The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-03-06
POSTAL BANK
BILL PASSED
AND u. S. SENATE CLOSES TIE
LEGISLATIVE DAY or
MARCH THIRD.
ONLY ONE DEMOCRAT
Voted For the Measure, All Others
Voting Against it--Sevcrai
Amendments to the
Bill Adopted.

Washington, March 5.Driying
practically on party lines, the senate
at the close of the session Of the
legislative day, March .. today passed
the administration postal savings
bank hilL
OF the 72 votes cast, 10 were In
favor of the bill. and 20 against ii.
All the negative votes were cast hv
Democrats. even McEnery, who hail
voted with the Republicans through
out the consideration Of the bill. in
the end lining himself up with his
own party. Senator Chamberlain. OF
Oregon, was the only Democrat who
stood with the Republicans.
The bill authorizes various money
order postoffiees to accept sums from
one dollar Or more from the deposit
tors, and to deposit these sums IN
local banks, where the money Is to
remain unless withdrawn by the
president in case of war or other
exigency In case of this withdrawal
the funds are to be invested i'm gov
Iernment securities but with the pro
viso that such securities shall not
draw less than ~ per cent interest
Control of the funds Is vested in
board of trustees composed of the
postmaster general, secretary of the
treasury and attorney general. Tho
aggregate balance allowed any III,
'positer is $500 and no person will be
permitted to deposit more ihan SIt0
In one month. The government is re-
|quired TO pay two per cent interest
land must exact not less than IA per
Icent from the banks, an extra quarter
Iof one per cent being required for the
payment Of expenses and losses.
1t is calculated that such law
would bring much money out Of hid
ing and result In fund ranging from
| lfive million to one billion dollars.
The first vote was ;aken on tiie
bCummins amendment To the Smoot
amendment, which looked to the au
Ithorization of the withdrawal from To-
cal banks of postal funds In case of
war or other exigency, and Cunmins
sought to modify II. by making II Az
|ply til war as the only exigency JUS
tlfying withdrawals The Cummins
provision went down under vote OF
80 nays against is yeas, the affifIna-
tive vote being cast by the so-calie,l
'insurgent' Republicans and half
dozen Democrats.
Later the Smoot amendment was
adopted after having been modified
by an insertion In the amendment, by
Borah. directing that funds withdrawn
should not be invested in government
securities carrying less than IA per
cent.
Two ether amendments we're agreed
to- One was suggested by Senator
Bailey, and permits the withdrawal
of postal funds by the original de
positor upon demand" and the other
by Gallinser specifically including
savings banks and trust companies
doing banking business among the
banking institutions permitted to nc
cent deposits Of postal funds,
The "insurgant' Republicans wers
much elated over the acceptance OF
the Berah modification. They con
tend that II will have the effect OF
reducing to a minimum government
securities in which postal funds may
be invested, and prevent the national
banks from using the funds to relieve
themselves of a class of securities
which is not popular with them On
the other hand, 1t was contended that
the Borah provision would never be
accepted by the house and, therefore,
will not be a law.