Show SMOOTS AMENDMENT I ADOPTED BY SENATE Postal Savings Bank Bill Discussed Heyburn Reyburn Leads the Op Opposition Opposition Opposition position Washington Ya hington Feb 3 The Th Senate today adopted with slight modifications Sena Senator Senator Senator tor Smoots amendment to the postal say sav savings sa sayings ings bank bill prohibiting the withdrawal for investment of postal funds from banks bank I Iso I so long as the banks that held the th funds were willing to pay 2 per cent interest on the deposits depo its Senator Carter indicated a willingness to accept the Smoot amendment but Mr Bristow objected on the ground that the I effect would be Ie to permit the withdrawal of tin the funds from the banks the very thing we have been baen trying to avoid Ultimately a modification was agreed upon which made the provision satisfactory satisfactory tory tor to Mr tr Bristow The discussion brought out the fact that It is not the purpose to convert the proposed savings system s stem into a money moneymaking mone moneymaking making concern for tor the benefit of the government and the effect of the amend amendment amendment ment meat is IB to prevent a maximum Interest charge not greater than Is reasonably sufficient to meet the expenses and the Interest charges of ot the system s stem stemAn An amendment by b Senator Cummins providing that withdrawals of postal funds shall be paid from banks in the tue state In which made was adopted The bill was under discussion about two hours Mr Ir Heyburn lIt burn declared the bill to be bt reckless and careless Asserting that a It vast at majority of the national banks do not pay interest on deposits hp he declared that the effect of the law would l bv be to concentrate the great bulk bull of the postal funds In the ew York banks which loan money mone on call all Theres the he ho exclaimed Mr Carter r failed ailed to obtain an agree agreement agreement ment for a vote ote on the bill next Thurs Thursday Thursday da day |