OCR Text |
Show TO HELPjraU SAVE NEW POSTAL BANKS OPENED FOR BUSINESS IN EVERY STATE IN UNION. The New System Expected to Prove a Boon to the Poorer Classes, and Is Intended to Encourage Thrift of all Classes of Citizens. Washington. Through tho practical Institution of the postal savings bank sjFtent on Tuesday, January 3, the United SUcs government will give the people facilities for saving a part of their earnings. I Tl.e estiMUhnirnt of these banks Is' regarded as the most far reaching financial fin-ancial step taken by the government since tho authorization of national banks, and their operation will be watched with Interest by financiers throughout the world. The system Is to be Inaugurated on a comparatively small scale. One post- ' office In each state and territory has been selected as a depository. ; In those forty eight offices, a thorough thor-ough test will be mnde. It was decided to make the beginning thus small, not only because no adoquato appropriation appropri-ation was available to put It into gen- ' tral operation, but aUo because the plan adopted differs entirely from that of any other system In the world. No passbooks will be furnished de- . poiltors, but all deposits will br-v 1,'ced by engraved poit snvtngfc2j3 litlcaUs, Issued In fixed denominations . of $1, 2. $5, $10, $20 and $00, each j bearing the name of the depositor and , the date on which Interest begins to ' accrue. t Ity the terms of the law, no account j for less than $1 may be opened and no , person may deposit more than $100 In any calendar month, or have to his credit at any one time more than foOO, exclusive of accumulated Interest , Accounts may be opened by any per- son over 10 years old, in his or her j own name, and by married women In t their own names. The accounts of t wives cannot be Interfered with or con- . trolled by 'he husbands. |