The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-23

washington. June 22.--After voting
down several amendments, the Senate
to-day decided, A TO 25. 10 concur in
TIE House amendments TO the postal
savings bank bill. and thus took the
last legislative step necessary TO the
establishment. OF a postal savings
bank system of the United States. Tho
measure was included in the admins
tration schedule and Its passage marks
another triumph for President Taft.
I'm accordance with the program
greed upon yesterday, the voting be-
gan at 5 o'clock and the bill was
passed a quarter OF an hour after
wards.
Most OF the Insurgent Republicans
Joined with the Regulars in supporting
the measure in the final action on 1t,
bu. Senators Bris;ow, Cummins and
LaFollette refused TO yield and cas-,
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.
"Abject Surrender
Mr.. Simmons, Of North Carolina, de-
nounced the bill as IAN abject and hui
initiating 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 excepting
the spurned. rejected and trampled ,
upon Payne Aldrich tariff law"
Declaring that the House had re-
1ected every feature for which tho
Senate had made especial endeavor,
Mr.. Hughes. of Colorado. read articles
from newspapers declaring that the
President had threatened to veto the
river and harbor and public buildings
bills II the House postal savings bank
bill should fail Of acceptance by the
Senate. He demanded to know whetn-
er the contents of the pork barrel"
should be more potent in influencing
Senators than the requirements OF the
Constitution. Surely a postal savings
bank bill was not to be passed be-
cause OF the exercise of such influence.
he said. With Mr.. Bristow he assert
cd that the bill would prove politi-
cal curse to the party enacting 1t into
law.
Mr.. Carter defended the bill. He en-
pressed confidence that the measure
"would prove an unmixed blessing To
struggling men, women and children"
Th postal savings bank bill. as It
goes to the President. provides for the
designation of post-ofilces as postal
savings deposltary offices. The opening
OF such depositares Is left to the
discretion of a 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 deposltaries and
OF their funds. AS 1t will require con.
siderable time for the board to prepare
Its regulations, 1t is impossible at this
time to predict when the postal bank.
Ing system will be in operation.
The Banking Plan.
In these depos.taries any person owe,
ten years of age may make deposit OF
funds amounting to 81 or multiples OF
that amount. Pass books will be issued
to depositors. and interest allowed al
the rate Of per cent, per annum. No
person is to be permitted to deposit
more than 500 in any month nor tc
be allowed to have exceeding $500 te
his credit at any time. The withdrawal
Df funds Is to be permitted at any time
The postal savings funds thus accu-
mulated are to be placed in State ant
national banks in the communities ii
which the deposits are made. and the
banks are to be required to pay az
per cent, interest. Five per cent. o
the total dIposlts is to be held by the
Treasurer ef the United States as re,
Continued on second Pagel