The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-31

reason in its form and manner of ex-
preston"
Mr.. Sloan followed by saying that
the wording of the resolution cast a
broad slur against every bank in Min
nesota, so he seconded the motion to
indefinitely postpone.
Mr. Mcdonald, of Ramsey, defended
the resolution. He pointed out that
were interested in the banks as de-
pcsitors, and they wanted an investi-
cation of the department which was
aimed at, preventing the great loss
which these failed banks had occa-
stoned
Mr.. Jacobson again rose to explain
that he was in favor of any reasonable
resolution for an investigation, but this
was out of all proportion with the in
tentions of the house, and he insisted
he would never vote even for an
amended form of such a resolution.
Representative Staples said when
ever such a matter came before the
| house he felt embarrassed He was
the president of one Of the banks
which had been forced to suspend, but
he wanted the house to know that dur
ing the two years in which he had con-
troll of that bank he had not borrowed
a dollar; nor had the entire board OF
directors, at any time, borrowed more
than 500 from the bank, directly or
indirectly. He was ready to vote for
resolution to investigate, but he in
sisted that it should be properly
wOrded.
Mr.. Jacobson came back with: II
don't believe in such buncombe resolu-
tiOns; abolish the public examiner? No
man believes word Of it. l had Il
definite object in my motion, and L
am not willing to have such resolu-
ton cOuntenanced."
Mr. Feig offered a substitute, which
the clerk was asked to read, but Mr..
Jacobson would not assent to have the
SnOdgraSS resolution substituted. He
wanted the house to rebuke the men,
Der who presented what he termed an
supplementary document. But, as q
matter of information, he consented to
have the Feig resolution read, with the
distinct understanding, however, that
it was to be taken up only after the
house had voted upon the motion to
Indefinitely postpone.
The resolution Of Mr. Feig follows
Whereas, During the last two years an
unusual number of banking institutions or
ganized under the laws of this state have
passed into the hands of aSSigneeS or receiv-
ers, and thereby those who have trusted
these companies with their funds and in
vestmnets have been put to great inconven-
Whereas Various bills are now pending in
this legislature and others being pre-
pared. having in view changes in the laws
of this state for the purpose of giving those
who may trust their money and investments
to the custody and management of like cor
porations organized under Minnesota laws;
and
Whereas, 1t has become the general custom
for the state and municipal officials to de-
post public funds with these financial insti-
tons; and
WI II & boz ole
ture should be fully advised to any weak
Eess and lack of safeguards in existing laws,
in case such defects exist, to the end that
intelligent and suitable legislation may be
had and taken; now be it
Resolved That the speaker Of this house
appoint a special committee of five members,
who shall cooperate with like committee
of the senate should same be appointed.
and if not appointed, then alone, and the duty
of said committee shall be to inquire into
and report to this house the causes leading
up to said assignments and receiVershipS, and
to whether or not said assignments and
receiverships have been brought about by
weak speculative inexperienced man
agement by insufficient state supervision,
or by weak and defective laws of this state.
or by all combined. And said committee is
also directed to report wherein and for what
reason the laws of this state governing this
class of corporations are weak and inadequate,
should they be of the opinion such defects
exist; and
Resolved. further, That said committee is
requested to make such examination and re-
port with all convenient speed, and to this
said committee, should they find same
desirable are hereby requested to ask for
additional instructions and authority.
Mr.. Mcdonald again suggested the
propriety Of such a resolution and
moved an amendment by striking out
the Objectionable parts. But Jacobson
was ineXorable
Then Mr. Coe, Of the Hennepin dele
CATION, took a whirl at the PROPOSE
ton. He insisted that 1.-The welfare of
the people" demanded such an investi-
cation and he hoped that the motion to
Indefinitely postpone would be voted
down. Mr.. Donnelly said the resolution
might be divided; he was in favor of
the first part, regarding the necessity
for closer inspection of banks, but
he was opposed to the second. He
said the state wanted not less but more
bank examiners, and he was in favor
of incre asing the force in Mr. Ken.
yon's office.
Mr.. Feig next took a whack at the
SnOdgrass resolution. He said the
house was not in position to say that
these suspended banks were closed
in the interest Of the officials.
Mr.. Stockwell-Has the gentleman
ever heard of the Guaranty Loan COM
pany, of Minneapolis?
Mr.. Feig-I am not here to answer
the gentleman's questions
He wanted the banks investigated
but he was not in favor of the reso-
luton, and, when the motion was put.
only a few cared to vote either way.
but the ayes seemed to prevail, and
50 the Sn0dgrass resolution was killed.
The Feig resolution was again read,
ard, upon Mr.. Feig's own motion. It
went over for debate under the rules