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CHAPTER THIRTEEN A
Postal Savings Depositories
This chapter, inserted here as additional to the original chapters of Title XLVI of the Revised Statutes, includes the Postal Savings Depositories Act of June 25, 1910, c. 386, and subsequent provisions relating to such deposi
Sec. 7580. Board of trustees for control,.
exemption from taxation ; bonds etc., of postal savings deposi
not receivable as security for tory offices; composition of
circulating notes of national board; power to make regula
banks. tions; annual report to Con. 7590. Investment by trustees of savings gress.
funds in United States bonds 7581. Special stamps for free mail re
subject to call for redemption; sulting from act.
reissue of bonds to trustees, 7582. Designation of postal savings de.
and redemption from trustees. pository offices; hours for busi- 7591. Savings funds to be kept sepaness.
rate; accountability therefor; 7583. Persons who may open accounts
amount of any deposit not to be and make deposits; no person
disclosed; application of laws to have more than one account.
relating to keeping of and ac7584. Pass books; entries therein of
counting for postal receipts; deposits and withdrawals; oth
additional bonds of post-maser devices as means of evidence
ters, etc. thereof.
7592. Additional compensation to post7585. Deposits; restrictions of amount;
masters of fourth class; amount postal savings cards and postal
and payment; no additional savings stamps for small
compensation to other postmasamounts, and deposits thereof;
ters, etc. preparation of cards and stamps. 7593. Duties of postmasters and other 7586. Interest on deposits; limitation
postal officers, etc., under act; of balance to credit of one per
7594. Application to postal savings de7587. Withdrawals; payment from de
pository funds and business, posits; banks not to receive ex
etc., of safeguards for protecchange or other fees, etc.
tion of public moneys and of 7588. Deposits of savings funds in
laws relating to offenses against banks; interest; reserve;
the postal service. curity from banks; distribution 7595. Faith of United States pledged to of deposits locally; deposits
payment of deposits. with treasurer of board of trus- 7596. Judgment, etc., of court adjuditees; withdrawals; investment
cating right or interest in deof part of funds in United
posit, duly authenticated, conStates bonds, etc.; application
clusive; payment of deposit in of interest, etc., accruing; dis
accordance therewith. posal of bonds held as invest- 7597. Powers of Postmaster General as ments; definition of "Terri
to designation of postal savings tory" and "bank," for purposes
depository offices, compensation of act.
of superintendents, inspectors, 7589. Bonds to be issued to depositors
etc., prescribing hours during on surrender of deposits; in
which offices shall remain open, terest; payment; conditions of
and regulations as to deposits issue, and regulations; invest
and withdrawals. ment of savings funds in bonds;
§ 7580. (Act June 25, 1910, c. 386, § 1.) Board of trustees for
control, etc., of postal savings depository offices; composition of board; power to make regulations; annual report to Con
gress. That there be, and is hereby, created a board of trustees for the control, supervision, and administration of the postal savings depository offices designated and established under the provisions of this Act, and of the funds received as deposits at such postal savings depository offices by virtue thereof. Said board shall consist of the Postmaster-General, the Secretary of the Treasury, and the AttorneyGeneral, severally, acting ex officio, and shall have power to make all necessary and proper regulations for the receipt, transmittal, custody, deposit, investment, and repayment of the funds deposited at postal savings depository offices.
The board of trustees shall submit a report to Congress at the beginning of each regular session showing by States and Territories (for the preceding fiscal year) the number and names of post-offices receiving deposits, the aggregate amount of deposits made therein, the aggregate amount of withdrawals therefrom, the number of depositors in each, the total amount standing to the credit of all depositors at the conclusion of the year, the amount of such deposits at interest, the amount of interest received thereon, the amount of interest paid thereon, the amount of deposits surrendered by depositors for bonds issued by authority of this Act, and the number and amount of unclaimed deposits. Also the amount invested in government securities by the trustees, the amount of extra expense of the Post-Office Department and the postal service incident to the operation of the postal savings depository system, the amount of work done for the savings depository system by the Post-Office Department and postal service in the transportation of free mail, and all other facts which it may deem pertinent and proper to present. (36 Stat. 814.)
This section and the sixteen sections next following were an act entitled "An act to establish postal savings depositories for depositing savings at interest with the security of the Government for repayment thereof, and for other purposes."
The Postmaster General was required to make rules and regulations with respect to deposits and withdrawals of moneys and the issue of pass books, etc., as evidence thereof, by a modification of the provisions of this act by Act
Aug. 24, 1912, c. 389, § 10, post, $ 7597. § 7581. (Act June 25, 1910, c. 386, § 2.) Special stamps for free
mail resulting from act. The Postmaster-General is hereby directed to prepare and issue special stamps of the necessary denominations for use in lieu of penalty or franked envelopes, in the transmittal of free mail resulting from the administration of this Act. (36 Stat. 815.) § 7582. (Act June 25, 1910, c. 386, § 3.) Designation of postal
savings depository offices; hours for business. Said board of trustees is hereby authorized and empowered to designate such post-offices as it may select to be postal savings depository offices, and each and every post-office so designated by order of said board is hereby declared to be a postal savings depository office within the meaning of this Act and to be authorized and required to receive deposits of funds from the public and to account for and dispose of the same, according to the provisions of this Act and the regulations made in pursuance thereof. Each postal savings depository office shall be kept open for the transaction of business during such hours as the Postmaster-General, with the approval of the board of trustees, shall direct. (36 Stat. 815.)
The Postmaster General was required to designate the post-offices which are to be postal savings depository offices, and to prescribe the hours during which they shall remain open, by a modification of the provisions of this act
by Act Aug. 24, 1912, c. 389, § 10, post, 8 7597. $ 7583. (Act June 25, 1910, c. 386, § 4.) Persons who may open
accounts and make deposits; no person to have more than one
account. Accounts may be opened and deposits made in any postal savings depository established under this Act by any person of the age of ten years or over, in his or her own name, and by a married woman in her own name and free from any control or interference by her husband; but no person shall at the same time have more than one postal savings account in his or her own right. (36 Stat. 815.) § 7584. (Act June 25, 1910, c. 386, $ 5.) Pass books; entries there
in of deposits and withdrawals; other devices as means of evi
dence thereof. The postmaster at a postal savings depository office shall, upon the making of an application to open an account under this Act and the submission of an initial deposit, deliver to the depositor a pass book free of cost, upon which shall be written the name and signature or mark of the depositor and such other memoranda as may be necessary for purposes of identification, in which pass book entries of all deposits and withdrawals shall be made in both figures and writing: Provided, That the Postmaster-General may, with the approval of the board of trustees, adopt some other device or devices in lieu of a pass book as a means of making and preserving evidence of deposits and withdrawals. (36 Stat. 815.) § 7585. (Act June 25, 1910, c. 386, § 6.) Deposits; restrictions of
amount; postal savings cards and postal savings stamps for small amounts, and deposits thereof; preparation of cards and
stamps. At least one dollar, or a larger amount in multiples thereof, must be deposited before an account is opened with the person depositing the same, and one dollar, or multiples thereof, may be deposited after such account has been opened, but no one shall be permitted to deposit more than one hundred dollars in any one calendar month: Provided, That in order that smaller amounts may be accumulated for deposit any person may purchase for ten cents from any depository office a postal savings card to which may be attached specially prepared adhesive stamps, to be known as "postal savings stamps," and when the stamps so attached amount to one dollar, or a larger sum in multiples thereof, including the ten-cent postal savings card, the same may be presented as a deposit for opening an account, and additions may be made to any account by means of such card and stamps in amounts of one dollar, or multiples thereof, and when a card and stamps thereto attached are accepted as a deposit the postmaster shall immediately cancel the same. It is hereby made the duty of the Postmaster-General to prepare such postal savings cards and postal savings stamps of denominations of ten cents, and to keep them on sale at every postal savings depository office, and to prescribe all necessary rules and regulations for the issue, sale, and cancellation thereof. (36 Stat. 815.) § 7586. (Act June 25, 1910, c. 386, § 7.) Interest on deposits; lim
itation of balance to credit of one person. Interest at the rate of two per centum per annum shall be allowed and entered to the credit of each depositor once in each year, the same to be computed on such basis and under such rules and regulations as the board of trustees may prescribe; but interest shall not be computed or allowed on fractions of a dollar: Provided, That the balance to the credit of any one person shall never be allowed to exceed five hundred dollars, exclusive of accumulated interest. (36 Stat. 816.) § 7587. (Act June 25, 1910, c. 386, § 8.) Withdrawals; payment
from deposits; banks not to receive exchange or other fees, etc. Any depositor may withdraw the whole or any part of the funds deposited to his or her credit, with the accrued interest, upon demand and under such regulations as the board of trustees may prescribe. Withdrawals shall be paid from the deposits in the State or Territory, so far as the postal funds on deposit in such State or Territory may be sufficient for the purpose, and, so far as practicable, from the deposits in the community in which the deposit was made. No bank in which postal savings funds shall be deposited shall receive any exchange or other fees or compensation on account of the cashing or collection of any checks or the performance of any other service in connection with the postal savings depository system. (36 Stat. 816.) $ 7588. (Act June 25, 1910, c. 386, § 9.) Deposits of savings funds
in banks; interest; reserve; security from banks; distribution of deposits locally; deposits with treasurer of board of trustees; withdrawals; investment of part of funds in United States bonds, etc.; application of interest, etc., accruing; disposal of bonds held as investments; definition of “Territory"
and “bank,” for purposes of act. Postal savings funds received under the provisions of this Act shall be deposited in solvent banks, whether organized under national or state laws, being subject to national or state supervision and examination, and the sums deposited shall bear interest at the rate of not less than two and one-fourth per centum per annum, which rate shall be uniform throughout the United States and Territories thereof; but five per centum of such funds shall be withdrawn by the board of trustees and kept with the Treasurer of the United States, who shall be treasurer of the board of trustees, in lawful money as a reserve. The board of trustees shall take from such banks such security in public bonds or other securities, supported by the taxing power, as the board may prescribe, approve, and deem sufficient and necessary to insure the safety and prompt payment of such deposits on demand. The funds received at the postal savings depository offices in each city, town, village, and other locality shall be deposited in banks located therein (substantially in proportion to the capital and surplus of each such bank) willing to receive such deposits under the terms of this Act and the regulations made by authority thereof, but the amount deposited in any one bank shall at no time exceed the amount of the paid-in capital and one-half the surplus of such bank. If no such bank exist in any city, town, village, or locality, or if none where such deposits are made will receive such deposits on the terms prescribed, then such funds shall be deposited under the terms of this Act in the bank most convenient to such locality. If no such bank in any State or Territory is willing to receive such deposits on the terms prescribed, then the same shall be deposited with the treasurer of the board of trustees, and shall be counted in making up the reserve of five per centum. Such funds may be withdrawn from the treasurer of said board of trustees and all other postal savings funds, or any part of such funds, may be at any time withdrawn from banks and savings depository offices for the repayment of postal savings depositors when required for that purpose. Not exceeding thirty per centum of the amount of such funds may at any time be withdrawn by the trustees for investment in bonds or other securities of the United States, it being the intent of this Act that the residue of such funds, amounting to sixty-five per centum_thereof, shall remain on deposit in the banks in each State and Territory willing to receive the same under the terms of this Act, and shall be a working balance and also a fund which may be withdrawn for investment in bonds or other securities of the United States, but only by direction of the President, and only when, in his judgment, the general welfare and the interests of the United States so require. Interest and profit accruing from the deposits or investment of postal savings funds shall be applied to the payment of interest due to postal savings depositors as hereinbefore provided, and the excess thereof, if any, shall be covered into the Treasury of the United States as a part of the postal revenue: Provided, That postal savings funds in the treasury of said board shall be subject to disposition as provided in this Act, and not otherwise: And provided further, That the board of trustees may at any time dispose of bonds held as postal savings investments and use the proceeds to meet withdrawals of deposits by depositors. For the purposes of this Act the word “Territory," as used herein, shall be held to include the District of Columbia