The Leon reporter. (Leon, Iowa) 1887-1930, 1910-02-24
POSTAL SAVINGS BANK BILL.

The postal savings bank bill,
afted by Senators Carter, Dolliver
nd Owen, subcommittee on post
ices and postroads, has been per-
.,ted and by Mr.. Carter introduced
i the United States senate.
The bill provides that there shall
e established system of postal saw
1gs repositories under the supervis-
n and direction of board of trus-
5es, consisting of the secretary OF
e treasury, the postmaster general
nd the attorney general acting ex-
4tioo. This board is authorized to
AXE all regulations governing the
eceipt, transmission, custody, in
estments and repayments of moneys
.eposited with the postal savings
anks. The board is required to re-
ort to congress at the beginning of
lcn regular session the number of
Jslorices receiving deposits in each
ate and territory, the aggregate
mount of deposits, and the aggre-
ate of Withdrawals, the amount of
interest paid out and the amount of
xtra expense incident to the postal
awnings bank system.
. issue money orders and such others
IS the postmaster general may desig-
tate, are declared to be postal saw
ngs repositories. They are to re-
eeive deposits from the public and
are to be kept open for the transac-
ton of business every day, Sundays
and legal holidays excepted, during
the usual postoffice business, business
hours of the town or locality where
the repositories are located 1t is
provided, however, that the postmas-
ter general may limit at first the
number of repositories. to money
order offices of the first, second and
third classes and extend the system
thereafter as rapidly as practicable.
Accounts may be opened in any postal
bank by any person of the age of ten
years or over and by married women
in their own names and free from any
control or interference by their hus-
bands. No person will be permitted
to have more than one account.
An account cannot be opened for
less than S and no more than 500
can be deposited in any one calendar
month. All deposits must be multi
pies of 81, but in order that smaller
accounts may be accumulated for de-
posits, savings cards will be issued
and 10 cent postal savings stamps
sold. When these cards and attached
stamps show an investment of 81 or
multiple Thereof, they will be received
as deposits.
Deposits in postal savings banks
will draw per cent interest, credited
to the books of depositors once in
each year. No person will be allowed
to have balance in a postal bank in
excess of $500, exclusive of accumu-
lated interest Funds received by
postal savings banks are to be depos-
tied in any solvent bank or banks,
subject to public supervision and eX-
animation, in the state or territory,
and as nearly as practicable in the
immediate neighborhood in which the
funds are received at rate of inter
est not less than 2A per cent.
The deposits are to be distributed
among the local banks on the basis
of their capital and surplus, and the
banks may give indemnity bonds te
insure the safety and prompt repay
ment of deposits. At it's option any
bank may deposit collateral security
| subject to the approval of the board
In the event that banks refuse to re
ceive postal deposits on the term!
prescribed the funds may be deposit
ed with the treasurer of the United
| States.
Provision is made for the main
flamenco of a reserve fund, not NOR,
in amount than 10 per cent of thu
total funds deposited. Interest ant
profits accruing from deposits ant
| investment of postal savings are tt
be applied to the payment of ex
penses of administration and any ex
cess is to be covered by the treasur.
as part of postal revenues.