CHAPTER  IV

Depositors  and  Deposits
In  the  preceding  discussion  of  the  organic
postal  savings  bank  law  it  was  pointed  out  that,
after  considerable  discussion,  Congress  left  the
decision  as  to  the  form  in  which  the  depositor’s
account  should  be  kept  to  the  discretion  of  the
Board  of  Trustees.  Chiefly  for  the  purpose  of
keeping  administrative  expenses  at  a  minimum,
the  board  decided  to  use  in  place  of  the  customary
pass  book  a  simple  form  of  certificate.  This
certificate  is  officially  described  as  a  “non-transferable
  and  non-negotiable  certificate  of  deposit,
to  be  supplied  to  postmasters  in  duplicate  in  fixed
denominations  of  one,  two,  five,  ten,  twenty,  fifty
and  one  hundred  dollars,  upon  which  shall  be
entered  the  name  of  the  issuing  office,  the  date  of
issue,  the  date  on  which  interest  begins,  the  name
of  the  depositor,  and  the  number  of  his  account. 1 ”
On  the  back  of  each  certificate  is  printed  a  ten
year  interest  table.  There  is  furnished  to  each
depositor  an  envelope,  in  which  he  may  preserve
1  Instructions  to  Postmasters  at  Postal  Savings  Depository ­
  Offices,  1913,  p.  7.

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