The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1910-06-23
ANOTHER
TRIUMPH
FOR TAT 7
POSTAL SAVINGS BANK
BILL JAMMED THROUGH
SENATE
..-----f------
MEASURE INCLUDED IN
ADMINISTRATION SCHEDULE
--~--@----
Most Of Insurgents Joined with
Regulars In Voting
for the Bill
tBy Associated press.)

tby ASSOcldtHu bfeASJ
Washington, ID. G., June 23,-After
voting down several amendments, the
senate Wednesday decided "A to 25 TO
concur in the house amendments on
the postal savings bank bill and thus
look the last legislative step neces-
saFy to the establishment Of postal
savings bank system in the United
States
The measure was included In the
administration schedule and its pass
age marks another triumph for Pres
ident Taft.
In accordance with the program
agreed upon, the voting began at 8
o'clock and the bin was passed a
quarter Of an hour afterwards
Most Of the insurgent Republicans
joined with the regulars in supporting
the measure in the final action on
it, but Senator Bristow, Senator Cum
Minis and Senator La Toilette refused
TO yield and cast their ballots in the
negative with the Democrats. Sena-
tor Chamberlain cast the only Demo
cratic vote for the bill.
The postal bank bill as it goes to
the president, provides for the desig-
nation of post offices as postal saw
ings depository offices. The open
ing of such repositories is left to the
discretion of board Of three trus-
tees consisting of the postmaster
general and secretary of the treas
ury and the attorney general. This
board Is given complete control OF
the repositories and their funds. As
1t will require considerable time for
the board to prepare its regulations
it Is impossible at this time to pre-.
dict when The postal bank will be
In operation.
With these repositories any person
over 10 years of age may make de
posits OF funds amounting to one dol
lar or multipes OF that amounts. Pass
hooks Will be issued to depositors
and interest allowed at the rate of
per cent per annum. No person is
to be permitted to deposit more thar
| $500 in any month nor to be allowed
to haze exceeding $500 to his credit
at any time. The withdrawal o
funds is to be PERMITTED at any time
The postal savings funds, thus ac
cumulated, are to be placed In state
and national banks in the communi
ties in which the deposits are made
and the banks are to be required tt
pay IA per cent interest. Five pc
cent OF the total deposits Is to bt
! held by the treasurer Of the United
| States as reserve to guarantee thu
payment OF depositors.
Banks are to be required to deposi
security IN the shape of public bondi
to insure the safety OF the deposits
There is a provision authorizing th'
withdrawal of 80 per cent of the de
poslts for investment in government
bonds and depositors are permitted
to transmute their deposits into bond
when they so desire.
There also is a special provision
authorizing the investment in bond
of the remaining 65 per cent of th
savings funds. but this step Is to b
taken only when directed by the pre-
ldent in the interest OF the genera
welfare.
Postmasters in fourth class office
are TO be given additional compensa
tion for their services In connectio
with the repositories and postal sa,
ings accounts In the banks are to b
kept separate from all other az
counts. One hundred thousand do
lars Is appropriated to carry the prt
posed law into effect and 10 estal
lish the - OF the repositories.
1t Is ly declared in the bi
itself the following:
THE faith OF the United States
solemnly pledged to the payment (
deposits made In postal savings d
pository offices, with accrued inte
est thereon as herein provided