The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1910-06-23
POSTAL BANK BILL
UP TO PRESIDENT
Chamberlain Was Only Democrat to
Vote For 5lll--Three Insurgents
Vote Against II.


Washington, June 23.--After voting
down several hundred amendments the
senate yesterday decided, A to 25, to
concur in the house amendments to the
postal savings bank bill and thus took
the last legislative step necessary for
the establishment of the postal saw
ings bank system in the United States.
The measure is included in the admin
istration schedule and its passage
marks another triumph for Taft.
In accordance with the program
agreed on Tuesday, voting began at 5
o'clock and the bill was passed a quar-
ter of an hour afterwards
Most "insurgent republicans joined
with the regulars in supporting the
measure in the final action, but Bris-
tow. Cummins, and LaFollette refused
to yield and cast their ballots in the
negative with the democrats.
Chamberlain cast the only demo-
cratic vote for the bill.
Previous to voting there was much
discussion Of the bills. The first of
the speakers, Bristow Of Kansas, said
that he would rather stay in Wash
ington month longer than accept.
He asserted that majority of the
votes for the house bill would be cast
by senators who wanted no postal saw
ings legislation. Concluding he said,
"the bill creates pipe line to the
speculative centers for money from
all over the country
The bin as 1t goes to the president,
provides for the designation Of post
offices as postal savings depository
Offices. The opening of the deposit
tories is left to the discretion OF
board of three trusteess the post
master general. secretary Of the treas
ury and attorney general. The board
is given complete control over the de-
positories and their funds AS 1t will
require considerable time for the board
to prepare the regulations, It is I'm
possible now 70 predict when the sys-
tenn will be in operation.
In the repositories any person over
ten years may make deposits Of funds
of the amount of one dollar or multi
pies, and pass books will be issued to
depositors and interest allowed at the
rate of per cent No person will be
permitted to deposit more than 500
in any month nor have exceeding $500
to his credit at any time. The with
drawal of funds to be permitted at any
time.
The postal savings funds thus ac-
cumulated are to be placed in the
state and national banks in the com
munities then deposits are to be made
the banks to be required to pay 2h
per cent. Five per cent of the deposits
are to be held by the treasurer of the
United States as a reserve to guar
antee the payment of depositors.
The banks are required to deposit
securely in the shape Of public bonds.
In the provision authorizing the with
drawaI Of 80 per cent of the DEPOSITS
for investment in government bonds
the depositors are permitted to trans
mute their deposits into bonds when
desired.
A hundred thousand dollars Is ap-
propriated to carry the law into effect
to establish the first repositories.
It is declared in the bill the follow
ing:
"The faith of the United States is
solemnly pledged to the payment of
the deposits made in postsl savings de-
pository offices with accrued interest
thereon as herein provided"