The forum. [volume] (Springfield, Ill.) 1904-192?, 1908-10-03
Prompt Performance of Republican
Platform Promise Is Certain.
Postal Savings Banks Will Form
Save and Convenient System for
Accommodating Savings.

Senate Committee on Postoffices and
Congress, and is reasonably certain to
be enacted into law during the coming
session, thus adding prompt perform
ance to the promise Of the Republican
national 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-offices 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 aud
to account and dispose of the samt C.
cording to the terms Of the act.
The repositories are to be kept open
for the transaction of business every
cepted, during the usual post-office
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 de-
livered to each depositor in which the
name and other memoranda necessary
for identificat ton will be entered and
entry of all deposits shall be made.
One dollar or a 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 a deposit the post
master is required to enter the same
in the pass book of the depositor and
Immediately notify the PostmasterGen
eral of the amount of the deposit and
the name of the depositor. The Post
master-General 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
each quarter Of the year. One thou
sand dollars is the maximum deposit
allowed to the credit Of any one &C
count. and interest will not be paid or
any amount to the credit of an account
in excess of $500.
Pass books must be forwarded to thu
Postmaster-G eneral on the anniversary
Of the making of the first deposit fol
verifcaton, posting, and credit of In
terest due. Withdrawals may be made
under rules and regulations to be pre-
Seflbed by the ACKNOWLEDGEMENTS. lie
posts are exempt from seizure undel
any legal process against the deposition
and they are also exempt from taxa
tion by the United States or any state
The name fo a depositor or the amour
to his or her credit may not be DIX;
closed unless by order of the Postmas
ter-General.
Postal savings funds arc to be de
posted by the PostmasterGeneral il
national banks located as near as ma!
be in the neigAborhood where such tie
posits were received at a rate of inter
est ret less than 81 per cent per al
nun If deposits can not be made j
national banks at the specified rate o
interes. the postmaster-Genera may
with the approval of the Secretary 0