The Wenatchee daily world. [volume] (Wenatchee, Wash.) 1905-1971, 1910-11-10
POSTAL SAVINGS BANKS N FEW weeks
Measure Probably Will En-
courage Thrift and Aid
the Government.

creating postal savings DankS, winch
was signed by President Taft June
80 last will become operative with
in a few weeks. Since the date of
the approval of the law the postmas-
ter general, secretary of the treas
ury and the attorney general, who
constitute the board of trustees,
have been diligently at work, assist
ed by special committee of en-
ployes of the postoffice department
appointed by the postmaster general
to perfect the details for putting the
postal banks in operation.
The special committee has had
the advantage of the laws governing
the postal savings banks in Great
Britain, France, Austria, Italy and
other countries, the result being
that the rules and regulations to
govern the postal savings banks in
the United States will be as we'll
nigh perfect as possible.
Will BE No PaSsbOOks.
The postal banks will be con-
Quoted on strictly banking lines,
with the exception that there will
be no passhooks, certificates of de-
post being issued in duplicate. The
opening of an account will be a very
simple proceeding. Any person 10
years of age or over may open an
account in his or her name for 81.
The same privilege applies to mar
ried woman, whose account shall
be free from control or interference
by her husband. Like the dime
savings bank, however, one may be-
gin an account with Uncle Sam by
buying 10-cent postal savings
card
When the depositor has purchased
nine other postal savings stamps,
which the postmaster has attached
to the postal savings card, he will
receive in exchange a certificate of
deposit. The postal savings stamps
are then destroyed by the postmas-
ter. The postmaster general has al
ready ordered 100000 postal saw
ings cards and 100000 postal
savings stamps with which to begin
business.
Limit Deposits to $500.
No one may deposit more than
| $100 in any calendar month, while
the total balance is limited to $500.
Furthermore no person shall at the
same time have more than one pos
( tai savings account in his or her own
| right. No obstacles are placed in
the way of any depositOr from with
drawing the whole or any part of
his or her account, with accrued in
terest, on demand. under such regu-
lations as the board of trustees may
prescribe.
Depositors will be paid per cent
/ interest yearly. The postal funds
placed in designated banks by the
board of trustees will yield the gov
eminent 2 IA per cent. 1t is be-
| lieved that this IA of 1 per cent
difference between what the govern
ment pays the depositor and what
the banks will pay Uncle Sam will
be sufficient to meet all necessary
expenses for conducting the postal
savings repositories.
Depositors May Buy Bonds.
depositor the privilege of surrender
ing his deposit, or any part thereof,
in sums of $40, $40, $50, 80 and
500 and multiples of 500 and $500
and receive in lieu of such deposits
| United States coupons of registered
bonds of the denominations of these
amounts, which shall bear interest
at the rate of 2 1-2 per cent per an
mum and be redeemable one year
| from date of issue and payable 20
years from such date.
The agitation for postal savings
banks in the United States began in
| 1871, when Postmaster General
Creswell strongly recommended the
establishment of such banks in his
annual report to the President.
In connection with the section of
the law limiting deposits to $500,
| it should be understood that depOs-
it's are at no time to exceed that
amount, but when depositor has
accumulated $500 he or she may in
vest the account in the bonds issued
by the government and then again
build nm their DOStal savings to the