Postage Stamps
a term employed to indicate not really a stamp or impres- sion, but a printed label pasted on pack- ages and letters to show that the cost of carriage has been already paid. Such sion, but a printed label pasted on packment or by carrying companies. The ages and letters to show that the cost term in the main is restricted to stamps of carriage has been already paid. Such issued by stable governments, and in stamps may be issued by the governsuch case the stamps have a recognized value in accordance with the amount indicated on their face. The two main divisions are adhesive stamps and stamps actually engraved in the envelope. The adhesives are placed on the matter to be delivered, and this has been the method in vogue since 1840, when Rowland Hill conceived his uniform Penny Postage plan and succeeded in having it ages in proportion to the distance covestablished in Great Britain. Up to that ered, and these charges often mounted to time it had been the custom to charge for the transportation of letters and packa considerable sum, such as "twelve pence" or 24 cents for a distance of 250 miles. The charges were also usually not prepaid, and there was frequent loss to the carrying company in cases of refusal of payment on the part of the addressee. The great growth in corof refusal of payment on the part of tion and the trifling cost involved in the production of stamps guaranteed its success from a financial point of view from the start. tion and the trifling cost involved in the spread to other countries, and was gradually taken up by the governments of the different nations with the assumption by these governments of the national POSTAL SAVINGS-BANKS • forwarding of letters. The recognition of the Universal Postal Union, which issued rules governing the issue of international postage stamps, the character of their designs, and the value represented by them, was the final development in the issue and use of postage stamps.
While the varieties of postage stamps are many, their characteristics are restricted within certain defined limits. Its shape is usually square, but it may take other forms, and its size has remained very much as it was in the original issue. In recent years it has become a practice in several countries to celebrate national events by the issue of commemorative stamps. The vogue has been greater in American countries than in more conservative Europe, where, in the case of monarchies, it has been the custom to print the monarch's head on the stamp. Though stamps have not greatly differed in their designs since the first issue, there has been a great development nt in the modes of their production, in proportion to the growth in general correspondence. In general the earlier designs, being engraved by hand, are superior to the later ones, and are more valued by the collector apart from the rarity. The collecting of stamps, styled philately, has long had an international vogue particularly among young people.
POSTAL SAVINGS-BANKS have been in successful operation for several years in many Old World countries, and public opinion favoring their establishment in the United States, has grown steadily stronger. In the Presidential campaign of 1908 the scheme was indorsed by all the political parties. It had the support of both Presidents Roosevelt and Taft.
Postmaster-General Meyer pointed out that 98.4 per cent. of all the savingsbank deposits in the United States are in 14 States, and only 1.6 per cent. in the other 34 States; and that while there was one savings-bank depositor out of every two inhabitants in New England, there was only one out of every 157 inhabitants in the rest of the country, New York State alone excepted. A postal savings-bank system was started in the Philippines on June 30, 1909, which in 1910 had 13,102 accounts and $839,623 on deposit. President Taft's exertions to secure the enactment of a postal bank law were unsuccessful in 1909, in part owing to the opposition to the project raised by the American Bankers' Association; but in June, 1910, the desired bill was passed by Congress. This creates a board of trustees composed of the Postmaster-General, the Secretary POSTAL SERVICE of the Treasury, and the Attorney-General. They are to select the post-offices at which deposits may be received. Deposits from one person must not exceed $100 a month or $500 in all. An account may be opened with $1. Interest will be paid at the rate of 2 per cent.
Depositors may exchange their deposited money for government bonds paying 2½ per cent., to be issued in denominations of $20, $4 $20, $40, $60, $80, $100, and $500.
The post-offices are to deposit 65 per cent. of the money in National and State banks of the vicinity, which are to pay 24 per cent. for the use of it, and give acceptable security. Five per cent. of the deposits must be held by the Secretary of the Treasury as a cash reserve; and not more than 30 per cent. may be withdrawn by the Government, at the direction of the President, for investment in Government bonds.
The system was inaugurated at one post-office in each of the 48 States, including New Mexico and Arizona, and in 1911 was extended to the larger cities.
See Article UNITED STATES: Section PosT OFFICE.