The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-06-10
1T PASSES THE HOUSE.
Postal Savings Bank Bill Goes Through
With Big Majority.

Washington. June 1O.-Ry the over
whelming majority of 1875 to 1O1. the
house passed the postal savings bank
bill as recently agreed upon by the Re
publican caucus of the house. not
single Republican voted against the
| measure on the final roll call.
Prior to this action. the house by
113 to 1876 rejected the Democratic
substitute for the bill proposed by the
majority.
The voting on the several motions
| involved in the disposition of the
measure followed six hours of debate,
in which many Republicans and
! Democrats recorded their views upon
the bill of the majority and the substi
tute supported by a large portion of
| the minority.
The large DETECTION among the
| Democrats was shown when the Demo-
cratic substitute was voted upon 21 of
| them joining the Republicans in voting
| against the measure, most of whom
were opposed to a postal saving sys-
| tenn of any kind.
On the Republican side Norris of
| Nebraska, 'insurgent," wa the only
member who voted with Democrats for
| their substitute.
On agreeing to the bill as proposed
| by the majority of the house as a sub
stftute for the senate measure the vote
was IT'S to los. On this vote 26
Democrats Joined the Republicans.
Six Republicans Joined the Demo-
Gratis in voting against the proposed
! bill of the majority, as follows: Gronna
| of North Dakota, Hubbard of Iowa,
! Lenroot of Wisconsin, Nelson of Wis
consin, Norris of Nebraska and Wood
| of Iowa
| After a motion of Mr.. Wood of
| Tennessee to recommit the bill to the
| committee which reported it had been
| defeated, the house voted on the final
passage, the vote being 1915 to 101, "a
| Democrat voting with the Republi-
cans.
| Provisions of the Bill.
| Under the terms of the bill 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 become postal savings banks. De-
posits in these banks made by any one
person shall not be more than 500 a
| month or exceeding a tota. of $500.
The account may be opened with 81,
| but stamps of ten cents each will be
! issued for those desiring to accumu-
late money to be deposited. On de-
posts 2 per cent interest per annum
is to be paid. Any depositor so de-
| string can exchange his deposits for
nominations of $40, $40, SEQ, $50, 800
| or $500, to bear interest at 2 II per
| cent annum.
The money accumulated in the pos
| Idl savings DdnkS Dirk is 10 De QepOS-
| tied in both national and state banks
| in the vicinity of the postoffices in
which the money is deposited by the
people, such banks to pay 2A per cent
| interest.
Five per cent of the total deposits is
! to be retained by the secretary of the
| treasury as q cash reserve. Not more
than 80 per cent of these deposits 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 deposits in the
| banks
/ The banks are required to give as Sc
| curity for the deposits they receive
Public bonds or other security sup
ported by the taxing power" which re-
stricts such securities to some form OF
national, state, money or other such
bonds approved by the board of trus-
tees IN charge of the postal savings
banks. The bill passed by the house
as a substitute for the senate bill diff
fers from the senate measure in many
particulars, chiefly in respect to the
nature of securities that may be given
by banks for the deposits of postal
savings funds received by them. In
addition to government state and
money bonds, various other classes OF
securities, such as mortgag es, etc, may
be received.