New-York tribune., 1910-06-10
POSTAL BANK BILL PASSED
Overwhelming Majority for
Measure in House.
SOLID REPUBLICAN VOTE
Final Rollcal Resulted 195 TO
101-Democratic Substitute
Rejected, 1876 to 113.
rrrn-n - rrihnne Rurean.l

washington. June 9.-By a solid Repub-
rcan N~sse the postal savings bank Diil was
passed by the House this afternoon. the
rollcsI resulting ls5 TO l0l The Democrats
contributed twentv-three votes to the ma
FORTY The vote followed 2 day Of debate,
the defeat of a Democratic substitute and
motion 80 recommit the bill without in
Structions. Al no time was the orSaniza-
ton in danger. on the motion 10 amend
the Senate bill ny the adoption of the
House measure six Republicans voted with
the Democrats. but later they came into
the fold and Joined in the applause which
greeted the passage Of the bill
The Democrats who refused TO vote
against 2 measure advocated by the Demo-
cratic platform were Aiken. Of North Caro-
lima: Ansberry. Ashbrook, Sharp and Tou
TeIle. Of Ohio: Foss, OF Massachusetts;
Foster. or Illinois; Hammond. OF Mime
sofa. Havens and Sulzer OF New York;
Henry. OF Texas: Hitchcock and Mcguire
Of Nebraska; Hughes and Kinkead, OF New
Jersey: Hobson. OF Alabama; Moss. Of In
diana. Nichols. OF Pennsylvania; Rsnsdel,
II Louisiana. SABBATH. Of Illinois. and Mar
tin. Rucker and Taylor. OF Colorado Rep
resertatives Cox. Of Ohio; O'Connen, OF
Massachusetts. and Pou. Of North Caro-
f:ns. voted for the House amendment, but
ursre absent on The last rollcsll
Representative Finley. OF South Caro-
lirs PRESENTED Democratic substitute for
the bHl which differed essentially only in
providing for the retention of 50 per cent
Of the funds in local depositaries. instead
Of s. per cent. as in the Republican meas
ure RepresentatiVe Norris. OF Nebraska,
voted for the substitute. but twenty-one
Democrats Joined with the Republicans in
Ifr,-- 20
The House amendment was then consid-
cred, and vas agreed to by vote Of 1872 TO
Ia on this vote Representatives Gronns.
If North Dakota: Hubbard and Woods. Of
Iowa: Nelson and Lenroot. Of wisconsin,
End Norris, Of Nebraska, voted with the
Democrats on Representative Moons
motion TO recommit the bill without in
efructions Representative Gronna. Of
North Dakota. alone voted with the Demo-
Gratis. while more than twenty of the MI
nority opposed the. motion Republicans
we're jubilant tonight and predict that the
measure will prove the most popular
passed in many sessions Of Congress.
Provisions Of House Bill.
The bill as passed by the House creates
board Of trustees. consisting OF the
Postmaster General the Secretary OF the
Treasury and the Attorney General
who shall declare what postofices shall
become postal savings hanks. Deposits in
these hanks made by any one person shall
not be more than 800 month. or exceed
g total Of SaO An account may be
opened with q, but stamps Of 10 cents each
viii be issued for those desiring TO &C
oumulste money 10 he deposited On de-
posts per cent interest is TO be paid.
ANY depositor so desiring can exchange
ris deposits for government bonds 10 be
issued in denominations Of sao $40 $50 $50.
500 or s5e0. 10 hear interest at % per cent.
The money accumulated in the postal saw
inEs hanks is TO be deposited in na-
tionsl and state banks in the vicinity Of the
postofices in which the money is deposited
by the people. such banks 10 pay "a per
cent interest.
Five per cent % the total deposits is 70
be retained nv the Secretary Of the Treas
ury as cztf reserve Not more than 20
per cent OF these deposits may be with
drawn by the government AT any one time
for investment in bonds Of the United
States the remaining s. Per cent TO remain
on deposit in the banks.
The hanks arc required 10 give al secur-
itv for the deposits they receive public
bonds or other securities supported BY the
taxing power which restricts such securi-
ties 70 some form Of national, state mu-
niciPs or other such bonds approved ny
the board OF trustees in charge Of the post
81 savings banks.
The bill passed by the House differs from
The Senate measure i'm many particulars
chiefly i'm respect TO tho nature Of securi-
ties which may be given by banks for the
postal savings funds received by them. In
addition TO governments. state and municipal
bonds various other classes OF securities
such IS mortgages, etc, may be received.