The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-18
THAT SAVINGS BANK CHARTER.
FIimsyness of stevens Claim Shown
by Deposition.

To the Editor of the Globe.
In an interview, Congressman Stevens, in
an evening paper, was pleased to say, speak
Ing of the validity CT the Minnesota Savings
bank charter: This whole matter was
threshed over in 1889, and If Mr.. Hunt and
the G o people, who seem to be so ter
ticular bank. had taken the trouble to look
pack into the files of their paper of Septem-
Der, 1889, they could have enlightened them
selves and seen that every point now raised
was gone over in the proceedings Instituted
Dy the state. These proceedings were before
the attorney general, and the validity Of the
charter was thoroughly gone into. The
brightest legal minds Of the st. Paul bar had
the matter under consideration among them,
being Senator Davis and the late Mr.. Eler.
II there was any flaw in the charter. those
gentlemen, certainly as learned in the law
as Mr.. Hunt. would have discovered it."
II the statement is true that Senator Davis
ana the late Mr.. Eller expressed an opinion
IN taVor Of the validity of the organization
Of the Minnesota Savings bank 1t must have
Deen done without much examination for it
was an opinion that Congressman Stevens
LOO LOOK no stock in. for at the next session Of
me me LEGISLATURE he was again a member OF
the house (having been a member with Will
IAN r. Blckel in 1889, when they secured the
ainenui i to section II, of an act in regard
70 savings banks, which had been repealed
more than ten years, attempting thereby
10 enlarge the powers anG authorize the re-
SAVINGS tnt ana Pa cha9ge OF name of the Union
work ne did for his constituents was to
secure the passage OF an act which read as
loLows; That all resolutions and all pro-
ceedlngs mad, taken or done by any savings
association. formed and existing under and
oy virtue of the provisions of section II,
cnapter 70, General Laws of 1867 and of all
aclS amendatory thereof and supplementary
enereto, attempting and purporting to con-
FORM 10 the provisions of said statutes are
hereby validated and legalized made of the
same Iorce and effect as though all such
acts had been originally authorized by law"
NOW, II the management of the bank and
thelr counsel were satisfied that in 1889 there
were no naWs In their charter, why did Con-
gresham Stevens have this little woodchuck
passed, If 1t were not to stop up some holes
IN the SKINNER which were too large? Then
the matter must have been threshed over
1879, and somfe old sores broken out for in
1879 more legislation had to be had to keep
the institution from premature decay and
death. An act was passed attempting to le-
galize and validate the capital stock issued
py the bank, and giving it the same force
ana effect as II such issue had been Specifi-
c2ily provided by law. Yet, in 1889, it was
all right; but at every session of the legisla-
ture as the years went by, something had to
be done to prop 1t UP.
Neither of the foregoing referred to acts,
as am advised, legaliZed any of the doings
and acts of the Minnesota Savings bank, as
1t had no legal existence that curatives would
reach. Y ct Mr.. Stevens calls them healers.
CONGRESSMAN Stevens also said: Besides,
the state Is the only party that move
IN a matter of this kind, and the suit must
necessarily fail" Undoubtedly the ghost of
mat star chamber quo warranto proceedings
before the attorney general in 1889 still in
habits his upper chamber. The attorney gen.
eral then, IS now the attorney of the bank.
Whether the bank continues to usurp cor
porate rights hereafter, the present depostors
do not care; they have had their inning But
every man or body Of men associated under
Whatever name, are in law liable for all their
debts, and If they want to escape paying a
part by showing a limitation upon their la
blllty they must show that they are legally
incorporated
1t may be the variest nonsense for the de-
posltors 10 attempt to collect anything. We
have been advised that the bank has no cor
porate existence, and that a part of the
stockholders are solvent, and that some of
the deposltors are willing to attempt to col
lect their money by action. Even if we fail
we will be in no worse condition than now
for If the bank has to return all the money
received by it after its failure, which we are
told, occurred on the 10th day of December
when drafts drawn by it went to protest and
were kept open until the 4th of January, the
GATE OF It's pretended assignment. We are
further told that the city threw into the hole
SlO'UCO after the 10th Of December; If that be
SO the city will be entitled to a return Of
its money. With the other money deposited
which will have to be returned together with
the salary of the assignee, clerks and commit
tee who are helping the Bickels to fix up
matters, it is more than doubtful if there
will be any thing left. Congressman Stevens
seem2 to think that any discussion or COM
ment in regard to the affairs of the Mime
sofa Savings bank, is an attack upon him for
political purposes: This is unfair in him. for
the reason that the validity Of the charter of
the Minnesota Savings bank or it's solvency
was not an issue in the late presidential cam
paign. 1t was Mckinley, prosperity and con-
idence, and for him to claim that the poor
men and women who have suffered must not
open their mouths, for fear his efficiency as
ing insult to injury.
A Deposition.