122 
POSTAL SAVINGS 
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has passed upon the legal acceptability of all 
bonds submitted as security for postal savings 
deposits. 25 
The Board of Trustees in its first Regulations 
for the Guidance of Banks, issued December 31, 
1910, made the following ruling 26 in regard to 
the securities acceptable for postal savings de 
posits: 
"The following described securities at rates re 
spectively designated, will be accepted, [and no 
other] ... (a) Interest bearing bonds of the 
United States, bonds issued by the Government 
of the Philippine Islands, and bonds of the Dis 
trict of Columbia and the Government of Porto 
Rico will be received at their par value, (b) 
Bonds of any State of the United States and 
bonds of the Territory of Hawaii will be received 
at 90 per cent of their market value, such market 
value not to be considered as exceeding par. 
(c) Bonds of any city, town, county, or other 
legally constituted municipality or district in the 
United States which has been in existence for a 
period of ten years, and which, for a period of 
ten years previous, has not defaulted in the pay- 
25 An account of his work in this connection and summar 
ies of his decisions will be found in his annual reports. 
26 Regulations for the Guidance of Banks Qualifying as 
Depositories of Postal Savings Funds, etc., issued by au 
thority of the Board of Trustees, 1911, pp. 4-5.