Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1910-06-24
POSTAL BILL
UP TO TAFT
SENATE DECIDES "a TO % TO
CONCUR IN THE HOUSE
AMENDMENTS.
ONE DEMOCRAT VOTES FOR BILL
Most of insurgents Join the Regulars
in Final Action On It--Four I'M
Portant General Measures Are
Passed by the Senate.

Washington, June 23.-The senate
yassed no fewer than four important
general measures in one day.
Beginning the session with the con-
sideraton of the public building bill,
carrying a total appropriation of about
$4,000 900 for the erection of and adj
ditions to public buildings throughout
the country, this measure was dispos-
ed of and the postal savings bank bill
was taken up.
Three hours were given to the con-
sideration of the postal bank meas
ure. This bill had previously passed
the senate and the house and it came
up on a motion made by Senator Car
ter to concur in the house amend
ments.
Speeches in opposition to the mo-
ton were made by Senators BristoW,
Hughes and Simmons, while Senator
Carter advocated it's adoption. The
motion prevailed, al to rs. The only
votes cast against the bill on final &C
ton were those of Messrs. Bristow,
Curnmins and La Toilette. Senator
Chamberlain was the only Democrat
to vote for the bill
Aid Reclamation Projects.
The senate also amended and pass
ed the house bills authorizing $780,
100000 worth of certificates of indebt
edness to aid the completion of exist
ing irrigation reclamation projects and
requiring the publication of contribu-
tons made through campaign COM
mittees in the interest Of members of
the house of representatives
Postal Bank Provisions.
The postal bank bill, as it goes to
President Taft, provides for the desig-
nation of postoffices as postal savings
depository offices.
The opening of such repositories is
left to the discretion of board of
three trustees, consisting of the post
master general, the secretary of the
treasury and the attorney general.
This board is given complete control
OF the repositories and of their funds.
AS it will require considerable time
for the board to prepare it's regula-
tons, it is impossible at this time to
predict when the postal banking sys-
TEN will be in operation.
In these repositories any person
over 10 years of age may make de-
posts Of funds amounting to one dol
lar or multiples of that amount. Pass
| books will be issued to depositors and
! sx,@~ oil Of h. Of
per cent per annum. No person is to
be permitted to deposit more than
| 500 in any month nor to be allowed
to have exceeding $500 to his credit
| at any time. The withdrawal Of funds
is to be permitted at any time.
The postal savings funds, thus &C
cumulated are to be placed in state
and national banks in the communities
| in which the deposits are made and
the banks are to be required to pay
"a per cent interest. Five per cent
of the total deposits is to be held
by the treasurer of the United States
as a reserve to guarantee the pay
ment of depositors.
Public Bonds Necessary.
Banks are to be required to deposit
security in the shape of public bonds
to insure safety of deposits.
There is a provision authorizing the
withdrawal of 80 per cent of the de.
posits for investment in government
bonds and depositors are permitted to
transmute their deposits into bonds
| when thew SO desire
There also is a special provision au
thoriZing the investment in bonds OF
the remaining 65 per cent of the say
ings fund, but this step is to be taken
only when directed by the president
in the interest of the general welfare
Postmasters in fourth class Offices
are to be given additional compensa
ton for their services in connection
with the repositories and postal saw
ings accounts in the banks are to be
kept separate from all other accounts
One hundred thousand dollars is ap
propriated to carry the proposed law
into effect and to establish the first
of the repositories.
1t is expressly declared in the bill
itself that the faith of the United
States is solemnly pledged to the pay
ment of the deposits made in posta
savings depository offices, with accru
ed interest thereon as herein provid
ed"
New Prince of Wales.