The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-02-02
POSTAL BlAk Bill.
PROVISIONS OF THE ADMINS
TRATION MEASURES MADE
PUBLIC.
Money Deposited Ia TO be Put In 9th
Or BAnISs In Same Locality AS Far
An This Il Possible.

49, 49, - = SScs~sSs
Washington. Jan. 17.-The postal
savings bank bill. drafted by Senator'S
Carter. Dolliver and Owen, a subcom-
mittse on postoffices and post roads.
was perfected today and by Mr..
Carter was introduced In the senate.
II was referred to the postoffice eom-
tnittss and Il II expected that 1t will
be reported back to the senate toinor-
row
10 prevent the concentration of
Deseal dsposits In the money centres
q ths East. provision has been In
eoPDoratsd. allowing banks receiving
the postal funds for safe keeping to
n1vs Indemnity bonds In lieu Of col
lateral scurity. which cbviates the
n>osssity OF banks going to bond cen
<rss to purchass the securities requir-
sdby the government.
The bin provides that there shall be
established system Of postal savings
dspositories under the supervision
end direction Of board Of trustees.
eopsisting Of the secretary Of the
treasury. the postmaster general and
o. attorney general acting ex-oficio.
This board u authorized to make all
regulations governing the receipts.
xrAnsmission. custody. investments
ana rspaym~nts Of moneys deposited
xith me postal savings banks.
me board Il required to report to
&onGress at the beginning OF each
1u1u)ar session the number Of post
61loss rscstving deposits In each state
- territory. the aggregate amount
of Aoposits and the aggregate Of with
r~wala the amount Of interest paid.
1p1 the amount Of extra expense In
11ent TO the postal savings bank sys-
An postonces Of class authorized
- issus money orders and such 9TH
- - ths post,mastsr may designate.
- declared to be postal savings de-
1ou1>ory oGncss. They are to receive
&cDbrH1e nom the pubre and are to
~ b>j> epsn for the transact on Of
1cDoor evsvy day. sundays ana le-
IA 1oaSs sxsesbtsd. during the
oofbs4 buelpsss hours Of the
~ Ipoelity wheeb ths dspoator@
A66ounts may be opened in any
p}(tJ bank BY any person OF the age
q 1orxecrs or over and by married
0men fn their own names and free
&ow Any, control or interference by
~ AQnbands. No person win be
>s1r1tle1 % have more than one sc-
ooonG A account can not BE- OPEN
- ~ ~ than 81 and NO more than
Q1uo oan b .dspositsd In any one cal-
oo4ag Nonth. All deposits must be
- mulelp1ss Of 81. but In order that
onnI1es aznounts may be accumulated
~ osposits savings cards will be H.
o0ed end 1e-cent postal savings
otAmps sold. When these cards and
attached stamps show an Investment
of 81 or multiplss thereof. they viii
- rsestvsd - deposits.
DeDos1ts In postal savings banks
/, v1l1 draw per cent. interest. accord
lnG 70 the books Of dspositors In each
Ssas NO one viii be allowed to have
= balancs In excess Of $500.
Funds received by postal savings
hanks are to be deposited In any SOL
vent bank or banks. subject to public
supsrvision and examinStlsM. In the
state or territory ~ nearly - rrac-
flcabls In The immediate nsishbor-
hood In which the funds are received
at rate Of interest not less THIN 2
IA per cent The deposits are to be
distributd 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 repayment Of deposits. At Its
option any bank may deposit collat-
era1 security. subject to the appr oval
of the banks. In the event that banks
refuse to receive postal deposit on
the terms prescribd the money may
be Deposited with the treasurer Of the
United states.
Catarrh Cannot be Cured