The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-10-25
DETAILS or THE
POSTAL SAVINGS PLAN
Prompt Performance of Republican
Platform Promise Is Certain.
Postal Savings Banks Will Form
Save and Convenient System for
Accommodating Savings
Record

\ hiii providing for the establish
ment of postal savings banks was fav-
orably reported by the United States
Senate Committee on Postohiees and
Post Roads during the recent session OF
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
rational platform relative to this form
of strcngt hening our national system vi
finance
The BIN reported provides for the
establishment Of postal savings deposi-
tories FOR deposlting savings At interest
with the security of the Government
for the repayment thereof and deslg-
mates the money order post offices and
such others rs the Postmaster-General
may. ia his discretion. from time to
time designate as savings repositories
to receive deposits from the public and
to account and dispose If he salne nc
eording to the terms Of the act.
The repositories are 10 be kept open
for tho transaction of business every
day. Sundays and legal holidays ex-
eepted. during the usual postofiicr
business hours 81 he town and local.
ties where the respective repositories
are loca ted and during such additional
hours as the PostmaSter-G General may
designate
Accounts nay BE- opened by any per
son Of the age of 10 years. and 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.
\ depositor's pass book will be lie
lirered To each depositor in which the
name and other memoranda necessary
for Identification 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
10 open an account. but deposits OF 10
cents or mutiples thereof will be re-
ceivsd after an account is opened
Upon receiving deposit the post
master is required to enter the same
in the pass book OF the deposltor and
Immediately notify the Postmaster. G en-
ersl 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-
sdgment thereof to the deposition, 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 annu
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 pail or
any amount TO the credit OF an account
In excess Of $500.
Pass books must be forwarded to tbs
Postmaster General on the anniyersar,
OF the making OF the first deposit fol
yerification, posting, and credit Of In
terest due. Withdrawals may be made
under rules and regulations to be pre-
scrbed by the Postmaster General DE
posits are exempt from seizure unde
any legal process against the deposito
aud they are also exempt from taxa
ton by the United States or any state
The name 10 deposltor or the amour
TO his or her credit may not be dis
closed unless W order Of the postmas
ter-General.
Postal savings funds are TO be lie
posted by the Postmaster-General II
national banks located as near as ma,
be In the neighborhood where such de
posits were received at a rate Of inter
est not less than pa per cent per ar
mum. III deposits can not be made Il
national banks at the specified rate o