The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1910-07-19
POSTAL
Savings Banks Are Not For
The Wealthy
Small Sum OF Dime Opens
An Account
And The Deposits Limited
To $500

The new postal savings bank which
will be established in connection with
the postoffice department as the re-
suit of an act by congress just be-
fore it adjourned, will operate very
much like the ordinary savings banks
with which every one is familiar
the money order clerks in the large
offices and the postmasters themselves
in the smaller ones, acting as the
cashiers, and Uncle Sam himself
standing behind the institution with
his assets to guarantee the deposits.
In the fourth class offices, the post
per cent of the deposits made with
them for their extra services, but in
the first-class offices the clerks will
receive no additional pay
Anyone having a dollar to deposit
may go to a postoflice and secure
pass book in which his money will be
entered. He can make additional de-
posits at any time, but no one will be
permitted to have more than $500 on
deposit at once, nor can any one de-
posit more than 800 in any month.
Any child of 10 years or over may
open an account If he has a dime.
With that he can get a stamp card
and the postoffice of his town will sell
him deposit stamps at 10 cents each.
These he will paste on his stamp card
and when he has 80 cents worth on
the card he will be credited with 81.
This pass book, in which will be mem
oranda for Identification of the owner,
will thereafter be used in making de-
posits.
At first the presidential offices-7500
of them-will be opened for deposits.
Then the scheme will be extended to
all the money order offices and final
ly the rural mail carriers will be made
agents of the big government savings
bank, so that the facilities will be eX-
tended to all parts of the country.
The government will pay 2 per cent
interest once year on these deposits.
The money so deposited will be plac-
ed by the government in banks in
the locality where they are made, for
not less than "a per cent interest. 1t
is estimated that the u per cent will
pay all the costs of operation.
Married women may make deposits
in their own name and their hus-
, bands will have no right in them All
deposits will be absolutely secret, as
no government employe will be allow.
ed to tell anything about them. That
the government expects the bank to
be sef-sustaining is shown by the
fact that only 100000 has been ap-
propriated to start the thing.
In many foreign countries where
the postal bank has been in operation
for some time, II is found that chill.
dren deposit almost half the total
amount in them. Most OF the foreign
countries pay more interest than II
is proposed to pay according to this
law.
There Is provision by which, when
a depositor's funds have reached suf
icient proportions, he may have them
\ converted into government bonds OF
small denominations-$ $40, $50
1 $50 and 800. The postal savings banl
will be under the directions of the at
torney general, the postmaster gen
eral and the secretary oil the treasury
and the treasurer of the United States
1t Is believed that the government
will in this way get money needed
4 for the expenses of the government a
a very cheap rate of interest, and a
the same time will educate the peo
4 pie, and especially the children, il
saving their earnings.