The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-01-03
mont: Clifton Forge, Virginia; and
Mantowoc. Wisconsin.
On BANKING Lines.

Mantowoc. Wisconsin.
On Banking Lines.
The postal banks will be conducted
on strictly banking lines with the
exception that there will be no pass
books. certificates of deposits being is
sued I'm duplicates. The opening of an
account will be very simple pro-
ceeding. Any person ten years of
age. or over NAV open an account in
his or her name for one dollar. The
same privilege applies to "a married
woman whose account shall be free
from any control of interference by
her husband" Like the dime savings
bank, however. you may begin your ac-
count with Uncle Sam by buying a ten
cent postal savings card. When you
have purchased nine other postal saw
ings stamps which the post master
has attached to your postal savings
card. you will receive in exchange a
certificate of deposit. The postal saw
ings stamps are then destroyed by the
postmaster. No one may deposit
more than $40 I'm any calendar month
while the total balance is limited to
$500. Furthermore no person shall at
the same time have more than one
postal 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 ACQUIRED interest
on demand. under such regulations,
as the board of trustees may pre-
scribe.
Depositors will be paid per cent
interest yearly. The postal funds
placed in designated banks by the
board of trustees will yield the govern
ment "a per cent. 1t is believed
| that this quarter of one per cent. diff
ference between what the government
pays the depositor and what the
banks will pay Uncle Sam will be suf-
ficient to meet all necessary expenses
for conducting the postal savings de-
positories.
An Aid to Nation.
A careful study of the law creating
postal savings banks makes it clear
that the government will be benefit
ed largely and that within a year or
two after the system has been in oper-
alton Uncle Sam may have all the
money necessary to meet deficiencies,
and to make effective pubic improve
ments without having to appeal to
Wall street for financial aid. Section
ten of the act gives a depositor the
privilege of surrcndering his deposit,
OF any part thereof. in sums of twenty.
forty. sixty. eighty and Il hundred
dollars and multiples of one hundred
and five hundred dollars and receive
i'm lieu Of such deposits u. S. coupons
or registered bonds of the denomina-
tons of those accounts, which shall
bear interest at the rate of 21a per
cent. per annum and be redeemable
one year from date of issue, and pay
able twenty years from such date.
These bonds are payable in gold coin.
II is believed by the board of trustees
that this section of the Jaw will prove
a strong inducement to the people.
and especially the foreign element, to
patronize the postal banks. 1t will
also add TO the desire of children to
put away their pennies so that they
may buy a government bond.
In connection with the section of
the law limiting deposits to $500 it
should be understood that deposits are
no time to exceed that amount. but
when depositor has accumulated
five hundred dollars he or she may
invest the account in the bonds is
sued by the government and then
again build up their postal savings TO
the limit when more bonds may be
purchased.
One of the probable first effects to
follow the opening of the postal saw
ings banks, says Post office Depart
ment officials will be the falling off in
the purchase of International and 10.
cal money orders by our alien popula-
ton. II is believed this class of citi-
zens will be among the first to avail
themselves of the postal savings de-
positories, and that they will discon.
tinue the practice of sending their
savings to their old homes in Europe
for deposit in the foreign postal saw
ings banks. The decline in the sale
of foreign and local money orders may
show in postal receipts but il is be-
lieved the general good resulting to
the country will more than offset the
loss from this source.