The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-01-28
POSTAL BANK BILL IN.
1t Provides for Payment of Two Per
Cent Interest on Deposits.

Washington, Jan. 2S.-The postal saw
ings bank bill drafted by Senators Car
ter, Deliver and Owen, a subcommittee
of the committee on postoffices and pos
roads, has been introduced IN the SEN
ate by Mr.. Carter 1t was referred tc
the postoffice committee.
The bill provides there shall be es-
tablished a system of postal savings
| repositories under the supervision and
direction of a board of trustees, con-
| sisting of the secretary of the treasury,
| the postmaster general and the attorney
| general acting ex-officio.
| This board is authorized to make all
| regulations governing custody of mon
| eys deposited with the postal savings
| banks.
All postof1ces of class authorized to
| Issue money orGerS and such others as
| the postmaster general may designate,
| are declared to be postal savings de-
| pos1torIeS. They are to receive deposits
| from The public and are tc be KEEP
open for the transaction of business
every day, Sundays and legal holidays
excepted, during the usual postoffice
business hours Of the town or locality
where the repositories are located.
Accounts may be opened by any per-
son ten years old or over and by mar
rled women In their own names and
| free from interference by their hus-
bands. No person will be permitted to
lave more than one account. An ac-
count can not be opened for less than
one dollar and no more than 500 can be
deposited in any one calendar month.
All deposits must be in multlpleS of one
dollar, but in order that smaller
amounts may be accumulated for de-
posit, savings cards will be issued and
ten-cenI postal savings stamps sold.
When these cards and attached stamps
show an Investment of 81 or multiple
thereof. they will be received as de-
posts.
Deposits in postal savings banks
will draw 2 per cent interest credited
to the books of depositors once in
each year. No person will be allow
ed to have a balance in postal bank
in excess of $500, exclusive of accu-
INFLATED interest.
Funds received by postal savings
banks are to be deposited in banks,
subject to public supervision, as near
ly as possible in the neighborhood in
which the funds are received at a rate
of interest not less than PA per cent.
The deposits are to be distributed
the capital and surplus and the banks
may give indemnity bonds to insure
the safety and prompt repayment of
deposits. At its option any bank may
deposit collateral security subject to
the approval of the board. In the
event that banks refuse to receive
postal deposits on the terms prescribed
the funds may be deposited with the
treasurer of the United States.
Provision is made for the mainten-
ance of a reserve fund not more in |
amount than 10 per cent of the total |
funds deposited. Interest and profits |
accruing from deposits or investment |
of postal savings are to be applied to |
the payment of expenses of admins |
tration and any excess is to be COW
cred into the treasury as a part of |
postal revenues.
All statutes relating to the safe |
keeping of and proper accounting for |
public moneys are made applicab BILE |
to such funds and the postmaster
general may require postmasters or
their assistants to give any additional |
bonds deemed necessary.