Daily press. [volume] (Newport News, Va.) 1896-current, 1910-01-28
POSTAL BANK BILL
OFFERED IN SENATE
Carter Introduces Measure to
Create Sovings Repositories
in PoStoffices.
ONE DOLLAR WILL
OPEN AN ACCOUNT
In Accordance With the Provisions
Such institutions Will Not be Al
lowed to Receive More Than 500
in Single Month from One Person
Depositors Draw Two Per Cent.
eBy Associated Press.)

The postal savings bank Oil, DRAFTED
by Senators Carter. Deliver and
Owen. a subcommittee Of the COM
mittee on postoffice and post roads.
was perfected today and by Mr.. Car
ter was introduced in the senate. II
was referred to the po5tofilce conf
mittee. and II is expected 1t win be
reported back to the senate tomor-
row. To prevent concentration of Jos
tai funds for safe-keeping to give H.
demnity bonds In lieu of collateral
security. which obviates the necessity
of banks going to bond centers TO
purchase the securities required by
the government.
Establish pepositories.
The bill provides that there shall be
established a system of postal saw
ings repositories under the super
vision and direction OF board OF
trustees, cons sting Of tile secretary,
the postmaster general and the attor-
ney general acting ex-officio.
This board is authorized to make
ali regulations governing the receipt,
transmission, custody, investments
and repayments of moneys deposited
with the postal savings ranks.
The board Is required 10 report 20
congress at the beginning of each
regular sc ssion the number OF post
Offices receiving deposits in each state
and territory, the aggregate amount
OF deposits and the aggregate OF with
drawaIs. the amount OF interest paid
and the amount of expense incident
to the postal savings bank system.
All postofilces of class authorized
to issue money orders and such 9TH
tTs as the postmaster general may
designate, are declared 10 be postal
savings depository offices They are
10 receive deposits from the public
and ale to be kept open for the trans-
action Of business every day, Sundays
and legal holidays excepted, during
the usual postoffice business hours OF
the town or locality where the de-
positories are located.
Accounts may be opened in any
postal bank by any person of the age
Of ten years CT over ana BY married
women in their own names and free
from any control or interference by
their husbands. No person will be
permitted to have mere than one &C
count; an account cannot be opened
for less than one dollar and no more
than S100 can &c deposited in any
one calendar month. All deposits
must be in multiples OF one dollar.
but in order that smaller amolnts
may be accumulated for deposit. saw
ings cards will be issued and ten cent
postal savings stamps sold. when
these cars and attached stamps
show an investment Of 81 or null
tiplcs thereof. they will be received as
deposits. DCpoeits IN POSTAL savings
banks will draw per cent credited
on the books Of the dcpOsitors. an
nulily No person will be allowed TO
have a balance in postal bank IN
excess OF $500 exclusive OF accumu-
lated interest.
Funds received by postal savings
banks are TO BE- deposited in any sol
vent bank or banks. subject TO pub
lie supervision and examination. IN
the state OF territory and As nearly
as practicable in the immediate neigh
tcrhOod in which the funds are re-
ccivcd a. = rate Of interest not 10 D.
less than "a per cent The deposits
are 10 BE- distributed among the local
hanks on the basis Of their capital sno
surrir and the banks may give in
dcmuifv bonds 90 insure the safety
and prompt repayment of deposits
A. i;s option any bank may deposit
collateral security. subject 10 the ap-
prevail of the board. ~ the event
that banks rcfrsc 10 receive postal
deposits on che terms prescribed The
funds may DO deDosiicd with the
treasurer ~ The United states.