The Montgomery advertiser., 1901-07-20

1oWeiA Walker,
 Howze. Weakley,
 Inge, White,
 Jackson. whiteside.
 Jenkins. Williams (Barbomi, Jones. of Blob. Williams (Elmors), cry. m, Wilson fwssh'ston,. Jones. of Wilcox. Winn,
 Total-107.
 NOES.
 Cofer. Porter,
 Fitts. Reynolds. of Henry. Foshee, Sanford.
 MnlEsy. '' smith s%iss. Mac. A.. Oates. Stoddard.
 TOtaI-r2.
 ABSENT OR NOT VOTING.
 Bartlett. Ledbetter,
 Beavers, Lowe, of Jefferson, Byars. Lowe, of Lawrence. Carmichael. of Col Miller tMarengo).
 bert. Morrisette.
 Carmichael of cof- Murphree.
 fee. Norwood,
 Carnathon. Phillips.
 Coleman. of Walker. Renfro,
 Cornwall. Reynolds tChilton), Foster. Rogers lSumter). Gumores Sanford.
 Iiover, Sollie.
 Grant, Thompson,
 Greer. of Perry, Watts.
 Jones. of Hale. Weatherly,
 King. Wille..
 Kirkland. Williams lMarengo),
 By a vote of 1o7 ayes and F noes the article was adopted. The President-The article will be ordered printed and referred to the Committee on the Order, Consistency and Harmony of the Whole Constitu- ton.
 The article of Banks and Banking be- ing called
 MT. Henderson, desire to explain my vote upon this article. I shall vote against the adoption of the report be- cause I do not believe that Sections 8 and should be embodied in the Con- stitution.
 The article was read as follows: ARTICLE XIV. Section 1. Subdivision Banks and Banking. The General Assembly ahall not have the power to establish or in- corporate any bank or banking com pany or money institution. for the pur- pose of issuing bills of credit or hills payable to order or bearer. except un- der the conditions prescribed in this Constitution.
 Sec. 2. No bank shall be established otherwise than under a general bank
  cie basis Provided. that any bank may be established with authority to Issue bills to circulate as money in equal amount to the face value of bonds of the United States or of this State, convertible into specie at their face value. which shalk before such bank is authorized to issue bills for cir culation. be deposited with the State Treasurer or other depository prescrib- ed by law in an amount equal to the aggregate of sue proposed issue. with power in such Treasurer or depository to dispose of any or all of such bonds for a sufficient amount of specie to re- | deem the circulating notes of such bank at any time and without delay. should such bank suspend specie payment. or fail to redeem its notes on demand. Sec. 3. All bills or notes issued as money shall be at all times redbema ble 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. Sec 4. Holders of bank notes and depositors who have not stipulated for interest, shall for such notes and de- posits, he entitled in case of insolvency, to the preference of payment over all other creditors. Provided this section shall apply to all banks whether in corporated or not.
 Sec. 5. Every bank or banking com pany shall be required to cease all | banking operations within twenty years from the time of its orRaniza- tion (unless the General Assembly shall extend the time) and promptly there after close It's business, but shall have corporate capacity to sue and Ieho Ao ItoA and liabilities are fully closed. Sec. 6. No banks shall receive di- rectly or indirectly a greater rate of interest than shall be allowed to indi- viduals for lending money. Sec. '. Neither the State nor any political 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- citation or corporation. Sec. s. The General Assembly shall by appropriate laws, provide for the examination. by some public officer. of all banks and banking institutions and trust companies engaged in banking | business in this State. And each of ! such banks and banking companies or
 institutions shall. through its Presi- dent or such other officer as the Gen eral Assembly may designate under
 oath, make a report of its resources and liabilities at least twice a year. Sec. 9. That the provisions of this article shall apply to all banks. trust companies and individuals doing a | bankin~ business except national | banks, whether incorporated or not The President-The question will be upon the adoption of the ordinance. And upon a call of the roll the vote resulted as follows: