The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-06-23
Until He Secured It's Passage
by the Senate.
BRISTOW STOOD OUT.
With Cummins and LaFOllettc
Refused to Vote for 1t,
Faith OF the Government Is
Pledged to DepOsitOrs.

Washington, June 23.-President
Taft won one of the most signal VIC
tories of his administration when the
senate voted "A to 25 to concur in the
house amendments to the postal saw
1ngs bank bill and passed the measure
on for the executive signature
Most of the ''insurgent' Republi-
cans Joined with the regulars in sup
porting the measure in the final ac-
ton on it, but Senator Bristow, Sena-
tor Cummins and Senator LaFollette
refused to yield and cast their ballots
in the negative with the Democrats.
Senator Chamberlain cast the only
Democratic vote for the bill.
The postal bank bill, as it goes to
the president. provides for the desig-
nation of pOstoffices as postal savings
depository offices. The opening of
such repositories is left to the discre-
ton of a board of three trustees, con-
sisting of the postmaster general, the
secretary of the treasury and the at
torney general. This board is given
control of the repositories and of
their funds. AS it will require con-
siderable time for the board to pre-
pare its regulations it is impossible at
this time to predict when the postal
banking system 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
interest allowed at the rate of 2 per
cent per annum. No persons to be per-
mitted to deposit more than 800 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 time 40
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
treasury of the United States in a re-
serve as d guarantee OF the payment
of deDositOrS. Banks are to be re-
quired t. deposit security in the shape
of public bonds to insure the safety
of the deposits There is a provision
authorizing the withdrawal of 80 per
cent of the deposits for investment IN
government bonds and depositors are
permitted to transmute their deposits
into bonds when they so desire.
There also is a special provision au-
thorizing the Investment in bonds of
the remaining IS per cent of the saw
ings funds. 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 Le
kept separate from all other accounts.
One hundred thousand dollars is APP
propriated to corp the proposed law
into effect and to establish the first Of
the repositories.
1t is expressly declared in the bin
itself the following:
THE faith of the United States is
solemnly pledged to the payment of de-
posits made in postal savings deposit
tory offices with accrued interest
thereon as herein provided"