Postal savings

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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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112 POSTAL SAVINGS The tendency of the total number of depository banks to decline is due to a number of causes among which may be mentioned : ( 1 ) the plethora of moneyed capital during the past two years, which has made deposits of postal savings funds unattractive to many banks, requiring as they do the pledge of collateral and the payment of 2| per cent interest ; ( 2 ) the discontinuance of postal savings banks in many communities; 11 and (3) the legislation discriminating against banks which are not members of the Federal reserve system as depositories. This last item calls for further discussion. The Federal Reserve act, as originally enacted, contained a clause to the effect that no govern ment funds nor postal savings funds should be deposited in the continental United States in any bank not belonging to the Federal reserve sys tem. 12 This provision was construed by the At torney-General to permit the continuance in non- member banks of postal savings balances already on deposit, but to prevent the making of any fur ther deposits in such banks. 13 The discontinu- 11 Supra, pp. 53-54. 12 Sec. 15 of act. 13 Concerning this subject the Third Assistant Postmaster- General said in his annual report for 1915 (p. 12): “No deposits have been made in non-member banks since Novem ber 16, 1914, the day the [Federal reserve] system went

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