Wednesday, June 8, 2016

The things you learn


Sat., April 15, 1933 - Mom and I washed the car this a.m.  Took Grussmother to Norfolk with us this p.m.  We went to Jochens and Strate first.  I withdrew $150 from my Postal Savings for Grussmother and Grussfather.  We went to bed early tonite.
Sun., April 16, 1933 - Easter.  To S.S. and church.  A large crowd was there for the Easter services.  We worked jig-saws this p.m.  Uncle Hans and Aunt Lena came about 4:30.  I took the car with me again today.  I went to church with the folks.  The league gave a program this evening.  It was very good.
Mon., April 17, 1933 - A real spring day.  Alfred was sick this p.m.  Mrs. Schermer came after him.  I got a ride to school with Earl Miller.

I had never heard of Postal Savings until reading this diary entry.  I almost glossed right over it, thinking there was "nothing to see here".  But, I gave it a go and found the following on wikipedia:

     The United States Postal Savings System was a postal savings system signed into law by President William Howard Taft and was operated by the United States Post Office Department, predecessor of the United States Postal Service, from January 1, 1911 until July 1, 1967. The system paid depositors 2 percent annual interest. Depositors in the system were initially limited to hold a balance of $500, but this was raised to $1,000 in 1916 and to $2,500 in 1918. At its peak in 1947, the system held almost $3.4 billion in deposits. The system originally had a natural advantage over deposit-taking private banks because the deposits were always backed by "the full faith and credit of the United States Government." However, because the Federal Deposit Insurance Corporation gave the same guarantee to depositors in private banks, the Postal Savings System lost its natural advantage in trust.

     From 1921, depositors were fingerprinted. This was initially 'not to be associated with criminology' but in some instances the Yours Truly, Johnny Dollar radio show in the early 1950s suggests Postal Savings account fingerprints were used for positive identification in criminal cases.

Note the date on the photo above -- fairly close to April 1933.  How lucky is that?

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