The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-03-05


funds may be withdrawn from the
banks in which they are deposited, was
the technical subject of discussion dur
ing the entire sitting, and during that
time there were many rather acrid ex-
changes of views.
Senator Root dwelt strongly on the
necessity of protecting the credit of the
country. Mr.. Carter strongly second
ed Mr.. Roots appeal, and drew an.
even more vivid picture Of the posi-
bility of an unexpected national need
for funds.
Both Senators Clay and Cummins
charged Mr.. SmOOt with inconsistency
in originally presenting an amendment
prohibiting the withdrawal of the
postal funds from the local banks and
following that UP with another pro-
vision authorizing such Withdrawals,
should the government need such
funds.
Senator Smoot Defends His Course.
Mr. Smoot defended his course on
the grounds that he had been con-
WINGED of the unconstitutionality of the
proposed law without provision bring
ing it within the borrowing clause of
the constitution. Senator Carter said
frankly that his change of position was
due to the parliamentary necessity of
putting the bill in shape TO insure its
passage.
Answering questions by Mr.. Clapp,
Mr.. Root said his amendment cOntem-
plated the investment of the postal
funds in bonds to be issued hereafter.
He said he hardly thought the postal
savings board would approach invest
ment in the S730.000000 existing 2 per
cent bonds, as some had feared.
Appealing for candid treatment OF
the question, Mr.. Carter, in charge of
the bill, said even if the postal funds
should be invested in government Sc
curities little harm could result, as
most of the funds would consist of
money now boarded.
Would Defeat the Bill.
He declared that the acceptance of
the Cummins amendment would insure
the defeat of the bill. and appealed to
all friends of the legislation to yield
their personal opinions.
Mr.. BOrah supported the Cummins
amendment. He said the Smoot pro-
vision would be a constant threat to
every bank taking the postal money;
that those who would divert the legis-
latiOn from the purposes for which ii
was Instituted must take the RESPONSE
bility for the defeat of the bill.
The proposition pending, Mr. Clapp
declared, was totally different from the
original postal savings bank design.
and he warned Republicans that the
time would come when excuses would
not be taken for broken party
hedges"
Mr.. Clapp expressed surprise at Mr..
'arter's support of the SmOOt amend
nent. declaring that in many years
association with the Montana Senator
he never had heard him advocate the
use of the postal funds for the pur-
chase of bonds.
Senator Carriers Position.
81 am now, and have always been,
In favor of the deposit of postal funds
in the local banks" responded Mr..
Carter.
IF such a provision is necessary,
then the bill should be defeated" re-
torted Senator Clay.
! Mr.. Clay called attention to the fact
that the Senate had adopted the orig
inal amendment unanimously, and
urged the recOmmittment of the bill
Calculating that under the provisions
of the bill there would be ten millions
of depOsitOrs, Mr.. Gallinger predicted
! a serious condition in time of financial
excitement.
''All the depOsitOrs would demand
their money" he said. land when they
found that the government had it. /
think there would be war right there"
THAT might be, if the depositors had
no confidence in the government" re-
piled Mr.. SmoOt, but we assume they
would have"
Not necessarily So" replied Mr.
Gallinger, IF they were aliens, as the
depositors, many of them, would be-"
Just a fair amount of persistence
half enough TO win at most other things
and your classified advertising campaign
will sell your property.