The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-11-09
ISSUE POSTAL
SAVING BONDS
ON.JANUARY |.
DEPosIToRs I'M PosTkE SAVINGS
BANKS CAN EXCHANGE DE-
POSTS FOR GOVERNMENT
BoNDSrON JAM.


posits for postal savings bonds &C
cording to an announcement just
made. In a circular issued the follow
ing information is given:
1. Depositors Of the postal savings
system may exchange the whole or a
part of their deposits on January ],
1913, for United States registered or
coupon bonds in denominations of $50,
800, and $500, bearing interest at the
rate of 2 1-2 per cent per annun, pay
able semt-annua1ly, and redeemable at
the pleasure Of the United States at
ter one year from the date of issue,
both principal and interest payable 20
years from that date in United States
gold coin.
2. Postal savings bonds sare~exempt
from all taxes or duties Of the United
States, as well as from taxation in any
form by or under state municipal, or
local authority.
Conversion of Deposits.
8. Applications for the conversion
of deposits into bonds on January /.
1912, must be received before Decem-
Der Is, 1911, by the postmaster at the
depository Office where the certificates
were issued. This postmaster will sup
ply an application form which must
be made out in triplicats. The de-
positor must endorse and surrender
with his application postal savings
bonds desired, for which the, postmas-
ter will give him aJreceipt. When the
postmaster receives the bonds applied
for he will notify the depositor and
will deliver the bonds on presentation
of the receipt for 1.-The certificates sur
rendered.
4. The. conversion of deposits into
bonds at a date less than one year
after the certificates began to bear
interest forfeits interest on the de-
positS as in the case of withdrawal
for any other purpose.
5. Postal savings deposits Iconverted
into bonds are not counted as a part
of the maximum Of $500 allowed one
depositor, and there is no limitation
on the amount of available postal saw
ings bonds which may be acquired
finally by a depositor. The exchange
is considered as taldngyeffect on jan
uary 1, and depositor who has ap-
piled to convert INTO bonds all or part
Of the maximum balance of $500 may
deposit an additional amount in Jan
uary, though the bonds may not vet
have been delivered.
6. Postal savings bonds, can be pro-
cured only by the conversion of postal
savings deposits and will not be is
sued to persons who are not deposit
ors. They may be sold or assigned to
any person, however, by the holder,
and when registered bond is as
signed new bond will be issued in
the name of the owner.
Registered and Coupon Bonds.
T.. The depositor's application must
indicate whether bonds are desired in
registered or coupon form. Coupon
bonds are preferable for g. depositor
who intends to hold them for short
time only and who has ample facilities
for their safekeeping. These bonds
are payable TO bearer, and. the title
will pass by delivery without indorse-
ment. Interest on coupon bonds is
collected by means of interest coupons,
which are detached by the holder as
they become due.
Registered bonds are preferable for
persons intending to. hold them for a
considerable period, and they differ
from coupon bonds in the following
Respects:
(a) They have inscribed upon their
| face the names Of the, persons to whom
they are issued.
OBJ They are payable only to the
persons to whom issued or their as
signs.
(c) The ownership of registered
| bonds can be transferred only by as
signment in proper form.
Assignment of Bonds.
8. Registered bonds are assigned by
the use of form printed on the back,
| properly dated and acknowledged.
When the assignment is made by
| mark, 1t must be witnessed by at least
| one person other than the officer be-
fore whom 1t is made. A ledger ac-
| count is opened in the treasury de-
partment at Washington with each
holder Of one or more registered bonds,
| and when such bonds are assigned
| they should be transmitted by the
| new owner to the secretary Of the
| treasury division of loans and cur
| rency) for transfer on the books of the
| department. Registered bonds, can not
| be exchanged for coupon bonds.
| Coupon bonds may be converted into
registered bonds, without charge. at
| the request Of the holder.
| Assignment by Miners.
/. 9. Under the regulations of the
| treasury department a minor can not
assign registered bonds without the
| consent of a duly appointed guardian
or trustee, evidence of whose authority
| must be submitted. A minor has the
| right to convert his postal savings
certificates into registered bonds, but
| if he should desire to assign the bonds
| during his minority he must comply
with this regulation. This difficulty
| does not exist in the case Of coupon
bonds. which are transferred by mere
| delivery.
Payment of Interest on Bonds.
10. Interest on registered bonds IS
| paid by checks drawn at the treasury
| department in favor of the registered
| holder. These checks are sent by mai
| to the post Office address Of the holder
| and the holder Of a registered bond
| should notify the secretary of the
treasury division of loans and cur
rency) Of any change in his post Office
address at least Is days before the in
| terest falls due Checks for Interest
on registered bonds, as well as in
terest coupons detached from coupon
bonds, are payable on presentation al
| the United States treasury or at the
Office of any assistant treasurer Of the
| United States. Interest checks and
coupons covering interest on posta
| savings bonds may be cashed by post
| masters under the same conditions as
other government paper.
No Hope.
| Foreign F,uRmy-Then Won think i