Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1911-07-12
TO INSTIIL SAYING HABIT
THE VIROOUA POSTAL SAVINGS
BANK OPENED MONDAY
Authorized to Receive Any Amount
From 81 to S5OO-Wll Pay Two
Per Gent. Interest

On Monday, there was unoste ,ta-
tiously opened in Viroqua an institution
which the CENSOR believes will greatly
improve community thrift and prosper
ity in the coming years. We refer to
the postal savings bank established
in our city by order OF the postmaster
general. This law came into being to
accomplish two things the drawing in
to circulation OF dead money held by
timid individuals filled with distrust
toward private banking enterprises but
who could not question the stability of
their government, and to promote the
saving habit in young people. That
the banks so far established are very
popular and are in great measure bring
ing about these conditions is a matter
of record. During its formation. the
bill received severe opposition from
banking institutions generally, who
fancied they saw in its practical opera
ton curtailment of their business.
However, it is logical to believe that
this idea will prove erroneous and that
the accumulated deposits will be trans
fece5 TO private banks as they grow to
respectable proportion.
Accounts may be opened, free of all
charge, by any patron of the Viroqua
post office over ten years of age. No
deposit less than 81 or exceeding $500,
nor fractions of a dollar, nor deposits
in the name of any corporation, society,
firm, partnership, two persons Jointly
or more than one account to each per-
son, nor deposits exceeding 500 in any
one calendar month, will be received, A
married woman may deposit in her own
name, free from control of her hus-
band. All accounts must be opened in
person by the depositor or his author
lied representative; subsequent depos-
its may be sent by mail. No person
connected with the postal service Is per-
mitted to divulge the name of any de-
positor or give any information con-
corning his account except on order of
the postmaster general.
While no deposit of less than 81 will
be received, postal savings cards and
stamps to attach thereto will be sold
for ten cents each, mainly for the en-
enlargement of children. A card, with
nine stamps attached, can be exchanged
for 81 certificate.
Postal saving certificates are issued
in fixed denominations of 81, SO, SIS, $40,
$40, $50, and 500, the postmaster re-
tanning duplicate of all issued They
are non negotiable and payable only to
the person to whom issued. In case of
loss or destruction, new one will be
issued, If deemed proper. Postmaster
Smith is not permitted to receive GER
tiicates for safe-keeping. These GER
tiicates will draw two per cent. inter-
est, payable annually, being valid until
paid, continuing TO draw interest so
long as outstanding, without time linn
itation. Compound interest is not al
lowed, nor interest on money remain
ing on deposit less than year.
A depositor may withdraw all of his
deposits at any time, or any portion of
a deposit without forfeiting the interest
on the remaining portion. In case Of
death, the amount remaining to a de-
positor's credit will be paid to the per-
sons entitled to receive it.
After the maximum amount of $500
has accumulated, If they so desire, de-
positors may exchange the whole or
any part of their deposits for United
States bonds these bonds bearing 2h%
interest and being exempt from all tax
es or duties, and there is no limit to
the amount of bonds which may be so
acquired.
Women who open accounts and after
wards marry must have all their GER
tiicates drawn in their new names in
order to insure payment.
All the business in the postal savings
department at the Viroqua Office will
be transacted from the money order
window
Additional information may be Sc
cured by applying to Postmaster Smith
or addressing the Postmaster General,
Postal Savings SYSTEM, Washington,
d. G.