The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1891-02-25

BY Dir. Baker--Providing for bank
inspector.
All the above bills were indefinitely
postponed.
Mr.. Bowman's bill, providing that
trustees shall give notice to insolvent
debtors, was engrossed; also Mr.. Gless-
ner's bill, concerning prosecutions before
justices OF the peace.
The Glessner bill to fix the compensa-
ton of the county commissioners was or
dered printed and made a special order
for Friday at p. IN. The report OF the
| committee was against the bill, but Mr..
Glessner managed to reverse the action of
! the committee. Itfixes the compensation
/ of the commissioners according TO popula-
/ ton. In counties having 5000 population
/ the commissioners shall be paid n salary
OF Sl00. In counties having over 5000
population 500 for the first 5000 and $40
| for each additional thousand. This
would give the commissioners of Marion
county Sl,5ll each per annum. By
| special act of 1882 the commissioners of
Marion county were placed upon salaries
of 81 800. When the bill comes up again
Mr.. Curtis will propose an amendment
leaving the Marion county commissioners
| upon the present salary. Mr.. Hench will
also propose an amendment placing the
commissioners OF Allen county in the same
classification with those of Marion county
for the reason that with twenty townships
numerous streams and a large number of
bitches the board of commissioners OF
Allen county have more work to perform
than the board OF any other county. The
bill also provides that the commissioners
shall meet once month.
Senator Moore's gravel road bill was
read second time and indefinitely post
poned.
The resolution which Mr.. Cullop in
troduced several days ago to investigate
the accounts of the Terre Haute d In
dianapolis railroad company, was reported
back from the judiciary committee by re-
tanning the preamble and substituting
another resolution as follows:
Resolved, BY the house of representatives,
the senate concurrinV, that select committee
OF eight members, five from the house and
three from the senate, be appointed to care
fully investigate the matter and things set forth
| with power, II necessary, to send for persons
and papers and make such report of facts and
| conclusion in relation thereto as will enable
| the general assembly 10 take such steps as may
| be found necessary TO secure and preserve to
the state the rights TO which it is entitled un-
! der the terms OF said charter. and to make
| such recommendations as such committee may
| deem just and proper. and report their pro-
| ceedings in the premises TO the general assem-
| bly, on or before the "a day of March. 1891.
No action was taken on the resolution.
BY this time quorum was present and
Mr.. Culiop's bill authorizing building and
loan associations to increase their capital
stock to S25000000 and also authorizing
two associations to consolidate came up
on second reading. The ways and means
committee which reported it made no
recommendation. Mr.. Cullop explained
that the bill changed the present law only
in two respects-the maximum OF capital
stock was increased to S25. 100000 and
two companies were allowed to CONSOLE
date.
Mr.. G!essner opposed the bill as dan
gerous piece of legislation.
MIR. Curtis then obtained the floor and
denounced the bill as an incubator for q
gigantic trust to rob the people of the
sta e. The object of the bill was to foist
upon the building and loan associations OF
Indiana the infamous system known as
the national building and loan associa-
ton" The same proposition had been de-
fea'e ed in the senate last Monday The
hundreds of building and loan associa-
tions Of indianapolis were protesting
against this bill. This proposition had
been before three committees in sue
cession, but not one of them had been
1t had first been referred to the committee
on judiciary, then to the committee on
corporations and finally to the committee
on ways and means, and the latter COM
mlttee did not have the nerve to make
any recommendation, but had thrown
the responsibility upon the house. The
bill was in the interest OF the Minneapolis
concern. which was "lega lied ro5ber."
The people did not want building and loan
associations to be merged into great cor
porations. The Minneapolis company,
which was doing land-ol.ice business in
this state, had held out a arming induces
ments to secure subscriptions, and after
obtaining them notified the stockholders
that they could not be paid. Il am a
stakeholder in that infamous concern"
said he. 81 am paying my money into it
but | never expect to get q dollar back"
The stockholders were scattered and the
officers manipulated the company as they
pleased. Recently they had raised
their own salaries at a meeting where
54.000 stockholders were not represented.
The MINNEAPOLIS company had amended
its articles Of incorporation so Us to perpet-
uate the present officers. These so-called
national associations:wer gigantic schemes
of robbery.
He was loudly applauded when he took
his seat.
Mr.. Cullop in reply said that Mr.. Curtis
had not pointed out the objections to the
people. He had simply made charges
without proving them. There was some
thing behind this opposition that did not
appear on the surface.
Mr. Curtis-"What is behind your
bill?"
Mr.. Cullop-"Oh, it's all balderdash-
mere subterfuge. There is no difference
between the law now and the proposed
law, except that the capital stock can be
increased from 81, 100000 to S25,O00,0OO."
Mr.. Curtis you allow yourself TO
be corrected in your wild statement?
Don't you know"
Mr.. Cullop-"Oh, am not on the wit
ness stand. / cannot answer an imperti-
nent question"
Mr.. Cul op continued. saying that the
opposition to the bill was not based upon
reason. Because one national build
ing and loan association was
swindle that did not 90 to prove that
all national associations were crooked.
Reasoning from the same standpoint the
banks could be made out robbing institu-
tions, because occasionally cashier goes
over the line to Canada. The same
reasoning would make all county
treasurers rascals, because number have
defaulted. This bill would freeze out
FOREIGN institutions opd profacf b0,,,a