OCR Text |
Show POSTAL SAVINGS BANK BILL. Measure Passed by the Senate on Strictly Party Lines. Washington. By a vote of fifty to twenty-two, the postal savings bank bill was passed by the senate late Saturday Sat-urday afternoon. As passed, the Smoot amendment was included, as also an amendment of Senator Borah. Tho Cummins amendment, which would have confined during times of war the investment of postal funds In government securities, was defeated, py a voto ot 18 to 40. The bill as passed gives the money order department In the postofflces of the country authority to accept sums of one dollar or more from depositors and to deposit these sums In tho local banks, where tho money Is to remain unless withdrawn by the president In case of war or other exigencies. Tho control of -the funds Is vested in a board of trustees composed of tho postmaster general, the secretary of the treasury and tho attorney general. gen-eral. Tho aggregate balance allowed to any depositor is $500, and no person per-son is permitted to deposit moro than $100 In any one month. Tho government govern-ment Is required to pay 2 per cent interest in-terest and must exact not less than 2U per cent from tho banks, tho extra ex-tra quarter of 1 per cent being required re-quired for tho payment of expenses a'nd losses. |