The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-12-10

fund and other trust funds are and always have
been kept A loan is made in accordance with
the provisions of the law governing the particu-
lar trust fund.- and the mortgage is sent to the
recorder of the county in which the borrower
lives. In some instances the mortgages have
been miScarried, lost or destroyed before record
was made, and in one instance the records of the
county and the mortgage which was awaiting
entry we're destroyed by fire, and a loan thereby
lost to the college fund. The Auditor, therefore,.
suggests that the trust fund laws be so amended
as to authorize a complete record of the loans
and that releases be made in his Office before be-
ing sent to the counties in which the loan is
made, and that a copy of either record be made
sufficient evidence Of lien on the property mort
gagged.
sHERrFFs MILEAGE.
The act in reference to sherifs' mileage needs
amendment or revision. The increase Of rail
road facilities makes this necessary. The mum
Der of miles to which the sheriff is entitled for
conveying convicts to the prisons should be fixed
by Statute. And, also, the Expenses to which
he is entitled for conveying more than one con
Wet at the same time. 1T should also be settled
whether the sheriff must look to the county from
which the convict is taken to the Female prison
for his mileage, or receive IL from the appropria
ton for sherffs mileage. In no case should
statute, or statutes, be indefinite conflict
ing as TO leave them for the construction OF the
officer who passes upon the voucher or the sher
if who holds it.
INSURANCE COMPANIES AND STATE BANKS.
The Auditor suggests an amendment to the
insurance laws, requiring companies of other
nations to have n capital stock of 5000, 600. the
same as domestic companies.
In relation to the Jaw governing State banks,
tits recommended that section 1886 Of the Re
vised Statutes, 1884, should be amended SO as to
require that all papers relating to the banks
should be filed in the office Of the Auditor, in
stead of the Secretary of States Office as the
Auditors duties regarding the State banks are
similar to those of the Comptroller of the Cur
rency with the national banks, and he should
therefore have full custody Of ali papers. 1t rs
also suggested that the filing of the papers should
not be mere formal act but that it should be
made a part of the Auditors duty to examine
and approve them before any further steps are
taken, if the full benefit of official supervision is
to be obtained.
A State law, similar to the national bank law,
was enacted some twelve years ago. and num-
Der of banks have been organized underit They
have been uniformly successful, and no failures
have yet occurred, and the depositoTs have been
PAID IN full Several national banks have sur
rendered their charters and organized under the
State law, and it is quite likely that during the
coming year many more will do the same, as in
that time the charters of great many expire
The provisions for official examination under the
State law are the same as those under the
national banking law IL would be well to make
the word State part of the name of every bank
doing business under statutes, thus indicat-
ing that it has been organized under the State
law, and is subject to the official examination
which it provides Recent events have demon
strated the advantage there would be in and
even the necessity of extending the system of
examination by q legal enactment to private
banks, or to individuals doing banking business
to all persons who receive deposits of money as
bankers.
While the institutions noy doing business mr.
der the savings bank act are in a healthy condi-
tion and are successfully accomplishing the OBJ
Ject of their organization, not only saving the
earnings of their depositors, but paying salts
factory dividends, they have diminished in
number since the act was passed. fifteen years
| ago, instead of having increased. Four have
gone out of existence, impelled by infrmities
OF pecuniary character which made it a naces-
sity. How savings banks can be made more eff
Gieut aud successful, is we'll worthy the atten-
ton ami action of the law-mak ars. To this end
whatever deficiencies there may be in the act
should be supplied, and whatever detrimental to
success should be eliminated. While these insti-
tutiOnt have been a success in other Western
States, there is no good reason why they should
not be in Indiana.
The Auditor complains that every Legislature
has added new departments and new duties to
his Office, without making provision for addition
al assistance. He asks the next General Assem-
bly, to add a stenographer to his force.