Year: 1878

doubt. 1t has already received the ap-
proval OF majority of the committee and
will undoubtedly pass the House by an al


most unanimous vote. We give below the
full text Of the bill, and, while it may be
susceptible Of some amendment l. will
nevertheless be popular whether amended
or passed 10 its present form, The recent
failure Of so many savings banks through
the agency Of dishonest officials, swill have
a tendency to make the measure popular.
Under its operations there will be a ten
denay to greater savings by the people
where there are no savings banks, and 1t |
will at the same time accumulate the in-
terest-bearing debt of the nation 10 the
hands of people, as is the case in France |
where the government pays her interest to
her own people, The effect of this will be |
70 make the nation financially stronger and
more interested in maintaining the integ-
rily Of the national government. The
bill makes every money order post Office a
depository for money in sums as small as
lWGukN uNG JOukSI NCpOoAtOi w ASOSNO
passbook like those given by savings
banks When the deposit by one person
amounts to ten dollars or any multiple Of
ten dollars he is entitled to receive bond
for that amount to be entered in his pass
book as a debit to offset the same amount
of credits. These bonds are to range from
ten dollars to one hundred dollars in even
multiplies of ten up to fifty. The rate of
interest is to be 65-lOO per cent, that
particular rate being adopted for con-
venience of calculation, since the interest
on one hundred dollar bond will be
exactly one cent per day. These bonds
are to be exchangsble at the pleasure of
the holder for regular four per cent bonds
of the government; but in this form the
government is to take no special superin-
tendence OF them. But the holders of the
65-lO0 bonds and of passbooks in which
sums are entered can draw money from the
post ofice very much as depositors do from
savings banks. OF course the sums which
are merely entered in the psssbooks will
bear no interest. A special form of legal
tender treasury notes is to be issued for
redeeming the new bonds at the money
order post offices. The following is the
full text of the BILL


A Bill to authorize the issue of postal


savings bonds and for other purposes:-


Be it enacted, &C., That any holder of
lawful money of Treasury notes or coin
may make deposit thereof in any sum or
sums not less than twenty-five cents at any
one tine, 10 any postal money order Office
OF the United States, of which cenosit a
book account shall be kept, and pass
book receipt given to the depositer, and
when such account shall reach the sum of
$40 the postmaster at such money order
office shall issue to such depositor, free of
charge, postal order on the Treasury Of
the United States, which shall be in the
torn following to wit and shall
be so devised and engraved as to afford as
complete security as possible against cOun-
terteinDg or imitation, and shall be printed
upon paper of the kind aud quality used
Tor United States notes, and when present
ed IN sums OF $40 or any multiple of $40
shall be receivable in exchange for bonds
OF the United States of the kind and
description hereinafter provided, And any
person designing so to do may make depos
IL, not exceeding $40 in any oIe day, at
any postal money order Office and receive
IN exchange therefor postal orders equiva-
lent 10 amount to such deposit and such
postal orders shall be transferable upon
the Endorsement of the depositor. And all
moneys received into postal money order
Offices under the provisions of this act
shall be accounted for by the Postmasters
lt such Offices under rules and regulations
t. be prescribed by the Secretary of ,he
Treasury and the Postmaster General,


SEC. THE bonds herein provided fol
shall be called The Postal Savings Bond.
OF the United States" and shall be issued
ty the Secretary of the Treasury o! such
form and description and accompanying
coupons as he shall prescribe, and of the
denominations OF $40, $40, $50 and $lOO
bear interest at the rate Of 65.l0O pei
cehtum per Rnnum, or one cent On eact
Si0O for each day after its issue. AnC
holders OF the postal orders provided fOl
IN the tlrst section of this act shall bt
cntlfled to receive in exchange therefor al
the money order Offices where they were
issued, free OF charge, after FIVE days no
tlce, 800 per cent bonds herein provided
for, TO the full face value of the posta
orders presented for such exchange. AnC
said bonds shall also be issued upon appi
cation 10 exchange for lawful money o.
Treasury notes or coin at the Treasury o
the United States, or at the office of am
Assistant Treasurer or designated deposi
tory, and shall be exempt from all taxation
United States, State or local. And sale
bonds shall be exchangeable at par for the
four per cent bonds of the United States
authorized to be issued by an act entitled


An act to authorize the refunding of the
national debt" approved July IA, 1870
and the interest thereon shall be payable
every three months in currency of the I'm
tied States at the Treasury of the United
States or at the money order offices where
issued; provided however that coupon,
shall only be detached from the bond a
the time of payment, and all coupons re-
deemed at the money order office, OF
received thereat in payment of postage OF
IN exchange tor postage stamps, shall be-
credited to such Offices the same as money
IN their accounts with the Post Office apc
Treasury departments. And the posta
savings bonds herein provided for. ON pres
Gntatiou at the Treasury of the United
states Or at the Office of any Assistant
treasurer, shall be exchaBgeable for notes
OF the United States with interest compnt.
ed to the day of presentation: and the
postal orders provided for in the first
section hereof shall be redeemable in cur


rency On presentation at the office of th ,
treasurer OF the United States and of the
Assistant Treasurer, and at such postal
money order Offices as the postmastey
general may designate tor that purpose,