The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1911-01-06

in the banking business. 1t is the frui
the office of comptroller of the cur
ton of forty years agitation.
At present in the United States
according to the official statistics o.
gency, there are 1,7O3 savings banks
an average of one bank for approx
Ihately every $4,000 inhabitants II
the great postal system of the United
States there are nearly 10000 Offices
of all sorts and classes. 1t appealed
10 the public that in these postoffices
large and small, lay the opportunity
for the creation of system of banks
df savings deposit for the millions OF
wage earners.
Out of the act of congress the
trainers of the rules gathered much
that is of direct interest to the future
depositors in the great concern. These
oit a few Of the features which the
! new bank will possess.
First and most important of all for
the depositor to remember is the
fact that the postal savings bank is
a federal institution 1t is not gov
J arned by state banking laws and,
rhoreover, depositors in the postal saw
ipgs bank place their money there sub
ect to the law which created the pos
Sl savings bank and free from the re-
ptrictions as to property rights as out
ined by the vast variety of state laws
& governing the rights of minors, mar
/ led women, parents, guardians and
scthers.
Under the act accounts may be open
led and deposits made by any person
of the age of ten years or more in his
or her own name. This money so de-
posted is free from the interference
as to disposition by parent, guardian
or creditor.
"A married woman may deposit
oney in her own name and keep it
lhfe and sound in the bank without
difference to the wishes or the de-
lands of her husband.
All that the postal savings law de-
aands is that the depositor does not
Enen more than one account in his own
9ght
The postal savings bank will issue
certificates of deposits instead of pass
poks.
1t requires 81 to open postal saw
hgs account This 81 will bear per
sent interest per annum. This in
M 5c is credited but once year. AS
Y general rule, fractional parts of a
lar will not draw interest. This
Il ture is true of all savings institu-
ions
tlIp this report for the fiscal year
sD9-10 Postmaster General Hitchcock
lid.
Tribe total amount of money in the
tied States is estimated to be about
H 00O,O00,000 OF this sum nearly 65
L ,ent, or about $2,OOO,0OO,OOO is in
pockets of the people or in various
.tling places-an average of nearly
4 per capita of population. There is
fry reason to believe that system
[1ostal savings banks would to a
Il extent, call out these private
ads and return them to circulation
1gh the regular banks of the coun-
One dollar per capita thus re-
Nsed would add $90,OO0,OOO to the
8 pme of circulating media. Five dol
i per capita would add $45O,OOO 900. |
Never this practical increase of the
Sslation proved to be, add to it the
: Sy millions that the postal savings
, ks would prevent from being sent
Sad by foreign-born depositors and
,otal will reach a magnitude which
well command attention"
the four years-1906, 1907, 1908
!. }1909-the United States postal
Il icy orders payable to foreign coun-
S s amount to more than $312 900 900. |
Feat portion of this sum will, in |
It elief of the postmaster general, |
:. safc in the United States with the
guard of the postal savings bank
$ ted by the federal government as
G. standing inducement to the for
It born resident to save his money
If draw interest thereon.
n Se system has been working in
st Rnd for more than half century,
aas proved to be of benefit to the
s ar banks.
re has been said before, the de-
er S in the postal savings bank must
hade in sums of one dollar or in
es Dles of one dollar. Nevertheless
lie yer of pennies and dimes will not
IT, Elected. To the depositor who
re to l.y by the pennies, the
ed and the dimes, provision is
be by the issuance of stamps which