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Show H Postal Saving Banks. At the recent session of Con-gross Con-gross one of the most important enactments was the passage of the Postal Savings law. Dur-, Dur-, ing panics, like the one of 1907 for instance, when the amount of money actually available and in circulation is pretty definite-y definite-y located, it is invariably found that an immense amount that should bo visible and available, lias been withdrawn from cir-culation cir-culation and hidden out of reach. A very largo propQrtion of this missing fund is known to be in the hands of thrifty in-dividuals, in-dividuals, frequently frugal H foreigners, who fear to trust the banks, therefore resort to hiding t h o i r accumulations. Many millions of dollars are known to have been thus with-drawn, with-drawn, and this accentuates the stringency in time of panic whon tho money is so sorely needed in the arteries of trade and commorce. It was with the dual idea of coaxing this money fourth and at the same time cn-courage cn-courage thrift among the poorer classes of the population, that the Postal Savings Law with its government guarantee of the safety of deposits was passed. Thoro are the salient features of the mode of operation: BBM Any person ten years old or moro, may, in his or her own name ,open an account with one dollar in any postal saving do-pository. do-pository. Married wowen may open ac-counts ac-counts in their own names and free from any control or intor-, intor-, forenco by their husbands. No H. ; one, however, will be allowed to ! doposit more than $100 in any one calendar month. ' As deposits of less than $1 will not be received, any person may purchaso for 10 cents a ' card, to which may be attached , postage stamps, to bo known as "postal savings stamps." ' When tlio value of tho stamps placed on the card is$l, includ-ing includ-ing the 10-cent postal card, it will bo accepted at tho savings bank and placed to tho credit of I the depositor. Interest at 2 per cent per annum will be paid on all deposits, de-posits, and no interest will be allowed on fractions of $1. The balance to the credit of any person per-son shall never exceed $H00, exclusive ex-clusive to accumulative interest. The postmaster-general has been directed to prepare and' issue special stamps, and post-oflices post-oflices throughout the country will be selected and designed postal depository oflices, where deposits will be received and withdrawals paid, with the accrued interest upon demand. -Logan Journal. |