The age-herald., 1901-07-16


 said that with the 10 cent tax on state banks this amendment would be dead letter and he moved to table1it. This was lost by a vote of 3S to Boz
 The previous question was then de- manded Governor Oates asked leave to strike out the words county and city bonds" This was granted. and the amendment was adopted and the section as amended.
 Section 8 was adopted as follows:
 Section 3. All bills or notes issued as money, shall be at all times redeemable in gold, or silver and no law shall be the suspension of any bank or banking company of specie payment.
 Section 4 was then read as follows:
 Section f. Holders of bank notes and depositors who have not stipulated for interest, shall for such notes and de- posits. be entitled in case of insolvency to the preference of payment over all other creditors.
 MT. Watts of Montgomery offered an amendment by adding provided this sec- ton applies to incorporated banks only"
 General Harrison of Lee favored mak- ing private banks subject to the same regulations as incorporated banks.
 MT. Williams of Marengo offered sub stitute to make the section apply to all banks whether incorporated or not This was adopted and the section as thus amended adopted. %
 Section was then read and adopted as follows:
 Section B. Every bank or banking com pany shall be required to cease all bank ing operations within twenty years from the time of It's organization (unless the General Assembly shall extend the time). and promptly thereafter close It's busf- ness; but shall have corporate capacity to sue and shall be liable to suits until its affairs and liabilities are fully closed.
 Section was adopted as follows: ,
 Section G. No bank shall receive, directly or indirectly, greater rate of interest than shall be allowed by law to individu- als for lending money.
 Section was read as follows;
 Section [. That the State shall not be a stockholder in any bank, nor the credit of the State ever be given or loaned to any banking company, association or cor poration.
 MT. Watts moved to amend by inserting the word "shalp' between Thor" and 'the." This was adopted and the section as amended adopted.
 A New Section.
 Section was read as follows:
 Section 8. The General Assembly shall by appropriate laws, provide, for the ex- animation. by some public officer. of all banks and banking institutions and trust companies engaged in banking business in this State. D. ,st ssa sa
 MT. Davis moved to amend by Adding land either of such banks or institutions shall, under oath. make a report of its conditions at least twice a year."
 MT. Ashcraft moved to strike out :he section. He thought the matter should be left to the Legislature. It had power to regulate banks, and there was no neces- sity of adopting 1t in the constitution.
 Mir Malone of Henry opposed Mir. Ash crafts motion. He said the average man was completely at the mercy of the banks and that the people were now ac- cumulating little money and soon a savings bank system would be necessary and there ought to be a state examiner
 MT. Henderson of Pike opposed the section. He said that people did not put this money in banks because they were examined, but because they had confi- dence in the officials and management of a bank. Examinations did not prevent bank failures and during the last panic there were more failures among the na- tional banks than among the state banks. Judge Coleman of Greene said every of- ficer of a national bank who had spoken so far (Mr. Malone) favored section eight and those whose interests were with state banks (Mr. Hendeson) were opposed to 1t. But after all people put confidence in the officials of bank and it was impossible for any examiner not familiar with local conditions to properly examine bank. The recent bank failure in Buffalo occurred immediately after a favorable report of an examiner. The