Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1903-04-07
SENATE.
Forty.first Day.
Afternoon Session.

The Banking Bill.
Senator Cecil Browns banking bill
was taken up for second reading. with
the adverse report of the Committee
on Public Expenditures. The merits
underwent considerable discussion on
the presentation of the report as rep
ported in the Bulletin at the time. The
committees objection to the bill was
chieny that 1t opened the door to spec
ulation.
Senator Achi now argued that
banking corporation should have the
power to hold real estate. The reason
Bishop & Co. did not incorporate was
because, as private partnership, they
were enabled to acquire and hold real
estate when it fell to them under fore
CLOSURE of mortgage.
Senator Cecil Brown maintained that
| banking companies everywhere else
dealt in real estate. He knew what he
was talking about, for he was in the
business. II he did not know his own
business he ought to be put out Of It.
He wanted this bill to pass second
reading now and If, when 1t came TO
third reading, the Senators thought It
no good let them pitch 1t out of the
window. He knew exactly where the
opposition to this bill came from. In
the course OF talk back and forth, the
Senator said the existing law was
framed by the late Judge Preston in
1884, at the time the speaker intro
duced the Spreckels banking bill, about
which there was such a noise raised.
mo. II did not pass" he echoed the
remark of a member. The present law
was partly modelled on that OF the Aus
tralian Colonies and partly on the Ma
tional Bank Act of the United States.
Senator McCandless argued that
every possible guard should be pro-
vided against speculation by banks
outside of their banking business.
Senator Achi contended that 1t was
absurd to allow the banks to speculate
in stocks. as they VIGOROUSLY did, and
prohibit their investing in real estate.
He thought 1t would be good thing
10 pass the provision in question, as It
would make boom in land all over the
| Territory and hasten the settlement Of
the country by small farmers.
President Crabbe, the case being dis
puted, declared that the amendment to
permit banks to hold real as well as
personal property had been put and
carried.
/ Senator Dickey moved an amendment
to strike out the real estate and trust
features of the bill saying this was
intended to destroy the main principles
OF the bill. In the course of his argu-
ment he said he was opposed to giving
large privileges to wealthy corpora
tons. He did not like the idea Of
| planting companies keeping stores. but
the law allowed 1t.
Senator Cecil Brown urged that bus
mess should be allowed to advance here
as II was elsewhere. The country
should not be held back to old-fash-
toned methods that had been discard
ed in other progressive countries.
The amendment was lost, 4 to s.
Senator Cecil Brown. to meet the
objections raised In discussion, moved
an amendment that nothing in the
bill should be construed to authorize
a bank to engage in commercial, agri-
cultural, common carrier or manufaC-
turing business. Carried.
The bill passed second reading to
be read third time on Wednesday.
Food and Drugs.
Senator Palmer Woods bill to pro-
vide against the adulteration OF food
and drugs came up on third reading.
Senator Achi had the penalty sec
ton altered from No, to No. II.
Senator Dickey thought the mini
mum penalty of $25 too large, the max
imum being 500. A druggist or mer-
chant might inadvertently keep an
article below standard for sale having
neglected to obtain an analysis.
Senator Achi doubted the advisable
ity of making II too mild. Many child
rem In Honolulu died from adulterated
milk
Senator Paris moved to make the
minimum $40 and the maximum 5000,
which carried and made the section
read:
Whoever violates any of the pro-
visions OF this Act shall be guilty of a
misdemeanor, and upon conviction
shall be fined not exceeding one hun
z dred nor less than ten dollors, or i'm
prisoned at hard labor not exceeding
one hundred nor less than thirty, or
both"
The bill as amended passed on the
call of the roll by the unanimous vote
of the full Senate, every one of the fif-
teen members being present. Senator
Woods was congratulated on the COM
plete triumph OF his measure.
Bills Committed.
The following bills came up on sec
ond reading and were referred by title