"...In 1910, Congress created a postal savings system. The Post Office offered small savings accounts to individual Americans. The system boomed during the Depression and World War II, with a balance of more than $3 billion in 1947 — almost $30 billion in today’s dollars. But F.D.I.C. insurance of private bank accounts removed the advantage of security from the postal savings system, and its fixed 2 percent..."
This Article is From: www.nytimes.com
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