Milford chronicle., 1911-12-08
POSTAL SAVINGS SYSTEM.
Information Concerning Postal Savings
Bonds to be Issued January ISt.
DESCRIPTION OF POSTAL SAVINGS
BONDS.

1. DepositOrs of the Postals Saw
ings System may exchange the whole
or part of their deposits on January
l. 1912, for United States registered
or coupon bonds in denominations
Of 500, 800, aud $500, bearing in
terest at the rate d per cent annum,
PAYABLE semiannually, and redeem
able at the pleasure of the United
States after one year from the date
of issue, both principal and interest
payable 20 years from that date in
United States gold coin.
2. Postal savings bonds are ex-
empt from all taxes or duties of the
United States, as well as from taxa
ton in any form by or under State,
municipal, or local authority.
CONVERSION OF DEPOSITS
3. Applications for the conver-
sion Of deposits into bonds on Janu-
ary l, 1912, must be received before
December Is, 1911, by the post
master at the depository office where
the certificates were issued. The
postmaster will supply an applica-
ton form which must be made out
in triplicate. The depositor must
indorse and surrender with his APP |
plication postal savings certificates
covering the amount of the bonds |
desired, for which the postmaster
will give him a receipt. When the
postmaster receives the bonds ap-
piled for he will notify the depOsi-
tor and will deliver the bonds on
of the receipt for the
certificates surrendered.
4. The conversion Of deposits
into bonds at date less than one
year after the certificates began to
bear interest forfeits interest on the
deposits as in the case of withdrawal
Tor any other purposei
5. Postal savings deposits con- :
verted into bonds are not counted as !
4 part of the maximum of $500 al /;
owed one depOsitor, and there is no ;
imitation on the amount of avail :
lble postal savings bonds which -
nay be acquired finally by depOsi- :
or The exchange is considered as
aking effect on January l. and a
lepositor who has applied to con-
-ert into bonds all or part of the
maximum balance of $500 may de-
'osit an additional amount in Janu-
ry, though the bonds may not yet
ave been delivered.
6. Postal savings bonds can be \
rOcured only by the conversion of "
ostal savings deposits and will not c
e issued to persons who are not de- "
ositors. They may be sold or as q
gned to any person. however, by CT
ne holder, and when a registered h
Ond is assigned a new bond will be tt
sued in the name of the owner. W
REGISTERED AND COUPON BONDS. ~
7. The depositor's application al
rust indicate whether bonds are BY
esired in registered or coupon form. CT
Oupon bonds are preferable for a tn
epositor who intends to hold them
r a short time only and who has ST
nple facilities for their safekeeping. 70,
hese bonds are payable to bearer, st;
I'd the title will pass by delivery in
thOut Endorsement. Interest on flo
upon bonds is collected by means de
interest coupons, which Are de- tic
ehed by the holder as they become
e. HI
bonds are preferable bu
persons intending to hold them w
. a considerable period. and they aw
fer from coupon bonds in the fol sa,
wing respects: De
(a) They have inscribed upon the
cir face the names of the persons Tu,
whom they are issued.
lb) They are payable only to tha
} persons to whom issued or their the
igns. apl
,c) The ownership of registered ne,
ads can be transferred only by sta
ignment in proper form. in
ASSIGNMENT OF BONDS.
}. Registered bonds are assign ed fol
the use of a form printed on the
k, properly dated and acknowl-
ed. When the assignment is
de by mark, it must be witnessed p
at least one person other than the ola
Ger before whom it is made. A resi-
ger account is opened in the SIM
asury Department at Washing tow
with each holder of one or more T
stored bonds, and when such tim
DIS are assigned they should be Wh
lsmitted by the new owner to the sl's sne
retary of the Treasury division HT r
.oans and Currency for transfer in
the books of the department. He
istered bonds can not be ex- was
nged for coupon bonds. Cannon freI