Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1910-01-28
LIMITED TO $500
Postal Savings Bank Bill Fran
ed to Meet the Needs of
the Masses.
TWO PER CENT INTEREST
Measure Completed by the Senate
Committee Has Been Carefully
Prepared.

Washington, Jan. 2S.-The postal
savings bank bill was favorably re-
ported to the senate today from the
committee on postoffices and postroads
practically in the form submitted by
the subcommittee.
washington, D. c.. Jan. 2S.-The
postal savings bank bill, drafted by
Senators Carter, DoIliver and Owen,
a subcommittee of the committee on
postof1ices and postroads, was per
fected yesterday and was introduced
by Mr.. Carter in the senate. 1t was
referred to the postOffice committee.
The bills originally introduced on
the subject were considered with
great care and a large number of
changes were made. Particular at
tention was given TO a scheme to
prevent the concentration of postal
deposits in the money centers of the
east. This objection to the establish
ment of postal savings banks has
been met by a provision allowing
banks receiving the postal funds for
safekeeping to give indemnity bonds
in lieu of collateral security, which
obviates the necessity of banks going
to bond centers to purchase the Sc
curities required by the government.
Under Control of Board.
The bill prUTftfes' rffar there shall
be established a system of postal saw
ings repositories under the supervis-
ton ord direction of a board of trus-
tees, consisting of the secretary of
the treasury, the postmaster general,
and the attorney general, acting ex-
oficio.
This board is authorized to make
all regulations governing the receipt,
transmission, custody. investments,
and repayments of moneys deposited
with the postal savings banks. The
board is required to report to con-
gress at the beginning of each regu-
lar session the number of postoffices
receiving deposits in each state and
territory, the aggregate amount of
deposits and the aggregate of with
drawals, the amount of interest paid,
and the amount of extra expense Incl
dent to the postal savings bank sys-
TEN.
Limited to Money Order Offices.
All postofflces 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. Theysare to re-
ceive deposits from the public and
are to be kept open for the transac-
tion of business every day, Sundays
and legal holidays excepted. during
the usual postoffice business hours of
the town, or locally where the depos-
itories are located.
Accounts may be opened in any
postal bank by any person of the age
of 10 years or over and by married
women in their own names and free
from any control or interference by
their husbands. No person will be
permitted to have more than one ac-
count.
$500 Limit of Single Account.
An account cannot be opened for
less than 81 and no more than 500
can be deposited in any one calendar
month. All deposits must be in null
tiples of 81, but in order that smaller
AMOUNTS may be accumulated for de-
Dosit, savings cards will be issued
and 10 cent postal savings stamps
sold. When these cards and attached
stamps show an Investment of 81 or
multiples thereof they will be receiv-
ed as deposits.
Deposits in postal savings banks
will draw 2 per cent interest credit
ed to the books of depositors once
- each year. No person will be al
lowed to have a balance in a postal
bank in excess of $500, exclusive of
accumulated interest.
Funds received by postal savings
banks are to be deposited in any sol
vent banks. subject to public super
vision and examination, in the state
or territory and as nearly as practic-
able in the immediate neighborhood
in which the funds are received at
a rate of interest of not less than
2 IA per cent.
In the event that banks refuse to
receive postal deposits on the terms
prescribed the funds may be deposit
ed with the treasurer of the United
States.