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[the District of] Alaska, and Porto Rico, and the word "bank" shall be held to include savings banks and trust companies doing a banking business. (36 Stat. 816.)
The words “the district of " inclosed in brackets in this section, were superseded by the organization of Alaska as a Territory by Act Aug. 24, 1912, c. 387, ante, 88 3528-3544.
§ 7589. (Act June 25, 1910, c. 386, § 10.) Bonds to be issued to
depositors on surrender of deposits; interest; payment; conditions of issue, and regulations; investment of savings funds in bonds; exemption from taxation; bonds not receivable as se
curity for circulating notes of national banks. Any depositor in a postal savings depository may surrender his deposit, or any part thereof, in sums of twenty dollars, forty dollars, sixty dollars, eighty dollars, one hundred dollars, and multiples of one hundred dollars and five hundred dollars, and receive in lieu of such surrendered deposits, under such regulations as may be established by the board of trustees, the amount of the surrendered deposits in United States coupon or registered bonds of the denominations of twenty dollars, forty dollars, sixty dollars, eighty dollars, one hundred dollars, and five hundred dollars, which bonds shall bear interest at the rate of two and one-half per centum per annum, payable semiannually, and be redeemable at the pleasure of the United States after one year from the date of their issue and payable twenty years from such date, and both principal and interest shall be payable in United States gold coin of the present standard of value: Provided, That the bonds herein authorized shall be issued only (first) when there are outstanding bonds of the United States subject to call, in which case the proceeds of the bonds shall be applied to the redemption at par of outstanding bonds of the United States subject to call
, and (second) at times when under authority of law other than that contained in this Act the Government desires to issue bonds for the purpose of replenishing the Treasury, in which case the issue of bonds under authority of this Act shall be in lieu of the issue of a like amount of bonds issuable under authority of law other than that contained in this Act: Provided further, That the bonds authorized by this Act shall be issued by the Secretary of the Treasury under such regulations as he may prescribe: And provided further, That the authority contained in section nine of this Act for the investment of postal savings funds in United States bonds shall include the authority to invest in the bonds herein authorized whenever such bonds may be lawfully issued: And provided further, That the bonds herein authorized shall be exempt from all taxes or duties of the United States as well as from taxation in any form by or under state, municipal, or local authority: And provided further, That no bonds authorized by this Act shall be receivable by the Treasurer of the United States as security for the issue of circulating notes by national banking associations. (36 Stat. 817.)
§ 7590. (Act June 25, 1910, c. 386, § 11.) Investment by trustees
of savings funds in United States bonds subject to call for redemption; reissue of bonds to trustees, and redemption from
trustees. Whenever the trustees of the postal savings fund have in their possession funds available for investment in United States bonds they may notify the Secretary of the Treasury of the amount of such funds in their hands which they desire to invest in bonds of the United States subject to call, whereupon, if there are United States bonds subject to call, the Secretary of the Treasury shall call for redemption an amount of such bonds equal to the amount of the funds in the hands of the trustees which the trustees desire to thus invest, and the bonds so called shall be redeemed at par with accrued interest at the Treasury of the United States on and after three months from the date of such call, and interest on the said bonds shall thereupon cease: Provided, That the said bonds when redeemed shall be reissued at par to the trustees without change in their terms as to rate of interest and date of maturity: And provided further, That the bonds so reissued may, in the discretion of the Secretary of the Treasury, be called for redemption from the trustees in like manner as they were originally called for redemption from their former owners whenever there are funds in the Treasury of the United States available for such redemption. (36 Stat. 818.) § 7591. (Act June 25, 1910, c. 386, $ 12.) Savings funds to be kept
separate; accountability therefor; amount of any deposit not to be disclosed; application of laws relating to keeping of and accounting for postal receipts; additional bonds of postmas
ters, etc. Postal savings depository funds shall be kept separate from other funds by postmasters and other officers and employés of the postal service, who shall be held to the same accountability under their bonds for such funds as for public moneys; and no person connected with the Post-Office Department shall disclose to any person other than the depositor the amount of any deposits, unless directed so to do by the Postmaster-General. All statutes relating to the safe-keeping of and proper accounting for postal receipts are made applicable to postal savings funds, and the Postmaster-General may require postmasters, assistant postmasters, and clerks at postal saving depositories to give any additional bond he may deem necessary. (36 Stat. 818.) § 7592. (Act June 25, 1910, c. 386, § 13.) Additional compensation
to postmasters of fourth class; amount and payment; no addi
tional compensation to other postmasters, etc. Additional compensation shall be allowed postmasters at postoffices of the fourth class for the transaction of postal savings depository business. Such compensation shall not exceed one-fourth of one per centum on the average sum upon which interest is paid each calendar year on receipts at such post-office, and shall be paid from the postal revenues; but postmasters, assistant postmasters, clerks, or other employees at post-offices of the presidential grade shall not receive any additional compensation for such service. (36 Stat. 818.)
The compensation of fourth-class postmasters was fixed by Act March 3, 1883, c. 142, § 2, ante, & 7220.
$ 7593. (Act June 25, 1910, c. 386, § 14.) Duties of postmasters
and other postal officers, etc., under act; regulations. The Postmaster-General is authorized to require postmasters and other postal officers and employees to transact, in connection with their other duties, such postal savings depository business as may be necessary; and he is also authorized to make, and with the approval of the board of trustees to promulgate, and from time to time to modify or revoke, subject to the approval of said board, such rules and regulations not in conflict with law as he may deem necessary to carry the provisions of this Act into effect. (36 Stat. 818.)
Other provisions of this section, preceding those set forth here, made an appropriation for the establishment of the postal savings depositories, including the reimbursement of the Secretary of the Treasury for expenses incident to the preparation, registration, and issue of the bonds authorized by this act. They are omitted, as temporary merely.
§ 7594. (Act June 25, 1910, c. 386, § 15.) Application to postal
savings depository funds and business, etc., of safeguards for protection of public moneys and of laws relating to offenses
against the postal service. All the safeguards provided by law 'for the protection of public moneys, and all statutes relating to the embezzlement, conversion, improper handling, retention, use, or disposal of postal and moneyorder funds and the punishments provided for such offenses are hereby extended and made applicable to postal savings depository funds, and all statutes relating to false returns of postal and moneyorder business, the forgery, counterfeiting, alteration, improper use or handling of postal and money-order blanks, forms, vouchers, accounts, and records, and the dies, plates, and engravings therefor, with the penalties provided in such statutes, are hereby extended and made applicable to postal savings depository business, and the forgery, counterfeiting, alteration, improper use or handling of postal savings depository blanks, forms, vouchers, accounts, and records, and the dies, plates, and engravings therefor. (36 Stat. 818.) § 7595. (Act June 25, 1910, c. 386, § 16.) Faith of United States
pledged to payment of deposits. The faith of the United States is solemnly pledged to the payment of the deposits made in postal savings depository offices, with accrued interest thereon as herein provided. (36 Stat. 819.)
§ 7596. (Act June 25, 1910, c. 386, § 17.) Judgment, etc., of court
adjudicating right or interest in deposit, duly authenticated,
conclusive; payment of deposit in accordance therewith. The final judgment, order, or decree of any court of competent jurisdiction adjudicating any right or interest in the credit of any sums deposited by any person with a postal savings depository if the same shall not have been appealed from and the time for appeal has expired shall, upon submission to the Postmaster-General of a copy of the same, duly authenticated in the manner provided by the laws of the United States for the authentication of the records and judicial proceedings of the courts of any State or Territory or of any possession subject to the jurisdiction of the United States, when the same are proved or admitted within any other court within the United States, be accepted and pursued by the board of trustees as conclusive of the title, right, interest, or possession so adjudicated, and any payment of said sum in accordance with such order, judgment, or decree shall operate as a full and complete discharge of the United States from the claim or demand of any person or persons to the same. (36 Stat. 819.) § 7597. (Act Aug. 24, 1912, c. 389, § 10.) Powers of Postmaster
General as to designation of postal savings depository offices, compensation of superintendents, inspectors, etc., prescribing hours during which offices shall remain open, and regulations
as to deposits and withdrawals. The Postmaster General shall select and designate the post offices which are to be postal savings depository offices, and shall appoint and fix the compensation of such superintendents, inspectors, and other employees as may be necessary in conducting, supervising, and directing the business of such offices, including the employees of a central office at Washington, District of Columbia, and shall prescribe the hours during which postal savings depository offices shall remain open. He shall also from time to time make rules and regulations with respect to the deposits in and withdrawals of moneys from postal savings depositories and the issue of pass books or such other devices as he may adopt as evidence of such deposits or withdrawals. The provisions of the Act approved June twenty-fifth, nineteen hundred and ten, are hereby modified accordingly. (37 Stat. 559.)
This was a proviso accompanying an appropriation to continue the establishment and extension of postal savings depositories, in the postal service appropriation act for the fiscal year 1913, cited above.
It superseded a similar provision in the postal service appropriation act for the fiscal year 1912, Act March 4, 1911, c. 241, § 5, 36 Stat. 1340.
Act June 25, 1910, c. 386, provisions of which were modified by those of this section, is set forth ante, 88 7580–7596. (3386)
Accounts and Revenues
for. 7601. Disposal of moneys recovered for
loss of registered matter and not
restored to owners. 7602. Box-holders may provide lock
boxes. 7603. Revenues to be appropriated for
er. 7608. Disposal of fines, penalties, and
forfeitures. 7609. Accounts to be preserved two
§ 7598. (R. S. § 4049.) Manner of keeping accounts.
The accounts of the postal service shall be kept in such a manner as to exhibit separately the amount of revenue derived from the following sources respectively:
And they shall exhibit separately the amount of expenditure made for each of the following objects respectively:
First. Transportation of the mail.