The funds so received are to be deposited in national and state banks at 2-1/4 per cent. interest. Five per cent. of these deposits may be withdrawn and kept in the Treasury of the United States as reserve. Before becoming a depository, the bank must furnish as security government, state, or municipal bonds, the limit of deposits being an amount equal to the paid-up capital and one-half the surplus.... Not over 30 per cent. of the amount of such funds may be withdrawn by the trustees for investment in United States bonds, and it is the intent of the act that the residue of such funds amounting to 65 per cent., shall remain on deposit in the banks in each state and territory willing to receive the same under the terms of the act, but may be withdrawn for investment in bonds under the direction of the President, "when in his judgment, the general welfare and interests of the United States so require." Provision is also made for the conversion of savings bank deposits into United States bonds, at the request of depositors. "POSTAL SAVINGS BEHIND THE SCENES" Speech of Hon. Carter B. Keene, Director of the United States Postal Savings System at the Banquet of the Investment Bankers Association of America at Denver, Colorado, Tuesday evening, September 21, 1915. _Mr. Toastmaster and Gentlemen:_ I appreciate very highly your invitation to speak here to-night, also the words of commendation from your presiding officer. I have often wondered whether the fact that I am the only director of a big savings institution has anything to do with the ability of that institution to pay every depositor his money on demand. (Laughter and applause.)... The toastmaster was wrong when he said that postal savings has nothing to do with investment bankers. We have a great deal to do with them. Indirectly, we are one of their best customers. More than ninety-four million dollars in bonds are now with the Treasurer of the United States as security for postal savings funds, and you gentlemen have largely supplied the banks with these bonds. Sixteen million dollars are in State and Territory bonds; city, town, and village bonds amount to forty-six millions; county bonds nine; miscellaneous bonds ten; and bonds of the United States Government and its dependencies thirteen....