The Alaska citizen., 1910-07-09
POSTAL SAVINGS
 BANKS RELATED MEASURE HAS AT LAST PASSED BOTH
 HOUSES.
OPPOSED BY BANKERS, ETC,
Solons I.ar,d q Banks Would Lead to i'utIuHuun of Bands of Robbers of south and West for Pn,i.osc of KuhhirG Them.

After years of delay the Postal Savings Bank bill has been forced through both houses in the teeth of strenuous opposition from many representatives of the financial in terests of the country.
 In an article dealing with the subject in the North American Re view. Senator Carter of Montana, has reviewed the whole question: Cnd the absurdity of som" of the arguments used against the bill would scarcely be credited. il they were not d matter oi public record.
 One senator held that congress had just as much power to com Del the citizen to supply money by threatening him with punishment as il had to tempt him by guar anteeing to him profit on it. A certa banhe. $ asso itt.on issued circular pointing out the nnwis- dom of the proposed system be cause 1t would lead to the develop ment of bands of robbers in the South and west, having the rob bery of the pOstotfices as their ob- tective." Another objection was the enormous investment in burglar proof safes which would be ren- dered necessary by the new scheme. Strangely enough. not one of the objectors seemed to be aware of significant namely, that in no country in which a postal savings bank system has been adopted has a backward step ever been taken
 The system was first tried in Eng land in 1861. and 90 satisfactorily did the system work that it was soon adopted by France, Austria Hungry, Italy, sweden Russia, Bel gium; the eNtherlands and their several colonies. Brazil has recently enacted a savings law, and today Chili also is experimenting with the system.
 The act provides for the estab- lishment of a postal savings system, to be under the management and control of a board of trustees, con sisting of the secretary of the treas ury, postmaster-general and the at tocneygeneral. ting ex-o.ficio This board is authorized to make all needed rules and regulations for carrying out the provisions of . the act in reference to the receipt, transmission custody, investment, and repayment of moneys received at postal saving Repositories. Each money order office in the United States Is made postal savings de- pository subject to the proviso that in the beginning the poStmaSter-gen- eral may restrict the Repositories to the so-called "Presidential offices, about 7,5OO in number. and there after extend the system as rapidly practicable too all remaining money order offices approximately 43,OO0 in number When finally installed the system will be operated in over '. 50,000 money orer postoffices.
 Any person of the age of ten years or over may become deposi- tor. but no person shall be allowed to deposit %more than $1OO in any one calendar month nor more than $500 in the aggregate. nor will any person. be permitted to have more than one postal savings account.
 Deposits must be made in sums of one dollar or multiples thereof, but smaller sums can be saved through card and stamp system. which will allow accumulatiOns up to one doll lar, when the card and stamp there to attached can be presented at the postoffice for deposit Interest will be paid on deposits at the rate of per cent, per annum. and depos- ,. it may be withdrawn on demand subject to such rules and regula-