St. Paul daily globe., 1889-02-07
STATE BANKERS
Meet for Legislative Purposes To-
Day,


The State Bankers association COM
mittee on legislation meets at the Mer-
chants this morning at 1890. Hon.
Henry E. Wells will submit the follow
ing recommendation to the committee:
To the President and Members of the Min
nesota Bankers Association: | am requested
by the executive committee to offer some
suggestions for your consideration in rela
ton TO the legislation of two years since in
this state affecting the interests of both the
people and ourselves as bankers, and for the
modification, at least, OF the same As bank
ers, those who hold the nearest business re-
lations to the people and who affect to care
for the peoples money. and who enter more
closely and largely into their confidence. not
only as depositaries, but as their medium of ex-
change, we insist that we fully appreciate and
realize all the responsibilities OF our situation
and relations. aud ask only that considera-
ton to which we show ourselves entitled,
and which of right belongs 10 us. That leg
islatiou respecting titles and capitalization
we viewed as direct assault, calculated to
asperse and to wrong us, aud we did not
hesitate to denounce and to oppose it to such
extent as to characterize and defeat 1t. 1t
not only sought TO deprive US Of our business
insignia, by and under which business had
be en- transacted in many instances for gen
Grafton, but by the reduction of the amonnt
of capitalization to incorporate from $50, 600
the transfer of i'm portant business elements
into incorporate hands. This we deem
TO be both unjust as depriving us Of
vested interest in our trademarks, and as un-
American. unrepublican and against the
spirit OF our institutions. The reduction as
stated, was also deemed a menace to the pub
lie, and opened, by ill-considered legislation,
an avenue for peculation and fraud. Under
it the responsible associate might limit his
liability to nominal sum, and. in case of
disaster, protect his business integrity, even,
through cover of an irresponsible defaulting
officer. While looking at the methods aimed
at with disrayor, we have not failed to dis
Germ, and we think we fully appreciate the
end sought TO be accom- plished, and as an in
dication Of our good faith and desire to carry
out worthy design, the prevention OF de-
eeit and that no one may be misled by TN
worthy pretense, we respectfully suggest
that such an amendment to the general
banking law as hereinafter stated would be
desirable.
FiIst-That all advertising matter certifi-
Gates of deposits, billheads, letterheads and
otherwise Of private banks be accompanied
by the printed names of all proprietors and
associates interested III the business CT said
banks
Second-That the word private or
words mot incorporated" be also printed
after the name of SAID bank.
Third-That no official titles, as president,
vice president, shall be appended to the name
of any party connected with any private
bank under penalty Of fine and imprison-
ment.
Fourth-That any private bank which
shall be made the depositary of comfy funds
shall be subject to inspection by state author
ity as in the case Of incorporate banks.
Fifth-That the legislation referred to be
repealed.
Dated Jan. 10, 1889.