OCR Text |
Show POSTAL SAVINGS BANK BILL. Measure Passed by the Senate on Strictly Party Lines. Washington. Dy a voto of fifty to twenty-two, tho postal savings bank bill was passed by tho scnato lato 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 or 18 to 10. Tho bill as passed gives the money order department In tho postoffices of tho country authority to accept sums of ono dollar or moro from depositors and to deposit these sums In the local banks, whero tho money Is to remain unless withdrawn by the president In case of war or other exigencies. Tho control of tho funds is vested In a boan? of trustoeB composed of tho postmaster gonornl, tho socretary of tho treasury artt. tho attorney gen-oral. gen-oral. Tho aggregate balanco allowed to any depositor is $500, and no por-son por-son is permitted to deposit moro than $100 In any one month. The government govern-ment 1b requlrod to pay 2 por cent Interest In-terest and must oxact noteless than 24 per cent from the banks, tho extra ex-tra quarter of 1 per cent being required re-quired for tho paymout of expense nnd losses. |