The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-07
PERTAIN TO BANKS.
A Number OF Bills Considered In the
HOuEe.

Representative Mcdonald, of Ramsey,
met much better treatment from the
house on the matter Of his insurance
bill yesterday than was accorded him
by the banks and banking committee
by which 1t was considered Friday
evening
In other words. the decision Of the
committee to report the bill for indie
finite postponement was, by a unanl-
NOUS vote, reversed by the house.
When the last of several reports on
banking measures treated in the same
manner had been reversed by the
house, Chairman Dan Shell. of the COM
mittee, who has put in considerable
time in the consideration Of these meas
ures, rose and said in the most good
patured fashion: Il wish TO express my
thanks to the house for its action in
these matters, that is all L care to say
at this time" The action OF the house
cannot be construed as reflection
upon the ample genial member from
Mobiles or the committee. 1t seems
as If the house Is prepared now to pass
some stringent and positive legislation
to correct some of the banking evils
which the state has suffered from
for a number of years. On the banking
committee are a number of men who
are either bankers or pretty close to
banking institutions. hence, probably.
t1lt1I conservative aCtlOIl. lie. IiiONc
made by the house is an earnest of
their desire to get at the bottom Of the
banking business generally.
The incident opened when Mr.. Shell
presented the report on H. +. INC
Donald to revise the laws relating
to banks of discount and deposit, re-
curing detailed statements to be made,
and in general making the provisions
for the protection of depositors more
stringent, recommending indefinite post
pOnement.
The author of the measure made
strong opposition to the adoption Of
the report and called attention to
the many failures Of the banks Of the
state through the dishonesty Of bank
officers. He administered a hard wal
lop to Bank Examiner Kenyon, whom,
he said had not been able to find time
to examine the Guaranty Loan, the
State Bank of Minneapolis, and the
State Bank of Duluth, the Seven Cor
ners bank and others. but had found
it convenient and possible to write es-
says on good roads. Mr.. Shell took ex-
ception to this remark, and the speaker
held that while Mr.. Mcdonald had the
right to explain his bill, he had no
right to make use of the remark lex
Cepted to.
Mr.. Littleton said there were some
points in the bill which he would like
TO vote IOr, DuT the MCl)Ondiu DlIl was
so VoluminouS that 1t could not be
amended with any degree of satisfac
ton, and SO drastic that 1t would close
every bank in the state. For these
reasons the committee had no alter
native, but to recommend as stated.
Mr.. Mcdonald wanted his bill printed
and placed on general orders. He said
he believed there were number Of
provisions which the members of the
hSnSn would and nOint0d ont
the provisions as follows:
1t prevents banks lending money TO their
own officers stockholders.
1t increases the amount Of the cash reserve
required to be kept on hand to so per cent
Of the amount subject to check.
1t specifies that not than certain
amount shall be loaned to one person upon
graduated schedule Of the value of securities
offered.
It makes violation of the banking law
crime and provides punishments, the present
law being lame in this respect
1t requires the detailed statements Of the
condition of the bank to be in fact as we'll as
in name true and a complete statement or
the banks conditions.
Judge Hicks rose long enough to re-
mark that If there was one subject
upon which the people Of the state
wished legislation it was the banking
laws.
Mr.. Donnelly asked that the bill be
printed, and said he desired the au
thor to have indicated by italics which
portions of the text were new and
which old law. This suggestion was
accepted, and the bill was ordered
printed and placed on general orders.
Next came up H F. 257 Donnelly), re
curing banks to make public state
ments daily of the condition Of the
bank at the end of the business of the
preceding day, to be indefinitely post
poned Upon Mr.. Donnelly's motion
the bill was ordered printed and placed
upon general orders.
Mr.. Donnelly's other banking bill, H.
F. 258, which provides for the hanging
up in conspicuous place list of the
names of the stockholders Of each
bank and the amount of stock held by
each, was next considered. Still third
bill Of Mr.. Donnelly's was SO amended
that it did not please the author, al
though reported for passage. 1t was
H. F. 259, providing for the immediate
enforcement Of the liability of all
stockholders. directors or trustees Of
corporations, for the benefit of credi-
tors changing the provision 80 as to
make the enforcement within six
months after the appointment of an
assignee or receiver. The bill will be
printed, and will probably be taken I'D
at the same time with the other bank
ing measures.
CEREALS AND COAL RATES,