INVESTMENT  OF  FUNDS

119

in  each  place  one  bank  upon  which  the  postmaster ­
  was  authorized  to  draw  his  checks  against
the  postal  savings  deposit  (in  the  name  of  the
Board  of  Trustees)  each  month,  to  an  amount
specified,  as  a  provision  for  emergency  needs. 21
Out  of  Town  Depositories
Another  cumbersome  feature  of  the  original
plan  which  was  greatly  improved  in  the  reorganization ­
  of  1913  related  to  the  deposit  of  funds  in
banks  outside  of  the  local  community,  when  there
was  no  qualified  depository  bank  in  the  place
where  the  postal  savings  bank  was  situated.
Originally  postmasters  in  such  places  had  been
required  to  send  their  postal  savings  funds  by
registered  mail  to  the  nearest  town  having  a
qualified  bank  or  banks,  and  to  apportion  their
deposits  among  such  banks  (when  there  was  more
than  one)  substantially  according  to  their  respective ­
  capitals  and  surpluses.  Under  the  new  arrangement ­
  the  postmaster  at  the  place  having
no  qualified  banks  remits  his  postal  savings  funds
by  registered  mail  to  the  postmaster  at  the  neighboring ­
  place  having  qualified  banks,  and  the  latter ­
  postmaster  deposits  these  funds  along  with
his  own  postal  savings  funds,  in  the  proper  pro-21
  Instructions  to  Postmasters  at  Postal  Savings  Depository ­
  Offices,  1918,  p.  12.