The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-01-02
POSTAL BANKS TO OPEN
Tuesday Morning VIII See New Sys
tenn Inaugurated.

Washington, Jan. Through the
practical institution of the postal saw
ings bank system on Tuesday, January
8, the United States government will
give the people facilities for saving a
part of their earnings. Their estab-
lishmen is regarded as the most far
reaching financial step taken by the
government since the authorization of
national banks, and their operation will
throughout the world.
The system is to be inaugurated on
a comparatively small scale. One post
office in each state and territory has
been selected as a depository. In
these As Offices a thorough test will
be made. It was decided to make the
beginning thus small, not only because
no adequate appropriation was avail
able to put it into general operation,
but also because the plan adopted diff
fers entirely from that of any other
system in the world
The new scheme is the result of
many months of work by committees
of postal and banking experts whose
efforts were directed by board of
trustees consisting of the postmaster
general, the secretary of treasury and
the attorney general.
No passbooks will be furnished the
depostors, but all deposits will be evil
denced by engraved postal savings GER
ltllCdl6Sp lSSuSQ III 1lASu
of one, two. five, ten, twenty and fifty
dollars, each bearing the name of the
depositor and the date on which inter
est begins to accrue. The certificates
are non transferable and non-negoti-
able Interest will be PAYABLE annual
ly at the rate of per cent per annum-
By the terms of the law, no account
for less than one dollar may be opened
and no person may deposit more than
one hundred dollars in any calendar
month or have to his credit at any one
time more than five hundred dollars,
exclusive of accumulative interest.
Accounts may be opened by any per-
son over 10 years old in his or her own
name and by married women in their
own names. The accounts of wives
cannot be interfered with or controlled
by the husbands.
For the present, deposits will be linn
tied to patrons of the postoffices at
which the system is established. The
service is entirely free, no fee being re-
quired in connection with the opening OF
an account or the withdrawal of money
deposited.
No, person competed with the postof-
flee department will be permitted 20
disclose either the name of a depositor
or the amount of his deposit, unless di-
rected to do so by the postmaster gen.
eral. Deposits may be withdrawn at
any time with accrued interest, or the
interest alone may be withdrawn
While deposits of less than 81 will not
be received, small amounts may be
saved for deposit by the purchase of
postal savings cards at 10 cents each
and of 10 cent postal savings stamps.
which have been specially prepared for
the purpose and will be on sale at all
depository offices. Each postal savings
card contains blank spaces to which
10 cent savings stamps may be affixed
| as purchased.
The postmaster will accent a. nostaI
savings card with nine 10 cent savings
stamps affixed as a deposit of one do
lar, either in opening an account or in
| adding to an existing account. This
feature is expected to appeal particu-
larly to children and to encourage in
| them habits of thrift
An interesting feature of the sys-
tenn Is the privilege accorded to a
depositor of converting his savings in
to United States bonds to be issued in
denominations of 20, 40, so, 80 and
100 dollars. and multiples of 100 dol.