FRANK H. HITCHCOCK - TYPED LETTER SIGNED 08/12/1911 - HFSID 26434
FRANK H. HITCHCOCK As Postmaster General, he sends instructions on the new US Postal Savings System. Typed Letter signed: "F. H. Hitchcock" as Postmaster General, 2 pages (separate sheets), 8x10½. Washington, D.C., 1911 August 12. On official letterhead to Postmaster, Milton, Pennsylvania.
Sale Price $324.00
FRANK H. HITCHCOCK
As Postmaster General, he sends instructions on the new US Postal Savings System.
Typed Letter signed: "F. H. Hitchcock" as Postmaster General, 2 pages (separate sheets), 8x10½. Washington, D.C., 1911 August 12. On official letterhead to Postmaster, Milton, Pennsylvania. In full: "I beg to inform you that your post office is designated to be a postal saving depository beginning September 12, 1911. Copies of the regulations and instructions governing the operation of depository offices and the regulations adopted for the guidance of depository banks, together with certificate of deposit forms, savings cards and stamps, and all other necessary printed forms and supplies will be sent to you under separate cover. The postal savings work should be placed in charge of a competent employee, preferably one who has executive experience in one of the financial divisions of your post office. All employees who will be assigned to the postal savings work should at once be required to obtain a thorough knowledge of the provisions of the regulations and instructions, and of the forms to be used. To assist them in so doing, a post office inspector has been directed to visit your office before the date above indicated, who will explain the operation of a postal savings deposit. The name of the employee in charge should be promptly reported to this office. You will be later advised as to the disposition which will be made of your postal savings receipts. All communications to the central office of the Postal Savings System must be addressed, 'Postmaster General (Postal Savings System), Washington, D.C.' Please acknowledge receipt of this letter. Respectfully". Frank Harris Hitchcock (1867-1935) headed the Republican National Committee before becoming President Taft's Postmaster General (1909-1913). As US Postmaster he introduced parcel post to compete with private express companies, established the first air mail service, and cracked down on mail fraud. In the late 19th century, several West European nations established postal savings systems, aimed at attracting small savers at a time when banks catered mainly to large depositors. The United States operated a postal savings system from 1911 to 1966. These accounts were initially limited to $500, and paid 2% annual interest. Unlike bank deposits at the time, these deposits were backed by the "full faith and credit" of the US government. The creation of the Federal Deposit Insurance Corporation in 1934 eliminated this disparity, but the postal savings did not reach its peak ($3.4 billion in deposits) until 1947. Toned and lightly creased. Mailing fold through center. Otherwise, fine condition.
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