Los Angeles herald., 1910-06-23
POSTAL SAVINGS
BANK BILL WATTS
TAFT'S SIGNATURE
Senator Chamberlain Only Demo-
crat to Vote for the Ad-
miniStration Measure
PRESIDENT AGAIN VICTORIOUS
House Amendments Adopted in
Senate by Vote of
"a to 25
PRESIDENT AGAIN VICTORIOUS
Associated Pressl

WASHINGTON, June 22.-After vot-
ing down several amendments, the SEN
ate today decided, A to 25, to concur
in the house amendments to the postal
savings bank bill, and thus took the
last legislative step necessary to the
establishment Of postal savings bank
in. the United States.
The measure was included in the ad-
ministration's schedule, and its pass
age marks another triumph for Presi-
dent Taft.
In accordance with the program
agreed on yesterday, the voting began
at 5 o'clock and the bill was passed
fifteen minutes later.
Most of the insurgent Republicans
Joined the regulars, but Senators Bris-
tow, Cummins and LaFollette cast
their ballots with the Democrats. Sem
ator Chamberlain cast the only Demo-
cratic vote for the bill.
BRIsTow OPPOSES IT
cussion of the bills. The first speaker
was Senator Bristow of Kansas.
Concluding, he said: 1.-THE bill Gre
ates a pipe line to the speculative CEN
ters for the money from all over the
country"
Mr. Simmons denounced the bill as
ian abject and humiliating surrender
to the banks" and predicted that be-
fore the end of the next campaign the
bill would be the most unpopular law
ever passed by the Republican party,
mot excepting the spurned, rejected
and trampled-upon Payne-Aldrich tar
iff"
Mr.. Carter declared it's provisions
were along the lines marked out by
many bills presented since the begin
ming of the agitation for postal saw
ings banks.
FINAL DRAFT
The postal bank bill, as it goes to the
president, provides for the designation
of postoff1ces as postal savings depos-
itary offices. The opening of such de-
positaries is left to the dicretion of a
board of three trustees, consisting of
the postmaster general, the secretary
of the treasury, and the attorney gen.
eral. This board is given complete
control of the depositaries and of their
funds
AS it will require considerable time
for the board to prepare it's regula-
tions it is impossible at this time to
predict when the postal banks will be
in operation.
In these depositaries any person
more than 10 years of age may make
deposits of funds amounting to 81 or
multiples of that amount Pass books
Will De lSSu6Q 10 QepOS1IOIS dllu lAlSl
est allowed at the rate of per cent
No person is to be permitted to deposit
more than $100 in any month nor to be
allowed to have exceeding $500 to his
credit at any time.
The withdrawal of funds is to be
permitted at any time.
The postal savings funds thus ac-
cumulated are to be placed in state
and national banks in the communities
{,1 faI1
the banks are to pay therefor 2A per
cent interest.
RESERVE FUND
Five per cent of the total deposits
are to be held by the treasurer of the
United States as a reserve fund to
guarantee the payment of depoSitorS.
Banks are required to deposit public
bonds to insure the safety of the de-
posits.
A provision authorizes the with
drawal of 80 per cent of the deposits
for investment in government bonds
and depositors are permitted to trans
mute their deposits into bonds when
they desire. /
There also is a special provision au-
thorizing the investment in bonds of
the remaining 65 per cent of the saw
ings funds, but this step is to be taken
only when directed by the president.
Postmasters in fourth class offices
are to be given additional compensa-
ton for their services in connection
with the depositaries and postal saw
ings accounts in the banks are to be
kept separate from all other accounts.
One hundred thousand dollars is ap-
propriated to carry the proposed law
into effect and to establish the first of
the depositaries. The bill contains the
following:
"The faith of the United States is
solemnly pledged to the payment of
deposits made in postal savings de-
positary offices, with accrued interest
thereon, as herein provided"