Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1910-07-01
SENATE PASSES THE
POSTAL BANKS BANKS BILL
ALI Amendments Defeated and
Bill Goes Through A
to "a.

Washington, d. c., June 25.-Aftei
voting down several amendments the
senate yesterday decided, Al to "a, TO
concur in the house amendments to the
postal savings bank bill and thus took
the last legislative step necessary to
the establishment Of a postal savings
bank system in the United States. The
measure was included in the admin
~istration schedule and its passage
marks another triumph for President
Taft.
In accordance with the program
agreed upon yesterday. the voting be-
gan at S o'clock and the bill was passed
a quarter of an hour afterwards. Most
Of the insurgent republicans joined with
the regulars In supporting the measure
in the final action on It but Senators
Bristow, Cummins and La Toilette re-
fused to yield and cast their ballots In
the negative with the democrats. Sem
ator Chamberlain cast the only demo-
cratic vote for the bill.
Previous to the voting there was
much discussion Of the bill. The first
Of the speakers vas Senator Bristow, of
Kansas, who said he would rather stay
in Washington a month longer than
accept 1t. He asserted that a majority
of the votes of the house bill would be
cas- by senators who wanted no postal
savings legislation. Concluding, he
said that "the bill creates a pipe line
to the speculative centers for the money
from all over the country"
Senator Simmons denounced the bill
as IAN abject and humiliating surrender
to the banks" and predicted that be-
fore, the end OF the X campaign the
bill would be the most unpopular law
ever passed by the republican party,
not excepting the sru-nea, rejected a2a
trampled upon Payne-Aldrich tariff
law"
Declaring that the house had rejected
1900 ro,y,.z g., xtLfoh IHn -Apnrz nod
made especial endeavor, Senator
Hughes read articles from newspapers
declaring that the president had threat
ened to veto the river and harbor and
public buildings bill if the house postal
savings bank bill should fail of accept
know whether the contents Of the pork
barrel" should be more potent in in
%fluencing senators than the require
ments Of the constitution.
Synopsis Of the Bill.
The postal bank bill, as it goes to the
president, provides for the designation
Of postoffices as postal savings depos-
itory offices. The opening Of such de-
positories is left to the discretion of
a board of three trustees, consisting Of
the postmaster general, the secretary OF
the treasury n the attorney general.
This board is given complete control OF
the repositories n of their funds.
In these repositories any person over
10 years Of 2ge may make deposits of
funds amounting to 81 or multiples of
that amount. Pass books will be issued
to depositors and interest allowed at
the rate of 2 per cent per annum. No
person is to be permitted to deposit
more than 800 in any one month, nor
to be allowed to have exceeding $500
to his credit at n time. The with
drawal Of funds is to be permitted at
any time.
The postal savings funds thus &C.
cumulated are to be placed in state and
national banks in the communities in
which the deposits are made, and the
banks are to be required to pay 2A
per cent interest. Five per cent of the
urer Of the United States as a reserve
TO guarantee the payment of de-
positors.
Banks Must Secure Deposits.
Banks are to be required to deposit
security in the shape of public bonds
to ecure the safety of deposits. There
is a provision authorizing the with
drawal Of 80 per cent of the deposits
for investment in government bonds,
and depositors are permitted to trans
mute the deposits into bonds when they
so desire.
There also is a special provision au-
thorizing the investment in bonds Of the
remaining So per cent of the saw
ings funds. but this step is to be taken
only when directed by the president in
the interest of the general welfare.
Postmasters in fourth class offices
are to be given additional compensa-
ton for their services in connection
with the repositories, n postal sav-
ings accounts in the banks are to be
kept separate from all other accounts.
One thousand dollars is APP
propriated to carry the proposed law
into effect and to establish the first
Of the repositories.
1t is expressly declared in the bill
itself that 1.-THE faith of the United
States is solemnly pledged to the pay
ment of the deposits made in postal
: savings depository offices with accrued
interest thereon as herein provided"
Two Other Rills Pass.
No sooner had the Senate disposed
of the postal savings bank bill than
there ensued a spirited contest among
senators for precedence in the inter-
est of other measures. Among the
prominent bills before the Senate there
were three candidates for first place on
the calendar. These were the Appala-
chan forest reserve bill, the irrigation
reclamation bill and the campaign pub
licity bill. Senat Brandigee, in charge
OF the Appalachian bill. was first to
obtain recognition, and on a roll call
his bill was made the unfinished bust
ness. Satisfied with the attainment OF
this advantageous position. he gra-
ciously gave way for the presentation
of the other two measures and both
of them were passed in a little more
than 80 minutes time.
The reclamation bill authorizing the
issuance of $40, 000, 900 in certificates of
Indebtedness to aid in the completion
OF government irrigation projects under
way was called up by Senator Lodge,
of the committee on finance, from
which 1t was reported. Senators Lodge,
Smoot and Bailey were appointed con-
ferees on the bill to adjust differences
with the House.