The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-01-28
b. d Il
|TAFT'S PET BILL
/ is in NTRQ.DU.C.ED.
Senate Now Has Administra-
tons Much h-Talked-Of Postal
Savings Bank Measure.
SENT TO COMMITTEES
It Provides for System Of Deposi-
tories Under Direction Of
Board of Trustees.
SENT TO COMMITTEE

Washington. January 27.-The pos-
tai savings bank bill. drafted by Sem
{ators Carter. Dolliver and Owen. a
subcommittee OF the committee on.
Fost Offices and Post-Roads. was per-
fected to-day and was introduced In
the Senate by Mr.. Carter. 1t was re-
ferred to the Post-Offlce Committee,
and It is expected that it will be- re-
ported back to the Senate tomorrow.
To prevent the concentration OF pos
tai deposits In the money centres OF
the East. provision has been incor-
porated allowing banks receiving the
postal funds fer safekeeping to give
indemnity bonds in lieu of collateral
security, which obviates the necessity
OF banks going to bond centres to pur-
chase the securities required by the
government
The bill provides that there shall
be established a. system of postal saw
inGs repositories under the super
vision and direction Of. a board OF
trustees. consisting of the Secretary
of the Treasury, the Postmaster-Gen-
eral and the Attorney-General, acting
ex- officio. This board is authorized
to make all regulations governing tho
receipt, transmission. custody. invest
ments and repayuents of moneys de-
| posted with the postal savings banks.
Report to Congress.
The boarl is required to report to
Congress at the beginning of each
regular session the number OF post
offices receiving deposits in each State
and Territory. the aggregate amount
of deposits and the aggregate OF WI h
drawals. the amount of interest paid,
and the amount of extra expense In
cldent to the postal savings bank sys-
| tenn.
All post Offices of a class authorized
| to issue$money drders, and such others
as the Postmaster-Gen may desig-
nate. are declared to be postal say
ings depository Offices. They are to
receive deposits from the public. ana
are to be kept open for the transac-
| ton Of business every day, sundays
and legal holidays excepted. during
4 the usual post-oftfc business hours OF
4 the town or locality where the de-
| positorles are located.
Accounts may be opened In any pos
tai bank by any person Of tho age
| OF ten years or over and by married
women in, their. own names and free
from any control or interference ol
| their Husbands. No person will bt
L
| count An account cannot be opened
for less-rtffan 81. and no more thar
j 500 can be deposited In any ono cal
endar month.
4 All,deposits must be in multiples O
,|s1 but in order that smaller amounts
!, may be accumulated for deposit say
, Iings cards Will be issued and lo-ceA
postal, savings stamps sold Nhei
these cards and attached stamps snow
!, an Investment of ST or multiples thero
! of. they will be received as deposits.
will Draw :. Per Cent,
,rhe deposits in postal savings banks
4 will draw 2 per cent. interest. credited
4 to the books Of depositors once IN
4 each year, No person will he allowed
to have balance In a postal bank IN
Iexcess of $780, exclusive of accurnu ia u
4 ed interest,
Funds received by postal savings
banks are to he deposited in any sol
vent bank or banks. subject to pubic
| supervision and examination, In tho
State or Territory, and as nearly as
pra acticable in the immediate neigh
| borhood In which the funds are re-
| cetved, at a rate of interest not less
ithan az per cent, The deposits are
! to be distributed among the local
banks on the basis of their capital and
surplus, and the banks may give i'm
| 6Iemnity bonds to insure the safety
and prompt repayment OF deposits. AT
Tits option any bank may deposit coll
klateral security, subject to the approval
Of the hoard. In the event that banks
refuse to receive postal deposits on
tha terms prescribed the funds may be
|