The Twin City star. [volume] (Minneapolis, Minn.) 1910-19??, 1911-01-21

Postmaster General Hitchcock Be-
Iisves That the Opportunity to De-
posit Small Sums Will Meet q Hearty
Response From the Masses-Deposi-
tors Guaranteed Against Loss.
By OLIVER RANDOLPH.
NEUTRALITY-SUSPICIOUS. of financial
and economic conditions predict that
the postal saving banks which will
soon be inaugurated in the postoffices
throughout the United States will
prove greater blessing, proportionate-
ly speaking, to the colored people than
to any other class of people in the
United States. g......-............. .......-
This prediction is based upon the
fact that the economic status Of the
masses Of the colored people makes
them peculiarly the benefciaries Of
the opportunities for thrift and econ
omy afforded by these banks. ,..
Postmaster General Hitchcock is
confident that through these banks the
habit Of saving will be cultivated more
than ever among the colored people
just as well as it will be among other
classes Of people for whom the opera
ton Of these banks will mean so much.
He is al xious that the colored people
take advantage Of the financial oppor-
tunities which will come with this
new opportunity. ~-5. ~. "'@f',..
Under the plan devised by the post
master general and his assistants, In
compliance with the law, savings can
be begun in sums as small as 10 cents
and formal accounts can be opened in
sums as small as 81. This small amount
feature will prove popular to the
masses of our people, for many of
them are not able to make large de-
posits, but will gladly lay aside the
small amounts that they can spare
from their living expenses.
Any person, from the little boy or
girl Of ten to the man or woman
weighted down with many years, can
have an account in one of these postal
banks, and, what is most i'm
portant, Uncle Sam absolutely guar
antees the depositors against loss.
If the person wishing to open de-
posit has a dollar or more he simply
goes to the postoffice, turns his money
over to the postmaster and receives
IN iieu thereof q certificate Of deposit
for the amount deposited. The de-
positor draws interest at the rate of 2
per cent per annum. He also has the
right to draw out part or all Of his
money whenever he pleases.
II, however, you have not as much as
a dollar to open a formal account
you can for 10 cents purchase from
the postmaster a postal savings card,
which will have a ten cent postal saw
ing stamp in its center. Then from
time to time the owner of the card
can purchase other ten cent postal saw
ings stamps, which have mucillage on
one side like ordinary postage stamps,
and stick them on the white card.
When the owner Of the card has
stuck ten of these stamps on his or
her card 1t is then turned into the
postmaster, who will give In return
q certificate Of deposit for 81. Other
additions to your account can be made
In the same way. As aforesaid, the
depositors draw 2 per cent interest on
their money, have the right to with
draw the money out Of the bank at
will and are guaranteed against loss
by the United States.
After having saved up $50 the de-
positor, If he or she desires, can ex-
change his deposit for a United States
bond. This can be done by surren-
dering your deposit, and you will re-
ceive in lieu thereof a United States
bond. These bonds bear 21a per cent
interest per annum.
Postal savings banks have been in
operation for years in some countries,
and the experience Of those cou tries
Is that they have proved veritable
blessing to the poor. Postmaster Gen.
eral Hitchcock, under whose super
vision the Inauguration and operation
Of these banks will come, hopes to
begin to establish them the first week
In January. ,a .-s -. ...s.,
Gradually they are to be established
in nearly every postoffice, big and lit
tie. in this country. Thus they viii
be put within easy reach Of all the
people. The old bugaboo of bank fall
ures win be completely eliminated. for
the government Of this country Sc
cures the depositors. ....
When President Taft recommended
this measure to congress he knew full
well that he was recommending
measure that would be most helpful
to the poor people. In few years
the wisdom Of this measure win be
clearly seen and its benefits will be
plainly evident among the people. Col
ored men and women will be owning
and drawing interest on government
bonds, and our boys and girls will be