Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-01-28
Affects First, Second and Third Class Offices
Deposits Of 81 to $780, Ten-C cent Postal Saw
ingS Stamps Are Also Provided deposits
By Women Cannot by Drawn by Husbands.
POSTAL SAVINGS BANK.

Washington, Jan. 27-The postal
savings bank bill. drafted by Senators
Carter, Dolliver and Owen, a sub-com-
mittee of the committee on postoffces
and post roads, was perfected today
and by Mr.. Carter was introduced in
the Senate. 1t was referred to the
be reported back to the Senate tomor-
row. Bills originally introduced on the
subject We're considered with great
care and a large number of changes
We're made. Particular attention was
given to a scheme to prevent the con-
centratiCn of postal deposits in the
money centers of the East The OBJ
lection to the establishment of postal
savings banks has been met oy pro-
vision allowing banks receiving the
postal funds for safe keeping to give
indemnity bonds in lieu of collateral
| security, which ohviates the necessity
of banks going to bond centers to pur
chase security required by the gov
eminent.
The bill provides that there shall be
established a system of postal saw
ings repositories under the supervi-
sion and direction of a board of trus-
tees, consisting of the secretary of the
treasury, the postmaster general and
attorney general acting eX-officio.
This board is authorized to make all
regulations governing the receipt
transmission, custody, investments and
repaymelts of moneys deposited with
the postal savings banks. The board
is required to report to Congress at the
beginning of each regular session tn
number of post offices receiving de-
posits in cash state and territory, the
aggregate amount of deposits and the
aggregate of Withdrawals, the amount
of interest paid and the amount of
extra expense incidental to the post
al savings bank system.
All post offices of a class authorized
to issue money orders and such 9TH
ers as the postmaster general may
designate are declared to be postal
savings repositories. They are to re-
ceive deposits from the public and arc
to be kept open for the transaction
of business every day, Sundays and
legal holidays excepted, during the
usual post office business hours of the
town or locality where the deposito-
ries are located.
1t is provided, however, that the
postmaster general may limit at first
the number Of repositories to money
order offices Of the first second and
third classes and extend the system
thereafter as rapidly as practical.
Accounts may be opened by any per-
son of the age of 10 years or over and
by married women in their own names
and free from any control or Interior
cnce by their husbands. No person
will be permitted to have more than
one account.
An account cannot be opened for less
than 81 anC no more than 800 can be
deposited in any one calendar month. |
All deposits must be in multiples there
Of they will be received as deposits.
Deposits in postal savings banks will
draw per cent. interest credited to
the books of depositors once in each
year. No. person will be allowed to
have a balance in a postal bank in
excess of $500 exclusive of accumu-
lated Interest.
Funds received by postal savings
banks are to be deposited in any SOL |
vent bank or banks. subject to public
supervision and examination in the
state or territory and as nearly as
practical in the immediate neighbor-
hood in which the funds are received |
at a rate of interest not less than "a |
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 indemnity bonds To-
insure the safety and prompt repay
ment 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 re-
ceive postal deposits on the terms
prescribed the funds may be deposited
with the treasurer of the United
States.
Provision is made for the mainte-
nance OF 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 covered
into the treasury as part of postal
revenues
All statutes relating to the safe
keeping of a proper accounting for
public moneys are made applicable to
such funds and the postmaster general
may require Iostmasters or their as
sistants to give any additional bonds
deemed necessary.
49,