INVESTMENT OF FUNDS 
115 
large a number of banks would in time of stress 
be of decided disadvantage to the Federal reserve 
system, which seeks as much as possible to mobil 
ize the financial resources of the country under 
one control. The bill which I now return repeals 
that provision so far as it might apply to funds 
accumulated in the hands of the Government un 
der the postal savings system. It is in this pro 
vision of the bill that I find myself unable to con 
cur. 
“It is my clear conviction, very respectfully 
urged and submitted, that as a matter of prin 
ciple as well as of policy we should strengthen and 
safeguard the new banking system very jealously 
with a view to the ultimate unification of the en 
tire banking system of the country under the 
supervision of the Federal Reserve Board. It 
would, in my judgment, be a grave mistake to 
take away any of the benefits or advantages held 
out by the present law to member banks to enter 
the system, and to take them away just as the 
system is about to be put into operation and the 
promises of the act of last December made good 
to the banks that have entered.” 
A year and a half later, on May 18, 1916, the 
Postal Savings Amendment act was passed, 
which contained a compromise between the posi 
tions on this subject taken in the bill previously