Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1899-05-03

Cause Of Poor Banking Business-Sig.
nificaut Talk With Banker Lee of Todd.
State and National Topics-Hope for
Speedy Return Of the Thirteenth Regi-
ment-Tribute to Governor Lind-Sig-
Difcant Movement of Our German
American Citizens and Their Press-No
ism - The Republican Gubernatorial
Looking Glass-Trohble for Knute Nell
son In Hennepin-Political Note and
Gossip of the Week.
Reform Press Bureau.
ST.. PAUL, May /, 1899.
The most important event Of the past
week, of political and economical bear
ing, has been the closing of another
bank, that of Republican Leader G. j.
Staples, on the West Side, St. Paul.
The continued efforts Of the Public Ex-
aminer's Department to protect deposit
tors in weak banks are in strange con-
trast to the treatment given the depart
ment by the Republican legislature in
reducing the allowance with which to
conduct that and other business of the
department. That General Pope, I'M
d1smayed by this discrimination, goes
on unfinching, discharging his sworn
duties, is but an Indication of the pur-
pose animating all departments of the
Reform administration. The extent to
which they have been purposely Grip
pied by the Republican legislature is
we'll understood. and it is perfectly safe
to leave results with the people.
That the legislature specially chad it
in for the Public Examiners depart
ment is shown not only in the reducing
of the allowance for such examinations
as have nipped the several banks re-
Gently closed, but in the slaughter of
about all the legislation asked for not
involving appropriations. A summary
of such is as follows:
Senate bill 404, relating to building
and loan associations, now classed with
state institutions. Failed in the house.
Senate bill 480, to restore chapter $50.
General Laws of 1897, regulating build
and loan associations, and greatly
needed. Failed in the house.
Senate bill 362, providing fees from
savings banks, now paying none, for
state examination, and needed because
the expense Of examining banks is $751;
900, while the fees amount to but 81 900,
the bill also increasing fees of banks.
Failed to pass the senate.
Senate bill 537 transferred to the Elk
aminer certain unused fund of many
years standing. Failed to pass the SEN
ate. -
Senate bills $50 and 2S8, for improve
ment in the laws governing savings
banks, in protection of depositors.
Failed from opposition of interested
corporations.
Finally, by senate bill 374. the de-
partment proposed a consolidation of
existing struggling laws governing the
department. It passed the senate, but
was allowed to die in house committee.
It has long been known that the
banks have been as hard hit by the
everlasting downward trend under the
gold standard. as other lines of indus
try, some Of them much harder. But
the facts have not been so easily obtain
able. Not long since had talk with
Banker w. E. Lee of Todd, ex-speaker
of the house of representatives, and who
in fact directed the last Republican
campaign in this state. as to this feature
of general business. Mr.. Lee admitted
that the general conditions We're
greatly to be deplored, and the banks
feeling the stress of small earnings
as much as any lines. Business,
he said, was being conducted almost
without profit, and there was no use
for money which kept on piling up in
the home banks the same as in the
great centers. He admitted that farm
loans were not to be had. though de-
sired at from a third to a half of what
was once to be obtained for such loans.
Farmers are not borrowing money but
are lending to each other. Business
men and manufacturers are using as
little as possible because keeping close
ashore. Margins are so small as not to
warrant the expense of interest to ex-
tend lines. Mr.. Lee admitted that this
was no special case, but that the condi-
ton was quite general all over the
country, except where lines were rising
and trade moving from special causes,
such as iron and cotton, and the results
of combinations.
Of course Mr.. Lee begged the whole
question when it came to discussing
causes, denying that legislation had
anything to do with, or could relieve
the situation. though forced to admit
that legislation benefited some of the
trusts and com bines. The rise of these
he also admitted, was q menace the re-
suit of which no man could forsee. His
remedy was simply to wait and the
matter would work it's way out, and the
country in time come to q general pros
perity. Would this come within an,
other year? He scarcely hoped so, and
yet he was 10th to admit that if such
proved not the case it would have much
effect on the presidential campaign. Mr.
Lee said that all the country could dc
was to wait events, of couse trusting in