| OCR Text |
Show PUNS POSTAL BANK MEASURE INTRODUCED IN THE 8ENATE FOR POSTAL 8AV-ING8 8AV-ING8 DEPOSITORIES. All First Class Postofflces to Receive Deposits From the Public In Any Sum From One Dollar Up. Washington. Tho postal savings bank bill, drafted by Senators Carter, Dolllvcr and Owen, a sub-commltteo of tho committee on postofflces nnd post roads, was perfected on Thursday Thurs-day and was Introduced in tho senate by Mr. Cartor. The bill provides that a system of postal savings depositories, under tho supervision of a board of trustees, to consist of tho secretary of the treasury, treas-ury, tho postmaster general and tho attorney general, shall bo established. This board is uthorlzcd to make all regulations govornlng custody of moneys deposited with the postal savings sav-ings banks. All postofllces of class authorized to Issue money orders, and such others as tho postmaster general may designate, are declared to bo postal savings depositories. Thoy aro to receive re-ceive deposits from tho public and are to bo kept open for the transaction of business In tho usual postofllce business busi-ness hours of tho town or locality whero they aro located. Accounts mny be opened by any person per-son 10 yenrs old or more, and by married mar-ried women In their own names and free from Interference by tholr hus-bnnds. hus-bnnds. No person will be permitted to have more than ono account. An account cannot bo opened for less than $1 and not more than $100 can bo deposited In any ono month. Deposits In postal savings banks will draw 2 per cent Interest, credited to tho books of depositors onco a year. No person will bo allowed to havo a balance In excess of $500, exclusive ex-clusive of accumulated Interest. Funds received by postal snvlngs bnnks aro to bo deposited in banks, subject to public supervision, nnd, ns nearly as practicable, In tho neighborhood neighbor-hood In which tho funds ore received. Tho banks are to pay for the funds not less than 24 per cent Interest. Provision Is mado for tho maintenance mainten-ance of n reserve fund not exceeding 10 per cent of the total funds deposited. de-posited. Interest and profits accruing from deposits or investment of postal savings are to bo applied to the payment pay-ment of expenses of administration, and any excess is to be a part of postal pos-tal revenues. |
