Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-01-07
$1,000 90

1879 and 1850. Sll ,OOV w
The thirteenth report of the officers of the
State Reform school affords continued evidence
of the wise management of that excellent in
stitution. 1t shows that 1862 inmates have
been admitted since its opening in 1868, of
which 1sG were held in charge during the past
two years, and that ia remained ut the close
of the year. Strong reasons are given for
change OF the law regulating commitments
and for giving the institution essentially
State rather than county support as wen rs
for q change of name, all of which meet my
hearty concurrence. i can see no good reason
for singing out this one among the other
State institutions as an object of local recog-
milton only. The unquestioned good it has
already accomplished, not less than its widen
ing future usefulness, demands that it be
placed upon the broad basis of State support
with an equal footing with the other cherished
objects of public care.
PUBLIC EXAMINER.
By the third annual report OF the public cx-
aminer, it will be seen that the officer has COM
pleted his investigation of the financial affairs
of all the State institutions, counties, banks
and savings associations in the State. Soma
idea of the labor performed in this work is
afforded by the fact that in many instances
more than one examination was required,
while in Others several weeks have been con-
sumed in single investigation, the whole in
volving separate examinations to the number
of 25S.
The comp leton of this work permits for
the first time, q condensed and more or less
ample view to be taken OF the entire financial
situation of public affairs. The summary Of
moneved institutions shows the existence OF
seventeen banks organized under our State
laws in 1880, with an aggregate paid up CAPT.
tai of $2,4T 900; total loans and discounts,
"a, 1868 and deposits, 49, S6, 738; while
their total resources and liabilities amounted
each 10 $685., 6S6.49.
This shows a marked increase OF banking
facilities and fiourishing condition of bust
ness, while the generally excellent manage
ment of these institutions is complimentary to
the skill and integrity of their officers, since
the State laws TO which they are amenabfe are
almost destitute of restrictive provisions. This
absence of lawful restraint was duly pointed
out by the examiner in his first report, and 90
then apprehended it has already borne fruit in
the failure of one of the State banks as report
ed. That the loose banking law of this State
has resulted in only this single disaster is due
perhaps wholly to the practice Of sound finan-
cal principles dictated by sagacious self-inter-
est. Commendable as is policy thus sv0lun-
tarily followed, il surely does not justify law
giyers in withholding the legal safeguards de-
manded for public protection. renew my
former recommendation that our State banking
laws be thoroughly revised, and 1 call your
attention to the various defects specified by the
examiner, especially to that which leaves any
room to doubt whether a cash or merely nomi-
nal capital IS required for banking in this
State. deem it also worthy of serious in
ouiry whether due regard for public security
does not require that the seventy-fve private
banking houses of this State, some of which
are depositories Of public funds, should be