82

POSTAL  SAVINGS

satisfactory  collateral  to  pledge  for  deposits  of
postal  savings  bank  funds,  it  was  averred,  would
be  mitigated  by  the  facts  that  the  range  of  securities ­
  allowed  by  law  is  very  wide  and  that
many  banks  would  be  owners  of  acceptable  securities, ­
  while  others  could  borrow  such  securities. ­
  Apprehension  that  large  sums  of  money
would  suddenly  be  withdrawn  from  other  banks
for  redeposit  in  postal  savings  banks  in  times  of
panic  was  said  to  be  in  some  degree  lessened  by
the  following  considerations:  (1)  many  of  the
most  timid  depositors,  especially  the  foreign  born,
would  keep  their  accounts  in  the  Government
banks;  (2)  banks  receiving  saving  deposits  generally ­
  reserve  the  right  of  requiring  notice  of  30
days  or  more  for  the  withdrawal  of  any  considerable ­
  sums;  (3)  no  one  was  to  be  permitted  to  deposit ­
  more  than  $100  in  any  one  calendar  month
in  a  postal  savings  bank  nor  to  have  a  deposit
balance  (exclusive  of  interest)  of  more  than  $500.
Since  the  enactment  of  the  Postal  Savings
Bank  act  there  has  been  no  national  financial
crisis  of  a  character  to  put  this  question  to  a  severe
test.  The  crisis  of  August,  1914,  was  not  one
that  reached  the  masses  of  the  people.  Up  to
date  there  have  been  very  few  instances  recorded
in  which  money  has  been  withdrawn  in  any  considerable ­
  amount  from  banks,  in  time  of  stress,