Omaha daily bee., 1910-06-24
Victory for Administration as Final
Passage is Assured.
DECISION REACHED In HURRY
Bill Formally Passed Fifteen Minutes
After Its IntroductiOn-MOst of
the Insurgents Vote I'm
Favor of IL.
tFrom a Stat, Correspondent


In opposition to agreement were three re-
publcans, Bristow, Cummns and La Fol- |
lette Dolliver and Clapp, who have been
classed as insurgents or progressives, did
not vote.
The two senators from Nebraska and the
senators from Wyoming and South Da-
kota were found supporting the adminlstra-
ton In it's demand that an affirmative nc
lion be taken the postal savings BANK
bill that party pledges might be fullfilled'
Tho bill as passed retains slNty-five per
cent of deposits within the state to re-
main with local banks until tho presidents
decide to invest these funds in bonds.
Thirty per cent may be withdrawn by
trustees the postmaster general the sec
rotary Of the treasury and attorney gen
era to be invested in bonds or securities
and 8 per cent, which is a working balance,
is to be kept with the treasurer os the
limited states independent Of treasury.
TOO much praise cannot be given Senator
Carter of Montana, in his mastery hand
ling of the bill which has faced certain
defeat seemingly on numberless occasions
but which through his knowledge OF condl-
TONS hard, common sense and attabllty
has brought the senior senator OF Montana
today a most notable victory for 1t VIII
place on the statute books legislation that
friends OF the postal savings banks have
been agltating for nearly half century.
Senator Carter Pleased.
Senator Carter has consistently been a
friend of the postal savings bank bill since
he came to congress and on this subject
he said:
I'VE hr,e reason to congratulate our
selves ON the passage of this very impor-
tant measure. 1 believe it will prove en-
tlrely satisfactory to the country and the
most telling piece of legislation which this
administration has insisted upon.
THE bill as passed today represents the
dead level of compromise. In some ways
II is better than the senate passed. In
some particulars the senate bill had pro-
visions which the house could have taken
with justice to itself But altogether it
was legislation desired and difference Of
opinion coming as it did in the final days
of this session warranted but one verdict,
end that was the bill which senate passed
today L am elated over the result, for
believe it is a step forward in the right
direction"
Previous TO the voting there was much
discussion of the bills. The first of the
speakers was Senator Bristow Of Kansas,
who said he would rather stay in Wash
ington a month longer than accept it. He
asserted that majority of the votes for
the house bill would be cast by senators
who wanted no postal savings legislation.
Concluding, he said that the bill creates
a pipe line to speculative centers for the
money from all oyer the country"
'o' @ Calls IL Defeat.
MIR. simmons denounced the bill as "an
abject and humiiating surrender to the
banks" and predicted that before the end
OF the next campaign the bill would bc
the most unpopular law ever passed by the
republican party, mot excepting the
spurned, rejected and trampled upon Payne
Aldrich tariff law"
Declaring that the house had rejected
every feature for which the senate haC
made especial endeavor Mr.. Hughes reaC
ARTICLES from newspapers declaring tina
the president had threatened to veto thu
rivers and harbors and public buildings bill
If the house postal savings bank bill SHOULD
fall of acceptance by the senate. He de
manded to know whether the contents o.
the pork barrel should be more potent IL
influencing senators than the require
ments of the constitution.
Mr. Carter defended the bill Meeting
the contention that tn bill was an en-
tirely new measure, he declared that Ii
provisions were along lines, which hst
been marked out by many bills that hat
been presented since the beginning of tn
agitation in the interest of postal saving
banks. He said it was true that the bill
differed somewhat from the senate bill
but that it was the result of compromise
and while not representing the Views o
any one senator or of any number o
senator's it still was an expression Of tn
dead level" sentiment of all the advo
Gates OF the LEGISLATION.
The postal bank bill. as II goes to IN
president, provides for the designation O
postoffices as postal savings depositor
Offices The opening of such depositorIe
is left to the discretion OF a board O
three trustees, consisting of the postmas
ter general. the secretary OF the treasur
and the attorney general, This board
given complete control of the depostorie
and Of their funds. AS II Will requir
considerable time for tho board to pre-
paro ITS regulations. 1t is impossible q
this time to predict when tho postal bank
ing system will be in operation.
s- Rules for DepOsItOrs.
In these repositories any person over
years of age may make deposits OF fund
amounting to 81 or multiples of this
amount. Pass books will be issued to do
pOsitUrS ana interest aloWed at the rat
of 2 percent per annum. No person wi
be permitted to deposit more than SlOO
any month nor to be allowed to hay
exceeding 500 TO his credit at any tim
The withdrawal Of funds Is to be pei
rlitted at any time.
The postal savings funds thus accum,
lated are to be placed in state and nations
banks in the communities in which the d.
posits are made, and the banks are to /
required 10 pay ga per cent interest. Fly
per cent OF the total deposits is to be he
by the treasurer Of the United States as
reserve to guarantee the payment of d.
positors.
Banks are to be required to deposit s.
curity in the shape of public bonds TO s.
cure the safety OF deposits. There is a pr,
vision authorizing the withdrawal OF 80 p,
cent Of the deposits for investment in go
eminent bonds, ana cepositors are pc
mltted to transmute their deposits I'M
bonds when they so desire.
There also Is q special provision authors
ing tho investment OF the remaining IS D,
cent Of the savings funds. but this ste
Is 70 bo taken only when directed by Il
president IN the interest of the general We
fare. ea-