Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-02-09

strikes out the word "using" in the sentence
" Brokers are hereby prohibited from using, loan
lny, hypothecatng or selling any stock on hand be-
| longing in whole or in part to others. why. SIR
TINS Is the joker 1t looks supertiuous but sir, II
| is the very word that catches them. We do not
propose that they shall hoodwink and rob the peo
! pie any longer Pass this bill as originally pre-
seDte and from the degraded depths Of Pauper
| alley spirits that once walked in the pride and
| majesty of manhood, but are now borne down by
the brokers' yoke OF oppression, will reassert their
powers and bless those who dared to shatter the
chains that had bound them so long slaves to the
I brokers' car Of Juggernaut.
MIR. FELTON, moved to strike out the provision
against hypothecating stock He said the result Of
this bill will be that the business will be reduced
down TO nothing. 1t would reduce it down to a cash
basis A million dollars worth OF business done
each day, with proper restrictions, would make 1t as
legitimate any other commercial interest. thought
to be guarded till it could take of itself
chant sells goods, receiving inspart payment notes
which he is obliged to typotheette with the banks in
order to obtain money to carry On his business by
should the stock dealers be restricted in this regard?
This bill would reduce it down to the amount OF
capital that each broker is possessed OF while if he
is allowed TO hypothecate his securities the same
the merchant, his business will be brought down to
the commercial level, provided you provide proper
restrictions The men who constitute these brokers
are goo, bad and Indifferent, but ] Will say there
are plenty OF them who are the peers of any man
upon this floor
Mr.. DU BRuTZ said the time had come for the people
10 stauu up ana regulate TINS giant. The people
want the stock business reduced TO a cash basis
where it should be. The effect OF margins is to
freeze out the small fry and those not the inside
II it would reduce the business to cash basis that
was what was most to be desired.
AFTERNOON SESSION.
The discussion on the mining stock bill was con.
tnued. MI. fouNG said there were others interest
ed in this matter besides stock brokers. The peo-
pie themselves are most deeply interested. They
demand that we should inaugurate system of rev
enut, establish system OF water rights, and other
measures, among which is that to regulate the sale
OF mining stocks. Said he: "The gentleman on
my right (Felton) has euogized the brokers. / take
1t for granted that you all familiar with the
practice adhered to by the brokers. Their practices
may be fair between the dealers and the citizens,
bnt in nine out OF ten the citizen loses all
and the dealers make the money. 1t is inimical to
the interests OF California that this business should
be continued. The alleged object is to promote the
mining interest. II California were gamer million
dollars every year, the balance Of trade would be in
her favor and | would not favor this bill. Unless
am misinformed by the current reports the balance
of trade is not less than that against herannual
ly. The assessments usually double the dividends
| paid into the State. He of the opinion
that brokers should sustain the same rela-
| tions towards their customers as attorneys
| do towards clients, secrecy and fairness.
All the amendments of the committee were voted
| down emphatically, almost unanimously.
Mr. FELToS withdrew his amendment and the bill
was ordered read q third time.
THE RAILROAD BILLS
| The Railroad Commissioner bills which were re-
ported on iavorably by the committee were read q
second time.
| Mr.. Del Valle's bill, which was recommended to be
| rejected. taken up.
| Mr. BRAVNHAEr moved to amend by inserting in
the list OF officers Bailif, with salary of 81 800
| per annum"
| Mr.. MCCARTHY moved to amend the amendment
| by making the salary 81, 200. Carried
After some discussion the salary of the Secretary
was fixed at 50 400 The Board is authorized to en-
poy attorney at s., 900 per annum and the sala-
ries Of the Commissioners was fixed at 81 0C0 The
bill as thus amended was ordered placed at the head
! OF the file for Monday
The Assembly then adjourned until Monday at
| 0.on