The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1911-01-03
POSTAL BANKS WILL BEGIN
OPERATION TODAY IN TWEEN
TY-SIX CITIES.
SECURED BY u s. BONDS
Children and Adults Alike Have
Equal Opportunity TO DEPOSIT 81 or
More and to Buy Stamps for Small
Sums.

W dHlllIlS |bIt Jun go E''S'''
institution OF postal savings bank sys-
tom Tuesday. the United States gov
enment will give the people of about .
two dozen scattered towns facilities .
for saving a part Of their earnings
The new system is to be inaugurated .
on a comparatively small scale. One
rostoifice in each state and territory
has been selected as a depository. In
these forty-eight offices a thorough .
test will be made.
The board of trustees consists OF .
the postmaster general the secretary .
of the treasury and the attorney gen
oral. no pass books will be furnished
the depositors, but all deposits Will
be evidenced by engraved postal saw
ings certificates, issued in fixed de-
nominations of one, two, five, ten,
twenty and fifty dollars each bearing
the name of the depositor and the
date on which interest begins to ac-
crue. The certificates are non-trans-
ferable and non-negotiable. Interest
will be payable annually at the rate
of > per cent year.
No account for less than one dol
lars may be opened and no person
may deposit more than 800 in any
calendar month or have TO his credit
at any one time more than $500, eX-
elusive of accumulated interest Ac-
counts may be opened by any person
more than 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 lin
tied to patrons of the postoffice at
which the system is established. Tne
service is entirely free II fee being
/ required n connection with opening
of an account or the Withdrawal of
money deposited. No person connect
ed with the postofrce department
will be permitted to disclose 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Deposits may be withdrawn, or the
interest alone may be withdrawn.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 ten 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 accept a postal
savings card with nine 1O-cent saw
ings stamps affixed as a deposit of
81. 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-
TEN is the privilege accorded to a de
positor of converting his savings into
United States bonds to be issued in
denominations of 500, $40, $50, $50
and slOO. and multiplies of 500 up to
and including $500 The bonds will
be issued In both registered and cou-
pon form and will bear interest at the
rate Of . 10 per cent, payable semi
annually The bonds are redeemable
al the pleasure of the United States,
one year from the date of issue, both
principal and interest being payable
twenty years from date of issue in
gold coin. No limit is placed on the
amount of these bonds depositor
may acquire, as the bonds are not
counted as a part Of the maximum of
$500 allowed to one depositor.
Most of the funds received from .
depositors Will he placed in local .
banks throughout the country so that
the money will be available for cur
rent commercial needs These de
positors will be secured by bonds de
posted by the banks with the treas
urer OF the United States. Five per
cent Of the deposits will be held by .
the treasurer Of the United States as
a reserve and the board Of trustees
is authorized to invest 80 per cent in
United States bonds.
Among the postoffices designated .
by Postmaster General Hitchcock as
postal savings repositories are the
following. all Of the offices being of
the second class:
Globe. Ariz. Stuttgart, Ark; oro-
I'LL. Ca1 Joa1vfita Col COaur