The Robesonian., 1910-06-27
POSTAL BANK BILL.
What it Provides Pipe Line
to Speculative Centers.

to Speculative Centers.
The course of Republican Sena-
tors who voted last Wednesday
against the Postal Savings Bank
bill is said in a Washington spec
ial of the 22d to the Baltimore
Sun to have been dictated by
positive information that it is the
deliberate intention of President
Taft to use all the postal savings
funds, if necessary, to take off
the hands of the banks of the
country the outstanding 2 per
cent. bonds if the latter fall be-
low par as a result of the issu-
ance of the new q per cent.
bonds provided for in the Postal
Savings Bank bill.
In the debate of the bill in the
Senate Wednesday Senator Bris-
tow said that the bill creates a
pipe line to the speculative cen
ters for the money from all over
the country"
! Mr.. Simmons denounced the
bill as an ''abject and humiliating
surrender to the banks and pre-
dicted that before the end of the
next campaign the bill would be
the most unpopular law ever
passed by the Republican party,
mot excepting the spurned, re-
jected and trampled-upon Payne
| Aldrich Tariff law"
The Postal Bank bill, ,as it goes
to the President, provides for
the designation of postofices as
postal savings repositories. The
+ opening of such repositories is
). left to the discretion of a board
Of three trustees, consisting of
!, the Postmaster General, the Sec
retary of the Treasury and the
Attorney-General. This board is
. given control of the repositories
and of their funds. AS it will re-
quire considerable time for the
board to prepare it's regulations,
; it is impossible to predict wher
. the postal banking system viii
: be put in operation.
:, In these repositories any per.
son over 10 years Of age may
! make deposit of funds amounting
= to$1 or multiples of that amount
. Pass books will be issued to de
\ positors and interest allowed a
% % the rate of 2 per cent. per annum
s Noperson is to be permitted
o. o. to deposit more than S1O0 in any
: month nor to be allowed to hav'
% exceeding$500 to his credit at an.
y time. The withdrawal of fund
! is to be permitted at any time
le Regular Banks to Hold Funds
N The postal saving fund thus &C
h cumulated are to be placed i
J. State and national banks in tn
a. communities in which the de
er posits are made and the bank
le are to be required to pay 24 pc
of cent. interest. Five per cent. Q
ne the total deposits is to be hel
by the Treasurer Of the Unite
States as a reserve to guarante
the payment of depositors. Bank
are to be required to deposit Sc
al curity in the shape of publ
oh bonds to insure the safety of d.
II, posits. There is provision a,
oll thorizing the withdrawal of ;
es per cent. of the deposits for il
rs vestment in Government bono
ay and depositors are permitted
r. transmute their deposits in
81. bonds when they so desire.
ne There also is special provisic
lal authorizing the investment
ms ms bonds of the remaining IS p'
oo cent. of the saving funds, b
III. this step is to be taken on
'es when directed by the Preside
ne in the interest of the gener
MS welfare.
3 3m Postmasters in fourth-class O
l7e 90 fees are to be given addition
n ~ compensation for their servic
81 af and postal savings accounts
~ ~ the banks are to be kept SEP
III n rate from all other accounts. O
~ hundred thousand dollars is q
Ios I propriated to carry the propos
' law into effect and to {
tablish the first of the deposit'
80 les. 1t is expressly declared
ma the bill itself that ''the faith
in the United States is solemn
er- pledged to the payment of
lim deposits made in postal savin
af depository Offices with accru
'ys interest thereon as herein prov
I of ed.
en-
,wn Fair Bluff Has New Warehou