1912 registered cover from postal savings system, glastonbury, ct to hartford
1912 postal cover sent from the Postal Savings System of Glastonbury, CT to Hartford, CT. The letter was sent registered mail "No. 1733," and it also has "37141" marked in red ink on the front. It is postmarked with cancellations clearly reading June 17, 1912 (sent from Glastonbury) and June 17, 1912 (received in Hartford) and is franked using one 10c (Scott O126) official postal savings stamp on a 2c official postal savings stamped envelope. 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. The legislation 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 began offering 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!We Currently Have Other U.S & Worldwide Postal History Up For Auction - Check Out These Listings HereExplore All Our eBay Store Items - Check Out These Listings HereTerms and ConditionsUS Shipping is $4 for up to 5 (Five) covers, $6 for 6 (Six) or more covers. For multiple wins, please do not pay until you receive our updated invoice reflecting these rates.International Shipping is $14 for up to 5 (Five) covers, $16 for 6 (Six) or more covers. For multiple wins, please do not pay until you receive our updated invoice reflecting these rates.PayPal preferred, or contact us for other options. Shipped within 5 days of cleared payment.We try to describe items accurately. Please contact us immediately if there is problem with your purchase.Member APS, USPCS. 20+ Years Buying and Selling on eBay.Item #ES-A18
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