Daily press. [volume] (Newport News, Va.) 1896-current, 1910-06-23
MARKS ANOTHER VICTORY
FOR PSESlOENT TAFT
L asst Legislative Step is Taken on
Proposed Statute Included in the
Administration Schedule-OnIy One
Democrat Casts Ballot With the
Majority and Eight insurgents.
CRy Associated Press.D

WASHINGTON. ID. c., June "a
After voting down several amend
ments, the senate today decided. A TO
20, TO concur in the house amend
ments to the postal savings bank bill,
and thus took the last legislative step
necessary to the establishment of
postal savings bank system of the
United States. The measure was in
Guided in the administration schedule
and its passage marks another
triumph for President Taft.
In accordance with the program
agreed upon yesterday, the voting be-
gan at o'clock and the bill was
passed a quarter of an hour after
ward.
Favored by One Democrat.
Most of the insurgent Republicans
joined with the regulars in support
ing the measure in the final action
on it, but Senators Bristow, Cummins
and La Toilette refused to yield and
cast their ballots in the negative with
the Democrats. Senator Chamberlain
cast the only Democratic vote for the
bill.
Previous to the voting there was
much discussion of the general merits
of the bill.
Mr.. Simmons. of North Carolina, de-
nounced the bill as IAN abject and
humiliating surrender to the banks
and predicted that before the end of
the next campaign the bill would be
the most unpopular law ever passed
by the Republican party, mot except
ing the spurned. rejected and trampled
I,p0u Davpo- fdrich tariff law
Presidents Threat.
Declaring that the house had re-
jected every feature for which the
senate had made especial endeavor.
Mr.. Hughes. of Colorado. read art
icles from newspapers declaring that
the President had threatened TO veto
the river and harbor and public
buildings bills if the house postal saw
irgs bank bill should fail OF accept
Ence by the senate He demanded
to know whether the contents of the
pork barrel should be more
potent in influencing senators than
the requirements of the constitution.
Surely postals savings bank bill was
not to be passed because OF the exer-
else of such influence, he said.
With MIR Bristow. he asserted that
the bill would prove a political curse
to the party enacting it into law.
Defended by Carter.
NJ Carter defended the bill.
Mr. Carter expressed confidence
that the measure would prove an I'M
mixed blessing to struggling men,
women and children"
The postal bank bill, as it goes to
the President provides for the design
alton of postcffiees as postal savings
depository offices. The opening of
such repositories is left to the dis
erection of board of three trustees.
consisting OF the postmaster general,
The secretary of the treasury and the
attorney general. This board Is
given complete control OF the deposit
tories and of their funds. As it viii
require considerable time for the
board TO prepare its regulations. Il is
impossible al this time 10 predic;
when the postal banking system
would be in operation o..
Rules For Deposits
IT. these repositories any person
over ten years OF age may make de-
D0sit Of funds amounting to s. or null
tples of that amount. Pass books viii
be issued TO repositories and interest
allowed at the rate OF two percent
per snnum.
No person is 10 be permitted TO de
posft more than 800 in any month nor
TO be allowed 10 have exceeding $500
to his credit az any time. The with
erawal Of funds is to be permitted a.
any time
The postal savings bank funds. thus
accumulated. are 10 be placed in
state and national banks in the com
munities in which the deposits are
made and The banks are 90 be re-
GUired 70 pay 2 IA percent interest.
Five percent Of the total deposits Is
20 be held by the treasurer Of the
United States as Z reserve to 9uaran-
tee tac payment OF dercsitoTs.
Safety 20 Depositors-
Banks are to be required 10 deposit
security in the shape Of pubic bond
70 assure the safety 81 deposits There
= a provision authorizing the with
cTawal Of thirty percent Of the dc.
.,osits for Investment IN government.
bonds ard deposifors are permitted
20 transmifc their deposits into bonds
when they 20 desire.
Postmasters IN fourth class Offices