St. Paul daily globe., 1893-03-14
LOANING TEiskITORY.
1t Will Not Be Enlarged for Saw
ings Banks.

~ w III WV AbO AOE cav
3d. ings Banks.
50 On consideration of III. +. 10, once
killed aud afterward placed on general
.orders, which would allow savings
banks to invest in several states where
they cannot invest at present, Mr..
Fletcher made speech for it, and
moved that it be recommended to pass.
Mr.. O'Neill protested that its passage
would take 81. 900, 900 out of the state,
and make it harder even than at present
for farmers to borrow money. He
claimed they cannot now get the money
they want at 10 per cent.
Mr.. Cole. OF Otter Tail, moved to
amend the Fletcher motion by recon-
nending thesbill for indefinite postpone
ment.
Mr.. TurreIl spoke earnestly for the
bill, and Mr.. German followed iii the
same strain.
Mr.. fleming had seen no reason to
change his mind since voting against
the bill when it was up before. There
fore he was opposed to it, he said, and
proceeded to argue at length against its
wisdom or advisability. He considered
that the present law placed wise
limitation on the loaning Operations of
savings banks and hoped it would not
be tampered with.
Mr.. German again spoke for the bill,
halding it would be for the benefit of
depositors. Mr.. Williams took similar
ground. In his opinion, there was no
good reason to prevent the widening of
the field of operations OF savings banks.
MeSsrs. Il. Cole, jacobson and Lock-
wood fired-a broadside of questions at
the Chesterfield of the Hennepin dele
CATION, who introduced and cared for
the bill on its course Mr.. Fletcher
stood to his work like hero, making
really creditable showing for his po-
sitiOn. but the pace grew so hot that
Chairman VanSant had to take a hard
pull OH the reins to keep his colts in the
middle of the road.
Mr.. Mcguire could see no use for such
a widening of the territory of savings
banks. but he could see great possible
danger. He thought law to limit their
territory even more than at present
would be indorsed by the people. All
the money the savings banks wanted to
loan could be placed at good interest in
Western Minnesota, he SAID, and Mr..
Fletcher was assured that he could find
plenty of agents to handle the coin.
Mr.. Turrell maintained that savings
banks should have the same privilege
as other financial institutions to loan
out money where they could place it to
the best advantage.
Mr.. Staples expressed himself in ia
vor of the bill, and MIR. jacobson made
one of his red-hot talks against it. Mr..
Fletcher undertook to question the
gentleman from Lac qui Parle, but the
Western whirlwind took him off his
feet as a cyclone would village church,
and the Hennepin man gave up in de-
Spair. Then, on standing vote, the
house once more and for the last time
killed the movement to extend the limit
of operations of state savings banks.
A short debate occurred on Ill. F. 567,
which would amend the present law
governing the sale of intoxicating liq-
uors so that violators thereof could be
fined or imprisoned, in the discretion of
justices. The outcome was the adoption
of motion to report progress, in order
that the bill might be amended in some
particulars.
Ii. F. 316 and H. F. 6OS, providing for
taxation of sleeping car companies. were
read and considered together. Mr.. Hor-
ton stated that the bills were prepared
jointly by members of the house and
senate judiciary committees, under
JOINT resolution. One, he snid, provides
for a gross earnings tax and the other
for a property tax. The design was to
let the companies take which m ethod
they liked. and the bills should be car
ried through together in order to be of
any use in accomplishing the object
aimed at. Both measures were recon-
mended to pass without opposition.
I'll. +. No. $40, MIR. Jacobson's bill re-
quiring railroad companies to afford
transfer facilities to other connecting
lines and to establish joint rates, was
taken up during the morning session.
Mr.. jacobson, In moving that the bill
be recommended to pass, offered an
amendment providing that no company
shall be required to transfer its freight
cars TO another line when its own road
reaches the point of destination, even
If the distance Is greater; provided.
however, that the charge shall not be
greater than the rate is over the shorter
road. The amendment was adopted
and the bill was recommended to pass
as amended.
This measure and the Greer bill, con-
sidered together, incorporate even more
drastic regulations than the Currier bill
of last session, which was so bitterly
fought and ultimately defeated.