Enterprise news-record. [volume] (Enterprise, Wallowa County, Or.) 1910-1911, 1911-01-07
OPEN POSTAL
BANKS TODAY
Each State and Territory to
Have 0ne-Klamath Falls
Named in Oregon.
SYSTEM WILL, BE ENLARGED
AS RAPIDLY AS POSSIBLE

Deposits Will Not Be Allowed to Go
Over $500 for Prescnt-NO Pass
Books Given-DepOsitors Will Be
Given Engraved Certiflcates-Small
Deposits Will Be Accepted-Sav-
ings Can Be Exchanged for Bonds.
Postal savings banks were instituted
in every state and territory in the
union this morning.. For the present
there will only be one in each state,
but IL the system proves successful it
Is planned to extend the system as
rapidly as possible.
klamath Falls is the Oregon post
office designated as the postal saw
lngs depository. Among the others
are tine following, all Of the offices
being of the second class: Globe,
Ariz.; Oroville, CAL; Leadville, Colo;
Couer d'Alene, Idaho; Anaconda,
Mont; Carson City, New; klamath
Falls, Or; Provo, Utah.; Olympia,
| Wash; Laramie, Wyo.
No pass books will be furnished
deposltors, but all deposits will be evil
| denced by engraved postal savings GER
| tificates, issued in fixed denominations
| of 81, 50, $5, $40, $40 and $50, each
bearing the name of the depositor and
| the date on which interests begins to
accrue. The certificates are nom
| transferable and non-negotiable. In
terest will be payable annually at the
rate of 2 per cent per annum.
$500 Is Limit.
BY the terms of the law no account
for less than 81 may be opened and
no person may deposit more than 500
in any calendar month, or have to his
credit at any one time more than $500
exclusive of accumulated interest. Ac-
counts may be opened by any person
over ten years in his or her own name
and by married women in their own
names. The accounts of wives can
not be interfered with or controlled
by the husbands.
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 be-
ing required in connection with the
| opening of an account or the with
| travail of money deposited.
Rules Laid Down.
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 post
master-general. Deposits may be
withdrawn at any time with accrued
interest or the interest alone may be
Q withdrawn
While deposits of less than 81 will
: not be received, small amounts may be
saved for deposit by the purchase Of
postal savings cards at 10 cents eacl
p and of 1O-cent postal savings stamps
: which have been specially preparet
for the purpose and will be on sal
at all depository offices. Each posta
savings card contains blank spaces
e to which 10-cent savings stamps ma,
Q be affixed as purchased.
y The postmaster will accept posta
! savings card with nine 10-cent saw
q lngs stamps affixed as deposit o
81 either in opening an account or u
o adding to an existing account. Thi
le feature is expected to appeal partic
IL ularly to children and to encourage i
them habits Of thrift.
II An interesting feature Of the sys
"a tenn is the privilege accorded depos
l. itor of converting his savings. int
re United States bonds, to be issued 1
d. denominations of 500, $40, $50. So
n and 800. and multiples Of 800 up
$500.
The bonds will be issued in bot
registered and coupon form and wi
IL bear interest at the rate Of 1-2 p'
cent, payable semi-annually. tt
ns bonds are redeemable at the pleasul
re Of the United States one. year fro
'e- the date Of issue In gold coin. \
ne limit Is placed on the amount of the
lts bonds depositor may acquire, as Il
~ bonds are not counted az q part
the maximum of $500 allowed one d
positor.
Most Of the funds received from d
- positors will be placed in local ban
80 throughout the country SO that Il
money may be available for cure
commercial needs. These deposi
Ia will be secured by bonds deposited
,,,, the banks with the treasurer OF Z
ne United States. as a reserve and. 4
t,,- board Of trustees is authorized to l
m. vest 80 per cent in United stat
re- bonds.
he The faith Of the United States
or. pledged to the payment Of all dept
rb- its with accrued interest.
ind The savings certificate plan of I'M
ad- eating deposits was adopted upon I
se- recommendation OF the committee
ter. experts appointed last June by Po
master-General Hitchcock. 1t v
nty found that the expense OF operati
lew the passbook system in foreign COT
lew tries was very great, the central
gan flee in England requiring the servi
dit Of several thousand 5ookkeepers
transact the postal savings bushes