Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-01-03
POSTAL SAVINGS BANKS.
The New System Goes Into Effect
From After Today.

SN'tSi 'SaoJ'
Through the practical institution
of the postal savings bank system to-
day, January 3, says a Washington
dispatch, the United States govern
ment will afford to the American peo-
pie facilities for the saving of a part
Of their earnings. The establishment
of postal savings banks is regarded as
the most important and far reaching
financial step taken by the govern
ment since the authorization Of ma
tlonal banks and their operation will
be watched with keen interest by A.
nanciers throughout the world.
The new system Is to be inaugu-
rated on a comparatively small scale.
One postoffice in each state and ter
ritory has been selected as a de-
pository. In those forty-eight offices
thorough test of the new system
will be made. 1t was decided to make
the beginning thus small, not only
because no adequate appropriation
was available to put it into general
operation, but also because the plan
or operation adopted differs entirely
from that Of any postal savings sys-
tenn in the world.
depositor, but all deposits will be evil
denced 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 interest begins to accrue.
The certificates are nom transfer
able and non-negotiable. Interest will
be payable annually at the rate Of
two per cent per annum.
BY the terms Of the law no account
Tor less than one dollar may be
opened and no person may deposit
more than one hundred dollars in any
calendar month or have to his credit
at any one time more than five hum
dred dollars, exclusive of accumulated
interest. Accounts may be opened
Dy any person over ten years Of age
In his or her name, and by mar
ried women In their own names. The
accounts of wives cannot be inter-
fered with or controlled by the hus-
bands.
For the present, deposits will be
limited to patrons Of the postoffices
at which the system is established.
The service Is entirely free, no fee
being required In connection with the
opening OF an account or the with
drawal Of money deposited. No per-
son connected with the postoffice de-
partment will be permitted to dis
close either the name Of a depositor
or the amount Of his deposit, unless
directed to do so by the postmaster
general. Deposits may be withdrawn
at any time, with accrued interest or
the interest alone be withdrawn.
While deposits Of less than one dol
lar will not be received, small
amounts may be saved for deposit by
the purchase Of postal savings cards
at ten cents and of ten cent postal
savings stamp, which have been spec
tally prepared for the purpose and
Will be on sale at all depository Of
fees. Each postal savings card con-
tains blank spaces to which ten cent
savings stamps may be affixed as pur-
chased. The postmaster will accept
postal savings card with nine ten
cent savings stamps affixed as q de-
posit Of one dollar, either In opening
an account or in adding to an exist
ing account.
An interesting and valuable feature
Of the system is the privilege accord
ed to depositor Of converting his
savings into United States bonds to
be issued in denominations Of twenty,
forty, sixty, eighty and one hundred
dollars. and multiplies Of one hundred
dollars up to and including, five hun
dred dollars. The bonds will be is
sued in both registered and coupon
form. and will bear interest at the
rate Of two and one-half per cent,
payable semi-annually. The bonds
are redeemable at the pleasure Of the
United States one year from the date
Of issue. both principal and interest
being payable twenty years from date
of issue in gold coin, Among the post
offices designated as postal savings
repositories Is Newberry, s. G.
If the system adopted should prove
successful, 1t is planned to extend the
service as rapidly as practicable. In
time, probably, every money order
postoffice in the country, will be a
postal depository.