The Yale expositor., 1897-01-15

3
an additional assurance OF the independ-
ence OF the voter and the purity OF cleo
tons, 1 would recommend that a penalty
be provided by an act of the Legislature
severe enough 10 prevent corporations or
a public character eXerting undue !ntu-
ence In elections
Fish Propagation.
The Importance of the work of the fish
commissioners cannot be overestimated.
The introduction Of brook trout into the
streams of the lower peninsula, where
none were found before, demonstrates
the possibilities of fish culture. The Ia
bors of the commission have been direct
ed TO the question OF the productiNenesS
of our great commercial fisheries. me
great lakes have ever been great store
houses from which have been drawn an
nually an important revenue to the state
and have produced a substantial portion
of our food supply. Our people have
never appreciated the Importance or these
fisheries. Under proper regulations, and
with little care and attention., given
area of water may produce as
great a quantity of food as an equal area
of land. With proper methods instituted
as to the planting OF fish and the control
of the fisheries, the waters OF the great
lakes lying within our borders can be
made a source of great revenue, and any
investment made in stocking these wa
tiers with young fish will return thou
sand-fold increase. The indifference hith-
erto manifested regarding these fisheries
has been because of lack OF knowledge
of what might be derived from them with
an exercise Of proper care. The state
should. each year, place in these waters
the greatest number of young fish they
can possibly hatch, and TO this end addi-
tional hatcheries should be established 10
carry on this work whenever required,
and at as early q date as possible. The
commercial fisheries have been subject to
abuses for years by the methods OF nsh-
inG. The product Of the commercial fish
cries. even in their depleted condition,
amounts annually to more than a mill
Ion, oil an Of 6n hnlo Q11 Ia
of not more than three cents per pound.
With the passage OF just laws protecting
the fisheries preventing the capture or
young and immature fish, and protecting
the spawning fish upon their beds, and
their stringent enforcement, the result in
the next five years would be an increase
in the value Of the product of at least
one-third and If continued for ten years
would treble or Cuadruple this amount.
As a business proposition solely, this mat
ter should appeal with the greatest force
TO the legislature.
It must appeal to the common under
standing that If we are to preserve our
fisheries immediate steps must be taken
to secure proper regulation and enforce
ment. / therefore recommend that the
legislature, at it's coming session. pass
such laws as may be needed TO increase
the productiveness of the fisheries and
maintain their benefits for future genera
tons An act should be passed charging
the meshes of the nets and imposing q
severe penalty for the taking OF small
fish; a close season should be made TO
protect the spawning fish, and a license
be laid on the boats and nets similar TO
the one now in force in Canada, and in
come derived from such licenses must not
only maintain the fish commission in their
work of artificial propagation as al pres
ent established and its enlargement In the
future to its fullest possibilities, but at
the same time provide a substantial rev.
enue for the state.
Banking Department.
While 1 believe that most Of our state
banks are well managed and in good
condition, still the lessons taught by the
failures during the past two years should
not be UNDECIDED nor forgotten and 1 feel
that cannot too strongly urge atten-
ton TO this subject From the report Of
the commissioners on banking, 1t appears
that there now upwards of 10 state
banks and three trust companies in exis-
tence in this state with a liability to de-
positors of S95,00O,000 This is three times
the number shown by the first annual re-
port and over twice the liability to de-
The severe strain of the past three
years has increased the burden and re-
sponsibilities of those charged with the
administration of banks and has deyel-
oped some weak points in our banking
laws. During the period mentioned
number of banks have failed. The cause
of nearly all bank failures may be dis
tinctly traced to the excessive loans made
to the officers of those banks and to va
rious business concerns in which these
officers were interested in violation of the
Law or by eVading II.
1t seems to be a fact that too few
bank directors understand banking and
most of them find it easier, at least when
times are good, to leave the management
of the bank with its cashier or some other
one officer. Something certainly should
be done that will make bank directors
more familiar with the affairs of the
bank and thus prevent mismanagement
for which they are morally and should
be legally responsible.
The quarterly reports. which are now
required to be made TO the commissioner.
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who are required to sign tho report ana
the oath should contain statement that
they have personally examined the books
and assets of the bank and that from
such examination they personally know
that the statement signed by them is true
in substance and in fact.
1t should be made obligatory upon each
bank to require from its cashier or treas
urer such a bond as shall be approved by
the banking commissioner.
Whenever cashier or treasurer shall,
without authority shown upon the records
of the bank, discount or cash any negotia-
BILE paper or security of any kind, 1t
should be regarded and treated as an un-
lawful use of the money in the bank and
appropriately punished.
A full and complete record of the actions
of the board of directors relative to loans
and discounts should be kept, which rec
ord should be signed by all those present.
There Is altogether too much red tape
in the manner of getting receiver under
the present law. The commissioner has
not sufficient power to enforce the law
finds a bank insolvent or violating the
law, he must report to the attorney-gen-
eral and the latter may, IL he feels so dis
posed. apply TO the courts to appoint
receiver.
The banking comm' ssioner should be Civ
en- power to close bank at once when
ever IL is insolvent. And in general, / be-
lieve, he should be given the same power
over the state banks that is given the
controller of the currency over the ma
tional banks.
Business prosperity depends upon sound
banking. Without IL we must always ex-
pect to pay a higher rate of interest than
our business will warrant.
What L have said relative to banks APP
plies with equal force to building ana
loan associations.
Savings banks, pure and simple, with
no capital stock-the depositors standing
in the relation of shareholders to the eX-
tent of their deposits. and proht-sharers
pro rata-are not obliged to earn money
for shareholders and depositors too. They
are enabled to make very conservative
investments AS there Is no incentive to
make great profits such institutions are
obviously in the interest OF deposltors, to
whom a reasonable dividend can be paid.
| recommend that our general banking
laws be amended to admit of such So
cieties for savings in Michigan.
l am i'm favor of an inheritance tax and
an income tax. l earnestly hope you may
see your way clear to provide for them.
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