DEPOSITORS  AND  DEPOSITS

89

that  the  few  such  limitations  which  existed  in  the
case  of  mutual  and  stock  savings  banks  during
the  period  of  this  controversy  were  more  liberal
than  the  existing  postal  savings  act,  and,  with
the  exception  of  Massachusetts,  more  liberal
than  those  proposed  in  the  original  Moon  bill. 27
2.  The  second  argument  was  that  the  restrictions ­
  were  not  only  resulting  in  the  keeping  in
hoards  of  the  millions  of  dollars  of  savings  of
postal  savings  depositors  which  were  in  excess  of
the  $500  maximum,  but  also  of  many  millions
more  representing  the  savings  of  persons  who
would  deposit  nothing  in  the  postal  savings  banks
if  they  could  not  deposit  all.  It  has  been  previously ­
  pointed  out  that  in  1915  more  than  30,-000
  depositors  had  reached  the  $500  limit,  and
that  of  this  number  22,000  were  foreign  born.
The  Postmaster-General  said  in  his  annual  report ­
  for  1913:  “A  conservative  estimate  indicates ­
  that  more  money  has  been  refused  by  the
postal  savings  system  than  has  been  accepted.” 28
Director  Weed  of  the  postal  savings  system  in
1913  stated  it  as  his  belief  that  not  less  than  $30,-27
  A  table  showing  by  States  the  statutory  restrictions  on
the  amount  that  savings  banks  may  receive  from  depositors
is  published  in  the  Cong.  Rec.  for  Aug.  28,  1914,  p.  14,382.
Of  the  48  States  (and  the  District  of  Columbia)  36  had  no
restrictions  whatever,  and  three  of  the  others  merely  authorized ­
  the  banks  to  impose  restrictions  if  they  should  desire.
28  Page  27.