The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-06-06
SAYINGS SYSTEM
so5' posToFFroE DEPARTMENT
WILL SOON BEGIN.

Orangebur,s Postoffice Will be Open
to Postal Saving Deposits About
juno asth.
5Fhe Postal Savings System { or
bark as it Is more properly called)
Qssfcontrolled and operated by the
United Suites government through
the postofflce department. 1t will re-
csive money for deposit and pay in
terest upon 1t at the rate Of 2 per
cent per annum incorporated. The
government guarantees the payment
Of al deposits with interest. Ac-
counts can be opened by anyone over
ten years Of age in their own name,
and by. married woman in her
name without any control over the
funds by her husband. All accounts
must be opened in person. No firm
or organization Is permitted to open
an account.
When 81 person deposits sum OF
money postal certificates are given
him. These certificates each have a
fixed value, such as 81, 81, SIS, $40.
$40, $50 end 800, and are made
out TO ths depositor. They are not
transferable and duplicate of each
certificate issued Is kept by the Of
fee receiving the fund. These GER
GiRoates contain the name Of the de-
positor. the date Of issue. the num-
ber Of the depositors account. the
name of the Office, and the date upon
which tina interest begins. In case
a savings certificate is lost, the orig
inai holder Is protected In two ways.
The certiucate will not be- redeemed
except to person whose account
number liz the same as that upon the
certificate; and the signature Of
the person cashing the certificate
must coincide with the signature Of
the person receiving it which is on
the duplicate certificate kept by the
office. A. new certificate will be is
sued to g. depositor having lost one,
upon cer.ain conditions being COM
piled with. For sums under 81 pos
tai savings stamps are issued and
when a person has 81 worth of
stamps hs may change these stamps
for a certificate.
Interest Is paid at the rate of 2
per cent per annum upon all sums
that remain in the bank Tor one year,
but met upon sums which remain
for only fractions Of a year. De-
posts begin earning interest upon
the first day Of the month subse-
quent to their issue Interest will
continue to accrue on certificate
as long as 1t remains outstanding
with no limitation as to time.
"A depositor can withdraw his
whole amount or any part Of it at
any, time by simply giving up his
savings certificates properly en-
dorsed. Then too a depositor can
receive the interest due on a certi-
ficate without withdrawing the prin-
ciple amount. There are also cer-
tain regulations as to how persons
can make deposits or withdraw them
without being present themselves;
but no person can open an account
unless in person. In case of de-
posittor's death his account is pay
able to the administrators.
NO one person can deposit more
than 500 per month. or have to his
credit more than $500 at any one
time. However he may convert nis
postal saving certificates into postal
savings bonds with interest payable
semi-anrually at two ard one-half
per cent. This can be done with his
savings over $40, $40. $50. 500.
and mult!ples Of 100 up toFand in
cluding $500. These bonds are not
counted as part of the $500 saw
ings certifiacte limit, therefore there
is no limit to the savings bonds de-
positor may acquire. These bonds
are exempt from all taxes and du-
ties: nor can they be acquired in any
way except by converting postal saw
ings certificates into postal savings
bonds.
The Orangeburg postoftice has
been named as one Of the depository
offices for South Carolina, along with
Laurens, Rock Hill, Georgetown
Sumter, etc. There has been de-
pository at Newberry for sometime,
and Postmaster Webster will make
trip to that place about the 18th
or goth so as to be thoroughly &C
quainted with his new duties when
the depository opens Monday, June
26th. 1t is not known yet definite
ly whether a new clerk will be en-
gagged at the postoffice to attend to
this, branch or not, but If the busi-
ness, warrants it one will be. Post
master Webster stated that several
men had told him that they expected
to make use of the savings-depart-
ment as soon sas it was opened.
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