Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-12-29

wear. Postmaster Joseph g. Brown has
furnished the journal with the regula-
lions governing the department in order
that the residents of Montpelier and
other places may become familiar with
them,
PURPOSE or SYSTEM.
The postal savings system is establish
ed for the purpose Of providing facilities
for depositing savings at interest with
the security of the government for re-
payment.
GUARANTY OF DEPOSITS.
The faith of the United States is SOL
EMMY pledged to the payment of the de-
posts made in postal savings depository
offices. with accrued interest thereon as
provided by the postal savings act.
BOARD OF TRUSTEES.
The control, supervision and admins
tration of the system is vested In board
of trustees, which consists of the post
the secretary of the
treasury and attorney-general, scverally,
acting ex-ofilclo. The treasurer of the
United states is the treasurer of tho
board.
DESIGNATION OF OFFICE
The board of trustees is authorized and
empowered to designate such postoiiices
as 1t may select to be postal savings de
pository Offices
HOURS OF BUSINESS.
Every postofiice designated as re-
pository will remain open for the re
ceipt and withdrawal of deposits every
week day during the hours prescribed
for the transaction of money order bust
ness and at such other times as the bust
ness of the office may Justify or as tn.
postmaster-general with the approval Of
the board of trustees shall direct.
WHO MAY DEPOSIT.
An account may be opened and deposit
made by any person of ten years or over
in his or her own name or by married
woman in her own name and free from
control or interference by her husband,
but no person may at the same time havc
more than one postal savings account
MUST BE IN WHOLE DOLLARS.
No account may be opened for less
than one dollar, nor will fractions of a
dollar be accepted for deposit at any
time.
MAXIMUM DEPOSITS.
No person will be permitted to deposit
more than one hundred dollars In on
calendar month. nor will the balance to
the credit of any depositors he allowed to
exceed $500 exclusive of accumulated in
terest
WHAT MONEYS ARE ACCEPTABLE
The postal regulations defining wha
may be accepted for the purchase OF
money orders are applicable to the ac-
ccptance of postal savings bank deposit
subject to the provisions OF certain sec
lions.
INTER EST TO DEPOSITORS.
Interest on each deposit at the rate Of
two per cent. per annum will be allowed
and entered to the credit of depositors
once In each year. but interest VIII not
be computed or allowed on fractions of 81
nor on money remaining on deposit less
than one year. Deposits made on the
first business day of any month will he
gin to bear interest from the FIRST day of
such month on deposits made after the
first business day, interest will accrue
from the first day of the next succeeding
month.
CERTIFICATES OF DEPOSIT-HOW
ISSUED.
Postal savings deposits will be evi-
denced by certificates of deposit ISSUED
in the name Of the depositor. in sucn
form and in such fixed denominations as
may be determined by the board of trus-
tees Such certificates will be non-trans-
ferable and non-negotiable.
LOSS OR DESTRUCTION.
II a certificate is lost or destroyed The
depositor should Immediately notify the
postmaster at his depository office. The
postmaster will report tho facts to th'
board of trustees. and may be authorized
to issue a new certificate, in the discre-
ton of the board.
CHANGE IN NAME OF DEPOSITOR
woman who opens an account anc
afterwards marries must present hel
savings certificates to the postmaster a.
her depository Office. who will endorse
the certificates as payable In her new
| name and change his records accord
ingly.
SAVINGS CARDS AND STAMPS
To enable any person to accumulate
for deposit amounts less than 81 depos
| tory Offices will keep for sale postal say
ings cards at ten cents each. and special
ly prepared adhesive ten-cent posta
savings stamps. which may be fixed BY
| any intending depositor as desired II
| spaces provided on such savings card
for that purpose
! ACCEPTABLE AS DEPOSIT.
postal savings card with nine ten
| cent savings stamps affixed will be ac
cepted by the postmaster at any deposi
tory ofhce as a deposit of 81, either II
opening an account of in adding to al
existing account Upon receipt of sucl
u deposit the postmaster must immedi
ately cancel and retain the card an,
STAINS and issue a certifce covering tn
| amount.
WITHDRAWALS
| Any depositor may withdraw ths Who'll
or any part or the funds deposited to hi
| credit, with any interest accrued there
on oy surrehdering at his depositor
oihee savings certihcates properly ell
| dorsed' covering the amount of the de
sired withdrawal. depositor may with
draw merely the interest accrued on an
certificate by presenting such certifcat
at his depository office. when the most
master, after making proper entries o.
| the certificate and in the records OF Inf
| office and obtaining a receipt for TN
payment, will return the certificate to IN
| depositor.
PAYABLE ONLY TO DEPOsITOR O,
ORDER,