The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1910-03-11

washington, March Z. - Dividing
,roctically upon party lines, the Sen
a.o Of the close of the third session OF
.,o legislative day of March 3, passed
.bo administration postal savings bank
bill
Of the 70 votes cast, so were in ia
,,or of the bill and % against it. The
NEGATIVE votes were cast by Demo
rats even McEnerny, who had voted
with the Republicans throughout the
consideration of the bill, deserving to
bis own party. Chamberlain of Ore.
CON was the only Democrat who stood
with the Republicans in favor of the
bill.
Local Banks Depositories.
As it goes to the House the bill au.
tborizes the various money order de-
nartments in the postoffice to accept
sums of one dollar or more from de-
nositors and to deposit these sums in
the local banks, where the money is to
remain. unless withdrawn by the pres
idpnt in case of war or other exigen-
cies.
In case of this withdrawal the funds
are to be invested in government Sc
curities, but with the proviso that such
securities will not draw less than 2A
ner cent. interest. The control of the
funds is vested IN a board of trustees
composed of the postmaster general,
the secretary of The treasury and the
attorney general. The aggregate bal
ance allowed to any depositor is $500,
and no person is permitted to deposit
more than 500 in any one month.
The government is required to pay
2per cent interest and must exact not
less than "a per cent from the banks,
the extra one-quarter of one per cent
being required for the payment of ex-
penses and losses.
1t is calculated that such a law will
bring much money out of hiding and
result in fund ranging all the way
from s5OO,OOO,OOO to $1,000, 100000.
Beginning at 11:45 o'clock the SEN
ate's session continued until 1850 D. M,
and practically all this time was de-
voted to the consideration of amend
ments
Cummins' Amendment Lost.
Almost Immediately after the session
began the first vote was taken. This
was on the Cummins amendment to
the Smoot amendment, upon which
Yesterdays debate waged so fiercely.
Inc Smoot amendment looked to the
authorization of the withdrawal from
Inc local banks of the postal funds in
case OF war or other exigency, and
Vummlns sought to modify it by MAX
ing 1t apply to war as the only exigency
IuSt1ylng Withdrawals.
lne Cummlns provision went down
" de1eat, the affirmative. vote being
cast by the so-called "insurgent" Re-
puOLcans and half-dozen Democrats,
WIN the single exception of Senator
NcOumDer, stalwart Republican.
Later IN the day, and after consid-
eiaOle debate, the Smoot amendment
"@S adopted after it had been modi-
n0u ny tne insertion of an amendment
:HIouuced by Senator Borah, direct
iHs mat the funds withdrawn should
nv De invested in government securi-
neS carrying less than PA per cent in
Interest
trust Companies Included.
Two other important amendments
1e also adopted. One of these was
ssested by Bailey and would permit
hr Slhdrawal of postal fund deposits
~ Tue original depositors upon de-
rnA uu' and the other by Senator Gal
h 49, specifically includes savings
bsnh As and trust companies doing a
tsA aAins business among banking insti-
MUM a.'Ons permitted to accept deposits of
postal funds
el,,as lnsurgent' Republicans were
pose, over the acceptance of the
will modification. They contend it
mon. W minimum the govern.
tDn d. securities in which the postal
Won. !, nay be invested and will pre-
tho s Tue national banks from using
clss. .unds to relieve themselves of a
with =, VI securities that are not popular
tho ~, snem' Mr.. Carter, in charge of
BoroS S''i' made no objection to the
Was amendment. The provision
'S Is agreed to, 40 to II.
doma 'erai amendments were voted
ore.s, the most important being one
s ny owen of Oklahoma, intend
and ID substitute for the whole bill,
man, ncn provided for the establish
'Snk deposits. sNA' "n'7e nA''0nA'
NlOR 1AnMAc - ~ a--