The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1911-01-10
DEPOSITORS
Hurry To Put Money In New
Postal Bank
Line Formed At AShtabuIa
BY Anxious Ones
The First Bank OF fhe Kind
10 The State

Ashtabula, o., Jan. 6-When Ohio's
first postal savings bank was opened
here at o'clock Tuesday morning ten
married men Of the city stood patient
ly in line waiting to make the first
deposits in Uncle Sans treasury.
And there's perfectly good reason
why the first depostors in the bank
should be married men. The reguls-
tions Of the new national savings in
stitution provide that wives will not be
allowed to interfere with the savings
of husbands; that husbands will have
no control over the deposits made by
wives, and that the names Of the de-
positors in the bank will be kept Sc.
cret by the postoffice employees.
AS result of these provisions,
Postmaster ]. w. Pine, into whose
keeping the only postal savings bank
in Ohio has been entrusted, said today
that he believed the bank would be a
great success in Ashtabula.
The city has been awaiting the op-
ening of the new United States bank
with a great deal of interest, and
when the window was opened this
morning a long line was in waiting.
Malcolm Prime, 10, son of the post
master, headed the line, and was the
first person in Ashtabula to make a
dpnOeit in tha now hank
The little fellow stood at the win
dow with a crisp 81 bill in his hand
and purchased a certificate of that
value, which will be placed to his
credit. When he has secured fifty of
these certificates the government will
give him the privilege of investing his
money in a United States bond.
John Creamer of Ashtabula has been
placed in charge of the new depart
ment. He was at the window all day
and opened fully score of accounts,
ranging from 81 to SIS.
The postal savings bank, advocated
for years, was placed into effect this
morning in one city in each state and
territory of the country. Ashtabula
was chosen for the experiment in
Ohio.
The banks of Ashtabula at first
were strongly against the foundation
of a government bank in the city, but
now most of them are In favor of it
and will work for its success. The
new bank will place money in circula
tion, will foster the idea OF saving In
small amounts and will keep grea,
deal of money in the city that other
wise would go out.
The first depositors at the window
were very anxious to know the rules
and regulations. Bank Clerk CreameI
spent most of the day in making ex
plantations.
In the Ashtabula office there are
now two methods of saving money il
the government bank. The first Is BY
purchasing certificates and the sec
ond is by buying Saving stamps" a
10 cents each. The certificates are is
sued in denominations Of from 81 tt
$50. No depositor will be allowed tt
have more than $500 In the posta
bank at any one time. Any one owe
10 years of age is accepted as a de
positor. The service of caring for thu
money is free, and the government
will pay per cent per annum on al
deposits. The government is prepar
ing to issue bonds of denomination
ranging from $40 to $500, paying 21
per cent interest, SO that deposition
may purchase them with their sav
ings. No limit is placed on the mum
ber of bonds which may be purchased
by one person.
Probably the most interesting fea
ture is the stamp stystem," designed
to interest children. When the win
dow opened this morning postal cards
valued at 10 cents each, were place.
on sale. In one corner of the carr
was yellow stamp. These stamp
may be purchased at the bank at Il
cents each and pasted on the card
When ten have been secured the carr
can be exchanged for a certificate
Eventually boy or girl would b.
able to purchase an interest-bearini
United States bond.
! The government does not stipulat
that the money shall be invested II
bonds. 1t may be withdrawn at will
A number of Ashtabula children
took advantage of the opportunity Il
start savings account with the gov
ernment by purchasing these card
during the day.
Postmaster Prime explained the III
gent need for such an institution.
"You would be surprised" he said
"at the number of people who leav
money in the care of the postoffic
here. Nearly every day some on
comes in. and wants to deposit al