New-York tribune., 1910-05-10
THE EDAyINWASHINGTOV

I pasTAI, SAVINGS BANKS-The Re-
nublican members of the House Committee
on Postoffces have come to a Verpal
agreement on a postal savings bank Dill
which they expect to report as soon as the
sundrv civil BILL the last but one of the
hig appropriation bills is passed. The
House bill will limit individual deposits to
$500: will authorize the deposit of the re-
ceipts of the postal banks in national ana
state banks and their investment in gov
ernment securities. and in bonds of states
and OF municipalities which have the tax
ing power: but a reserve fund OF per
cent of the total deposits shall be kept
in the Trea sury at all times. Investment in
indemnity bonds is prohibited The trus-
tees are authorized at any time to devote
a per cent of the~funds of the postal banks
to the redemption of federal bonds or to
the purchase of bonds of any new issue.
An entirely new provision requires that
all new issues of United States bonds, for
refundine or a new loan, shall be in de-
nomina tions of S24 and multiples thereof.
This is designed to afford a convenient
form of investment for those of moderate
means The depositor who manages to
save g a month. for instance, could pur-
chase a bond each year. The House lead
ers are proceeding on the theory that it
is their duty to pass the best possible bill
without regard to the difficulty which may
be encountered in inducing the Senate to
accept such a measure.
ADMINISTRATION AND A CENTRAL
BANk.-Officials Of the administration took
pains to-day 10 make it clear that neither
the President nor the Secretary of the
Treasury either fer or against a CEN
tral bank of issue. 1t is declared that
when President Taft made his Boston
speech too much emphasis was placed on
his remarks about a central bank, and
that he is anxious all shall understand
that his position is absolutely neutral. He
and Mr.. MacNeagh take the ground that
Congress has accepted the responsibility of
formulating a new scheme of monetary re-
organization through the Monetary Com
mission. and that it would be highly unwise
for them TO attempt to reach any con-
clusion in advance of the commission. They
prefer TO approach the report of the com
mission with an open mind and assert their
determine ton not only not to commit them
selves TO any specific proposition, but to
remain mentally neutral on the question.
FINE ARTS COMMISSION. - Sena tor
Root succeeded to-day in inducing the Sen
ate to accept the conference report on the
Fine Arts Commission despite the lamenta-
tons of Senator Hepburn and the protests
Of Senator Bailey. Mr.. Hepburn believes
art a useless ''folderol,' and Mr.. Bailey
declared a city should just grow without
the interference of artists. Mr.. Hepburn
expressed qualification that the Capitol and
the Congressional Library are excepted
from the supervision Of the commission
and the canons of art and regret that the
members OF the commission are not to be
confirmed by the Senate. Mr.. Root ex-
planned that inasmuch as the members
are to serve without compensation it would
hardly be proper to ask them TO await con-
frrnation by the Senate. The measure ap-
propriates $1,000 to meet the expenses of
the commission.
APPEALS TO SYMPATHY.-Mrs. Charles
". Morse. the wife OF the convicted banker.
made the round Of the House Office build
ing to-day begging signatures to a petition
for executive clemency for her husband.
She secured about eighty signatures among
them being those of Representatives Par
sons, Olcott, Wiley and Loudenslager.
Members admitted that they found it ex-
t,emely hard TO refuse the eloquent appeal
which this brave woman is making for her
husband whatever might be their personal
opinion of the justice of his sentence
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