The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-06-23
POSTAL SAVINGS
BILL IS PASSED
Senate Bows to Will of Taft
and Accepts the House
Measure.
ONE MORE TRIUMPH
FOR THE PRESIDENT
Most of the Insurgents Line Up
With Regulars on the
Final Vote.

w NRStlJ-NS lOS, juno --'--NlNNI NpNt'S
down several amendments. the senate to-
day decided, "A to %, 10 concur In the
house amendments TO the postal savings
bank bill and thus took the last legis-
latire step necessary to the establishment
Of postal savings bank In the United
States. The measure was Included In
the administration schedule and Its pas
sage marks another triumph for Presi-
dent Taft.
agreed on yesterday. the voting began
at o'clock and the bill was passed
fifteen minutes later.
Most OF the "insurgent' Republicans
measure In the final vote, but Senators
Brlstow. Cummns and La Toilette re-
fused TO yield and cast their ballots with
the Democrats,
Senator Chamberlain cast the only
Democratic vote for the bill,
Before the vote there was much dis
cussIon Of the bill The first speaker was
Senator Brlstow OF Kansas. who said he
month longer than accept II: He assert
ed a majority OF the votes for the house
bill would he cast by senator's who want
ed no postal savings legislation
"rhe bill creates pipe line 10 the
speculative centers for the money from
all over the country
Surrender to the Banks.
Mr.. Simmons denounced the bill as IAN
abject and humiiating surrender TO the
banks. and predicted that before me
be the most unpopular law ever passed
by the Republican party, mot excepting
the Spurned, rejected and trampled upon
Payne Aldrch tariff law"
Declaring the house had rejected every
feature for which the senate had made
special endearor, Mr.. Hughes read ar
ticles from newspapers declaring the
ers and harbors and public buildings bills
If the house postal savings bank bill
should fail of acceptance by the senate.
He demanded to know whether the con-
tents OF the pork barrel should be more
potent in influencing senators than the
requirements OF the constitution.
Mr.. Carter defended the bill. Meeting
the contention that the bill was an en-
tirely new measure, he declared Its pro-
visions were along the lines marked out
by many bills presented since the begin
ming of the agitation for postal savings
banks. He said. though the bill differed
result Of compromise and while not rep
resenting the views OF any one senator
or number Of senators. IL was still an
expression OF the dead level sentiment
OF all.
the bill amended in some particulars. but
found such a course impracticable so late
in the session. He expressed confidence
lull lne measure "Oulu prove dH ul
mixed blessing "to struggling men, wo-
men and children"
Provisions Of Measure.
The postal bank bill, as 1t goes to the
president provides for the designation
of postofilces as postal savings depository
offices, The opening OF such repositories
Is left to the discretion of a board of
three trustees. consisting OF the postnlas
ter-general. the secretary of the treasury
and the attorney.g general, This board is
given complete control OF the repositories
and OF their funds AS 1t Will require
pare its regulations, II is impossible at
this time TO predict when the postal
banking system Will be In operation.
In these repositories any person over 10
amounting to one dollar or multiples OF
that amount. Passbooks will be issued
to depositors and interest allowed at the
rate OF per cent. No person is 10 be
any month. nor TO be allowed TO have en-
ceeding $500 10 his credit at any time.
The withdrawal of funds Is to be per-
mitted at any time,
mulating. are to be placed in state and
national banks in the communities In
which the deposits are made and the
banks are to pay therefor y per cent cent
posits are to be held by the treasurer
OF the United States as a reserve to guar
antee the payment OF depositors.
Requirements Of Banks.
Banks are required to deposit public
bonds to insure the safety of the depos-
It's. A provision authorizes the with
drawal OF 80 per cent of the deposits for
investment In government bonds, and de-
positors are permitted to transmute their
deposits into bonds when they desire,
There also Is special provision au-
thorizing the investment in bonds for the
remaining 65 per cent Of the savings
funds, but this step is to be taken only
when directed by the president
Postmasters In fourth-class offices are
to be given additional compensation for
| their services in connection with the de-
positories. and postal savings accounts In
| the banks are TO be kept separate from
all other accounts. One hundred thou
sand dollars is appropriated to carry the
| proposed law into effect and to establish
| the first Of the repositories.
The bill contains the following
1.-THE faith OF the United States Is SOL
emnly pledged to the payment OF depos-
| It's made In postal savings depository Of
| hces. with accrued interest thereon as
| herein provided"