Morris tribune., 1905-02-11
SATURDAY, FEBRUARY 1905.
IN THE INTEREST OF THE pEPoslToRs

vision. An effort of this kind made tw
wears ago and defeated by slight margin |
is expected that the effort will be successful
this time.
The pending bill is substantially copy o
the Wisconsin law. 1t denies to any person
or persons undertaking to do banking bust
ness and not under state supervision, the pri
village of using the word "bank in name OF
sign or describing his business in any way as 6
bank
Wisconsin took this step at the session OF
1903 The commission of banking in that state
is of the opinion that Examination OF private
banks amount to nothing unless these banks
are required to keep their banking business
and that the simplest method is to prohibit any
private banker from using the name bank and
compel all banks to incorporate" as has been
done in that state
This is the view of those who favor superv-
sion in this state. At the meeting of the state
bankers association held at Ninnetonka in
June, 1904, that association adopted resolution
declaring that the time near at hand when
all banks in this state should be under public
supervision and suggesting to the private bank
who members of the association
the advsabiity in the interest of
themselves and their estates, of placing their
business under the national state banking
acts. The association favored the extension of
supervision by the state to all banks of deposit
as is the vogue in neighboring states,
Three of the five men on the committee which
brought in this report were private bankers, and
during the past year eighteen or twenty of the
largest private banks in the state have incor-
porated and come under state supervision.
There is, however, a comparatively small
proportion of the private banking interest of the
state which still resists this demand Accord
ing to Rand NcNa1ly Bankers Directory there
POI private banks in Minnesota Of this
number ninety-six report their deposits, which
amount to $7,781 900, while 105 make no reports
Of deposits. Those who do report are probably
the larger and stronger concerns, but in the
aggregate it is probable that $12,O0OOOO of de-
posits III this state entirely without stat
supervision. This means that the institutions
holding these deposits are not subject to any of
The restrictions contained in the national or
state banking laws as to the use that may be
made of these deposits. The banker may invest Z
chem in any kind of security or enterprise J.
which invites, without being accountable except :
IL
generally comes too late to do the depositor any
good. Too many safe guards cannot be thrown !,
around the money ofthe depositor. Bankers !,
probably recognize this more fully than any one T.
Use and this proposition to bring the private 81
banks under state supervision has no more =
Jealous supporters than the bankers themselves ~
who realize that the greater degree of confidence "
jnstly established in the minds of the people il ;,
heir banks, the better for all concerned.
AS already stated, Wisconsin has required
private banks to under state supervisors.
The same is true of North Dakota and of
Nebraska while in Illinois it is proposed to for
bid the use of the word bank" without reuuir-
ng compliance with all the provisions of the
aw with regard to incorporated banks :
as to inspection and regulation.
This is in substance the recommended =
ion of the grand jury of Cook county, called =
out by some recent exhibitions of igh finance
n Chicago Minneapolis Journal.
.
Do you ever have the blues? Of course !
gou have. The man OF woman does not live 4
those soul casts no shadow. In such hours of a
OPPRESSION do you grow weary of self and make 4
ife burden to those around you? If you q
eould find d remedy for these shadows which 4
often darken your pathway, get out into the il
vorld, which is full of opportunities for doing
God, and find someone more miserable than a