DEPOSITORS AND DEPOSITS 
89 
that the few such limitations which existed in the 
case of mutual and stock savings banks during 
the period of this controversy were more liberal 
than the existing postal savings act, and, with 
the exception of Massachusetts, more liberal 
than those proposed in the original Moon bill. 27 
2. The second argument was that the restric 
tions were not only resulting in the keeping in 
hoards of the millions of dollars of savings of 
postal savings depositors which were in excess of 
the $500 maximum, but also of many millions 
more representing the savings of persons who 
would deposit nothing in the postal savings banks 
if they could not deposit all. It has been pre 
viously pointed out that in 1915 more than 30,- 
000 depositors had reached the $500 limit, and 
that of this number 22,000 were foreign born. 
The Postmaster-General said in his annual re 
port for 1913: “A conservative estimate indi 
cates that more money has been refused by the 
postal savings system than has been accepted.” 28 
Director Weed of the postal savings system in 
1913 stated it as his belief that not less than $30,- 
27 A table showing by States the statutory restrictions on 
the amount that savings banks may receive from depositors 
is published in the Cong. Rec. for Aug. 28, 1914, p. 14,382. 
Of the 48 States (and the District of Columbia) 36 had no 
restrictions whatever, and three of the others merely author 
ized the banks to impose restrictions if they should desire. 
28 Page 27.