Daily press. [volume] (Newport News, Va.) 1896-current, 1910-03-06
STRICT PARTY LINE
is DRAWN ON VOTE
Republicans Line Up For the Propo-
s!tion and the Democrats Take
stand Against. with Only One OF
the Minority Number Casting His
Ballot with the Majority.
ny Associated Press,

WASHINGTON, ID. g. March D..
Dividing practically upon parity lines,
the senate. at the close OF the tbiru
session of the legislative day or
March 3. today passed the administra-
ton postal savings bank Dill
OF the seveaty-twc votes cast, nity
were in favor OF the bill and twenty
one against. All the negative votes
were cast by Democrats.
senator Chamberlain. OF Oregon,
was the only Dcmocra: who voted TOT
the bill. AS It goes to the house. the
bill authorizes the various money or
aer postofices to accept sums o! one
dollar or more from depositors, and
To 6epcsit these sums In the local
banks. where the money Is to remain
unless withdrawn by the government
in the case of war or other exigency.
In case of this withdrawal the funds
are 10 be invested In government Sc
eurities. but with the proyiso that
such securities shall not draw less
than IA per cent interest
Who To Control.
The control of the funds IL vested
IN a board Of trustees composed OF
the postmaster general the secretary
OF the treasury and the attorney
general. The aggregate balance allow
ed TO any depositor Is $500. and no
person is permitted to deposit more
than 500 In any one month. Inc
government is required to pay two
ner cent interest and must exact not
less than IA per cent from the
banks, the extra quarter OF one per
emit being required for expenses and
loss
1T Is calculated that sucn a law
sculd bring much money out OF ala.
ing and result in fund ranging All
the way from $780, 100000 TO $i,ooV,-
coo, 600
Beginning at 1f:f5 o'clock today
the senafe's session continued until
80 p. m
Vote on Amendments
Almost Immediately after II began
the first vote was taken On the Cum
Minis amendment to the Smcot pro-
vision.
The Smoot amendment looked 70
the author zation of the withdrawal
from the local banks OF the postal
funds in case OF war OF other exigen-
cy, and Mr.. Cummins sought TO mod
y il by making it apply to war s.
the only exigency justify'ng with
srawals. The Cumm:ns provision
went down Under vote OF 40 nays as
against IS ayes. Later In the day the
Smoot amendemnt vas adopted atteI
IL had been moa,Iie6 by the insertion
of an amendment introduced by Sena.
tor Borah. As adopted the amend
menf, which is In the shape OF 9
rroviso. reads:
The Withdrawal.
when In the judgment OF the
President. war or any other exigency
involving the credit Of the govern
ment so requires, the beard %
trustees may withdraw all or any par'
Of said funds from the banks and IN
vest the same in bonds or other Sc
rsritics Of the United States. proyid.
ed. that no part Of said funds shall
in any event. be invested In bonds
or othe- securities bearing interest
At less than 10 per cent per
snnum"
Two other important amendments
we're agreed TO today. One OF these
was suggested by Senator Bai.es
and would permit the wi:Dsszwpi Of
postal funds deposits by the original
depositor upon demand. az INC
other by Senator Gallinger. sptcif
cslly including szvinys benk@ and
trust companies. doing banking
business. among the banking in~ii'a
tons permitted TO eccept the oci'ns't
~ p-y<ts. funds
insurgents Eisted.
The -insaFErns' Republicans wcr'
mach elatef over the acceptance %
The Borah modification The provision
was agreed 10 20 90 N.
slr. Money. speaking FOR The pcn-o
Gratis. based HE opposition upon thf
theory that an smendemnt. constitc
tsonal IN itself. could not render valid
bin which. IN Itself. was IN con
travcntion n the constitution. "A
A humber q Dcmocrstic scnftors
inesusine Nessrs Gore. stone and
Escon. spoke IN genera. opposition r
he measure The three mentioned
sa1 IN tie En The forcrunncr of =
great central bank. and regarded tht
lcrisiaficn a. Unconstitutional
tn porsal savings bank hilL fs<
been before the scra.r since "a.