Norwich bulletin., 1910-06-10
Passed by House
1876 to IOI
TWENTY-FoUR DEMOCRATS vOT-
ED WITH REPUBLICANS.
POSTAL SAVINGS BANK BILL
Passed by Big Majority-Democratic
Substitute Rejected 1856 to 113-En-
tire Session Devoted to Debate.

Washington, June BY the over
whelming vote of 1875 to 101 the house
today passed the postal savings bank
bill Twenty-four democrats Joined
the republicans in voting for the final
passage of the bill.
The democratic substitute for the
bill of the majority was rejected lib
to 1e6. This action followed an entire
session devoted to debate upon the
subject of postal savings bank legisla-
tiOn-
Sundry Civil Appropriation Bill in the
Senate.
Afler agreeing to the conference re-
port on the river and harbor bill, the
senate today took up the sundry civil
appropriation bin, but adjourned with
feeling was manifested over the action
of the conferees in abandoning some of
the items inserted by the senate. The
provision in the bill eliminating the
house restriction on the use of funds
for prosecutions under the antitrust
law, SO as to make them inapplicable
to peaceable combinations, wage earn
ers, etc., was the subject of consider
able criticism, but ultimately it was
accepted by a two-thirds majority.
Towards the close of the day an
amendment appropriating 100000 to
permit the president to investigate the
government with a view to greater
economy was adopted but not without
vigorous debate. The provision was
opposed by Senators Bacon, Clay and
Bristow.
How Deposits May Be Made.
Under the terms of the postal saw
fngs bank ball passed by the house to-
night a board of trustees is created,
consisting of the postmaster general,
the secretary of the treasury and the
attorney general, who shall declare
what postoffices shall become postal
n
banks made by any one person shall
not be more than 500 a month or ex-
ceed in total $780, An account may be
opened with 81, but stamps of ten
string to accumulate money to be de-
posted. On deposits per cent inter-
est per annum is to be paid
Any depositor so desiring can ex-
change his deposits for government
bonds to be issued in denominations of
$40. $40, $50, $50, 800 or $500, to bear
interest at IL per cent per annum.
Disposition of Accumulated Money
The money accumulated in the postal
savings banks is to be deposited both
in national and state banks in the vi
cinfty of the postoffices tin w-icl1 the
money is deposited by the peopIe, such
banks to pay 2 Ia per cent. interest.
Five per cent. of the total deposits
is to be retained by the secretary of
the treasury as q cash reserve. Not
more unan 50 per CENT OF IleSe OepOS-
it's may be withdrawn by the gov ern-
ment at any one time for investment
in bonds of the United States, the re-
naming 65 per cent to remain ON de-
posit in the banks.
What Banks Are Required to Do.
The banks are required to give as
security for the deposits they receive
public bonds or other securities sup
ported by the taxing power" which re-
stricts such securities to some form of
national, state municipal or other such
bonds approved by the board of trus-
tees in charge of the postal savings
banks.
Substitute for Senate Bill.
The bill passed by the house is
substitute for the senate bill, differs
from the senate measure in many par
ticu1ars, chiefly in respect to the ma
ture of securities that may be given
by banks for the deposits of postal
savings funds received by them. In
addition to government, state and
municipal bonds various other classes
of securities, such as mortgages, ETC.,
NAV be received.