Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-06-10
HOUSE PASSES GARDNER BILL
AND SENATE is EXPECTED 4
TO CONCUR.
TWENTY-FIVE DEMOCRATS
VOTE WITR REPUBLICANS
Party Measure is Put Thru Without
Dissenting Vote From Majority
Members-Much Discussed Measure
Soon Will Become Law-son,e Of It's
Provisions.
Provisions.

ings are assured at last. The house of
representativeslas last evening passed the
Gardner bill establishing postal deposi-
taries. The senate will discard it's bill
out conference. With the signature
Of the president the measure will be-
come a law.
There was not a single republican
who bolted the party upon the measure.
Twenty-Five democrats-two of whom,
Foster and Sabbath. are Illinoisans-
considered that the wishes of their con-
stituents justified them in insurging
against the rule of Champ Clark, min
ofity leader.
AS announced by Speaker Cannon,
the final vote which passed the bill was
1875 in favor. OF and 1o2 against The
following were the democrats who
voted with their republican colleagues:
Aiken, of South Carolina; Ansberry,
of Ohio; Ashbrook, of Ohio; F'oss, of
Massachusetts; Foster, of Illinois;
New York; Henry, Of Texas; Hitch
COCk, .Ol A<eUIdShd, I1u6ASs, VI >SSN
Jersey; Kinkaid, Of New Jersey; Nc
CURE, of Nebraska Martin, Of Color
ado; Moss, Of Indiana; Nichols, Of
Pennsylvania; Ransdell, of Louisiana;
Rucker, of Colorado; Sharpe. of Ohio;
Taylor, Of Colorado; SABBATH, Of Illinois;
Sulzer, Of New York; Tou Velle, Of
Ohio.
To meet the need Of the communities
the original Gardner bill. which was
approved by the administration. pro-
vided that 47k per cent of all deposits
should remain in the localities where
deposited, 47k per cent should be AT
the disposition Of the postal savings
| trustees for investment. and the rest,
5 per ce..e, should constitute a reserve
! to be held const stamtlyr in the natt1onat
treasury. The republicans In caucus
declined to permit the withdrawal OF
such a large percentage from the COM
munities. In order to, get legislation
it was necessary to compromise, and
the bill as it passed the house provides
that 65 per cent of the amount OF the
postal savings funds shall remain in
the localities where deposited. 80 per
cent may be withdrawn by the trustees
for investment, and the reserve OF .
per cent, recognized as an absolutely
essential feature of successful banking,
stands without change.
Description System Created.
In view of the prospect that the
house bill will become law. 1t is in
teresting to describe the system 1t
creates. 1t provides for the organlza-
ton of a board of trustees for the con-
troll and administration of the postal
savings depository offices, the board
to consist of the secretary OF the treas
ury, the postmaster general. and the
attorney general, acting ex-officio.
The board is authorized to designate
such postoff;ces as it may select to be
depository offices which are required
to receive deposits of funds from the
public. Accounts may be opened by
any person of the age of 10 years Or
over, and by a married woman in her
own name and free from any control or
interference by her husband.
Befofe an account can be opened,sa 1T
least 81 must be deposited and to help
a person to acquire this sum, special
stamps may be bought for 10 cents
each. No person can deposit more
than 500 in any one calendar month,
and the balance any one person may
have never can exceed $500, exclusive
of accumulated interest. Interest at
the rate of per cent per annum will
be allowed on all deposits.
Banks Must Secure Government.
The postal savings funds must be
deposited in solvent banks, whether
national or state, and subject to ma
tional or state supervision and exam
ination, and the sums deposited must
bring interest at the rate of not less
than "a per cent per annum. The
banks must secure the government by
public bonds supported by taxing pow
err The amount deposited in any one
bank shall at no time exceed the
amount Of the paid in capital and one
half the surplus Of such bank.
Five per cent of all funds must be
transferred to the national treasury as
a reserve. Not more than 80 per cent
of the amount of the funds may be
withdrawn by the trustees for inyest-
ment in bonds or other securities Of
the United States.
Sixty-five per cent OF the deposits
must remain in the. communities where
made. This money can be withdrawn
for investment in bonds or other Sc
curities Of the United States only by
direction Of the president.
Any depositor by surrender Of his
deposit may receive United States cou-
pons or registered bonds OF the denom-
nations Of s24, $4s, $72, 800. and $500,
which shall bear interest at the rate
Of 2A per cent per annum and re-
deemable at the pleasure OF the United
states otter one year from the date
Of theft issue.
Deficiency Bill Before House. 1
Washington. June 10.-The general
deficiency bill carrying 35,735.573. was
reported torthe house today. This II Q
reelection of s$2iss.5Ss from DE esei-
mates submitted by the various de-
part1nents to meet the de3ciencies f6r
the cWTOnt year, The larfeo& iiadtvidJ