The Caucasian. (Clinton, N.C.) 188?-1913, 1910-11-17

NzAatnxton. Sos- 1a-TAm aw
Creating POSTAL savings haaka. walrA
SO ssKa~4 - f>reaaa~mt Tafs gane
ssth aaas. wtil become operative wtss-
- = fs~ seeka- sanes sAx aass o. sA~
approval % tie gaa re pszstEaaasar
Jeasral. ne sexretaxy O. TIE Treas
nTy and sas Attorney General. ' Be-
constitute he board ct trustees. hav2
1@sE diligently a. ~ork- assisted -
: special ecmmltsee o. e.aploye~ 90
tsae Postozsce Department apgoInsea
- the Postmaster General 70 perfect
tie details fer putting the postal
banks IN operation
The special COMMITTEES haA lad he
advantage o. the LAYS governing he
postal savings banks IA Great Britain
France. Austria. Italy ard ether
countries, The result being that he
rules and regulations 10 govern me
postal savings banks N the United
States all be As weII nlgn perfect
- possible
Tae postal banks viii be conducted
on strictly banking lines With the e.
books. certificates Of deposits being
Issued in duplicate Tie opening Of
an account viii be very simple pro-
ceeding. ANY person fen years of
age. Or over. may open an account In
his Or her name for one dollar. Tie
same privilege applies 10 a married
woman whose account shall De free
from any control or interference by
her husband" Like the dime saw
ings banks, however, you may begin
your account with Uncle Sam by
buying ten-cent postal savings card.
When you have purchased nine other
postal savings cards you will receive
in exchange certificate OF deposit
The postal savings stamps are then
destroyed by the postmaster. The
Postmaster General has already or
dered E,500, 900 postal savings cards
and 100000 postal savings stamps
with which to begin business. No
one may deposit more than 500 In
any calendar month, while the total
balance Is limited to $500. Further
more, no person shall at the same
time have more than one postal saw
ings account In his or her own right.
No obstacles are placed in the way
of any depositor from withdrawing
the whole or part of his or her &C
count, with accrued interest on de-
mand, under such regulations as the
board of trustees may prescribe.
Depositors will be paid per cent
interest yearly. The postal funds
| placed in designated banks by the
board of trustees will yield the gov
| eminent "a per cent. 1t is believed
+, that this quarter of one per cent diff
ference between what the government
pays the depositor and what the
banks will pay Uncle Sam will be
/. sufficient to meet all necessary ex-
penses for conducting the postal
savings repositories.
A careful study Of the law creating
postal savings banks makes it clear
F., that the government will be, bene-
! fitted largely, and that within year
or two after the system has been in
operation Uncle Sam may have all
the money necessary to meet defici-
encies, and to make effective public
improvements without having to ap
peal to Wall Street for financial aid.
| Section ten of the act gives the de-
positor the privilege of surrendering
his deposit, or any part thereof, in
sums of twenty, forty, eighty and
hundred and five hundred dollars
and receive in lieu of such deposits
United States bonds of the denomi-
nations of these amounts, which shall
, bear interest at the rate 2 IL per
cent per annum and be- redeemable
one year from date of issue, and pay
, able twenty years from such date.
These bonds are payable in gold coin
It is believed by the board of trus-
tees that this section Of the law will
prove a strong inducement to the
people, and especially the foreign ele-
ment, to patronize the postal banks.
It will also add to the desire of child
rem to put away their pennies so that
they may buy government bond
Neyfe0