St. Paul daily globe., 1891-03-27

Respecting the Governors Veto.
| The afternoon session of the senate
opened tamely enough. but there was a
scent Of war ahead, and. while it took a
| half hour to reach the interesting part
| OF the proceedings, the senators finally
got there. Committee reports were
read for half hour. with now and then
| an interruption long enough to permit
roll call. Among these reports was
| one. perhaps the most important, from
the railroad committee, recommending
the passage of the Peterson bill, regu-
latlng the charges of express companies
doing business in the state.
Oil Inspection.
just little furry of excitement arose
when Senator March moved that the
report of the committee that investi-
| gated the Office of oil inspector be
adopted. Senator Tawney opposed this
motion, claiming that there were con-
clusions reached in the report that in
his opinion were not warranted by the
| facts. There was an intimation that
| there was discrepancy in the Oil in
spector'S accounts. For this reason he
| had not signed the report.
Senator March replied, defending his
report, showing that the committee had
not made any positive statement, for
| the simple reason that the matter could
only be estimated.
After little more talk the further
consideration of the report was put over
until Saturday.
The Veto.
Music by the full band came next.
Gen. SanbOrn announced that a mes
sage from the governor would be read,
and Secretary Van Duzee commenced
reading the governors reasons for veto
ing Senate File No. 81, relating to the
organization and scope of annuity, safe
deposit and trust companies. The mes
sage was an able document, and clearly
sets forth the reasons behind the gov
ernOr'S action. His reasons for the veto,
| summarized, are as follows:
| First-It is the policy of the state to keep
separate certain lines of corporate business,
and, hence has provided laws for each.
Second-The present law was created for
the specific purpose of accepting trusts of
various kinds, and certain portion of the
funds must be deposited with the state
| auditor.
Third-It would seem against good pub
lie policy to permit trust companies to
endanger their institutions by assum-
ing the risks of commercial banking.
| 1t would work a great injustice to the banks
| at present organized. Every company would
endanger its deposits in acting as bondsman,
| there being no limit to practices of this kind.
The liability of bank stockholders is twice
| their holdings of stock, while in the bill
passed the stockholders OF trust companies
are liable for only what they subscribe.
''The bill as 1t now stands" said the gov
ernor, in conclusion, lis cumbersome and
uncertain in its meaning, comforting too
many powers upon one corporation; at least
such IS my Judgment, and in consequence l
must decline to affix my official signature" !"
Denounced by March.
When the reading of the veto message
was completed Senator March slowly
arose and moved a reconsideration of
the vote by which Senate File No. "a
had been passed. A call of the senate
was demanded before the motion was
debated or pressed, and a number of
abSenteeS were soon found and took
seats.
Il can understand" said Mr. March, s'whv
the governor and others in his business feel
hostile to this measure. and it was from this
class of my constituents solely that opposi-
tlon Game IN my own CITY,.
Stevens Plain Talk.
This is matter of some i'm portance." SAID
Senator Stevens slowly and deliberately ITO
the senate and house of representatives of
the state of Minnesota and to the people of
this state. The chief executive of this state
has seen fit to veto this measure that passed
The senate by q more than two-thiris ma
jority, and through the house by vote of 60
ayes to no negative votes 1t strangely hap
pens that the governor, who has vetoed this
act. is the president of one of the largest
national banks i'll this state
Here the speaker called the atten-
ton of the senate to the fac. that the
governor had not consulted the attorney
general in regard to the bill. In the
message the governor stated that he had
consulted a competent attorney, who
had been largely instrumental in draw
ing the present law. The reason the
governor had not consulted the attorney
general, as provided in the statutes,
was that the officer held the opinion
that the law ought to be passed. Here
the speaker read list of the directors
of the st. Paul Trust company, show
ing their standing. When he reached
the name of the president of the Great
Northern he created a .good-natured
laugh by remarking:
James j, Hill, known to my friend from
Dakota
The Sage, as usual, busily engaged in
writing. looked toward Senator Stevens
and a broad smile Overspread his ro-
tund features.
Il say said the senator from Ramsey,
that the governor miSa pretended the pur-
pose and scope of Senate File 81 as do all of
his friends and advisers In this city and Min
Heapolis who have hung around him for the
last week and insisted upon the veto or this
measure. When this veto was being written,
am told, there stood in the presence of the
governor the president and vice president of
the First National bank, and the president
of the German-American bank men repre-
senting S5,000,0O0 capital. This veto may be
the voice of Jacob, but the hand is the hand
of Esau. l say when accumulated capital
stands in the presence of the governor ana
dictates his acts 1t is time to rise and drive
the oney-changers from the temple"
Sage UphOIds the Veto.
Senator Donnelly narrated how he
felt when the bill was first introduced
by the senator from Hennepin. He had
ureSE in the bill that he scould not ap-
prove of. However, when the bill came
up there seemed to be little opposition,
and he had kept silent. In vetoing the
measure he was satisfied the governor
had done a righteous act.
why, what is the propositions" cried the
Sage. 1t is simply that the trust company
shall become half a bank and bank half
trust company. The banking business is
precarious business, aud there are few peni.
tentiaries without its quota Of bank Off.
to go into the banking business.
why do they not incorporate as
such and not seek to drag the property of the
widows and orphans into this conglomera-
ton. More than this, this bill allows the
loaning of the money to the officers of the
Keep them separate. If there is need for
more banks let them be incorporated. The
whole question is, the bank and the trust
company are two distinct affairs, and should
be kept so. TO my mind the law should not
allow the loaning of money TO the directors.
UATQrn0T 7