Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-03-10
SENATE PASSES
The BANK BILL
Vote on Party Lines. so to 81
Funds May BE withdrawn in
E1Sigencies by President.


terday passed the administration postal
savings bank bill, by IA vote OF % to %,
All Tie negative votes We're cast ny
democrats, oven Mr. McFnery who voted
with the republicans throughout the con-
alteration of the bill finally lining M
With his own party Senator Chamber
lnin Of oregon was the only democrat
who stood with the republicans IN favor
Of the bill.
AS Il goes 70 the House tic bill author
izes the verious money order postofices
to accent SUMS OF 81 or more from deposi-
tors and 20 deuosit these gums in the
local bault4. where the money IS to re-
main unless withdrawn by the lresi-
dent in case Of war or other exlgcnry.
In case OF this withdrawal the funds
sra to be invested in government securi-
ties. but with the proviso that sHch Sc
curitles shalt not draw less than Fla
Ter cent interest rho control OF tie
funds is Ycsted IN a board Of trunstees
composed of the postmaster general. tho
eecretarl or the treasury and the attor-
no, general
Tine aggregate balance allowed any de-
uasi;or is $40 and no person +, permitted
10 deposit more ;hau 800 In an: one
month. The gov-rnmen, is required 10
o.v NO rar cent interest and mus; ex-
,, 900. ios. thu, 2t-l ,ar rr,, from, the
laufa. the extra quarter Of owe per cent.
being required for tnc paymert q OK
YeuSes aua loss's
{, &c ,l,rntod tina, such . law would
}rin.. much u.ouer ont Of hiding and re-
suit IN fr'i rangin1 all tho way from
Son.oo) goo to 8l.ooo"0o1o
i''N 47l''> Wv w
The session began ~ 30 a. H. ana
lasted until ~" 10. m. and practically AL
al the TINE WIS devoJed 70 the conside1a'
ton Of amendments Almost immediately
after Il began the first vote vH5 taken
rh's Was on the C'mW'n- amend
nent 80 the Smoot provision. 1pon which
Fridays debate waged $50 7orcrIy.
The Snoot amendment looked TO tho
authorization Of the wu.laWa' from the
local Banks of thc postal funds In case
OF war or other eN'ee0cN and Mr. cum
minis sought to moiify Il 10y making t
apply to war as the only eNisenoH justify
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se,ator Mccumber. a stalwart
Later m the dav and after consider
ohIo debate the snoot amendment was
adonted after il had been modified 10.
III. irse,-ior Of an amendment. intro
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~ rrnde v.itbdrav-, shouid 10 lpvcstrl
vac '''',N ,.a,.,,..,. -.,,.,.,,,,, ,,,,
thon o. ntr cont the rate REQUIRED from,
.h. hanks
As adonted tho amendment. which =
in tho shape OF proviso. reads:
When in the Judgment Of the l'rcs'-
dent War "r any othcr cXigency involV-
Ing the credit OF tn" sovcrnmont 50 re-
quires. the board OF trustees may with
draw all or any part OF said funds from
the banks and invest the same in bonds
or other securities OF the United States;
provided, that no part Of said funds shall
IN any event he invested IN bonds or other
security bearing interest at less than two
and one-fourth per ccntum per annun.
INst,RGEN.rs PLEASED
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