88 
POSTAL SAVINGS 
in connection with the above mentioned vetoed 
bill, it will be well to summarize briefly at this 
point the arguments advanced, during the vari 
ous Congressional debates (1913-1916), on both 
sides of the question. 
Arguments for Lightening Limitations on 
Deposits 
The chief arguments advanced in favor of the 
change were as follows : 
1. The presumption is in favor of freedom 
from artificial restrictions in such a matter as 
permitting the public to deposit its savings in any 
legally authorized and safe agency for receiving 
deposits. In the original legislation the restric 
tions were imposed to protect banks from what 
many feared would prove a dangerous competi 
tion when the postal savings banks were opened. 
The fact that experience showed that the bulk of 
the postal savings deposits had come out of 
hoards and from persons who were not deposi 
tors at all in the regular banks made it clear that 
the raison d’etre of the limitations was not a 
sound one, and that they should be removed, or, 
at least, greatly lightened. It may be pointed 
out in this connection that there are usually no 
legislative limitations on the size of interest bear 
ing savings accounts in commercial banks, and