The Huttig news., 1911-02-04
POSTAL SAVINGS BANKS.
One in Each State Now in Operation How
 They Are Managed.

the one for Arkansas being located at Stuttgart. These initial banks were placed in cities where there is a large laboring class, as it is presumed that such people will take advantage of she new banks more readily.
 The postal banks will be con ducted on strictly banking lines with the exception that there will be no pass books, certificates of deposit being issued in duplicates. The opening of an account will be a very simple proceeding. Any per son ten years of age, or over, may open an account in his or her name for one dollar. The same privilege applies to a married woman whose account shall be free from any control or interference by her hus- band" Like the dime savings bank, however, youmay begin your account with Uncle Sam by buying ten cent postal saving card. and when you have purchased nine other postal savings stamps, which the postmaster has attached to your postal saving card, you will receive in exchange a certificate of deposit. The postal savings stamps are then destroyed by the postmaster. No one may deposit more than $lO dollars in any cal ender month while the total bal ance is limited to $500.
 Furthermore, no person shall at the same time have more than one postal savings account in his or her own right. No obstacles are placed in the way of any depositor from withdrawing the whole or any part of his or her account, with ac- crued interest on demand, under such regulations as the board of trustees may prescribe
 Depositors will be paid two per cent interest yearly. The postal funds placed in designated banks by the board of trustees will yield the government 2A per cent. It is believed that this quarter of one per cent difference between what the government pays the depositor and what the banks will pay Uncle Sam will be sufficient to meet all necessary expenses for conducting the postal savings Repositories.
 A careful study of the law cre- ating postal savings banks makes : it clear that the government will be benefited largely. and that within year or two after the sys- tenn has been in operation Uncle Sam may have all the money nec- essary to meet deficiencies, and to make effective public improve ments without having to appeal to Wall Street for financial aid. Sec ton 10 of the act gives a depositor the privilege of surrendering his deposit, or any part thereof, sums of twenty, forty, sixty, eighty and a hundred dollars and receive in lieu of such deposits U. s. coupons or registered bonds of the denomi- nations of those accounts, which shall bear interest at the rate of 21a per cent, per annum and be redeemable one year from date of issue, and payable twenty years from such date. These bonds are payable in gold coin.
 In connection with the section of the law limiting deposits to $500 it should be understood that depos- it's are at no time to exceed that amount, but when depositor has  accumulated $500 he or she may invest the account in the bonds is- sued by the government and then again build up their postal savings to follow the opening of the postal savings banks. say Postoffice De- partment officials will be the fall ing off in the purchase of inter- national and local money orders by