Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1909-11-29

regulations made by him inconform-
'ty with the provisions of the act.
The members of the house who
have been pressing postal savings
bank law for number of years.
say that the main object OF the bill
to inculcate the principles of saw
ing among the people and that as
every one has faith in the national
government. there IS reason to be-
lieve that the inducement to save
money would appeal to that class Of
people, who hide their small change
Sn old stockings or out of the way
places in Their homes.
The bills that have been intro
duce1 have been carefully drawn
and show that the postal savings
bank is not to be looked upon as a
rival of the national banks. AZ
person may become depositr. put
no deposits shall be received for a
less amount than one dollar ana no
OF any one individual shall exceed
three hundred dollars i'm anv one
year When the amount of deposits
standing to the credit o. a depos;tor.
exceeds one thousand dollars no
Interest shall accmus on the sum i'm
excess OF that amount. Holders OF
trust funds may deposit the same
as turstees.
As an incentive for saving small
chahge the postmaster general will
sell, at branch postal savings bank.
saving stamps of the denomination
c. 1--WE and ten cents. A card will he
furnished to the purchaser to whilh
the stamps will be affixed When the
stamps amount to one dollar they
VIII be received as deposits for that
amount. Ordinary postage stamns
will not be received.
One provision OF the act provides
mat deposits or any part thereon.
may be paid on demand in accord
aAce with the rules to be prescribed
by the postmaster general. The gov
eminent will pay two per cent in
terest which shall begin the first
day o. the colender month follow ne
the date of deposit, AMI shall cease
on the last day of the calender
month preceding the day of with
drawal
The postmaster general has au-
jhority to deposit the funds Of the
Fhority TO deposit the funds of the
postal savings bank with the trea-
surer of the United States or with
a national bank, designated as a de-
pository of public moneys. or with
Tostofiices of the first and secoa II
class holding enough money in re-
serve. however. to pay Withdrawals
and meet current expenses.
The secretary OF the treasury I.
charged with the duty of investing
tue funds of the postal savings ban
In the Understanding bonds of the
United states. or in bonds guaran-
teed by the United States When
United States bonds cannot he oh
tanned he may invest the funds n
state bonds, bonds of municipal
es and counties I'm the Unite1
states, such bonds being guaranteed
by the state. In this connectio, it
J. provided that the amount invested
81 state bonds. etc. shall not exceed
twice the amount OF deposit stanIiny
tt the credit if depositors I'm that
state.
one feature that will appeal TO
depositors is that the deposits shall
rot be liable TO demand seizue mr.
detention under any legal process
against the 1epositor: now shall and
the money deposited be subject f.
taxation by the United States or
any state The postmaster general
is required to make monthly reports
moving the total amount OF deposits
he reports to be published. lie
must make an annual report to con-
gress on the first day OF each regu-
lar session.
VI is perhaps needless to say that
% postal savings bank bill. would
give % postmaster general AMI the
secretary o. the treasury large
amount of additional political pat
ronage
OBSERVATION-DISCLOSURES.