96 
POSTAL SAVINGS 
(H. R. 7967) had no reference to the provisions 
of the bill raising the limits on deposits. In the 
next session of Congress a new bill providing for 
the raising of the limits was introduced by Repre 
sentative Moon. By this time the Postal Savings 
Bank Legislative Committee of the Savings 
Bank Section of the American Bankers Associa 
tion had withdrawn its opposition to the legisla 
tion. 41 With the bankers’ organized opposition 
removed, the proposed legislation had fairly clear 
sailing, and the bill (H. R. 562) became law by 
the signature of the President on May 18, 1916. 
The new act repealed the provision of the organic 
law which imposed a limit of $100 on the amount 
that could be deposited in one calendar month, 
raised the interest bearing limit from $500 to 
$1,000, and provided “that the Board of Trustees 
may, in their discretion, and under such regula- 
41 The committee reported to the Savings Bank Section 
of the American Bankers Association, September 7, 1915: 
“It is understood that the Sixty-fourth Congress will enact 
legislation raising the limit of interest bearing deposits to 
$1,000 and giving discretionary powers to the Board of 
Trustees to accept an additional $1,000 without interest. 
From the knowledge acquired by your committee in its 
efforts to have the original Moon bill amended, and from a 
frank interchange of views with the Director of the postal 
savings system, we feel that the desire of the trustees for 
this increase of authority is not unreasonable and will not 
work any hardship upon our savings banks. . .” Com. & 
Fin. Chron., A. B. A. Conv. Suppl., Sept. 18, 1915. p. 181.