The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-26
TWO REPORTS ARE COMING.
MAJORITY FAVORING A POSTPONE
MENT-STRONG LOBBY APPEAR
ED AGAINST THE MEASURE.
,NE BANKING BILL PUT TO SLEEP.
Hr. DOnneIIy's Measure Requiring
hanks to Put Up n Daily BuIle-
tin Is Killed.


Is defeated by the house, it may be
said that the result is due both to the
action Of Mr.. Jacobson in attempting
to force action in favor of passage,
and the efforts of what is said to be
the largest and strongest lobby which
has invaded the state legislature in
Minnesota for many sessions.
The matter which has been
In the committee for a week
or more promises to keep up
its sensational journey to the end.
This morning the grain and warehouse
committee Of the house will submit
both a majority and minority report
as agreed upon at the executive seS-
sion held yesterday, when the men,
bers agreed to disagree as to a rec
ommendatiOn. The majority report will
be for the indefinite postponement of
the measure, and, when it is stated
that the sentiment at the outset was
repored as being in favor of passing
it, the strength of the lobby may be
imagined. The chairman Thomas Tor
son, is with the majority. At all
events, a pretty struggle is promised
when the measure comes up for con-
sideratiOn by the committee of the
whole, and the lobbyists, including all
sorts of railroad employees from pas
senger conductors down to section
har"~. are hopeful that it will be
turned down there
The measure, which, it will be re-
membered, makes a reduction in
freight tariffs graduated according to
distance, applying to grains and &C.
nd
ing to the minority, have the effect Of
encouraging the raising of grain by
many persons who now are kept out Of
the market by excessive freight
charges.
The minority members believe that
the passage of the bill WILL therefore,
benefit the agricultural and necessar-
lily other parts Of the state, even in
Guiding the cities.
Going still deeper into the matter
they contend that the roads are at
present paying something like per
cent on their bonded Indebtedness
which amounts to between 10 and II
per cent on the capital actually in
vested. The statement made by the
advocates Of pOstponement, that the
passage of the bill will result in a
reduction of the wages of employees
following a cutting down of the roads
that no such result should or will oc =
cur. This point is the chief one raised
by the members who have gone on
record as opposing the passage of the
bill. While it might not have seemed
clear when the bill was first consid-
cred, the members have been talked
to and argued with by the railroad
men, and have been flooded with pc
ut1ons and requests from their con-
stltuents to oppose the matter on the
ground that it would work hardship
upon the working forces Of railroad
companies.
Therefore, with the organized labor
against it, and the sentiment which
the minority people express, that the
measure will bring benefit to the farm
ers. the house will have a sure enough
task on it's hands when the contest
Is focused on the general orders. The
status Of the committee on the cues
ton is as follows:
For PoStpOnement-I For Passage
Briggs, Fosnes.
cunningham, Bergley
toeH, Stone,
Holmen, Brusletten,
Leach, McGrath,
hraker, Laybourn-6.
Munger,
Nyquist,
Parker,
Torson-10.
McNiel, who is i'll and has been alb
sent for the past two meetings. is
claimed by both factions
KILL A BANKING BILL.
The house passed, under suspension
Or the rules, ). f. 344, a substitute for
the house board of pardon bill The
measure has been waited for with some
lmpauence by the governor, as there
was no power under the constitution
to grant reprieves or pardons, which
humanity demands. Upon the calendar
were twenty bills recommended for
passage, which the house took UP in
order There was no contest upon any
of them reached during the morning
session except the bill Oh. F. ESD, in
trOduced by Mr.. Donnelly requiring
banks to publish a statement daily of
the actual condition of the institution
and providing that notes over six
months old upon which no interest or
principal had been paid should not
be considered an asset and that real
estate should not be valued above the
assessed valuation. The bill was op-
posed by Mr.. Meyers, of Hennepin, who
stated that the daily report would re-
qrire a daily trial balance which was
Impractical He also protested against
the proposition to exclude from the
assets, all past due notes. and also the
provision covering the valuation of real
estate.
Mr.. Basford, baker from winona.
visions of the bill, as did Mr. West
Mr.. Donnelly defended the measure
claiming that notes which had not been
renewed, or upon which no intrest had
been paid for six months, were worth
less and should be so considered, and
while it might be true that In Winona
real estate was worth four or five times
as much as it paid taxes upon, it was
equally true that in the larger cities
of the state, much of the real estate
was not worth the amount Of it's as
seSsed valuation. He told the story OF
the depreciation of real estate OF
William Dawson, of st. Paul. and said
that here was an instance where real
estate valued at $1,000 600 practically
melted away and left it's owner a bank
rupt. He told a story about an inter
view which Mr.. Dawson is reported tC
have had with one of his irate deposi-
tors in which the veteran banker said
that a bullet shot into his forehead
would be an act of kindness to him
to end his worry. He admitted thai
under ordinary times such bill might
be considered severe, but that after 6
simmoom had swept over the country
there was need of some stringent bank.
- ing measure; and publicity could GER
tainly hurt no one.
Spea ker Jones also took a hand al
opposing the bill. He said country
banks might frequently be drawn
down to within few thousand dollar:
of sheer emptiness when they were
perfectly solvent But a public state
rnent hung up in the bank, might star
run upon such occasions which woulC