The Montgomery advertiser., 1901-07-16

otates ponds ana ponds oI tuz4 St4tr
 The Cierk--of this State,
 Mr. 0'Neal--At their par vaIues
 The Clerk--At their face value.
 A vote being taken the amendment was adopted and further vote being taken the section as amended was adopted.
 The Clerk then read Section as follows:
 Sec. 3. All bills or notes issued as money, shall be at all times redeem able in gold or silver and no law shall be passed sanctioning, directly or indi- rectly. the suspension of any bank or banking company of specie payment.
 A vote being taken the section was adopted.
 The Clerk then read Section as fol- lows:
 Sec. 1. Holders of bank notes and depositors who have not stipulated for interest. shall for such notes and de- posits, be entitled in case of fnsolven- cy. to the preference of payment over all other creditors.
 Mir. Watts--I have an amendment.
 The amendment was read as follows: Amend Section { of the report of the Committee on Banks and Banking by adding at the end thereof the follow ing: Provided, this section applies to incorporated banks only"
 Mir. Watts-My reason for offering that is this. This section in the old Constitution has. on several occasions within the last year or two. been the subject of much discussion amongst the lawyers throughout the State as to whether 1t applied to incorporated banks or all banks. This amendment i0 irnn al fn t~. the future.
 Mir. Harrison--I desire to ask the delegate from Montgomery what good reason there Is for excluding private banks, not incorporated under the pro- visions of this Article?
 Mir. Watts-Bocause the whole sec- tion applies to incorporated banks and not to private banks.
 The President-The Chairman of the Committee indicates that the Commit. tee is willing to accept the amendment and the question will be on the adop tion of the amendment offered by tht gentleman from Montgomery.
 MT. Harrison-I trust that amend. ment will not be adopted. If 1t needs amendment. according to my views it should be amended so as to include all banks and bankers whether incorporat- ed or not. As stated by the delegate from Montgomery, am aware that there has been difference of opinion among lawyers as to the proper con- struction. and in view of that I would like to offer an amendment saying that all bankers whether incorporated or not are subject to the provisions in ttis Constitution.
 Mir. Williams (Marengo)--I have such an amendment already prepared.
 MT. Harrisen-Then I will yield for you to ofSer 1t.
 The amendment referred to was sent up to the Clerk.
 MT. Hacrison-I think this protection should be given to the depositors of all banks. whether incorporated or not. When anybody sets up bank and re- ceives deposits why should they be ex- empt from the law. They go under the name of bank and many inno- cent people go there to deposit and the effect of this amendment offered by the gentleman from Montgomery would be to take away any protection from the depositor in one of these private banks. a bank not incorporated. 1t seems to me of all banks on earth they should be made responsible and made to come, under this provision of the law.
 hF' WdttS-OCH tHlS WnOle aTltCl6 apply to incorporated banks. Down in another section here 1t says the State shall not be stockholder in, any bank. Can any constructioffs be put oll that save that 1t is an incorporated bank?
 Mr. Harrison-If 1t Is suscepti- ble of that construction. want to amend it so as to make it ap- ply to all banks. I can see no reason why incorporated banks should be held ID to this accountability and private banks not
 MT. Watts-But does not tfsa whole article apply to incorporated bankG?
 MT. Harrison-Not necessarily.
 MT. Watts-Does not the amendment offer make clear what the purpose of the article is?
 MT. Harrison-But you do just what I Gon't want done.
 The amendment of the delegate from Marengo (Mr. Williams) was read apply to all banks whether incorporated or not.
 MT. Harrison-That is what want.
 A vote being taken the amendment of the delegate from Marengo, which was offered as substitute for the amendment of the delegate from Mont- gomery (Mr. Watts) was adopted. A further vote being taken the said amendment was adopted as an amend ment to the section, and a still fur- ther vote being taken the section was adopted.
 Section was then read as follows:
 Sec. 5. Every bank or banking com pany shall be required to cease all banking operations within twenty years from the time of it's organization. (unless the General Assembly shall ex- tend the time), and promptly thereafter close It's business; but shall have cor porate capacity to sue and shall be liable to suits until it's affairs and lia- bilities are fully closed.
 On motion the said section was adopted.
 Section was then read as follows:
 Sec. 6. No banks shall receive di- rectly or indirectly a greater rate of in- terest than shall be allowed by law to individuals for lending money.
 On motion the section was adopted.
 Section was then read as follows:
 Sec. T. 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 corporation.
 Mir. Watts-I have an amendment.
 The amendment was read as follows: Amend Section of the report of the Committee on Banks and Banking as follows: Strike out the words "tha State shall not" and In lieu thereof in- sert neither the State nor any political subdivision thereof shall" and insert the word "shall' between the word nor" and the words "the credit in line 1.