The Morning examiner. [volume] (Ogden, Utah) 1904-1910, 1910-03-06
PARTY VOTE
PASSES BILL
Senate Divides on Political Lines
Passing Postal Saw
ings Measure.
SMOOT AMENDMENT
MEETS WITH FAVOR
Transferring Financial Control to
Centralized Head Law Now Goes
to the House.

| Washington, Mar, 5-Dividing
practically upon upou party lines the
senate at the close OF the third ses-
sion OF the legislative day oil March
third. TO-DAY passed tho administra-
ton postal savings bank bill or The
| - votes cast. 50 were In fnvor OF the
) bill and - against. All the negative
! votes we're cast by Democrats, even
| Mr MeEnery who had voted with the
! Republicans throughout the consid-
Grafton of the bill in The end desert
eli his own party Senator Chamber
lain, of Oregon. was the only Demo-
orat who stood with the Republicans
In favor of the bill.
AS IL goes to the house. the bin
authorizes the various money order
departments in postoitices TO accept
sums OF one dollar or more from do
poSitors and to deposit these sums IN
the local banks. where the money is
to remain unless withdrawn by the
president in case of war or other ex-
igencies. In case of this withdrawal,
the funds arc TO be invested in gov
eminent securities. but with the pro-
vision that such securities shall not
draw less than IA per cent interest
The control OF the funds invested
ip a board of trustees composed of
the postmaster general, the secretary
OF the treasury and the attorney gen
eral
The aggregate balance allowed to
any dcpositor is $500 and no person
is permitted to deposit more than
500 in any one month The govern
mcnt is required TO pay two per cent
interest and must exact no less than
2 Ia per cent from the banks. the
extra quarter Of one per cent being
required for the payment of expenses
and losses.
1t is calculated that such o law
would bring much mGnce OUT of hid
Ing AID result in a fund ranging
al the way from $500. 100000 to ono
billion dollars
Beginning al 1l:45 O'Clock today
the senates session continued until
I 80 p. m and practically all this
time was devoted TO the considera-
ton OF amendments. Almost imme-
dately after the session began the
first vote was taken. This was on
the Cummins amendment To the
Smoot amendment upon which yes
terdayS debate waged so fercely.
The Smoot amendment looked to
the authorization of the withdrawal
from the local banks OF the postal
funds In case of war or other ex-
ieencies and Mr. Cummins sought to
modify it by making it apply To war
as the only eXigency pustifying with
drawals. The Cummins provision
went down under a vote of 30 to is.
the Affirmative vote being cast by So
called "insWgent' Republicans and
hall dozen Democrats with the single
exception OF Senator McCumber Il
stalwart Republican
Later in the day. and after con.
siderable debate. the Smoot amend
ment was adopted after it had been
mo4ifed by The insertion OF an
amendment. lntro6rccd by Senator
Rorah. directing that the funds With
drawn should not be invested in gov
ernment securities carrying less than
Ia per cent interest, the rate re-
quired from tho banks As adopted
the amendment. in the shape of pro-
vision reads When in the Judgment
ot the president, war OF any other
eNIgeDcy involving the credit of the
government so requires. he board of
trustees may withdraw all or any
part OF said funds from the banks and
Invest the same In bonds OF other
securities of the United States; pro-
fided that no part OF said funds shall
IN any event be invested In bonds or
other securities bearing interest at
less than ii per cent per annum
Two other important amendments
were adopted today One OF these
was suggested by Senator Bailey
aud would permit the withdrawal OF
postal fund deposits by the original
depositorS upon demand" and the
other by Senator Galinger. specIfical-
ly included savings banks and trust
companies doing banking business
among the banking institutions per-
mitted TO accept deposits of postal
funds.
Tho ''lnsurGent" Republicans were
much clated oyer the acceptance of
tho Borah modification They con-
tend that II will reduce to minimum
the government securities in which
the postal fund may be invested and
VIII prevent the national banks from
using the funds TO relieve themselves
Of 4 class of securities that arc not
Popular with them.
Mr. Carter in charge of the bill.
made no objection 10 the Borah
amendment.
The provision was agreed As To II.
Congress wants TO know just how
Inhn k1t