Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-06-14
POSTAL SAVINGS BANK
/. BILL PASSES HOUSE
BY 1885 To. 101 VOTES
Democratic Substitute Was
Rejected, Il Democrats
Joining the Republicans in
Defeating Measure

WASHINGTON, June iO-By the over
whelmfng majority of 1875 10 101 the house
last night passed the postal savings bank
bill as recently agreed upon by the Re-
publican caucus OF the house Not sin
gle Republican voted against the measure
on the final roll call.
Prior to this action, the house by lib
TO 1876 rejected the Democratic substitute
for the bill proposed by the minority.
The voting upon the several motions in
volved in the disposition of the measure
followed six hours of debate in which
many Republican and Democrats record
ed their views upon the bill of the major
ity and the substitute supported by a
large portion of the minority.
The large detection among the Demo
Gratis was shown when the Democratic
substitute was voted upon, q of them
Joining the Republicans in voting aaginst
the measure, most of whom were opposed
70 postal savings system of any kind
These Democrats were Brantley, of Geor-
gia; Broussard. of louisiana Burgess,
of Texas; Carlin, OF Virginia. Flood. OF
Virginia; Foss of Massachusetts,; Gar
rett, Of Tennessee; Gill, Of Maryland;
Gillespie. OF Texas: Hammond, of Mime
sofa; Harrison, of New York; Hay, Of
Virginia; Jameson. of Iowa; Korblin, of
Indiana: Lamb, of Virginia; Latta of
Nebraska; -McHenry, of Pennsylvania;
Moon Of TENNESSEE; Slayden. of Texas;
Talbot. Of Maryland, and Turnbull, of
Virginia.
60 ONE INSURGENT OPPOSES.
On the Republican side Morris, of Ne
braska, 'Insurgent." was the only MEM
Der who voted with the Democrats for
their substitute. On agreeing to the bill
as proposed by the majority Of the house
as a substitute for the senate measure.
the vote was 175 to los. On this vote Is
Democrats Joined the Republicans. as fol-
lows:
Aiken. OF South Carolina; Ansberry OF
Ohio; Ashbrook, OF Ohio Cox, OF Ohio;
Foss. of Massa chusetts; Foster, of I'LL
nois: Hammond, of Minnesota; Hanna, OF
North Dakota; Haven, OF New York:
Henry, OF Texas; Hitchcock. of Nebraska;
Hughes, of New Jersey; Johnson. OF Ken
lucky: Kirkhead, OF New Jersey; Nc
CURE OF Nebraska; Moss, of Indiana:
Nicholl of Pennsylvania; O'Conneu, OF
Massachusetts,; Pou, of North Carolina;
Ransdell. of Louisiana; Rucker, of Colo
RADIO; SABBATH of Illinois; Sharp. of Ohio;
Sulzer, of New York; Taylor, of Colora-
do. and Touvelle. Of Ohio
Six Republicans Joined the Democrats
In voting against the proposed bill of the
majority, as follows: Grenna, of North
Dakota: Hubbard, of Iowa; Lenroot, of
wisconsin,: Newson. of Wisconsin; Nor
ris. of Nebraska, and Wood. of Iowa.,
go FINAL VOTE 1876 TO 1O1.
After a motion of Mr.. Moon, of Ten
ressee, to recommit the bill to the COM
mittee which reported II had been deefat-
ed the house voted on the final passage,
the vote being 1876 to 101. "a Democrats
voting with the Republicans, as follows:
Aiken, of South Carolina; Ansberry OF
Ohio; AshbroolS. of Ohio; Cox, Of Ohio;
Foss, of Massachusetts,; Foster. of llli-
nois; Hammond. of Minnesota; Ravens, OF
New York: Henry. of Texas; Hitchcock,
of Nebraska; Hughes, Of New Jersey;
Kinkead. of New Jersey; Mcguire, of
Nebraska: Martin. Of Colorado; Moss,
Of Indiana; Nicholl. of Pennsylvania;
OConnell. of p Massachusetts; Ransdell,.
of louisiana; Rucker, of Colorado;
SABBATH, of Illinois; Sharp. of Ohio; Sulzer,
OF New York; Taylor, Of Colorado; and
Touvelle, of Ohio.
=. , -. TERMS OF BILL.
Under the terms of the postal savings
bank bill passed by the house a board
OF trustees is created. consisting OF the
postmaster general, the secretary of the
treasury. and the attorney general, who
shall declare what postoffices shall be-
come postal savings banks. Deposits in
these banks made by any one person
shall not be more than 500 a month or
exceed in total of $500. An account may
be opened with $40. but stamps of 10
cents each will be issued for those de-
string TO accumulate money to be de-
posted On deposits. per cent interest
per annum Is to be paid
+ ANY depositor so desiring can exchange
his deposits for government bonds to be
issued in denominations Of $50 $40, $50
$50. 800 or $500, TO bear interest at 1-2
per cent per annum.
The money accumulated in the postal
savings bank is to be deposited In both
national and state banks in the vicinity of
the postoffices in which the money is de-
posted by the people. such banks to pay
IA per cent interest.
CASH. RESERVE. ...
Five per cent of the total deposits is
to be retained by, the secretary of the
treasury as a cash reserve. Not more
than 30 per cent of thesedeposits may be
withdrawn by. the government at any
one time for investment in bonds of the
United States, the remaining 65 per cent
to remain on deposit in the banks.
The banks are required to give as Sc
curity for the deposits they receive
public bonds or other securities sup
ported by the taxing power" which re-
stricts such securities to some form of
national. state, municipal or other such
bonds approved by the board of trustees
in charge of the postal savings banks.
The bill passed by the house as a sub
stitute for the senate bill differs from
the senate measure In many particu-
lars. chiefly in respect to the nature of Sc
,curities that may be given by banks for
the deposits of postal savings funds re-
ceived by them. In addition to govern
ment. state and municipal bonds. various
other classes OF securities, such as mort