The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-10
Bill viii Now Become Law
After Final Conference
Report Is Made
BOARD OF TRUSTEES IS
CREATED BY MEASURE
Shall Become Savings Banks and
Accounts May BE Opened
with Ten Dollars

| Washington June BY the over
whelming majority of 1876 to 101 the Houss
tonight passed the postal savings banl
bill as recently agreed upon by the re-
publican caucus of the House Not aN
single republican voted against the meas
ure on the final roll call.
Prior to the action the House by 113
to 1876 rejected the democratic substitute
| for the bill proposed by the minority.
The voting upon the several motions
involved in the disposition of the meas
ure followed six hours of debate, in
which many republicans and democrats
recorded their views upon the bill of
the majority and the substitute supports
| ell by a large part of the minority.
The large detection among the demo-
Gratis was shown when the democrats
substitute was voted upon 81 of them
Joining the republicans in voting against
the measure. most of whom were OPP
| posed to a postal savings bank system
of any kind
The democrats were Brantly of Geor-
gia, Broussard of Louisiana, Burgess of
Texas. Carlin of Virginia, Flood OF
Massachusetts, Garrett of Tennessee.
Gill of Maryland, Gillespie of Texas,
Hammond of Minnesota, Harrison of New
York, Hay of Virginia, Jameson of Iowa.
Korbly of Indiana, Lamb of Virginia,
Latta of Nebraska, McHenry of Penn
sylvania, Moon of Tennessee, Slayden Of
Texas. Talbot of Maryland and Turn
bull of Virginia 90
i On the republican side Norris Of Ne.
n braska. insurgent. was the ~ msnber
who voted with the democrats for their
substitute On agreeing to the bill as
proposed by the majority of the House
as a substitute for the Senate measure
the vote was 175 to 105.
On this vote 26 democrats joined tho
republicans, as follows: Aiken of South
Carolina, Ansberry of Ohio, Ashbrook
of Ohio. Cox of Ohio. F'oss of Massa-
chusetts. Foster of Illinois. Hammond
OF Minnesota. Hanna of North Dakota.
| Haven of New York, Henry of Texas,
Hitchcock of Nebraska, Hughes of New
Jersey. Johnson of Kentucky, kinkead
os New Jersey, Mcguire of Nebraska,
| Moss of Indiana, Nichols of Pennsyl-
vania. O'Connell of Massachusetts. Pou
of North Carolina Ransdel of Louis
lana, Rucker of Colorado, SABBATH of ILL
Taylor of Colorado and Touvelle of Ohio.
Six republicans Joined the democrats
in voting against the proposed bill of
the majority, as follows: McGrinna OF
North Dakota. Hubbard of Iowa, Lem
root of Wisconsin. Nelson OF Wisconsin.
Norris of Nebraska and Wood of Iowa.
After motion of Moon of Tennessee to
recommit the bill to the committee which
reported it had been defeated the House
voted on the final passage. the vote being
1876 to 10l "a democrats voting with the
republicans as follows; Aiken. Ansberry,
Ashbrook, Cox, Moss, Foster Hammond.
Havens of New York. Henry of Texas.
Hitchcock, Hughes, Kinkead. Mcguire,
Martin. Foss. Indiana. Nichols, O'Con-
nell, Ransdel. Rucker SABBATH. Sharp.
Sulzer, Taylor. Touvee.
Workings of the Bill
Washington, June 9-Under the terms OF
the postal savings bank bill, passed by
the House tonight. board of trustees Is
created, consisting of the Postmaster Gem
eral, the Secretary of the Treasury and
the Attorney General, who shall declare
what postoffices shall become postal saw
ings banks. Deposits In these banks made
by any one person shall not be more than
500 a month or exceed a total of $500. An
| account may be opened with $40. but
stamps OF 10 cents each will be issued
| for those desiring to accumulate money to
be deposited. Interest at the rate OF 2
per cent per annum is to be paid. Any
deposltor so desiring swap his de-
posits for government bonds to be issued
in denominations of $50. s4o $50, $50. $io0
and $500, to bear interest at the rate of ~
per cent per annum. The money accunlur
lated at the postal savings bank Is to be
deposited In both national and state banks
In the vicinity of the postoffices in which
the money Is deposited by the people
such banks to pay "a per cent interest,
Five per cent of the total deposits is to
be retained by the Secretary of the Treas
ury as a cash reserve. Not more than 30
per cent of these deposits may be with
drawn by the government at any one time
for Investment in bonds of the United
States, the remaining 65 per cent to re-
main on deposit in the banks.
The banks are required to give as se-
curity for the deposits they receive pub
lie bonds or other securities supported by
the taxing power" which restricts such
securities to some form of national. state.
municipal or other such bonds approved
by the board of trustees in charge of the
postal savings banks.
The bill passed by the House as sub
stitute for the Senate bill differs from
the Senate measure in many particulars,
chiefly In respect to the nature OF securf-
ties that may be given by banks for the
deposits of postal savings funds received
by them. In addition to the government
state and municipal bonds, various other
classes of securities, such as mortgages
etc, may be received.