Postal savings

Bibliographic data

Monograph

Identifikator:: 869930397

URN:: urn:nbn:de:zbw-retromon-49420

Document type:: Monograph

Author:: Kemmerer, Edwin Walter http://d-nb.info/gnd/101827717

Title:: Postal savings

Place of publication:: London

Publisher:: Humphrey Milford

Year of publication:: 1917

Scope:: 1 Online-Ressource (VIII, 176 Seiten)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V - Investment of postal savings funds

Collection:: Economics Books

INVESTMENT OF FUNDS 113 anee of making deposits in non-member banks gave rise to much inconvenience and to an in crease in the expenses of administration—evils which non-member banks were not slow to bring prominently before Representatives in Congress. Carter B. Keene, Director of Postal Savings, said the restriction of deposits to member banks “resulted in the elimination of hundreds of State banks. In many instances it was necessary to send funds long distances to places where eligible banks were located. This worked embarrassment in the expeditious and safe administration of the service, and at the same time defeated the domi nant thought that controlled the finances of the organic Postal Savings act, that the deposits brought out of hiding should be released for com mercial purposes in the identical localities where they originated.” 14 A number of hills were introduced in Congress providing for the reauthorization of State banks as depositories, and finally a hill (H. R. 7967, 63 into operation. The Attorney-General of the United States has held that the inhibition on depositing postal savings funds in non-member banks applies only to funds available for deposit on and after the date when the system went into operation, consequently withdrawals from non-member banks have not been made except to meet the demands of the service.” 14 Com. & Fin. Chron., A. B. A. Conv. Suppl., Oct. 14, 1916, p. 192.

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