The Bridgeport evening farmer., 1911-01-03
POSTAL BANKS
START TODAY
Most Important Financial Step
by Federal Government Since
National Bank Act
ANSONIA FOR THIS STATE
Only rs at the ACKNOWLEDGEMENTS
Certificates to Take Place of
Pass Books.

Washington. Jan. 3-Through the
ings bank system, today, the United
States government will afford to the
American people facilities for the saw
ing of a part of their earnings. The
establishment of postal savings banks
Is regarded as the most important
and far reaching financial step taken
by The government since the authori-
zation or national banks and their
operation viii. be watched with keen
interest by financfers throughout the
world.
The new system is to be inaugur-
ated on comparatively small scale.
One post Office in each State and Ter
ritorE has been selected as a deposi-
tory ircfudings Arsonia in Connecticut
In those 4S Offices a thorough test Oh
the new sy-srenl wild be made.
No pass book will be furnished the
deposftcr but all deposits will be EVIL
denced by engraved postal savings
certificates. issued in fixed denomina-
tfons OF one two. Ave. ten. twenty and
fifty dollars. each bearing the name
OF the depositor and the date. ON which
interest begins to accrue. The Ger
tificates are non -transferable ana
non NEGOTIABLE Interest will be pay
abf eannually at the rate of two per
cent per aunun.
BY the terms of the law. no ac-
count for less than one dollar may be
opened and no person may deposit
more than one h1Hndred dollars in any
calendar month or have to his credit
at any one time more than, five hum
bred dollars exclusive of accumulate
ed interest Accounts may be opened
by any person over ten years of ayr.
in his or her own name, and by mar
Tied women in their own names. The
accounts Of, wives cannot be inter
fered with or controlled by the hus-
hands
The service Is entirely free No
person connected with the post office
department win be permitted to dis
close either the name of a depoSitor
or the amount of his deposit. unless
directed to do so by the postmaster
general Deposits may be Withdrawn
at any time. with accrued interest. or
the Interest alone may be with
drawn
While deposits of less than one dol
lar will not be received. small amounts
may b esaved for deposit by the pur-
chase of postal savings cards at ten
cents each and OF ten postal savings
stamps. which have been specially pre-
pared for the purpose and will be on
sale at all depository offices
An interesting and valuable feature
of the system Is the privilege accord
ed to a depositor of converting his
savings into u. s. bonds to be issued
in denominations OF twenty. forty,
sixty. eighty and one hundred dollars,
and nfultfples Of one hundred dollars
up to. and including, five hundred
dollars The bonds Will be issued in
boSh registered and coupon form and
will bear interest at the rate of two
and one-haf per cent. payable semi
annually The bonds area-redeernable
at tife gseesure Of the United States
one year from the date OF Issue. No
limit Is placed on the amount of these
bonds a deposftor may acquire.
Most of the funds received from de-
positorB will be placed in local banks
throughout the country. so that the
money VIII be available for current
commercial needs These deposits
will be secured by bonds deposited by
the banks with the treasurer of the
United States In the list of post
offices designated by Postmaster Gen
eral Hitchcock as postal savings de-
positorfes are: 81
Ansonia. Conn: Rumford. Me-; Nor
wood. Mass; Berlin. n. H.; Bristol
r. T., and Montpelier. VT.
II the system adopted should prove
successful 1t is planned to extend the
service as rapidly as practicable In
time. probably. every money order.
post Office in the country viii be a
postal savings depository.