| Show 1 f F PO Ulf J l TO 10 GAM GAI ri pui II Beef II Law Lae LaWill Will dill Put Hoarded Hoarded Y fi In Circulation z Money In f RAISES AISES RAISES LIMIT OF DEPOSITS Those Who Wish May Put 1000 to of Heretofore Here Here- Their Theil Credit Instead as Only Only One Ono half of This Money t Is I. Interest Bearing earing Funds Bearing Funds Are Always Al AI F ways ways ys i by Government Washington All All over o the country m more more re especially in New York and other large huge clU cities s. s postmasters report that under existing law they turn away u a um much m lh larger of or won money y offered for deposit in iii the postal savings st system than they are authorized to receive e Of Oft t the now now on deposit approximately in was turned over ever to z thE the care ot U le 11 Sam by patrons of the New ew York postoffice Under the bill biU recently passed k- k provisions pr of the b by the be senate and house postmasters will be he in accept pt many litany de de- which they must now turn away This should cause aus the deposits in the postal savings system to increase very t rapidly t Alexander M. M Dockery third assistant assist assist- J ant postmaster If general who has general gen gen- gen gen- general eral supervision of the postal savings saving system made this hiS statement land and said Patrons of the postal savings s system s. s must not be disappointed It If they find n a. a that they are unable to deposit 1000 Immediately after the hill bill hil has received the approval of president Wilson on While the limit of deposits which an individual may have In the system is increased from WO to 1000 by the bill bill only 00 Is interest bearing Be Before fore tore any non interest bearing deposits depo 4 can cnn be received the department must r prepare an and Issue a new set of ot certificates certificates a cates and books hooks Work Wor on these is b be be- j J r Jr f l iq 4 t rl 1 h J r r 1 q I r Nn ti 3 r i r ALEXANDER M. M Ing rushed however and they the will be ready for Issue with the least possible delay When these new certificates certificates' certificates certificates' are ready an Individual may roay deposit l at one time one half of ot which will x draw Interest Separate certificates ates willbe will willbe be Issued for tor the Interest bearing and non Interest beating bearing deposits although both ma may be made at the tLe same time j Meanwhile Immediately after atter the billis bill billIs Is signed and becomes law the public will be notified through the press and individuals may deposit n a as much as at ono one time m nf nr enough more than x they may ma now have on deposit to bring their st interest heating healing account up to the limit While the tile new bill fixes the limit of Individual accounts at 1000 patrons of ot the system may purchase postal sav say savings sayings savings ings bonds with their savings every six sir months month For this purpose both the Interest bearing and non-interest non bear bear- ing deposits win will gili be available Postal r savings bonds pay 2 2 per cent By ByI I turning their deposits Into postal says savings say sav s ings lags bonds every six months Individual i y ual depositors may lay aside 2000 a year If tb they y care to do so and have bave the guarantee of the government behind it plus 2 2 per cent interest i While bankers opposed the enactment enact went ment of the original postal savings saving law they they have come to realize that It ItIs itIs r Is one of the best things that ever happened happened hap hap- for tor them As a rule role the money T which Is deposited In this system would not have reached the banks and would be kept out of ot circulation Now It goes oes Into th the banks In the communities In which It is deposited the banks paying I 2 Ws per cent for Its use while the government gov gov- government ov- ov pays the depositors 2 per cent One reason for tor having made non non- Interest bearing bearing- was the fact that It has been found that the one half per percent percent cent paid by the tIll banks for its over over and above 2 per cent paid to depositors does not quite pay the oper- oper n of the system he be a splendid thing for w n money Is Ls i needed It Tt will help the th banks In small towns h as well 11 as in cities clUes since the th money Is lt d as close clos as aR possible possible pOR- pOR pos pos- sible to the point where wh it is 1101 placed in inthe 1 the hl This distribution of postal lostal savings funds among the banks is absolutely lh free fre from favoritism ItI It ItIs I Is i. done dont and political pull docs clots 10 not count n II particle |
