CHAPTER  II

The  Postal  Savings  Bank  Act  of  1910
Passing  now  from  the  general  arguments
which  played  an  important  rôle  in  the  agitation
for  a  postal  savings  bank  system  in  the  United
States,  we  may  consider  the  chief  provisions  of
the  organic  act,  which  was  passed  by  Congress  in
June,  1910,  paying  some  attention,  wherever  it
would  be  helpful,  to  the  legislative  history  of  the
provision.  These  provisions  will  be  taken  up  in
the  following  order:  administrative  organization;
deposits  and  withdrawals  ;  rate  of  interest  on  deposits; ­
  and  disposition  of  funds,  including  investment, ­
  and  deposit  in  banks.  Under  the  last  item
will  be  considered  the  question  of  the  constitutionality ­
  of  a  postal  savings  system,  a  subject
closely  related  to  that  of  the  investment  of  funds.
Administrative  Organization
For  “the  control,  supervision,  and  administration ­
  of  the  postal  savings  depository  offices”  and
of  the  funds  received  on  deposit,  the  act  created
a  Board  of  Trustees  consisting  of  the  Post-