, 1874-01-30

magnifying the permanent beuenta and the iu-
Croasod valuation Of the county, resulting from
tho investment made by tho people under that
law In the railroads running through tho county.
THE sAV1NGs-BANK BILL.
Special Dtspatch to The Chicago Tribune.
THE 8ENATE bill IN THE HOUSE.
SPRINGFIELD, ILL.,, Jan. 20.-aonato bill No,
391, which provides an act for establishing sav-
fnga banks, WAS reported from the House Com
mittee on Banks and Banking, with amendments
changing the dates 10 that it should bo submit
ted to tho people in 1874 and take ofeot in 1875.
The amendments vera adopted.
Quinn offorod m amendment providing that
thedeposits should not amount to mora than twco
tho capital stock provided by the bill. Tho
amendment Was voted down.
Bradwoll offered IN amendment, which waa
adopted, providing that the oflcora should take
oath to tho certificate to bo filed with the Auditor
that the capital stock waH paid In.
Another amendment Of Dradwell's Was adopt
ed, as follows:
aocatton shall be- permitted to borrow any Of the
Funds deposited with or Belonging to such associa-
fion violation Of this provision shall work q for
feiture Of the charter Of such association.
Henry offered an amendment making every
stakeholder individually responsible to tho ored-
ktora Of the association.
Connolly believed the amendment necessary il
the bill passed.. There WAS
NO NECESSITY FOR THE Bill AT ALL,
especially Il Congreas made national banking
Free.
Jones charged that Of the tifty-two members
Tho voted FOR tho sauo amendment laHt session,
kwonty-throe were stockholders In National
Banks. and he understood that Connolly WAS
National Bank stookholder.
Connolly did not deny 1t.
Jones wont on to say that it would bo irupos-
elble to Induce them u enter tho banking bu9l-
ness thoy were to be held individually 1iable.
Fire OF other calamity might oyertalte tho bank,
tud man ,Sd %ho ood held $1,000 of stock might be
Caseedy requested God to aaye him and his
from the frauds that might be porpetrated under
khat bill. It offered no protection to depuRitorB,
~ tho officers might abscond and loave tho
people in tho lu1ch. The country bud passed
through
and they should be careful whit kind Of bill
they sent out to gull the people.
Pollock said the stockholders would be liable
under the bill for only twice tue amount Of their
stock. He would prefer private banker who
was responsible to the full value Of hs property.
The bill would organize sWindling institutions
to rob poor depositors. Hewanted banks found
ed on partnership principles and the partners
liable.
The amendment was 1ost-yeas, 40; nays, s..
HOLES desired to amend the suction. conlpe-
ing the bank to invest at least one-third Of it's
capital stock in United States or illinois Btats
bonds. and keep at least ~ per cent in cash or
available asae.s, so TINT It should keep 80 per
cent available, but tho House refused.
CaaBedy, who had been bumning around tho
floor. yelled from ono Of the aislos that be would
Like to strike out the enacting olauso.
Armstrong, Of Grundy, offered IN amendment
providing that the total amount of deposits
should not exceed five tlmos the q amount Of tho
charged that Jones' was acting in tito interest Of
Chicago bankers that ho CONNOLLY should
he owned National Bank stock. The amend
mont before tho House was Of no impor-
tance, as the bill, with or without
It, Us as,., trap al and .' snare. m, It
MAS no distinctive feature Of savings banks in
the BILL but 1t mas evidently Designed to enable
banks to carry on = general banking business.
The capital might h be drawn out tue day after II
mako visltations. Connolly made an abo speech
on hiR side, aud showed, what has long been Gus
pectod, that he is the ablest debater in the
House.
MasBio went for him, and argued that deposit
ora seldom lost money In Savings banks.
Moore, OF Adams. commended that National
Banks failed, and that Andy johnson lost 500, 900
in National Bank at Washington.
we're more banks than they had money to put in
them, 40 ho moved to strike out tle euactiug
clause.
MORE AMENDMENTS,
Armstronga amendment WAS lost.
Another amendment providing that the avail
able asseta should bo deposited with the Auditor
was lost.
Jones offered m amendment making stock
holders Liable for three timeB the amount Of
their stock. Ha pitched into Connolly and Con-
nolly's bank stock, remarling that the worst
failures had been tlloso OF National Banks.
Connolly Was animated by murderous inten-
lions towards tho bill.
Jones' amendment was adopted.
Another amendment making the available
assets Is per cent in cash was alopted-57 to "A.
motion to table tho bill was defeated-91 to
81. Alexander, Of Montgomery, and Casaedy GU
tered di!atoly motions which were lost and the
bill, aftor protracted 1ght, was ordered to
third reading.
THE GENERAL FEATURES OF TIE Bill,
In addition to the amendments aboya described,
are tlat not less than five persons may organizo
= savings ba1k, with capital stock amounting to
not less than $25, 600 In places having lesH than
10000, and not less than $50,0D0 In places
OF moro than 10000, tho stock to DO in equal
shares OF Sl00 each. They can loan money on
real estate. Tho atook may DO increased to
$500 ,G00 Shares OF stock ahall bo personal
property liable to taxation. Quarterly reports
shall bo made. The 1aw shall be submitted to
the people for adoption. This bill has passed.
the Senate, and will 80 through full House.
THE FARMERS MOVEMENT.