The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-03-29
POSTAL SAVINGS BANK BILL,
No Attempt Has Been Made to De-
fend Validity of Scheme in Rela-
tion to Fundamental Law.


ton to Fundamental Law.
Washington, March 24-In the
storm Of political battle which ragged
for several days on Capitol hill and
whose repetition is nervously ex-
pected at almost any time, the reg
ular business Of congress has been
almost completely submerged, says a
Washington dispatch to the Colum-
bia State. The most important meas
ure before congress is the postal
savings bank bill. That measure is
revolutionary in some important re-
spects. In the first place that it is
in accordance with the constitution
Of the United States has not been Sc
riously contended since Senator Bal
ley made his speech on the subject
in the senate. The powers now in
control of the government seem, how
ever, to be disciples Of the Hon. Tim
Campbell, the member of the New
York assembly who made the IA
nous remark, "What is the consti-
tuition among friends?" The senate
has already passed this postal saw
ings bank bill and it is now in the
house committee with a general be-
lief here that it will be put through
the house as soon as Uncle Joe Can
non can get his scattered forces to-
gether. All the Democrats Of the
senate voted against it, except Cham
,berlain Of Oregon, who represents a
Republican State. And il is expect
ed that the Democrats Of the house
will likewise vote against it.
Provisions of Bill.
The bill as passed the senate pro-
vides that every postofice in the
United States which now is author
lied to issue money orders shall be-
come a savings depository for any
body and everybody who may choose
to deposit his money; that is, with
certain limitations. No one may de-
post less than 81 at a time. No one
may deposit more than $100 in any
one calendar month. No ones ae-
count shall ever exceed $500. Two
per cent. interest per annum is to
be paid the depositor on his account
and Withdrawals may be made at any
time. The accounts are to be kept
by the postmaster just as ordinary
bank accounts, each depositor being
Furnished with a pass book and
check blanks just as in the case Of
an ordinary bank.
One of the declared objects Of the
bill is to "encourage thrift THAT,
by the way, being wholly without the
province or the ''purview" Of the
federal government and thrift
among the people Of small means,
and more specifically the women, is
particularly provided for, in some
what curious clause. This specifies
that accounts may be opened by
|any rerson Of the age Of ten years
or over, in his or her own name, and
by married woman in her own name
and free from any control or inter-
ference by her husband" It is pro-
vided, however, that "no person
shall simultaneously have more than
one postal savings ACCOUNT
That's About All.
This, in actual practice, is about
all there is to the postal savings
bank proposition so far as the imme-
diate and direct relations Of the
public to it are concerned. It is a
simple plan, just to take charge of
H5he small accounts Of those Of small
*means and do just what any bank
and every bank in the land is doing
NOW. But the postof6ce being un-
der the direct management Of the
federal government, being an insti-
tuition Of the federal government, the
federal government is Of course re-
sponsible for the safety Of the depos-
r its, and no man or woman, would
: have any fear whatever of the safe
ty of his money deposited in the
&eostof6ce. Ordinary banks pay from
2 l-2 to 4 per cent. on savings &C.
counts. Practically all the banks in
South Carolina pay 4 per cent. The
postofice will pay only 2. The mat
ter Of interest on small accounts is,
however, generally considered Of lit
tie consideration.
The contention over the matter has
h,,nr ali oAv oIIo,,+ tbn o,,o-tior of