The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-02
BILL ABOUT BANKS
SENATE PASSES THM wYMAN BILL
LOOKING TO THEIR CLOSER
SUPERVISION.
DIRECTORS MUST b. WARY.
Or THEY WILL BE LIABLE
In FULL FOR ALL
CLAIMS,
lREeToRs MUST Be WARY
FINANCE FOLK ON A RAMPAGE.
That Committee Continues It's
Slaughter OF Senator'S Pet Meas
ures-Doings of the Day.

On account Of the immense number
of bills introduced Monday afternoon.
the senate took yesterday afternoon off
In order to give the committees a
chance to work, and, as a. consequence,
about all that was done in the one
session held was to recommend, in
committee of the whole, that the Wy
man banking bill be passed, as amend
ed. The amendments, however. changed
the complexion Of the original bill con-
sederably.
When general orders were reached.
the bill, which had been at or near
the top of general orders for 10! these
many days, was taken up. Senator
Thorpe offered an amendment to pro-
hibit any application for receiver
pending inquiry by the bank examiner.
Senator Greer charged that the COM
mittee had surreptitiously reinserted
in section l all the provisions stricken
out by the committee of the whole
previously.
Senator Greer moved to strike the
word mot" from line nine Of the bill,
Which provided that discounts of first
hand commercial paper, bills of ex-
change and paper secured by ware
house receipts should not be considered
as money borrowed. Greer thought
they should be.
Senator Wyman said that amend
ment would close up all the state
banks.
The provision to permit directors to
borrow from the bank was also dis
cussed at length along the same lines
as in the previous discussion Of the
same bill.
Senator Keller said the present law
was all right, the trouble was in having
politician for a bank examiner.
Senator Wyman reiterated that the
form Of the law as absolutely imma-
terial; the security of it's depositors
rested on the integrity of the direct
ors. Dishonest men could loot a bank,
no matter what the law.
Senator Morgan offered an amend
ment to provide that the officers should,
in the event of misconduct Of the
banks affairs, be severally liable to
the creditor to the full amount of his
claim.
Mr. Greer withdrew his amendment.
Senator Thorpe said the existing diff
ficulties were due largely to deprecia-
ton in the real estate values in the
cities and not to any permanent diff
Guilty with the provisions Of the law
Senator McHale opposed the Morgan
amendment. He thought it was not
called for by any real evil which would
be reached by it.
Senator Yale thought it was unjust
to hold the directors for the miscon-
duct Of the officers Senator Morgan
said the amendment was made 70
prevent dishonest officers from robbing
the poor people by trading on the
names of honest and respected business
men, 1t would make the directors not
an empty name, but place Of re-
sposibility.
The bill was finally recommended to
pass with the Morgan amendment.
The financial committee reported
back S. F. A. the forestry bill, for in
definite pestponement, but Senator
Potter had it placed on general orders
without recommendation after some
discussion. 1t Also repeated it's
slaughter of the appropriation bills
on which hearings were granted yes
terday.
The judiciary committee killed 8. F.
234, to enforce the payment of taxes
delinquent prior to 1895 The committee
! on taxes and tax laws did the same for
). b. 248 to exempt certain property
from taxation and S. F. 208, relating
to redemption of taxes, and H. F. Is,
to amend sections SO, 49, 80, chapter II
General Statutes, 1878.
The finance committee killed s. F.
598, s. F. 480 and H. f. 200
s. f. As, the Spencer military code,
was killed, the house bill having pas
sed.