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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II - The postal savings bank act of 1910

Collection:: Economics Books

> 36 POSTAL SAVINGS legislation. Local communities throughout the country under the leadership of local bankers and of the Postal Savings Committee of the Savings Bank Section of the American Bankers Associa tion were not backward in letting their represen tatives in Congress know that, if postal savings banks were to be established, they desired the deposited funds to be kept at home, and at all costs to be prevented from flowing to Wall Street. (5) The investments must take such a form as to make the postal savings bank system constitutional. In the light of these postulates, let us consider some of the salient points in the progress of the investment provisions of the Pos tal Savings Bank bill through Congress. According to the bill as it stood a few days be fore its first passage in the Senate, the funds re ceived on deposit were normally to be deposited (except for a small cash reserve fund at Wash ington), at not less than 2J per cent interest, in banks situated in the locality where the deposits were received, “substantially in proportion to the capital and surplus of each such bank”; and the money was not to be withdrawn except to pay depositors when demanded. These deposits were to be secured by such indemnity bonds as the Board of Trustees might prescribe. A bank might deposit acceptable collateral in lieu of an

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