The Montgomery advertiser., 1901-07-16
ARTICLES COMPLETED.
fcontinusd from Page one.)
sdopted and by [ further vote the sec


 section was read as follows:
 sec. 3. All bills or notes issued as money, shall be at all times redeem tbia m gold or silver. and no law shall be passed sanctioning, directly or indirectly, the suspension of any bank sf banking company of specie pay ment."
 section 3 was adopted without divis- lon.
 section was read as follows:
 Section {. Holders of bank notes md depositors who have not stipulated for interest. shall for such notes and deposits. be entitled in case of insoi- yency, to the preference Of payment ,ver all other creditors"
 Mir. Watts of Montgomery, sent up m amendment which adds proviso that the section shall apply only to in- sorporated banks.
 Mir. Watts made Q statement that the amendment had been offered to cover question that had been recent ly raised.
 General Harrison of Lee. argued against the amendment. He said he saw no reason why the amendment should not protect the depositors of all banks.
 MT. Williams of Marengo, sent up a substitute that 1t should apply to all ." banks.
 The substitute was adopted and by further vote the Section, as amended, was adopted.
 Sections s, and were adopted with out division as follows:
 Sec. 5. Every bank or banking company shall be required to cease all banking operations within twenty years from the time of its organiza- es- t1 1,a 1hlv lhal1 extend the time), and promptly there after close its business; but shall have corporate capacity to sue and shall be liable to suits until it's affairs and lia- bilities are fully closed.
 Sec. 6. No banks shall receive di- rectiy or indirectly, greater rate of interest than shall be allowed by law to individuals for lending money.
 Sec. '. Neither the State nor any po- litical subdivision thereof shall be a stockholder in any bank, nor shall the credit of the State ever be given, or loaned. to any banking company, asso- ciation or corporation"
 Section 6 was read as follows:
 Examination of Banks.
 'Sec. 3. The General Assembly shall by appropriate laws. provide for the examination by some public officer, of 6tl O0hAS anu V&hAih& lhSShs4ttohc anu trust companies engaged in banking business in this State.
 MT. Davis of Etowah, presented an amendment requiring banks to make a semi statement.
 Mi Ashcraft of Lauderdale, sent up a substitute seeking to strike out Sec tion 6.
 He addressed .he Convention. MT Ashcraft said the legislature had not seen proper to require examinations of banks. There was no clause in the Ar ticie which prohibited the legislature from providing for such examination.
 Mir. Malone of Henry, spoke in sup port of the Committee report. He said some time ago he had assisted in de- feating a proposition before the legis- 1ature of similar nature. He had be- come convinced that it was necessary.
 In reply to direct questions by Judge Coleman of Greene, Mir. Malone said at the time he aided in defeating tre proposition before the LegislatuIs he was conducting a State bank. He is now conducting a National bank.
 Mir. Henderson of Pike spoke against the committee report. He said State Bank Examiner could not know much about the affairs of a bank unless he knew the value of its securities and it's sepositors.
 Judge Coleman of Greene said that the discussion of the question had dds closed the fact that delegates closely cared for their personal affairs He said he had noticed that men who were opposed to examination were interested In State banks and those who favored examination were interested in Na- tional bsnks. He opposed the whole proposition as 1t was legislative in it's character. ... ........--
 MT. Malone of Henry moved to table the Ashcraft amendment to strike out the section and 1t was tabled, 61 to 23
 The Davis amendment requiring banks to make a semi-annual state ment was adopted.
 By further vote the section was adopted and Mir. Rogers of Sumter gave notice that he would move to reconsider the vote by which the section was adopted
 Mir. Reynolds of Chiffon sent up an amendment to the article to be known as Section g.
 It holds stockholders of banks liable for double che amount of the face value of their stock. MT. Reynolds made an argument in support of his amendment
 On motion of Mir Hale the amend msnt was tabled. 4 Sto 30.
 MT. WhlldIlS or MafengO sent up an amendment to be known as a new sec tion. providing that Section shall ap- ply to all banks, trust companies or individuals doing a banking business, except National banks.
 MT. Fletcher of Madison moved to table the amendment. but the Conven- lion refused to table the amendment.
 MT. deGraffenreid of Hale spoke against the amendment. He said 1t would drive all individual bankers in Alabama out of business.
 MT. Williams of Marengo, author of the amendment. defended the amend ment. He said he favored striking EeaIsas. f..css the EtieeIe 5uit vention had declined to do so, and he wanted all persons in the State who were accepting money on deposits to submit to an examination.
 Judge Coleman and Mir Henderson of Pike argued against the Williams amendment.
 Mir. O'Neal made an earnest argu- ment in support of the Williams amendment and moved the previous question, which prevailed.
 The Williams amendment was adopted. -e
 The Article was then ordered to be engrossed, and, on motion of Mir. Davis of Etowah, the Convention. at 5:5C o'clock. adjourned until 9:3O o'clock this morning.