Coeur d'Alene evening press. (Coeur d'Alene, Idaho) 1907-1929, 1910-06-23
POSTAL SAVINGS
BANK BILL PASSES
Is Anofher Of tte Administration
Measures 20 Become .

al savings Dank Dill ana thus TOOK the
last legislative step necessary to the
establishment OF postal savings
bank system in the United States.
The measure was included in the
administration schedule and it's pas
sage marks another triumph for
President Taft.
In accordance with the program
agreed on yesterday the voting began
at o'clock and the bill was passed
Is minutes later.
Most Of the insuEgent republicans
Joined the regulars in supporting the
measure in the final vote. but sena-
tors Bristow, Cummins and La Fol-
lette refused to yield and cast their
ballots with the democrats. Senator
Chamberlain cast the only democratic
vote for the bill
Bitter Opposition Develops.
Before the vote there was much
discussion of the bill. The flrst
speaker was Senator Bristow OF Kan
sas, who said he would rather stay
in Washington a month longer than
accept it. He asserted majority OF
the votes for the house bill would be
cast by senator's who wanted no
postal savings legislation.
Concluding, he said:
THE bill creates pipe line to the
speculative centers for the money
from all over the country"
Senator Cummins denounced the
bill as ian abiect and humiliating
surrender to the banks and pre-
dicted that before the end of the
next campaign the bill would be the
most unpopular law ever passed by
the republican party, mot excepting
the spurned, rejected and trampled
upon Payne-Aldrich tariff law. "
Declaring the house had rejected
every feature for which the senate
had made endeavor, Senator Hughes
read articles from newspapers de-
claring the president had threatened
to veto the rivers and harbors and
public buildings bills If the house
postal savings bank bill should fail
Of acceptance by the senate. He de-
handed to know whether the con-
tents of the pork barrel should be
more potent in influencing senators
han the requirements of the Consti-
ution.
Carter Defends the Bill.
Senator Carter defended the bill.
Letting the contention that the bin
as an entirely new measure he de-
AIRED its provisions were along the
mes marked out by many bills pre-
pnted since the beginning of the
citation for postal savings banks,
e said, though the bill differed
pmewhat from the senate bill. it
as the result of compromise and,
lille not representing the views OF
ny one senator or number of sena-
prs. it was still an expression OF
pe dead level sentiment OF all
Senator Carter admitted his desire
have the bill amended in some
lrticulars, but declared such a
'urse impractieable so late In the
ssion. He expressed confidence that
measure would prove an unmixed
essing to struggling men. women
d children"
Provisions of the Bill.
The postal bank bill, as II goes to
president, provides for the desig-
tion of postofices as postal saw
5 depository offices. The opening
such depositarIes is left to the dis
etion of board OF three trustees
Insisting of the postmaster general
secretary of the treasury and the
orney general. This board is given
mplete control of the depositaries
4 of their funds. AS it will require
nsiderable time for the board to
epare its regulations ii Is impos.
lie at this time to predict when the
stal banking system viii be in op'
tion.
IN these depositaries any person
r 10 years OF age may make de.
tits of funds amounting to 81 OF
ltiples of that amount. Passbook'
be issued to depositors and in
est allowed at the rate OF pei
T. No person Is to be permitted K
posit more than sIOO in any month
to be allowed to have exceeding
70 to his credit at any time. Tn.
Ehdrawal Of funds Is to be permit
at any time.
The postal savings funds thus &C
nulsted are to be placed in stat
national banks in the communi
In which the deposits are mad
the banks are to pay thereto
4 per cent interest. Five pc
Of the total deposits are to b