Omaha daily bee., 1910-06-11
BANK MEASURE PASSES HOUSE
Democratic Substitute Turned Down
by Heavy Vote.
REPUBLICANS STICK TOGETHER
votes Against the Measure Cast by
Members of the MinOrity-Pub-
lie Deals with the POST
office.

whelming majority OF 1876 to 1O1 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,
by a vote Of III to &c. the house rejected
( the democratic substitute for the bill pro-
posed by the majority.
The voting upon the several motions In
volved in the disposition Of the measure
followed six hours Of debate, in which
1 many republicans and democrats recorded
their views upon the bill Of the majority
and the substitute supported by large
: portion OF the minority.
The large detection among the demo-
Gratis was shown when the democratic sub
! stitute was voted upon, twenty-one of them
Joining the republicans most OF whom
were opposed to postal savings bank
system of any kird.
These democrats were: Brantlcy Of
1 Georgia Broussard Of Louisiana. Burgess
of Texas, Carlin Of Virginia, Floor Of Vir-
glnia Foss OF Massachusetts, Garrett Of
Tennessee, GIL OF Maryland, Gillespie Of
/ Texas, Hammond OF Minnesota, Harrison
of New York. Hay Of Virginia, Jameson Of
Iowa. Kirby of Indiana, Lamb OF Virginia,
Latta of Nebraska, McIIenry OF Pennsyl-
IL
Texas, Talbot of Maryland and Turnbull
of Virginia.
Norris with Democrats.
on tho republican side Norris of Ne
braska, 'insurgent," was the only member
who voted with the democrats for their
substitute
on agreeing to the bill as proposed by
tho majority OF the house substitute
for the senate measure the vote was lis
10 i05.
on this vote twenty-six democrats Joined
: the republicans, as follows: Aiken of
South Carolina, Ansberry OF Ohoi Ash
brook of Ohio, Cox OF Ohio, Foss OF Massa-
chusetts, Foster of Illinois, Hammond of
Minnesota, Hanna Of North Dakota. Hav-
ems OF New York, Henry of Texas Hitch
cock of Nebraska, Hughes Of New Jersey,
johnson OF Kentucky, Kinkaid OF New
Jersey, Mcguire of Nebraska, Moss OF
Indiana, Nichon Of Pennsylvania, oCon-
nell OF Massachusetts. Pou of North Caro-
lima Ransdell OF Louisiana, Rucker OF
Colorado. Sabbath of Illinois, Sharp OF
Ohio, Sulzer OF New York, Taylor of Colo
RADIO and rou Velle OF Ohio.
Six republicans Joined the democrats In
voting against the proposed bill OF the ma
Jority, as follows: Gronna of North Da-
lxota. Hubbard of Iowa. Lenroot of Wiscon.
sin, Nelson of Wisconsin, Norris Of Ne.
braska and Wood Of Iowa.
Final vote Taken.
After a motion OF Mr. Moon OF Tennessee
to recommit the bill to the committee which
reported It had been defeated the house
voted upon final passage, the vote being
19j to 101, twenty-four democrats voting
with the republicans, as follows: Aiken o.
South Carolina, Ansberry OF Ohio, Ashbrool
- nf - oh,,
sets, Foster OF Illinois. Hammond Of Min
nesota. Ravens of New York. Henry o
Texas. Hitchcock of Nebraska, Hughes o
New Jersey Kinkaid of New Jersey, Ma
gulre OF Nebraska, Martin of Colorado
Moss OF Indiana. Nlcholl of Pennsylvania
OConnell of Massachusetts. Ransdell o
Louisiana, Rucker of Colorado Sabbath o
Illinois. Sharp Of Ohio, Sulzer OF New York
Taylor Of Colorado and Tou Velle of Ohio
Making Deposits.
Under the terms Of the postal savings bill
passed by the house tonight a board o
trustees Is created. consisting OF the post
master general, the secretary of the treas
ury and the attorney general. who shall de
clare what postoffices shall become posta
savings banks. Deposits in these bank
made by any one person shall not be NOR
than 500 a month or exceed in total o
$500. An account may be opened with 81
but stamps of 10 cents each will be issue
for those desiring to accumulate money t
be deposited. on deposits per cent inter
est per annum is to be paid.
Any depositor SO desiring can exchanR
his deposits for government bonds to b
issued In denominations OF $40 $40 500 IS
500 or $500. TO bear interest at 2h per Ger
per-annum.
The money accumulated in the post,
savings bank is to be deposited in bot
national and state banks in the vicinity {
the postoffices in which the money
deposited by the people, such banks to pa
ga per cent interest.
The Cash Reserve,
Five per cent OF the total deposits is
be retained by the secretary OF the treasur
as q cash reserve. Not more than 10 NJ
cent of these deposits may be withdraw
by the government at any one time for n
vestment of bonds OF the United State
the remaining 65 per cent to remain Q
deposit in the banks
The banks are required to give as securit
for the deposits received public bonds ,
other securities supported by the taxlr
power" which restricts such securities
some form OF national, state, municipal
other such bonds approved by the boar
OF trustees in charge of the postal sayin,
banks
The bill passed by the house as a subst
tute for the senate bill differs from Il
senate measure in many particulars, chief
in respect TO the nature OF securities tn
may be given by banks for the deposits
postal savings funds received by them.
addition to government. state and munich
bonds, various other classes OF securiti,
such as mortgages. etc. may be received