The labor journal. [volume] (Everett, Wash.) 1909-1976, 1910-09-02

nent guarantees repayment OF the
lcipal upon demand, with 2 per
t interest. Deposltors, If they de-
, may exchange 500 or multiples OF
for United States bonds bearing
rest at 21a per cent.
ne money accumulated in the postal
lngs banks is to be deposited. main
In the neighboring state and ma
al banks at 2A per cent interest.
e per cent of the total moneys re-
red is to be retained by the secre-
: of the treasury as cash reserve.
, more than 80 per cent Of the de-
Its may be withdrawn by the gov
ment for investment in United
ties bonds.
he whole control is vested in
I'd Of trustees consisting of the
tmaster general. the secretary of
treasury and the attorney general.
s board is to designate the postal
'ings depository offices, and 1t will
# all the rules and regulations.
igress evidently intended to give the
I'D a free hand, as may be seen in
ton 5 of the act, which speeches
t a depositor shall, upon the open
of an account, receive a pass book
vided that the postmaster general
y, with the approval of the board OF
stees, adopt some other device in
/ of 1t. The bill carries an appro-
alton of 100000.
he expressed intent of the law, to
vide means whereby sums smaller
n 81 may be accumulated for de-
it, is, as Congressman Parsons said
his speech of June 20: "One Of the
i provisions in this bill. This
leme will allow savings in ten cent
cunts. 1t is in line with very no.
charity which allows savings in one
1t amounts. refer to the charity
own as the Penny Provident fund,
tich was started in New York TWEEN
one years ago, has enabled thou
Ids Of children In that city to save
anies and has taught them habits OF
lift. This charity was originated by
TO It. Barnard" The Penny Provi-
ut fund does not pay interest.
The interest on the part of such
Nial workers which led them to es-
alish such organizations as the Prov
int Loan society and the Penny
evident fund should make them
TX to aid In establishing the postal
Rings system The many independ-
settlement savings funds for chill
en offer an agency for advertising
postal savings banks. Every
Imp station for the Penny Provident
I'D can eventually be employed in
! same way. 1t should be fairly
BY to ask the poor, the ignorant and
: foreigner to trust the government,
d the collections made at settlements
d churches can be deposited with
q postoffice. This is done In Eng
I'D. 1t is even possible. according to
!. Barnard. If the postal savings
stem is established in New York city
me time in the future, that the
nny Provident fund may be dis
ntinued as being no longer needed.
The postal savings banks Will moi
EN- for business until 1911. so thai
is difficult to anticipate details OF
rangements. One obvious hope tina
must have who wish the scheme Il
cceed is that the rules shall be made
mple and not burdensome or com
icated. A matter that will undoubt
lly be provided for is to arrange 81
Mt soldiers stationed In the Philip
mes, Porto Rico or Alaska may re
1t money through the war depart
ent for deposit In the postal saving
anks at home. The British Postof
q Savings bank received over $500
eposits a year Of this kind.-Survey.
Patronizs the Label
The union label gives you chanc
, vote every day. Don't neglect 1t.
IL union members will not utiliz
heir purchasing power TO their ow
they are responsible
themselves for all bad conditions Q
lbor.
The worker who chooses to empio
onunion help by purchasing nonunio
,bel goods is supporting the enem
nd deserves no sympathy, no matte
ow misers BILE his condition may be.