
Interest Allowed On Deposits.
Interest is allowed at the rate Of 2
pr cent per annum, computed annn-
ny, on the average deposit during
aaeh quarter Of the year. One thou
nand dollars is the maximum deposit
al1swed to the credit Of any one ac-
eDuat; and interest will not be paid on
~ amount to the credit Of an account
II 1zcsss Of $500.
HaaD books must be forwarded to the
Polk0lster- General on the anniversary
Of th4 making Of the first deposit for
ver1Adation, posting, and credit of in
ter11t due. Withdrawals may be made
under rules and regulations to be pre-
seeibed by the Postmaster-G General. De-
posits are exempt from seizure under
any legal process against the depositor
and they are also exempt from taxa:
tin by the United States or any state.
Tho name TO depositor or the amount
10 III or her credit may not be dis
cloe(1 unless by order of the Postmas-
ter-General. !.
Postal savings funds are to- be de-
Dosit6d by tho Pestmaster-General in
national banks located as near as may
be IN the neighborhood where such de.
pooits were received at rate Of inter-
est net less than ~ per cent per an.
nun. II deposits can not be made. in
natlnaal banks at the specified rate OF
int&oo1 the Postmaster General may,
With IL approval Of the Secretary Of
~ Treasury anA the Attorney General,
aavuot the Mns n State, Territorial,
e1ey, Or nunicipaI be01a