Charlevoix county herald., 1908-11-07
DETAILS OF THE
POSTAL SAVINGS {; PLAN
Prompt Performance Of Republicans
Platform Promise Is Certain.
Postal Savings Banks Will Form
Save and Convenient System for
Accommodating Savings.

bill providing for the establish
ment OF postal savings banks was fav-
orably reported by the United States
Senate Committee on Postoffices and
Post Roads during the recent session Of
Congress, and is reasonably certain to
he enacted into law during the coming
session, thus adding prompt perform
nnce to the promise of the Republican
rational platform relative to this form
OF strengthening our national system Of
finance.
The bill reported provides for the
establishment of postal savings deposit
tories for depositing savings at interest
with the security Of the Government
for the repayment thereof and desig-
mates the money-order post-ofices and
such others as the Postmaster General
may, in his discretion, from time to
time designate as savings repositories
TO receive deposits from the public and
TO account and 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 post-offics
business hours Of the town and locali-
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 a 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 depositor's pass book will be lie
livered to each deposltor in which the
name and other memoranda necessary
for Identification will be entered. and
entry Of all deposits shall be made.
One dollar or larger amount in
multiples Of 10 cents will be necessary
TO open an account, but deposits Of 10
cents or multiples thereof will be re-
ceived after an account is opened.
Upon receiving n deposit the post
master is required to enter the same
in the pass book Of the depositor and
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, Ia 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
\ ger cent per annum, computed annu-
ally, on the average deposit dunlng
each quarter Of the year. One thou
sand dollars is the maximum deposit
lllowed to the credit Of any one ac-
count, 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
IF the making of the first deposit for
verification, posting, and credit Of In
crest due. Withdrawals may be made
,nder rules and regulations to be pre-
,cribed by the Postmaster General. De-
)osits are exempt from seizure under
my legal process against the depositor
md they are also exempt from taxa
ion by the United States or any state.
rhe name 70 deposltor or the amount
20 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-Gen In
national banks located as near as may
,e in the neighborhood where such de-
)osits were received at rate Of inter-
st not less than pa per cent per an
ium. If deposits can not be made In
national banks at the specified rate of
interest, the Postmaster-General may,
With the approval Of the Secretary Of
he Treasury and the Attorney General.
invest the same in State, Territorial.
ounty. or municipal bonds.