The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1914-04-21
PROPOSED A
BETTER PLAN
Senator Bryan of Florida Seeks to
Amend the Postal Savings Bank
System


amendment which has just been pro-
posed by Senator Bryan of Florida,
to the postal rules and regulations
is enacted into law long step will
be taken towards popularizing the
postal savings banks system.
1t is proposed that postal savings
bank funds received under the pro-
visions of this act shall be deposited
in solvent banks, whether organized
under national or state laws, and
reserve bank created by the federal
reserve act, approved December %,
1913, being subject to national or
state supervision and examination,
and the sums deposited shall bear
interest at the rate of not less than
" per cent per annum, which rate
shall be uniform throughout the
United States and territories thereof;
be withdrawn by the board of trus-
tees and kept with the treasurer of
the United States, who shall be
treasurer of the board of trustees, in
lawful money as reserve. The board
of trustees shall take from such
banks such. security in public bonds
or other securities supported by the
taxing power, as the board may pre-
Sn hn 7ioin ~
and necessary to insure the safety
and prompt payment of such depOs-
its on demand. The funds receiv-
ed at the postal savings depository in
banks located therein Substantial
ly in proportion to the capital and
surplus of each such bank) willing
to receive such deposits under the
terms of this act and the regulations
made by authority thereof, but the
amount deposited in any one bank
shah at no time exceed the amount
Of the paid-in capital and one-half
the surplus of such bank. If no such
bank exist in any city, town, village
or locality. or if none where such de-
posits are made will receive such de-
posits on the terms described, then
such funds shall be deposited under
the terms of this act in the bank con-
venient to such locality. If no such
bank in any state or territory is will
ing to receive such deposits on the
terms prescribed, then the same
shall be deposited with the treasur-
er of the board OF trustees and shall
be counted in making up. the reser-
We of 5 per cent Such funds may be
withdrawn from the treasurer OF
such board of trustees, and all other
postal savings funds, or any part of
such funds, may be at any time with
drawn from banks and savings de-
pository Offices for the repayment of
postal savings depositors when re-
quired for that purpose. Interest and
profit accru;ng from the deposits or
inve stment of postal savings funds
shall be applied to the payment OF
interest due postal savings deposit
tors as hereinbefore provided, and
the excess thereof, II any snail De
covered into the treasury of the Uni
ted States as a part Of the postal
r>venue: Provided, that postal saw
ings funds in the treasury of said
board shall be subject to dispos.-
ticn as provided in this act, and not
otherwise; Provided further, that
the board of trustees may at any
time dispose OF bonds held as postal
savings investments and use the pro-
ceeds to meet Withdrawals of de-
posts by depositors. For the pur-
poses OF this act the word terri
tory" as used herein, shall be held
to include the District of Column bia.
the District of Alaska and Porto