The Montgomery advertiser., 1901-08-20

gentleman.
 . The President The question will bs upon the minority report. Section 13 1-2 was under consideration when the Convention adjourned and tho zen. tleman from Jefferson has the floor.
 iMr. Howxe-Mr. President and gen. tlemen of the Convention: will bs very brief in what have to say. It II undoubtedly evident that the object, ol at least the effect, of this proposed Section to this Article, would be to abolish Building and Loan Associa. tions in this State. I ask the gentle men of the Convention to consider what that means. This is an institution mol established in tho last few years. but one that has been in existence nigh or to a hundred years. 1t has grown Sd that 1t has spread all over the United States Of America as we'll as over Eng land and, other countries In the world It has prospered in all of these coun- tries and has been q blessing and ben- efit in many localities of all the coun- tries of the land. By this action they ask you to abolish an institution of that kind. 1t Is an institution that has been particularly fostered by our own government. In the recent act raising
 
 companies were particularly favored, and the United States Government saw proper to exclude them from paying the stamp tax on all contracts between these associations and their members. Further than that, they are made an object of interest in the Government to the extent that the Commissioner oi Labor is required to make report upon these different institutions. and I have before me here q volume of over 70o cases gotten out by the Commissioner of Labor In regard to these institutions throughout the United States from which l desire to read you. This was in 1896 believe.
 "Of the 5.sSs Associations In the country. both local and national. 4.44t have reported as to homes acquired by their borrowing shareholderA and through this latter number of Associa- tions Xl4. 7B6 homes have been acquired. In the 4.422 Associations reporting as to that fact 2s.45s buildings other than homes have been secured"
 In addition to that In the State of Ohio particularly, these Associations are a great benefit and advantage, and 1t is a matter of interest that In the city of Dayton. O.. which, at that time had c population of about e0,e00 people ehSAt VVAC ASsooN 0AA&t U&A0A&CAc Ah bfkC associations of that city. 0ne-foufth of the population were shareholders in the Building and Loan Associations in payton, o.
 Now these things go to show the great importance and great value of these institutions. They are foetered by the United States government and by other governments and by the states of the United States mainly be- cause of the fact that they are the great home builders of this country.
 Mr. Oates--Is this not entirely mat. ter Of legislation?
 getting at that. In all the States of the Union they are recognised and regulated by legislation of the differ- ent States. and was coming down to our own State. For more than thirty years these Associations have been rec- ognized and regulated by the General Assembly of the State of Alabama be. ginning way back in the seventies. in 1888 or 1870 the first act was passed regulating these Associations and when four years ago, in 1S9S-7, the legisla- ture Of the State of Alabama had this matter under consideration. and after an exhaustive light on the part Of those for and against these institutions, put in our code a fine system of law regulating these Associations. This is ( matter entirely within the province of the legislature. and 1t is an un- heard of proposition that the fundamen- tai law of the State of Alabama should nave in 1t a provision which absolute lv destroys an institution of so great value as this. It is remarkable. We had almost as well say there shall be no banking institutions in Alabama. It Is an institution wherein men of small means can go and put In their little pittanoes by the month, and have those savings loaned out at interest for their benefit. and 1t enables the wage-earner of the country to obtain homes. A man with small lot as his only capital can go to one Of these and become 0 member of 1t and by that means erect himself Q home. SAt is peculiarly an institution adapted to the needs of the poor peo- pie of our country and as said before. 1t is within the province of the legts- lature to regulate these institutions. and if they are such Q great evil, as my friend (Mr. ProctOr) over there would have uc believe. the legislature can abolish them. but with the statie- ties I have given you, it cannot be said that these institutions arc ot very Ersit harm to the country. l desire to call your attention to some further figures: "The Comptroller of the Cur rency. in his report for 1896, shows that we now have 2S79 national banks with a paid up capital of S65O, O,OO0. 900. owned and controlled by 2SS,000 stockholders. and the Commissioner of Labor shows In a bulletin issued in May, 1897. that we have 5.61S Building and Loan As- with $607, ,1lS.070 of paid up capital. owned and controlled by 2,600,- 900 stockholders showing you the enormous growth of these institutions. Can 1t be that they are of such great evil as the gentleman would have us to understand when we consider the wonderful growth of these institutions the land.
 The President-The time ot the gen. tleman has expired.
 Mr. Browne-1 move that the rules be suspended and that the gentlemans time be extended ten minutes.
 Upon vote being taken the motion to extend the gentleman's time ten prevailed.
 MT. Howze-I am very much obliged to you gentlemen of the Convention. have tried not to take up much time since have been here and l will try to be as brief as possible In concIud- ing my remarks.
 This statement goes on to say that the foregoing figures show that more are interested in the stock of Building and Loan Assocaatlons tnan In any other class of corporations la existence"
 In the State of Ohio. by a report made in 1897 to the Govefnor of that state. there are found to be "$99, ,IIe,- i6l 07 or an amount greater than the