The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-04
NAY BEAT POSTAL BANK BILL
DEWOCRlTJC iNr INSg RSENT
SENiTOPS GET FOGFTHFR.
Republican Leaders NogSied over IRE
outlook tho q ornblna ton Adopts AZ
Amendment the Leaders Opposed ~ \
vote ~ 50 90 Ss--Nesr on DW Ta-slaN

wAsHNoroS. March Republican
leaders ~ ,hc Sen.te ere worried tonight
over tke outlook for the Admin istratior's
pcs'al sevlnEs bark measure The ~
surgents and the Democrats of the Senate
got together to-day and with the support
Of several Republicans Senator. who
have h>en Identified heretofore With the
ma jorny apparently took charge 81 the
sitlAtion
An amsndmsnt offered hy Senator
Cumrn,ns OF Iowa md r, sisted nv Senator
Carter ~ Montars who n n charge ~
the bill and by tho Senate leaders. Who
have been N conference for ssveral days
reconseTucting the measure. YRS adopted
by a vote Of > TO 81
Az 81 thc Democrats twenty-five IN
number and siyts.n Republicans stood
together O,hsr amendments have been
proposed and ~ - declared that this com
binaticn 81 Senator'S will he found working
IN harmony on many Of these essential
features ~ the bill Practically an ~ tho
Democrats will vote sgnirs' tho bill on
the FINAL roll call There - danger that
the hill will be amended 70 such an extent
with she ard Of rho full DEMOCRATIC vote
that Republican S~nators row in favor
Of tho measure nav Nnally decline 20
give ~ their support which would ~
courtN mean ,hc defeat ~ tire hill
Senators Dolrver md Curnmins 81
Iowa led the ,nsurgent ctteck upon the
fern ~ The Administration measure
Senator rolhver partlcula riv show I'd his
disposition 20 make 'he situation IN
pieRssr 10th for President TAT snd Vhe
organi zafion leaders N the Senate Az
one point N his speech he practically
che racteri zed President Taft n m ANA
'eur Ne re,d from = crrcular issued by
,he National CIV Bsnk and described
the members % The Sensts - mere rawns
, in = game that wrs be'ng played nv ths'
ard other hig financial ,nstitut'cns
IRE senate ives 20 have voted On the
rostal ~ ,ings hill today. hut nv unsn nj
NOUS consent y took q recess - $40
O'Clock until - S0o'clock to-r1orrow morn
ing when consideration NJ 'Ne several
proposed amendments vin be resumed
, II - expected that a vote on the bill will
he cached az tomorrow = session
The amendment 'har oCcssiored r.l,,st
OF the discussion to-day vas offered nv
Senator Smoot ~ Utah This amend
mem provides that in time 81 war or any
emergency involving the pubic credit
the President NAV IN his judgment
Withdrew all or any part NJ the postal
funds iron hSnks End invest them IN
bonds or other securt - ~ the Govern
men1
The sn-oot Amendment was aggrcssIvey
assaIIed Ivy insurEent and Democratic
Sena .prs. who minated that lts purpo@e
was 70 Permit the Withdrawal ~ postal
"A
their investment certain IN Govsrnn. nj Sc
curiti~S The icea that money invested
would eventually rnd IT, way 20 Wall
street ana other money centres was the
hugaboo that worried some ~ the Western
senators
senator Gore Of Oklahoma charged that
the purpose 81 the Amendment was vsiled
He declared that no nation IN tho entiTe
history 81 the VOID had ever bought lpDndS
IN time ot MAR. Nas his contention
that ali countries becorle vendors instead
/ Of purchasers Of bonds in periods 81 war
in reply senator Srioot said his amend
ment anticipated rte iss'iRnce ~ bonds
in tune ~ wav. and he made the potnt
that tho investment OF postal funds IN
Government bcncS NJ high rates OF in
teress Wou'd b" m the interss' ~ 'hr t,e-
pceItcr
substitute amendment was offered
by senator Cumrnins proposing 20 limit
the power Of the President TO a withdrawal
OF postal fu.Ids and their investment IN
Government securities Ia \ time ~ actual
warfare The Amendment would take
away from the Prsaldent tho broad 4is-
Creticn Civ On 10 hIm Under the Srnnot
compromiSN annsndrnsnt 10 invest rostal
savings IN Cover nmen' bonts whenever
IN his opin;cn the III 81 The country
vas IN tanCcT The GtIrntnins substitute
amendment was t~lng debated ~hen the
senate took \ rerers Il vas evident that
n will revoke further debate Tomorrow
ard nat the vote on It viii be clos"
The Cymmias 1-aendIl"nt which vas
adoY'ai bv vote ~ rs ~ 81 prpvided
f,- the striking from the bill ~ tho pro
VISION Tor an ad~puate reserve aGaInst
losses and The ~nlAT cement cG the fund
10 he created from interests IN deposits
, 70 include re- -niv me -pa~ = de- ~s,tors
the exr.ud't'ir~N ard Ut Ner charges - the
syst@ul bur also -lNs-~s generally The
Repuhhcans Who voted with tho Demo
Gratis IN support Il the tunmIns amend
rnen' - ere BeverIdCe Brown, B,ITkett
Clamp. Crawford Do,nVSr NcC'Imh~r
poTah Burrows gmfnIns. Dixon. Gam
bic Jones La Toilette. Sutherland and
Narner
senator Deliver IN MS vigorous speech
Rs~allinE the till before the Sepsts do
> olared that h" was IN favor Of Fuch a la~
a. was advocated bv the Republican
nav,onAl convention The convention in
MS opinion did not commit itself to such
a Law as - proposed IN the bal hetors rh'.
senate He sarcastic allV expressed pItv
for the noo- bankers Vno had taken rhe
s7nn ~ 0p - per cent bonds ISSUED
bv .- Government y has been Pref
den, IS contention thai thess postal
ssviu-- oank funds nTSh' 10 be used 20
take - Fn~ bonds Thch have been forced
upon t1e bankers
1T vas not very long ago said senator
| poiliver -tha, the President ~ the United
States. referring To the unhappy situation
Of these bankers left with s1n' ooo n"o ~
! ? Der cent bonds IN their hands said
III vas Just a little brnoo game " Inch the
Government played and " "a necessary
that N any legislation thai comes along
re should take ARE - that ISSUE II , Ger
cent bonds The question - one thai vii
J doubtless invoke a great deal ~ Discus
sion
We'll excis in~d Senator Dolhver
, 4 should think 3, would II - gong to
invoke not 2 nly god deal ~ discussion
IN th.a chamber M N che House ~ Repre-
sents tives h'i' y ~ going ~ excite = very
! large intereer among that portion % our
Z people who have left q sufficient Inde-
psodenrs 81 mind and thought 10 care