DEPOSITORS AND DEPOSITS 
87 
took the course through Congress usually taken 
by important bills which ultimately receive Con 
gressional approval. It was debated at intervals 
from December 15, 1913, to August 28, 1914, 
was amended in the House and in the Senate, re 
ferred to a conference committee by which the 
differences were compromised, and was finally 
passed by Congress at the end of August. In its 
final form the bill removed the limitations on the 
amount that could be deposited by a person in 
any month, left the maximum interest bearing 
deposit $500, and authorized the Board of Trus 
tees in its discretion to “accept additional deposits 
not to exceed in the aggregate $500 for each de 
positor, but upon which no interest shall be paid.” 
The bill was sent to the President for his signa 
ture September 1, but was vetoed by him because 
of one of its provisions authorizing the deposit of 
postal savings funds in banks not members of the 
Federal reserve system. “With most of the pro 
visions of the bill” the President in his veto mes 
sage declared himself “in hearty accord.” 26 
Inasmuch as two years later legislation provid 
ing for the lightening of the restrictions upon 
postal savings deposits was passed, and as the 
chief debate over the question of policy occurred 
28 House Doc. No. 1162, 63 Cong., 2 Sess. This docu 
ment contains the bill and the President’s veto message. 
Cf. infra, pp. 114-115.