Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-01-02
READY FOR POSTAL BANKS.
Plan to Be Put Into Force On Tuesday
In Forty. Eiaht Cities.

Washington, Jan. 2.-Thru the prac-
teal institution Of the postal savings
bank system Tuesday. Jan. 8. the United
States government will afford to the
American people facilities for the saw
ing OF part Of their earnings.
The establishment of postal savings
banks is regarded as the most import
an, and far-reaching financial step taxi
EN- by the government since the authors
cation Of national banks and their oper-
alton will be watched with keen inter-
est by financiers turnout the world.
The new system Is to be inaugurated
on a comparatively small scale One
postoffice in each state and territory
has been selected as depository. In
those forty eight Offices thorough test
of the new system will be made.
It was decided to make the beginning
thus small. not only because no ade-
quate appropriation was available to
put it into general operation, but be-
cause the plan OF operation adopted
differs entirely from that Of any postal
savings system in the world.
No passhooks will be furnished the
depositors, but all the deposits will be
evidenced by engraved postal savings
certificates. issued in fixed denomina-
tons of one. two, five. ten. twenty.
and fifty dollars each, bearing the name
of the depositors and the date on which
interest begins to accrue.
The certificates are non-transferable
and non-negotiable. Interest Will be
payable annually at the rate OF two and
one-half per cent per annum.
Ely the terms Of the law no account
for less than 81 may be opened and no
person may deposit more than 500 in
any calendar month, or have to MS
credit at any one time more than $500,
exclusive of accumulated interest.
Accounts may be opened by any
person over 10 years of age in his or
her own name and by married women
in their own names. The accounts OF
wives can not be interfered with or
controlled by the husbands.
For the present, deposits Will be Inn
tied to patrons Of the postofflces at
which the system is established. Inc
service is entirely free. no lee oeils
required in connection with the open.
ing of an account or the wltndra"ai
of money deposited.
No person connected with the pos.
office department will be permitted ~
disclose either the name OF depos1to1
or the amount Of his deposit. unless o'-
rected to do 30 by the postmaster gen.
eral. Deposits, may be- Withdrawn a.
any time with accrued Interest. or tne
interest alone may be- Withdrawn. -,
While deposits OF less than ~ wiz
not be received, small amounts may De
saved for deposit by the purchase %
postal savings cards at 10 cents eacn
and of 10-cent postal savings s.annps;
which have been specially prepaFeu
for the purpose and WA DC oA se-e
all depository Offices.
Escn nostA savings card contains
HANK snaces In which 10-cent savings
s+amns NAV be affixed as purchased.
Tho postmaster will accept a postal
savings card with nine 10-cent savings
s,amns affixed as deposit OF 81, either
IN onening an account or in adding 70
an existing account This feature is ex-
nec,ed to appeal particularly to chill
oven and to encourage in them habits
of thrift. 80 tsY
Of the system is the privilege accorded
70 n depositor Of converting his savings
into United States bonds to be issued
in denominations OF $50, $40. $50, $so
and 800 and multiples OF 500 up 10
and including $500.
The bonds will be issued In both reg
,stered and coupon form and will bear
interest at the rate Of 2k per cent. pay
able semi-annua lily.
Most OF the funds received from de-
nositors will be placed in local banks
turnout the country so that the money
will be available for current CONNER
cal needs. The faith of the United
States is pledged to the payment OF
all 6enosits with accrued interest.