THE POSTAL SAVINGS BANK ACT 
41 
farther than others; but the so-called Smoot 
amendment appeared to be the only one which 
could at the same time accomplish the purpose of 
making the bill constitutional and command a 
majority vote of the Senate. This amendment 
provided: “That when, in the judgment of the 
President, war or any other exigency involving 
the credit of the Government so requires, the 
Board of Trustees may withdraw all or any part 
of said funds from the banks and invest the same 
in bonds or other securities of the United 
States.” 27 
Senator Root said: “I deem it my duty, in 
governing my own conduct and in expressing my 
opinions regarding this bill to my fellow Sena 
tors, to say that, without the amendment that I 
introduced or some one of these other amend 
ments embodying the idea of investment in Gov 
ernment bonds, the bill is not within the consti 
tutional power of Congress. I do not think that 
as it now stands it can be brought within the just 
description of any means necessary and appro 
priate or adapted or suitable or tending toward 
the exercise of any of the powers conferred.” 
Senator Root thought that the Smoot amend 
ment, although not satisfactory to him, would 
“furnish probably a constitutional basis for the 
27 Ibid., p. 2720.