Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-05-25
POSTAL SAVINGS BANKS.

The postofflce department has just
announced an extension Of the postal
savings bank system which will per-
nit every person in the United States,
over 10 years Of age, to open an ac-
count after July 1. This extension Of
the service will be made possible by
allowing persons living in sparsel''
settled communities to open accounts
by mail. The third assistant post
master general, who has entire charge
Of the postal savings branch Of the
postoffice department, has been so
impressed by appeal from ali over
the country to open additional postal
savings banks that some weeks ago
he took up the task Of working out
a plan for extending the system.
Under the plan adopted by the
postmaster general for opening ac-
counts by mail an intending deposit
or, residing where there is no regular
ly designated postal savings bank,
will apply to his local postmaster who
will see that necessary Identification
data Is prepared and forwarded to
nearby postoffice authorized to ac-
cept deposits. The intending depos-
itor will then be given permission to
forward his first and subsequent de-
posits by money order or registered
mail direct to the postmaster at the
banking point for which receipts or
certificates will be issued. He may
withdraw all or any part Of his
postal savings by mail and on de-
mand together with any interest that
may be due him.
The new leafiet points out that any
person ten years old or over may
open an account in his or her own
name; that an account may be open
ed by married woman free from
any control or interference by her
husband; that postoffice officials are
forbidden to disclose to any person,
except the depositor, the amount OF
any deposits; that Withdrawals may
be made without previous notice;
and that the government guarantees
to repay all deposits on demand
with accrued interest.
The leafiet will soon be printed in
twenty-five foreign languages for
distribution through local postoffices.
The foreign born citizen has taken
very kindly to postal savings, and lit
erature in his own language will be
Of great assistance to him.
In
General Burleson commented on the
foreign born depositors as follows.
Upwards of 100000 depositors now
have accounts in the postal savings
system and they represent every ma
tionality on earth. They also rep
resent almost every known occupation
professional men, theatrical people,
mechanics, laborers, fishermen, pack
peddlers. etc. But the majority are
wage-earners, and Of this class the
foreign born largely predominant. A
census of depositors taken by the
pOstOtfice department shows that APP
proXimately 40 per cent of the de-
positors are foreign born citizens and
they own more than so per cent of
the deposts-splendid evidence Of the
citizens in the ability and good faith
obligations.
There is another reason which led
immigrants, unfamiliar with our lam
guage and business methods, to turn
to the government to safeguard their
humble savings and that reason is the
disastrous experiences many of them
have had by the failure of bogus pri-
vate banks Otficered by swindlers of
their own tongue who have preyed
mercilessly upon their loneliness and
credulity"
Postal savings receipts have broken
all records the past year. During the
eight months prior to April l, there
was a net gain in deposits of $4,000
600. as against Il gain of $S,O0O,OOO
for the same months the year before.
Thousands of new accounts have been
opened and the millions made up
largely of hidden savings have been
turned back into the channels of
trade Just at Il time when there was
pressing demand for every dollar.