The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-12-27
DEPOSITS GUARDED.
MONEY PLACED IN POSTAL BANK
CAN NOT BE ATTACHED BY
CREDITORS. a
One Account the Limit--certificate
and Bonds Issued Under Act VI
Bear Per Cent Interest
No Pass Books.

u Jan 3. one in every state and terri
cory of the Union. 1t is the fruition
of forty years agitation.
! Out of the act Of congress rhe
trainers of the rules gathered much
that is of direct interest to the fu
ture depositors in the great concern.
j Following are few of the features
which the new bank will possess:
4 Accounts Open to All.
\ First and most important OF all for
i the deposition to remember Is the
fart that the postal savings bank is
federal institution, 1t is not gov
erEed hy state banking laws, and,
moreover, iepositors in the postal
savings banks place their money
| there subject to the laws which ere
ated the postal savings bank and
free from the restrictions as to prop
i erty rights as outlined BY the vast va
riety of state laws governing the
rights of minors, married women, par.
ants, guardians and others.
i Under the act accounts may be OPP
ened and deposits made by any per
son OF the age of 10 years or more in
| his or her own name. This money so
4 deposited is free from interference
As to disposition BY parent guardian
| or creiitors A married woman may
deposit money in her own name and
| keep II safe and sound fin the bank
WITHOUT reference to the wishes 81
the demands of her husband. All
that the postal savings law demands
is that the depositor does not open
more than one account in his own
right.
No Pass Book Issued.
The postal savings bank will issue
certificates of deposit instead OF pass
books. 1t will require 81 TO open a
postal savings account. This 81 will
ear per cent interest per annum.
| This interest is credited but once
each year. AS is a general rule. frac-
lonal parts of dollar win not draw
interest, This feature is true of ali
| savings institutions.
| But the saver OF pennies and dimes
vii not be neglected. To the deposi,
tor who wishes to lay by the pennies.
tie nickels and the dimes, provision
| is made by the issuance of stamps
Bhich nay be purchased at any post
Office bank after the system becomes
| operative, and these stamps will be
IN practically all fractions OF a dollar.
Money in Bonds.
Behind the certificate of deposit
| still stand the projected postal saw
ings bond. These bonds are planned
lto be the ultimate resort of the pos
tai savings depositor. They viii be
issued in denominations Of 500, $40,
$50, $50 and 800, and will bear Z
per cent interest
The federal government will not
oard up the postal savings deposits,
but will release the money as fast as
t comes in. This money will he
placed in the hands of the national
banks. which will in turn pay the
| federal government a rate OF interest
lffactionally higher than that when
ths federal government win pay the
i depositors. Uuon this margin, tiny IN
apparent amount, but potent when
the vast sum of expected deposits is
| reckoned, the federal government Will
pay the salaries and expenses Of the
system. The postal banking system
will be expected 10 pay for itself
Start Of Great System
At present in the United States, nc.
cording to the statistics of the comp
troller of the currency's office, there
are l,7o3 savings banks, an average
Of one bank for approximately every
| $1,000 inhabitants. In the great pos.
tai system. of the United States there
arc nearly 10000 offices Of all sorts
and classes, affording the opportunity
fof the creation Of system of banks
Of savings deposit for the millions OF
wage earners.
In his report for the fiscal year
| i909-l0, Postmaster General H.tth-
ock said:
THE total amount Of money in the
United States is estimated TO be
about s3.000.000,00O. Of this SUN
nearly Go per cent, or 5000, 900, is in
the pockets of NE people or in varl-
Gus hiding places-an AVERAGE OF
nearly $22 per capita of population.
There is every reason TO believe that
a system Of postal savings banks
would, TO great extent, call out
these private boards and return them
10 circulation through the regular
banks Of the country.
4 4GW How Dollars Roll Up.
"One dollar per capita thus re-
leased would add $4,000 TO the
volume Of circulating media. Five
collars per capita would add $780,
100000 Whatever this practical in
crease Of the circulation proves to be,
add to II the many millions that the
ostal savings banks would prevent
from being sent abroad by foreign
born lepositors and the total will
each magnitude which may well
command attention"
In the four weary 1906, 1907, 1908
aud 1908 the United States postal
money orders payable in foreign coun-
frinc Amounted A. !, orn 49,. oo,,o