82 
POSTAL SAVINGS 
satisfactory collateral to pledge for deposits of 
postal savings bank funds, it was averred, would 
be mitigated by the facts that the range of se 
curities allowed by law is very wide and that 
many banks would be owners of acceptable se 
curities, while others could borrow such securi 
ties. Apprehension that large sums of money 
would suddenly be withdrawn from other banks 
for redeposit in postal savings banks in times of 
panic was said to be in some degree lessened by 
the following considerations: (1) many of the 
most timid depositors, especially the foreign born, 
would keep their accounts in the Government 
banks; (2) banks receiving saving deposits gen 
erally reserve the right of requiring notice of 30 
days or more for the withdrawal of any consider 
able sums; (3) no one was to be permitted to de 
posit more than $100 in any one calendar month 
in a postal savings bank nor to have a deposit 
balance (exclusive of interest) of more than $500. 
Since the enactment of the Postal Savings 
Bank act there has been no national financial 
crisis of a character to put this question to a severe 
test. The crisis of August, 1914, was not one 
that reached the masses of the people. Up to 
date there have been very few instances recorded 
in which money has been withdrawn in any con 
siderable amount from banks, in time of stress,