The Washington times., 1910-06-21


Senators Surprised, Too.
While the information that the Senate
would attempt 10 amend the House pos
tai savings bill was a shock TO the
President and Administration men in
Congress. their condemnation was no
less a surprise 10 Senators who mad
much TO do with the framing Of the
postal bill
They say that in important particulars
The House bin is Street opposite Of the
Senate bin. and they can not understand
why they should be expected completely
TO reverse their former judgment without
question OF deliberauon.
The sentiments Of the friends OF the
Senate bill are expressed by Senator
Cummlns IN the statement. This House
bin which Is sought now 20 be substi-
tuted Tor the Senate bin. reverses every
policy adopted by the Senate, after
weeks and months OF debate. save one,
the institution of these repositories. In
every other important respect the House
bin is radically different from TIC Sen
ate bill"
Cummins Cuticises.
He called attention 10 the fact that
the Senate bin provided that every
money order Office shall BE- made "A de-
pository. Under the House bin the board
Of trustees Of the postal savings system
ar authorized 10 designate such post
OfnCes a IL may elect 10 be postal savings
depository Offices"
Il would not be willing" said Cum
MINIS 70 give this power 10 the board
under any circumstances il Is the last
extreme Of tOlIy 20 propose that the
board Of trustees should have the power
20 dts.Snate the pOstOffiCes 10 receive
deposits / believe IL TO be true that the
hiN passed the House IN TIE confident
assurance thar the board would rot es-
taDllsh any postal savings dnDC STORIES
10 New England. else IL would never
have conceived concurrence by those
Who sent u hoe ] cannot conceive
Of a more misCh.evous. more disturbing
or less satisfying proposition. II we
ADOPT u we VIII set on foot the very
means that VIII finally destroy the
measure itself ] for one am not willing
10 surrender without o struggle
Declares Bill Unjust.
Cummlns described the terrific pres
sure that would be brought BY the
banks in cities and other communities
20 induce the board not TO establish pos
tai savings repositories in these places.
The Senate bill provided that the
banks might give indemnity bonds 70
guarantee the safety Of the postal saw
ines denosits. The House bin saws that
/ --e banks must give security public
bonds or other securities supported by
the taxing DOWcr-'
CUmmins said that this would give the
Government prior lien and would be
an injustice tp every CepOsitor in "a
rank holding part Of the postal fund
According 70 the Senate bin all de-
pcslts must be placed ut local banks %
De WITHDRAWN IA case Of war or other
eNicenc-cS threatening the credit OF the
Government Investment In Government
bonds or securities paying less that p.
/ Der cent Interest is prohibited.
Provisions OF Bill.
/ The House bin provides that e per
I cent a The postal deposits shall ae
placed in q reserve fund. that 80 per
cent shall be at once available for the
purchase by the board Of trustees Of
United States securities and without re-
GARD 20 the rate Of interest. and that
the remaining IS per cent may be with
drawn when in the judgment 90 the
President, the general welfare and The
/ interest Of the United States shall re-
quire."
The Senate bin was gIarded U pre-
! vent the purchase Of Pa- cent Govern
mcnt bonds Of which s100.DlJ 90 worth
are now held by the banks Under the
House bin the fund which rnIbbr he
invested in those bonds. The House Dro-
vision. Cummins said, places absolutely
/ 70 limitation on the power Of the Presi-
Consideration Resumed.
CumTins said that the members would
have 70 reckon when their people saw
whatever moneys so into the postofnces
/ IN a constant, continued stream, go 10
/ the bonds Of the United States or the
great banks og New York Philadelphia
I or Chicago.
7 look upon IT," Cunmins SAYS. "as
! treason TO that which We have already
! done. is II possible t'at there is no
/ more stability IN the Judgment Of the
! Senate than would be. d scOyered if the
! senate were TO reCede without a sin
} gle word. without a fight, for what il
! has declared 10 be right and what il
| mas declared 10 be the privileges OF
/ these COMMIT mites in which the postal
/ repositories are TO be eStabIished?T
] Consideration Of the postal bill was
1 resumed this afternoon in the Senate
! AFTER 0lsposlng Of the general de-
( hciency bill.
/ AVN ED MITDDED