Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-01-02
POSTAL SAVINGS.
BANKS TO OPEN
I TOMGR ROW
ONE TO BE ESTABLISHED
IN EACH OF THE STATES
Additional Branches Will Bel
Opened as Fast as Possible
ifSystem Succeeds. Ration isl
New Mexico Office.

Try Morning Journal Special Leased Wire1
Washington, Jan. Through the
practical institution Of the postal saw
ings bank system on Tuesday, Janu-
airy 3, the United States government
will give give the people facilities for
saving a part of their earnings. Their
establishment Is regarded as the most
far reaching financial step taken by
the government since the authoriza-
tion of national banks, and their OPP
GRAFTON will be watched with interest
by financiers throughout the world.
The system is to be inaugurated on
comparatively small scale. One
postoffice in each state and territory
has been selected as a depository. In
those forty-eight offices, a thorough
test will be made. RI was decided to
make the beginning thus small not
only because no adequate appropria-
/. ton was available to put it into gen.
eral operation but also because the
plan adopted differs entirely from that
Of any other system in the world.
The new scheme Is the result of
many months Of work by committees
of postal and banking experts whose
efforts were directed by "a board OF
trustees consisting of the postmaster
general, the secretary of the treasury
and the attorney general.
No pass books will be furnished the
depostors but all deposits will be ev-
idenced by engraved postal savings
certificates, issued in fixed denomina-
tions of one. two. five. ten. twenty
and fifty dollars, each bearing the
name of the depositor and the date
on which intrest begins to accrue. The
certificates are non transferable and
non negotiable. Interest will be pay
able annually at the rate of two per
cent per annum.
BY the terms of the law no account
for less than one dollar may be open
ed and no person may deposit more
than one hundred dollars in any cal
endar month or have to his credit al
any one time more than $500, exclu-
sive of accumulated interest. Accounts
may be opened by any person over ten
years old in his or her own name and
by married women In their owr
names The accounts OF wives cannot
be interferad with or controlled hs
the husbands.
For the present. deposits will bt
limited to patrons of the postoffice:
at which the system is established
The service is entirely free, no fet
being required In connection with thu
opening of an account or the With
drawal of money deposited.
No person connected with the post
office department. will be permitted
to disclose either the name OF de
positor or the amount of his deposit
unless directed to do so by the past
master general.
Deposits may be withdrawn at an.
time with accrued interest, or the in
terest alone may be withdrawn.
While deposits of less than 81 viii
not be received small amounts ma,
be saved for deposit bv the purchas
of postal savings cards at ten cent
eact and of ten cents postal savinl
stamps. which has been specially pre-
pared for the purpose and will be OF
sale at all depository offices. Eacl
postal savings card contains blanl
spaces TO which ten cent saving
stamps may be affixed as purchased
The postmaster will accept posta
savings card with nine ten cen
stamps, affixed as deposit of on
dollar. either in opening an aceoun
or in adding to an existing account
This feature is expected to appeal par
ticularly to children and to encourag
in them habits of thrift
An interesting feature of the sys
tenn is the privilege accorded to
depositor Of converting his saving int
United States bonds to be issued !
denominations of twenty, forty, sixt,
eighty and one hundred dollars. an
multiples Of one hundred dollars u
to five hundred dollars.
The bonds will be issued in bot
registered and coupon form and wi
bear interest at the rate OF two an
one-half per cent, payable semi-ar
nually. The bonds are redeemable
the pleasure of the United States or
year from the date of issue, both prii
cipal and interest being payab
twenty years from date of issuing ol
coin. No limit Is placed on the amoul
ef these bonds deposition may a.
fuIfe. AZ the borss7s afea not counts
fas part Of the maximum q ~
hundred dollars allowed TO one iiepo'
itor.
Most or the funds received frol
depcsit)rs will be placed in loci
banks throughout the country so thi
the money will be available for Gu
Continued on Page 2, Column 80
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