The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-10
PosT-oFF1cE DEPARTMENT.

meddlesome lords and masters by a
clause OF the new act providing that
accounts may be opened 10y married
woman In her own name and free from
Gny control or Interference from her
husband" Secrecy is provided by an
other clause specifying that mo per.
son connected with the Post-ONlce De-
partment shall disclose to any person
other than the deposltor tho amount
OF any deposit, unless directed so TO
do by the Postmaster. General" This.
married women, is patterned after the
English law. which 1urthe.- provides
that depositors may arrange to have
their acknowledgements directed to q
office ito avoid calling attention
to their accounts"
The per cent. interest rate provided
Is lower than that OF other countries.
the French and British postal banks
paying 2 1-2 per cent, the italian e.04
per cent, tbs Canadian and Austrian
per cent. the Swedish SO per cent,
the Belgian per cent. and the Jap
anese 4.S per cent
While paying this per cent. to de-
positors our postal banks will be lend
ing the money Entrusted to them to
solvent banks, subject to national or
state supervision, which depositors
must pay the government not less than
2 Ia per cent This fractional margin
OF one-fourth Of 1per cent. gained by
the government is calculated to pay
the expenses of the whole postal bank
ing scheme and the original outlay OF
100000 is needed only for preparing
blanks, books. cards. stamps, tnstruc-
lions, etc. The postmasters at the
little fourth-class post-offn:es will re-
ceive for their extra trouble this one
fourth Of / per cent. on the average
sum, upon which interest is paid each
year on receipts taken in at their win
dows. But no such fees will be al.
lowed at the presidential post offices.
whose money order clerks will handle
the business so far as possible. or
where, In some instances, an extra
clerk may have to be supplied.
Will Keep Funds In Communities
I Where Deposited.
To keep this money in the communi,
ties Of the depositors, rather than con.
centrato 1t In any one part Of the coun.
try, the Postmaster-General must, a!
far as practicable, deposit postal say
lings funds in banks located neares
| to the post offices at which received
The money will be distributed amonl
these banks substantially In proportion
| to their capital ana surplus, but tn,
funds deposited in any ote bank mus
at no tir1a exceed the amount Of 1t
|paid-in capital and one-halr It's surplus
1 All postal savings funds will be I'm
der the control OF board OF trustee
consisting always OF the Postmaster
General, Secretary OF the Treasury an,
Attorney General. who will make al
regulations for the receipt, custod
and Investment OF the peoples none:
thus received And the Treasurer o
the United States will always be- tn
treasurer OF this board. Thus the frs
board which will organize the syster
consists of Frank H. Hitchcock who
as chairman OF the Republican Nationa
COMMITTEE. managed Mr.. Taft's can,
paign for the presidency, and who 1
reward for this. as for his peculia
genius for organization, preylousl
demonstrated as First Assistant Post
I master-General. was given tho nos,
\ ONCE portfolio in the present Cabinet
FrankIIn, Nfacveagh, former DemocNa
| who In chicago made a fortune In tn
| wholesale grocery business, which h
to become SECRETARY Of the Treas
|ury. and George N. Wickegshan. til
astute lawyer formerly or Phila delphi'
ana later OF New York, whom Pres
dent Taft placed at the head, OF tS
sgoy 70 MI; Iiss. i. thas sDsps Ii,