108

POSTAL  SAVINGS

and  from  the  beginning  practically  all  of  the
funds  were  deposited  in  banks.
The  percentage  of  the  total  postal  savings  deposits ­
  which  had  been  redeposited  and  was  held
in  banks  at  the  end  of  each  half  year  period  since
the  inauguration  of  the  system  is  as  follows: 5

Date  Per  cent
June  30,  1911  84.4
Dec.  31,  1911  91.1
June  30,  1912  91.8
Dec.  31,  1912  93.9
June  30,  1913  93.2
Dec.  31,  1913  94.3
June  30,  1914  94.2
Dec.  31,  1914  94.5
June  30,  1915  91.5
Dec.  31,  1915  92.8
June  30,  1916  93.8

The  postal  savings  amendment  of  May  18,
1916,  therefore,  merely  recognized  the  status  quo
when  it  repealed  the  provision  of  the  act  of  1910
authorizing  the  investment  of  30  per  cent  of  the
deposits  in  United  States  securities.
It  reenacted  the  provision  authorizing  the
Board  of  Trustees  to  invest  all  or  any  part  of  the
postal  savings  funds,  except  the  5  per  cent  reserve ­
  fund,  in  bonds  or  other  securities  of  the
United  States,  “when  in  the  judgment  of  the
President  the  general  welfare  and  interests  of  the
5  The  balances  on  deposit  in  banks  used  in  these  computations ­
  are  those  shown  by  the  banks’  books.  At  all  times
there  is  a  small  amount  of  postal  savings  funds  in  the  hands
of  postmasters.