Pine Bluff daily graphic., 1911-01-05
UNCLE SAM 4
 BANKER NOW Stuttgart Among Towns to Get Postal Savings Banks
 Yesterday. ISSUE NO PASS BOOKS But Banks Will be Conducted Along Banking Lines Strictly
 The System.
ISSUE NO PASS BOOKS

day when an experimental postal say ing bank was opened in every state and territory in the Union, ill ac- cordance with the postal savings bank bill passed at the second session of the 61st Congress. The postoffice desig- mated to accept deposits are the second class and are located in con- munities where the Iaboring element of the population $ large. For the past month Postmaster General Hitch cock has had the various postmasters who WiM handle deposits, ill Washing ton, instruct ng them in regard to the details of the new system.
 Followng is list of the cities where the postal banks will open: Globe, Arz; Oroville, Cal; Leadville,
 Colo; Occur d Alene, Idaho Ana conda, Mont; Carson City, Nev; Ra- ton, N. NJ; klammath Falls, Oregon; Provo, Utah; Olympia, Wash; Lar gart, Ark; Ansonia, Conn; Dover Del; Key West, Fla; Brunswick, Ga; Pekin, H.; Princeton, Ind; Decorah, la; Pittsburg, Kansas; M;ddlesboro, Ky. New Iberia, La.; Rumford, Me-; Frostburg, Md; Norwood, Mass. Houghton, Mich; Bemidji, Minn,; Gulfport, Miss; Carthage, Mo-; Ne braska City, Neb.; Berlin, N. H.; Ruth erford, N. J.; Cohoes, N. Y.; Sal isbury, N. C.; Wahpton, N. D., Ashta- bula, Ohio; Guymon, Okla; Dubois, Pa.; Briston, R. l.; Newberry, $. G.; Deadwood, s. D.; Johnson City, Tenn; Montpelier, Vt; Clifton Forge, Va; Grafton, w. Va; and MantoWec, Wis.
 The postal banks will be conducted On strictly bank ng lines with the except on that there will be no pass books, certificates O. deposits being issued in duplicates. The opening 0f an account w Il be a very simple pro 5 ceeding. Any person ten years of < age, or over may open an account Il . his or her name for one dollar. The same privilege applies to married 8 woman whose account shall be free < from any control or interference by her husband. Like the dime sav- { ings bank, however, you may beg your account with Uncle Sam by X buying a ten cent postal savings card, and when you have purchased nine other postal savings stamps, which < the postmaster has attached to your potal saving card, you will receive in exchange a certificate of deposit. The postal savings stamps are then de- stroyed by the postmater. No one may depso;t more than $10 in any calendar month while the total bal ance is limited to $500.
 Furthermore, no person shall at the same time have more than one postal savings account in his or her own right. No obstacles are placed in the way of any depositor from with drawing the whole or any part of his or her account, with accrued interest on demand, under such regulations, as the board of trustees may pre- scribe.
 Depositors will be paid two per cent interest yearly. The postal funds placed in designated banks by the board of trustees will yield the gov ernment IA per cent. It is believ- < ed that this quarter of one per cent difference between what the govern ment pays the depositor and what
 the banks will pay Uncle Sam will
 he sufficient to meet all necessary r expenses for conducting the postal savings depositors.
 A# A careful study of the law creat- [ irg potal savings banks make it clear that the government will be benefit led largely, and that within a year or 1.-two after the system has been in op- 3seration Uncle Sam may have all the y money necessary to meet deficiencies, N and to make effective public improve s ments without having to appeal to assEWall Street for financial aid. Section Ngs10 of the act gives us depositor the privilege of sllrrendering his de- RAposit, or any part thereof, in sums of stwenty, forty, sixty, eighty and hum sgdred dollars and receive in lieu of x isuch deposits U. s. coupons or reg sssistered bonds of the denominations Isabf thoe accounts, which shall bear Sinterest at the rate of 1-2 per cent fper annum and be redeemable one *year from date of issue, and payaDle 2 stwenty years from such date. These 4Ahonds are payable in gold coin. It is IIssssbelieved by the board of trustees that