Rensselaer Semi-Weekly Republican, Volume 41, Number 7, Rensselaer, Jasper County, 2 October 1908 — DETAILS OF THE POSTAL SAVINGS PLAN [ARTICLE+ILLUSTRATION]

DETAILS OF THE POSTAL SAVINGS PLAN

Prompt Performance of Republican Platform Promise Is Certain. Postal Savings Banks Will Form ■ave and Convenient System for Accumulating Savings. A bill providing for the establishment of postal savings banks was favorably. reported, by the United States Senate Committee on Postoffices and Post Roads during the recent session of Congress, and is reasonably certain to be enacted into law during the coming session, thus adding prompt performance to the promise of the Republican national platform relative to this form of strengthening our national system of finance. The bill reported provides for the establishment of postal savings depositories for depositing savings at interest with the security of the Government for the repayment thereof and designates the money-order post-offices and such others as the Postmaster-General may, in his discretion, from time to time designate as savings depositories to receive deposits from the public and to account and dispose of the same according to the terms of the act. The depositories are to be kept open for the transaction of business.-every day, Sundays and legal holidays excepted, during the usual post-office business hours pf the town and localities where the respective depositories are located, and during such additional hours as the Postmaster-General may designate. Accounts may be opened by any person of the age of 10 years, and a married woman max open an account free from T trustee may open an account for another person. No person can open more than one saving account except when acting as trustee for another person. A depositor’s pass book will be delivered to each depositor in which the name and other memoranda necessary for identification will be entered, and entry of all deposits shall be made. One dollar or a larger amount in multiples of 10 cents will be necessary to open an account, but deposits of 10 cents or multiples thereof will be received after an account Is opened. Upon receiving a deposit the postmaster is required to enter the same in the pass book of the depositor and immediately notify the Postmaster-Gen-eral of the amount of the deposit and the name of the depositor. The Post-master-General, upon receipt of such notice, is required to send an acknowledgment thereof to the depositor, which acknowledgment shall constitute con-, elusive evidence of the making tit such deposit. Interest Allowed on Deposits. Interest is allowed at the rate of 2 per cent per annum, computed annually, on the average deposit during each quarter of the year. One thousand dollars is the maximum deposit allowed to the credit of any one account, and Interest will not be paid on any amount to the credit of an account in excess of SOOO. Pass books must be forwarded to the Postmaster-General on the anniversary of the making of the first deposit for verification, posting, and credit of interest due. Withdrawals may be made under rules and regulations to be prescribed by the Postmaster-General. Deposits are exempt from seizure under any legal process against the depositor and they are also exempt from taxa tlon by the United States or any state. { The name so a depositor or the amount to his or her credit may not be disclosed unless by order of the Postmas-ter-General. Postal savings funds are to be deposited by the Postinimtor-Genornl In national banks located as near as may be in the neighborhood where such deposits were received at a rate of inter- I est not less than 2% per cent per an I num. If deposits can not be made hi I national banks at the specified rate of , interest, the Postmaster-Genera! may. I with the approval of the Secretary of the Treasury and the Attorney-General. Invest the same In State, Territorial. I county, or municipal bonds.