The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1911-10-11
Government Savings System Has
Many Advantages for the
Small Depositor
AFTER $500 LIMIT is
REACHED CAN BUY BONDS
For Those Who Want to Save
Their Dimes, Special Stamps
Are Provided Which Can Be
Stuck on a Card Till Deposited

North Yakima seems to be coming
| in for most of the new good things.
| One of these Is the postal savings
| bank run by the government which
has just been established here. AL
ready there have been some depos-
| itors and when the rules and advan-
| tages of the system are better known
it is certain that the number of de-
positors will be larger.
Experience has shown that such an
! institution as the postal savings bank
succeeds better in mining and man.
ufacturing communities, rather than
in farming districts.
While the government as d banker
does not pay interest at a figure that
is particularly aluring, it is pretty
hard to lose any money in it's keep
ing. Banks fail every now and again,
but governments somehow manage to
weather one financial crisis after an
other.
Absolutely Safe
1t is the absolute safety Of the pos
tai savings bank, rather than the two
per cent interest, which will appeal
to many. and the fact that the bank
is especially designed for the peo-
pie with only a little, not big lot
of money. Indeed, no depositor is
allowed to have more than $500 with
accrued interest on deposit at one
time. When he gets that much
saved, he is allowed to buy postal
savings bonds which pay two and a
half cents interest and are redeema-
BILE at the pleasure of the United
States one year from date of issue,
both principal and interest payable
twenty years from such date in
United States gold coin. A deposi-
tor will be permitted to exchange
the whole or any part of his de-
posts in sums of $40, $40, $50, $50.
500 or multiples of 800 up to $500
for these bonds under date of Jan.
l or July 1 of each year, provide ed
such bonds are then available.
Can Get Stickers
While no account may be opened
for less than 81 and no fractions of
a dollar will be accepted for deposit,
the small boy or the grown-up who
wants to save his dimes can buy 10
cent postal savings cards and adhe-
sive 10 cent postal savings stamps.
A postal savings card with nine To-
cent stamps affixed will be accepted
as a deposit of 81.
Certificates Given
Depostors are evidenced by postal
savings certificates issued in fixed de-
nominations of 81, 50, IS, $40, $40,
$50 and 500, each bearing the name
of the depositor, the number of his
account. the date of issue, the name
of the depository office, and the date
on which interest begins. The post
master or his representative will
make out a duplicate of each certifi-
cate issued. which the depositor will
be required to sign and which the
postmaster will retain in his records.
No person is permitted to deposit
more than 500 in any one calendar
month.
Must Stay Year
No interest will be paid on money
which remains on deposit for a frac-
ton of a year only. Compound in
terest is not allowed on outstanding
draw interest payable and include it
in a new deposit which will bear in
=. terest at the regular rate.
If a depositor wants to draw out
money which is only a part of the
amount called for by any certificate,
the postmaster will cancel the certifi-
cate and issue a new certificate COW
ering the amount left on deposit so
dated that the depositor will not lose
interest on the amount remaining
continuously on deposit.
Can't Be Taxed
Savings deposits converted into
bonds are not counted as a part of
the maximum of $500 allowed one
depositor, and there is no limitation
upon the amount of available postal
savings bonds which may finally be
acquired by a deposltor. Postal saw
ings bonds are exempt from all taxes
or duties of the United States, az
we'll as taxation in any form by or
under state, municipal or local au-
Ihority. Postal savings bonds can
only be procured by the conversion
of postal savings deposits and will
not be issued to persons who are not
depostors, but whether in registered
or coupon form they may upon re-
ceipt by the depostor be sold, and
assigned at any time to any person
desired
The First National bank of North
Yakima has been named by the gov
eminent as the depository of the de-
| posts in the postal savings bank
/ here, and circulars describing the
government savings system are being
sent to residents of the city and SUI