OCR Text |
Show multiples of that amount. Passbooks will be Issued to depositors and interest in-terest allowed at the rate of two per cent. No person is to be permitted per-mitted to deposit more than $1000 in any month, nor to be allowed to have exceeding $500, to his credit at any time. The withdrawal of funds Is to be permitted at any time. The postal iuvlngs funds, thus accumulated ac-cumulated are to be placed In state and national banks in the communities communi-ties in which the depositors arc madi and the banks are to pay therefor 2 1-t per cent Interest. Fire per cent of the tolal deposits are to be held by the treasurer of the United States as a reserve to guarantee the payment pay-ment of depositors. Hanks are required re-quired to deposit public bonds to insure in-sure tho safety of the deposits. A provision authorizes the withdrawal of 30 per cent of the deposits for Investment In-vestment In government bonds an 1 depositors are permitted to transmit their deposits into bc-Dds when they desire. Investment of Funds, There also is a special provision authorizing the investment in bonds for the remaining sixty-five per cent of the savings funds, but this step is lo be taken only when directed by the president Postmasters in tourth-class tourth-class offices are to be given additional addi-tional compensation for their' services ser-vices In connection with the deposi tories and postal savings accounts In the bunks are to be kept separate from all other accounts. One hund red thouxiind dollars is appropriated ' to carry the proposed law into effect and to establish tne first of the depositories de-positories The bill contains the following: The faith of the United States Is solemnly pledged to the payment of deposits made in postal savings de-I de-I iosltory offices, with accured intor I f6t there on as here In provided." PRESIDENT TAFT ! SCORES TRIUMPH WASHINGTON", June 22. After voting down several amendments the senate today decided 4-1 to 25 to concur con-cur in th1 house amendments to tho postal savings bank bill and thus took the last legislative Btep necessary neces-sary to the establishment of a pOBtal savings bank hi the United States The measure was Included la the administration ad-ministration schedule and its passage marks another triumph for President Taft, In accordance with the program agreed ou yesterday tho voting began be-gan at 5 o'clock and tho bill was passed fifteen minutes latter. La Follett- and Others Refuse to Yield. Most of the "Insurgent" Republicans Republi-cans joined the regulars In supporting support-ing the measure in the final vote. Senators Bristol, Cummlngs and La Follette refused to ield and cast their ballots with the Democrats. Senator Chamerlaln cast the only Democratic vote for the bill. Before the vote there was much discussion of the bills. The firsr. speaker was Senator Brlstow of Kansas Kan-sas who said he would rather stay In j Washington a month longer than accept ac-cept it. He asserted a majority of the votes for the house bill would be cast by senators who wanted no postal post-al savings legislation. Concluding ha said: "The bill creates a pipe line to the speculative centers for the money from all over the country." Surrender to the Banks. Mr. Simmons denounced the bill a "an abject and humiliating surrender to tho banks" and predicted that before be-fore the end of the next campaign tho bill would be tho most un)Kpular law ever passed by the Republican party, "not excepting the spurned, rejected and trampled upon Paync-Aldrlch tariff tar-iff law." Declaring the house had rejected every feature for which Cue senato had made special endeavor, Mr. Hughes read articles from newspapers news-papers declaring the president had threatened to eb the river and harbors har-bors and public building. Mils if the postal savings bank bill should fail of acceptance by the senate. He demanded de-manded to know whether the contents con-tents of tho pork barrel should be more potent In influencing senators than the requirements of the constitution. consti-tution. Mr. Carter defended the bill. Meotiug the contention that tho bill Wris an entirely new measure he declared de-clared Its provisions were along tho lines marked out by many bills presented pre-sented flnce ilia beginning of the asitation for postal savings banks. Ho said though the bill differed somewhat some-what from the senate bill. It was the result of compromise aud, while not representing the views of any one senator or number of senators, it was still an expression of the "dead level" Bentlmeut of all. Declares Bill a Blessing to Poor. Mr. Carter admitted his desire to have the bill amended in some particulars par-ticulars but found such a course Impracticable Im-practicable so lato In tho sosslon He expressed confidence that tho measure mea-sure would prove nn unmixed blessing, bless-ing, "to struggling men, women and children." Tho postal bank bill, as It goes to tho president, provides fr the designation design-ation of postofTlces as postal savings depository offices. The opening of such depositories la left to the discretion discre-tion or a board of three truatcos, con-sintlng con-sintlng of the postmaster general, the secretary of the treasurv and th nttorney general. This board Is given complete control of the depositories and of their funds. As It will require consldeablo time for the board to prepare Its regulations. It is impossible impossi-ble at this timo to predict when tho iwstal banking system will be in operation. oper-ation. Children May Be Depositors. - In those depositors any person over ten years of ag may make -deposits of funds amounting to ono dollar or |