The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-01-04
POSTAL BANKS OPEN TO-DAY
REGULATIONS ANNOUNCED By
POSTMASTER GENERAL.
Beginning today, People of One Town
in Each State and Territory will
Have Opportunity of Entrusting
Savings to Uncle Sans Postal De"
pOsitOries-System Expected tD be
Rapidly Extended-Newebrry Sc
Iected i'm this State.

Washington. Jan. 2.-Postmaster
General Hitchcock has announced
the following complete regulations
| that will accompany the opening Of
| the Governments postal savings bank
all over the United States on January
8. Mr.. Hitchcock believes these rules
to be so simple that any one may un-
derstand them.
Under the terms of the Act deposits
| may be made by any person of the
age Of ten years or over, and by a
married woman. Deposits may be
made by children of the proper age
in their own name, free from any
control or interference by parents,
| and the same is equally true in the
case Of married woman, whose ac-
count shall be free from any control
or interference by her husband.
The law expressly forbids any per-
son from having more than one ac-
count in his or her own right, and
any violation of the spirit of this pro-
vision will subject the offender or
transgressor to penalty.
Only the accounts of individuals
will be accepted by postmasters.
Corporations, societies and the like
Will not be accepted as depositors.
The regulations are mandatory and
reI"ire the signature Of the individual
to be left with the postmaster at the
time the deposit is made, as we'll as
on its withdrawal.
Certificates Of deposit will be is
sued in various denominations run
ming from 81 to 500. They will be
issued in duplicate, the original go
ing to the depositor and the duplicate
to the files Of the depository. The
duplicate must bear the age and
name of the depositor, who is eX-
pected to carefully scrutinize it be-
fore signing to see that it is drawn
for the proper amount.
AT least 81 or larger amount in
multiples thereof must be deposited
| before an account can be opened.
but no one will be permitted to de-
posit more than 500 in any one cal-
endar month. The balance to the
credit Of any one person shall never
be allowed to exceed $500, exclusive
! Of accumulated interest
In order that the smaller amounts
many be accumulated for deposit any
person may purchase for ten cents
from any depository office a postal
savings cards. to which may be at
tached specially prepared adhesive
stamps, which have been especially
designed for the purpose and are
known as postal savings stamps"
amount to 81. including the ten-cent
postal savings card, the same may
be presented as a deposit for opening
an account. This permission has been
granted to encourage thrift among
the poor and to teach the school
children the habit of saving.
When a depositor wishes to with
draw any part Of his account he must
present certificates equal to the sum
ne wishes to obtain, and the sur
render certificate must have been en-
dorsed on the back and the signature
must correspond with that on the
filed certificate before the money will
be paid Certificates are non-negoti-
able and Notwithstanding, and are
worthless in the possession of any
other than their lawful owner.
While it is hoped that depositors
with the postal savings system will
belong the the savings class who de-
sire to leave their money for long
periods for interest purposes, provis-
ION has been made to accommodate
those who wish to withdraw a por-
ton of their account, so that interess
VIII be lost only on the amount with
drawn. AS an illustration. a deposi-
tor with 500 certificate issued on
January l who wishes to draw down
500 on July l surrenders his 500 GER
tlilcate and receives i'm return $50
cash and II new certificate for $50.
ahte-dated to show that it had been
drawing interest from January l.
Interest at the rate of per cent
Will be allowed on all deposits, but
interest begins to ran from the first
business day Of the month, SO that
the deposits made after such time in
any month cannot begin to draw in
| tcrcst till after the first day of tho