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Show POSTAL SAVINGS ILJSPAS5ED Senate Bows to Will of Tai't and Accepts the House . Measure. ONE MORE TRIUMPH FOR THE PRESIDENT Most of the Insurgents Line Up With Regulars on the Final Vote. WASHINGTON, June 22. After voting down several amendments, the senate today to-day decided, 44 to 25. to concur In the house amendments to the postal savings bank bill and thus took the last legislative legis-lative step necessary to tho establishment of a postal savings bank In the United States. The measure was Included In the administration schedule and Its passage pas-sage murks another triumph for President Presi-dent Taft. In accordance with the programme agreed on yesterday, tho voting began at 5 o'clock and the bill wus passed llftecn minutes later. Most of the "insurgent" Republicans Joined the regulars in supporting the measure In the final vote, but Senators Brlslow, Cummins and L:i Folletto refused re-fused to yield and cast their ballots with the Democrats. Senator Chamberlain cast the only Democratic vote for the bill. Before the vote thero was much discussion dis-cussion of the bill. Tho first speaker was Senator Brlstow of Kansas, who said he would rather slay in Washington a month longer than accept It. He asserted assert-ed a majority of the votes for the house bill would be cast by senators who want.-cd want.-cd no postal savings legislation. Concluding, he said: "The bill creates a plpo line to the speculative centers for the money from all over the country." Surrender to tho Banks. Mr. Simmons denounced the bill as "an abject and humiliating surrender to the banks," and predicted that before the end of tho next campaign tho bill would be the most unpopular law ever passed by the Republican party, "not excepting tho spurned, rejected and trampled upon Payne-Aldrlch tariff law." Declaring the house hud rejected every foature for which the senate had made special endeavor, Mr. Hughes read articles ar-ticles from newspapers declaring the president had threatened to veto the rivers riv-ers and harbors and public buildings bills If the house postal savings bank bill should fall of acceptance by the senate. He demanded to know whether the contents con-tents of tho pork barrel should be more potent In Influencing senators than the requirements of tho constitution. Mr. Carter defended the bill. Meeting the contention that the bill was an entirely en-tirely new measure, he declared Its provisions pro-visions were along the lines marked out by many bills presented 3lnce the beginning begin-ning of the agitation for postal savings banks. Ho said, though the bill differed somewhat from the senate bill, It was the result of compromise and, while not representing rep-resenting the views of any ono senator or number of senators, It. was still an expression of the "dead level" sentiment of all. Mr. Carter admitted his doslrc to have the bill amended In some particulars, but found such a course Impracticable so late In tho session. He expressed confidence that the measure would prove an unmixed un-mixed blessing "to struggling men, women wo-men and children." Provisions of Measure. The postal bunk bill, as It goes to the president, provides for the designation of postofflccs as postal savings depository offices. The opening of such depositories Is left to the discretion of a board of three trustees, consisting of the postmns-ter-gcneral, tho secretary of the treasury and the attorney.general. This board Is given complete control of the depositories and of their funds. As It will require considerable time for the board to prepare pre-pare Its regulations. It Is Impossible at this time to predict when the postal banking system will bo in operation. In these depositories any person over 10 years of age may make deposits of funds amounting to ono dollar or multiples of that amount. Passbooks will bo Issued to depositors and Interest allowed at the rate of 2 per cent. No person Is to be permitted to deposit more than ? 100 In any month, nor to be allowed to have exceeding ex-ceeding 5500 to his credit at any time. .The withdrawal of funds Is to be permitted per-mitted at any time. The postal savings funds, thus accumulating, accu-mulating, are to be placed In state and national bankB In 'the communities In which the deposits are made and the banks are to pay therefor 2 per cent Interest. Five per cent of tho total deposits de-posits aro to be held by tho treasurer of the United States as a reserve to guarantee guar-antee the payment of depositors. BequIrementB of Banks. Banks are required to deposit public bonds to Insure the safety of the deposits. depos-its. A provision authorizes the withdrawal with-drawal of 30 per cent of tho doposlts for Investment In government bonds, and depositors de-positors arc permitted to transmute their deposits into bonds when they desire. There also Is a special provision authorizing au-thorizing tho Investment Aln bonds for the remaining 65 per cent of the savings funds, but this step Is to be taken only when directed by the president. Postmasters in fourth-class offices are to be given additional compensation for their .services In connection with tho depositories, de-positories, and postal savings accounts in the banks aro to be kept separate from all other accounts. One hundred thousand thou-sand dollars Is appropriated to carry the proposed law Into effect and to establish the first of tho depositories. Tho bill contains tho following' "The faith of the United States Is solemnly sol-emnly pledged to tho payment of deposits depos-its made In postal savings depository offices, of-fices, with accrued Interest thereon as herein provided." |
