Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-04-04
POSTAL SAVINGS BANKS.

the pending bin % establish postal
savings banks. Tho entire speech. now
before u.s. iustnes the favorable inn
precision created by the brief dispatches
concerning IT,
ono question before the committee
that framed the bin was as Go whether
in time NJ danger and panic the de-
posItor. who then thinks Jess of the I'M
tcrost which he is Co get than whether
or not he will lose his entire invest
ment. whether he will keep it on de-
posit and take his chances bon the state
institution or whether be- viii with
draw il and hoard &c. thereby losing
his interest VIII not that tendency.
which the Senator brings out very
clearly. be immensely accelerated and
Increased IN be- can put 30 into 70 govern
mental institution though the interest
is smaller than what ne IS getting from
his hank2 win be withdraw it ami
hoard IL away9 VIII he keep II IN mia
old conservative institution or will he
hurry Co deposit it with tho govern
mont lu which he has confidence, at
O. lower rate ~ INTEREST,"
These questions. propounded by Sem
ator Hale were answered hy Mr.. Suth-
crland he said that the committee
had considered a state Of panic and
the effect of this bill upon that con-
dition. II was believed that in time NJ
panic large depositors could take coll
lateral or make certain accommoda-
tions with the banks in order 60 lea' b
their deposits with the banks. small
depositors could not. in the nature of
things, do that Being numerous and
tho sums being small IL would be quite
impracticable TO enter into any fcla-
ton OF deposit with collateral. The
purpose Of the bill Is 10 avoid making
the postoffice a convenience. IN time Of
panic or at any other time. for larga
commercial transactions Therefore ii
will be found that the bin limits tn
aggregate deposits that any one per
son can make 10 tho sum Of $500. p'us
accumulated interest: and a furth
limitation Is contained in the bill re-
stricting the deposit In any one month
10 800
TT viii be perceived by the Senator
from Maine and other Senators inter
estcd that in case OF extreme panic"
said the Senator from Utah, that
where the public mind happens 90 be
in a disturbed and distorted state. that
no one individual could deposit IN a
postonice more than 800 during that
perdiod Of hysteris which would prob
ably pass in a month, and II In two
months he could deposit only 500 But
what would happen with the 800 taken
out az the bank and deposited is the
question"
The main part OF the discussion was
as TO the constuuonality of the pro-
posed measure. Mr. Sutherland MAIN
tanned that the proposed law can be
justified under.
The power Of Congress TO coin
money and regulate the value thereof
2. Under the power to regulate In
terstate and foreign commerce.
3. Under the power to establish post
offices and postroads.
T. II certain proposed amendments
are adopted which / understand are
To be offered. under the power to bor-
row money on the credit OF the United
states
The supreme Court OF the United
states by "a series OF decisions has In
terpreted the coinage clause TO oon-
fer upon Congress not only the power
10 coin money. but TO provide and
maintain an adequate currency FOR the
country Under the broad and liberal
construction or this power now accept
cd lt ia 90 be acted upon az though
IL read. Congress shall have power
20 provide and maintain an adequate
currency for the whole country and
by appropriate legislation secure the
benefit of 70 90 the people"
a very luminous passage in deyel-
opment OF this contention was quoted
by the senator from Utah from Judge
Marvin of the New York court of APP
pcsls az follows.
.'Now. what lis commerce. need
not stop 90 look up and quote dchni-
tnns. We know that IL consists iu the
exchanging of property or the buying
and selling OF commodities. the latter
aa generally understood. And So un-
dDgetuod. DO can not Doe carried ON with
out money. Iu the absence Of money
20 must substantially perish. some
thing called money must exist. II is
a necessity Co commerce. an aid al
ways attendant upon 20. and the power
that regulate commerce should, the
.p.#.I UIflN. boz the exclusive power 10