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  Senators, ­
  to  say  that,  without  the  amendment  that  I
introduced  or  some  one  of  these  other  amendments ­
  embodying  the  idea  of  investment  in  Government ­
  bonds,  the  bill  is  not  within  the  constitutional ­
  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  appropriate ­
  or  adapted  or  suitable  or  tending  toward
the  exercise  of  any  of  the  powers  conferred.”
Senator  Root  thought  that  the  Smoot  amendment, ­
  although  not  satisfactory  to  him,  would
“furnish  probably  a  constitutional  basis  for  the

27  Ibid.,  p.  2720.