Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-06-22

the president and he Is anxious that
they shall be put on record as early
as possible.
Mr.. Taft fatty announced that sena-
tors voting against the house bill would
be understood as simply opposing any
system Of postal banks at all. and
therefore repudiating the party's plat
form pledge In this respect 1t is the
administration attitude that the senate
bill gives special privileges to the banks
privileges to which the banks are not
entitled. A patriotic view of the ques-
ton, the White House believes, calls
for the investment OF as much Of the
money connected In the banks as pot
sible in government securities.
The house bill calls for the deposit of
S5 per cent Of the postal deposits in
local banks and this is thought ample.
In fact, it was originally urged that
this should be cut down to 47h per
cent.
Child Of Caucus.
The house bill was hammered out in
republican caucus with patience and
no little difficulty The insurgents
turned in and worked with will which
the president will not forget. Victor
Murdock, the Kansas fire eater" did
the hardest work Of all. The insur-
gents finally voted for rule to put the
measure thrl-a legislative practice
they had sworn to kill. The president
appreciated these services and has an
nounced that the administration will
stand by the house measure to the end
Opposition to the postal bank bill
comes first from the country bankers
of the middle west and they have been
bonn harding their senators and repre-
sentatives with letters and kilograms
ever since the bill first came up. The
second source Of opposition is from the
surety bond group. or guaranty COM
panies. These companies want an
amendment written into the bill re-
quiring banks to give indem nifty bonds
for postal deposits. The president Is
strongly opposed to any such proposi-
ton, and has let his views on the sub
ject be known in an unmistakable
manner.
Senate Makes Onslaught.
Agreeing to vote at 5 o'clock today
on the Carter motion to concur IN the
house postal savings bank BILL the SEN
ate adjourned al o'clock last night
after a day devoted largely to an on
slaught upon the house measure. A
number Of amend1pents were offered,
but the "old guard" OF regulars was on
duty and each assault was successfully
resisted, the majority ranging from SIX
to eight votes. Word was circulated
early in the session that the president
desired the house bill and the message
undoubtedly had an influence in main
tanning the measure intact
All the amendments were directed to
the section Of the house bill relating to
the deposit and withdrawal OF the
postal bank funds by the government.
The general contention was that the
house bill contemplated the withdrawal
Of the funds from the local banks for
'transference to the large eastern banks
and to the national treasury. hile u
was urged that tho senate bill would
hold the money at the home banks ex-
.cept in case of war. or other con- con-.
tingency.
Is Bond Plan beaten.
The firstt Of: the amendments dispos-
ed of was offered by Senator Bacon,
ana provided for the. striking out OF
the provision authorizing the use OF
the postal bank deposits for the pur-
chase of bonds. Supporting his own
amendment, Mr.. Bacon declared that
the provision of the house was an en-
tering wedge In the interest OF the
xreat central bank. He said the n
nanciers OF Wall street could have
written nothing more to their own lik-
ing.
Mr.. Percy took advantage Of the op-
portunity to make g. general speech
charging the postoffice department with
false economy in failing to increase the
rural free delivery service to meet the
demands Of the country. Incidentally
he charged that the political power OF
the postofrice department is being vast
ly increased to the detrinent OF the
country.
The amendement was voted down by
a majority of 6, as was the next
amendment, which was offered by Mr..
Cummins and which. required the de-
positories should be selected In accord
ance with the general rude.
The suggestion which received most
attention provided for a requirement OF
indemnity bonds from postal savings
repositories. This is the provision in
the senate bill, while the house re-
ouires the deposit Of bonds as security.
The amendment was favored by Sena-
tors Cummins and Bristow and opposed
by Messrs Burton and Carter
Mr.. Bristow declared that the house
provision would preclude the possibility
Of country banks becoming depositor-
les. as it would require them to pre-
fer one depositor over others. which
the state laws would not permit. IN
stead of being a source Of strength In
the next campaign. 1t would be a cause
Of weakness to the republican party,
he said. The vote against the amend
ment stood ~ to SO.
A similar fate met an amendment by
Mr Cummins, restoring the senate pro-
vision authorizing the withdrawal OF
the deposits from the local banks only