1912 Official Mail from Postal Savings System in WDC to Fremont, NB (Scott UO72)

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1912 Official Mail from Postal Savings System in WDC to Fremont, NB (Scott UO72):
$10.00

1912 Official Mail postal cover sent from the Postal Savings System in Washington, D.C. to Fremont, Nebraska. It is postmarked with a cancellation clearly reading September 6, 1912 (Washington, DC) and isfranked using a 2c official postal savings stamped envelope (Scott UO72 Entire). It is a Very Fine pre-WWI piece ready to enhance any collection of U.S. covers.

By way of background, an Act of Congress on June 25, 1920, established the Postal Savings System in designated Post Offices, effective January 1, 1911. Thelegislation sought to get money out of hiding, attract the savings of immigrants accustomed to saving at Post Offices in their native countries, provide safe depositories for people who lost confidence in banks, and furnish more convenient depositories for working people. The system paid two percent interest per year. Initially, the minimum deposit was $1, and the balance in an account could not exceed $500, excluding interest. Deposits were slow at first, but by 1929, $153 million was on deposit. Savings spurted to $1.2 billion during the 1930\'s and went up again during World War II, peaking in 1947 at almost $3.4 billion. After the war, banks raised their interest rates and beganoffering the same governmental guarantee as the Postal Savings System. In addition, U.S. savings bonds gave higher interest rates. Deposits in the Postal Savings System then declined, dropping to $416 million by 1964. On April 27, 1966, the Post Office Department stopped accepting deposits to existing accounts, refused to open new ones, and cut off interest payments as the annual anniversary date of existing accounts came up. The system officially ended on July 1, 1967.

Another Extremely Fine Piece of Postal History!

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Item #ES-A181