Show POSTAL SAVINGS Scheme Revealed In tv Bill Presented In the House Washington Dec 6The establishment establish-ment and regulation of a postal sayIngs ft say-ings bank system is provided for in a bill introduced today by Representative Lorlmer of Illinois Under his scheme money order oiflces selected by the postmaster general are to be mali branch postal savings banks with ua office in the department to be called the central bank Any person may becomes depositor under this act including married vo I men and minors above 12 years Deposits are limited to SI and its multiples and not exceeding 300 each and deposits accumulating above 1000 will not draw interest Postal savings stamps and cards of the denomination of 5 and 10 cents are to bo soid Interest is to be at the rate of 2 pen j cent a year to be added to the principal on June 30 of each year Passbooks are to be forwarded annually an-nually for examination The secretary of the treasury under this bill is required to invest interest bearing bonds of the United States or whose principal is guaranteed by the United States or in state bonds and bonds of municipalities and counties under stated directions Deposits will j not be liable to seizure or detention I under any legal process The act is to 1 take effect within six months of its i passage |