The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-03-06
UPPER HOUSE
MAKES GOOD
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able debate, the Smoot amendment was
adopted after it had been modified by
the insertion of an amendment, intro
duced by Senator Borah, directing that
the funds withdrawn should not be in
vested in government securities carrying
less than "a per cent interest, the rate
required from the banks. AS adopted,
the amendment, in the shape of a pro-
visO, reads:
when, in the Judgment Of the Presi-
dent, war or any other exigency involving
the credit of The government, so requires,
the board of trustees may withdraw all
or any part of said funds from the banks
and invest the same in bonds or other
securities of the United States; provided,
that no part of said funds shall in any
event be invested in bonds or other Sc
curities bearing interest at less than
pa per cent per annum.'
Two Amendments Accepted.
Two other important amendments
were adopted today. One of these was
suggested by Senator Bailey and would
permit the withdrawal of postal fund
deposits by the original depositors
'upon demand" and the other, by Sem
ator Gallinger, specifically included
savings banks and trust companies do
ing a banking business among the
banking institutions permitted to ac-
cept deposits of postal funds.
much elated over the acceptance of the
Borah modification. They contend that
it will reduce TO a minimum the gov
eminent securities in which the postal
funds may be invested, and will pre-
vent the national banks from using the
funds to relieve themselves of a class
of securities that are not popular with
them.
Mr.. Carter, in charge of the bill,
made no objection to the Borah amend
ment.
The provision was agreed to. 4s to IL.
Several amendments were voted down.
the most important being one offered
by MIR. owen, of Oklahoma, intended as
which provided for the establishment
of a fund 10 guarantee national bank
deposits
Sharp Discussion.
The sharpest discussion of the day
arose over Mr.. Gallinger's amendmen mt
including savings banks and trust COM
panies in the specific terms of the bill.
1t was bitterly opposed by Mr.. Hey
burn and. in less degree, by Mr.. Bailey.
Mr.. Hepburn said that If this pro-
vision were retained the bill would be
repudiated by the people. Mr.. CAL
linger eontended that to include uncer-
tain state banks and exclude the most
stable banks of the country would be
inconsistent.
Another amendment looking to a
change Of phraseology called out a
bitter assault by Mr.. Hepburn. 1t pro-
vided that no interest should be COM
puted on fractions of a dollar. 1t was
adopted after extended debate. The
Idaho senator contended that the banks
would gain immensely by the provision,
and declared it showed an utter disre-
gard for the interests of the poor
people.
During the debate Senator Page made
reply TO recent estimate of Senator
Bailey that 10000 additional govern
ment employees would be necessary if
the biz became law. Mr.. Page said
that 500 men could do the work.
Replying, Mr.. Bailey said that the
work would be so distributed over the
country that it would be impossible to
get along without a large extra force.
Democratic Speeches.
number of Democratic senators.
including Messrs. Gore, Stone and Ba-
con, spoke in opposition to the meas
ure. They saw in it the forerunner of
legislation as unconstitutional.
Mr.. Bacon contended that the bill
had been absolutely revolutionized by
the Scott amendment. He argued that
owing to the latitude allowed to the
treasury department the postal funds
would be contained in the big banks.
Quoting a speech OF President Taft in
dicating a purpose to utilize the postal
funds in taking care of two per cent
bonds, Mr.. Bacon said:
Does anyone suppose that in view
of the Presidents position the bill will
become a law with the Borah division
as part Of it?"
There was little apparent interest on
the floor or in the galleries as the time
approached for taking the vote. Sem
atOr McCumber. who was presiding,
created the only ripple. when. by mis-
take, he said after Senator Cullom
had moved an executive session, "the
galleries will be killed and the doors
closed" meaning. of course, to say the
galleries woud be cleared and the doors
closed.
The postal savings bank bill had
been before the Senate since the 2Sth
of January.
The postal savings repositories are 10
be kept open for the transaction of bust
ness every day. Sundays and legal holt
days excepted, during the usual postof-
flee hours
1t is provided that the postmaster gen.
eral may limit at first the number of
repositories to money order offices OF
See Westminster Heights Bungalows
End Of Sugar House car line.