The San Francisco call., 1910-01-28
INTRODUCES POSTAL
SAVINGS BANK BILL
Measure Drafted by Senator
Carter Outlines Details
of Plan
Funds to Be Deposited in Finan=
cial Institutions in Town
Where Received

WASHINGTON, Jan. 27.--The postal
savings bank bill, drafted by Senators
Carter, Dolliver and owen, a subcom-
mittee of the committee on postoff1ces
and postroads, was perfected today and
was Introduced in the senate by Carter.
1t was referred to the postoffice com
mittee and probably will be reported
back to the senate tomorrow
The bill provides that system of
postal savings repositories under the
supervision of board of trustees to
consist of the secretary of the treasury,
the postmaster general and the at
torney general shall be established.
This board is authorized to make all
regulations governing custody of
moneys deposited with the postal saw
ings banks.
All postoffices of class authorized
to issue money orders and such others
as the postmaster general may desig-
nate are declared to be postal savings
repositories. They are to receive de-
posits from the public and are to be
kept open for the transaction of bust
ness in the usual postoffice business
hours of the town or locality where
they are located
Accounts may be opened by any per-
son ten years old or more and by mar
ried women in their own names and
free from interference by their hus-
bands No person will be permitted
to have more than one account
An account can not be opened for
less than 81 and not more than 500
can be deposited in any one month. All
deposits must be in multiples of 81, but,
that smaller amounts may be accumu
lated for deposits, savings cards will
be issued and 10 cent postal savings
stamps sold. When these cards and at
tached stamps show an investment of
81 or mult1ples thereof, they will be
received as deposits.
Deposits in postal savings banks will
draw per cent interest credited to
the books of depositors once year
No person will be allowed to have a
balance In excess of $500, exclusive of
accumulated interest.
Funds received by postal savings
banks are to be deposited in banks,
subject to public supervision, and as
nearly as practicable in the neighbor-
hood in which the funds are received.
The banks are to pay for the funds
not less than "a per cent interest
The deposits are to be distributed
among local banks on the basis of their
capital and surplus, and the banks may
give indemnity bonds to insure the
=.
Incorporation Bill Is Ready
After being subjected to the close
scrutiny of prominent lawyers and un-
dergoing repeated revision the bill en-
bodying the ideas of President Taft
for a federal Incorporation act is ready
to be introduced in congress.
Its preparation represents months of
labor by Attorney General Wickersham
and Secretary Nagel. who have sought
to draft a measure that will stand the
test of the courts and safeguard public
interests.
Corporations given a charter under
the bill will be held to strict accounta-
bility for the observance of It's proyi-
sions Three distinct methods are
available to dispossess them of the
privilege of doing business. These are
the right of congress to alter, amend
or repeal a charter; the right of the
commissioner of corporations, who is
sues the charter, to sue for a receiver
ship in case of a violation of any of its
features or for alleged insolvency, and
the right of the attorney general to
begin proceedings for annulment for
violations of the Sherman antitrust
act