The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-22
BANKERS ARE FOR
EBERHART'S BILL
SENTIMENT OF FIRST DISTRICT
MEN ALMOST UNANIMOUS.
Compromise Measure Rejected AS Es-
tablshing Two Standards in the
State-General Feeling That Private
Banks Should Be Bought Under the
Operation of State Law.
Special 70 Tho Journal

Winona, Minn;, MARCH e2.-The Eber-
porate, and also the compromise bill,
came up for discussion at round table
of the first district bankers in conven-
ton here last evening. The matter is
one Of which bankers have strong opin-
ions. With few exceptions the Eber-
hart bill is favored by the bankers who
came here, and the sentiment is practic-
ALL unanimous, even among those fav-
oring. private banks, against the com
banking systems in the state:
Joseph Chapman, Jr, OF Minneapolis,
secretary of the Minnesota Bankers as
ISOLATION, says: "The term bank
should mean something, and as far as
possible the banks should be safeguard
de wso fe Sebt sp P ses
the sentiment Of the bankers associa-
tion of Minnesota. made up of 615
banks. Personally I favor the Eberhart
bill or nothing, as we do not want two
standards in the state.'
o.. H. Havill Of St. Cloud, president
Of the Minnesota Bankers association,
says: ~ do not favor the compromise
bill, which would establish two systems
of state banking in Minnesota, and do
not believe the time is entirely ripe for
Minnesota to abolish private banking.
Nearly all private banks are located
WIN tNCukS near tneIQ, 50 no one
is compelled to do business at private
banks. Private banks were first es-
tablished In country districts. In
sparsely settled districts a state or ma
tional bank would not give the salts
faction that private banks now do, and
large number Of merchants and citi-
zens- would be barred from banking
privileges if private banks were sabol-
ished. ..,,......
''It Is, Impossible to legislate honesty
into any man. Minnesota has the best
banking law in the United States, and
if amended in two particulars, in 8
year or two, there would be very few t1;w
minimum capital in places Of 500 OF
less should be $4,000, or it might be
better to make the capital certain
percentage of the deposits. Limitation
should be removed as to the amount
Of loans to any one person where Sc
cured by a farm ,mortg gage Of not owe!
which is occupied by the owner.'
ent Of banks and former president Of
the National Association of Bank Su
perintendents, said: "There should b.
but one standard Of banks authorized
by the state, and all should be unde
teen private banks failed in Minnesot:
in two years and but one organized
bank In five years. Iowa, Indiana ant
Ohio have had the same experience
The National Association of Bank Su
perintendents unanimously declared pri
Vate banks a. menace to business, AM
that attempts to supervise them coul'
not get at the private business liabil
tiles of such bankers. The private -ban]
bill requires no. reserve. nor does !
fix the limit to be loaned to one indi
G. B.. Kellar Of Albert Lea, presi
dent of the s.1o first q district Toup says
corporation ora 10 Of banks, as State su sIs "
sion tends to safety.'
Theodore Void Of Winona-I wan
to see the Eberhart bill passed an
no other It embraces all the point
necessary to promote conservative
banking. One bank looks to the aver
~ age deposition, like any other, and thi
bill is in the interest of the public er
tirely. .a
H. H. Herek of Owatonna-I a,
much in favor of the Eberhart bill an
want no compromise measure. Privat
bankers should be placed under tt
law.
Wilson G.: Brown, President Of Ian
berton Bank-l am much in favor {
the Eberhart bill or some measure t
bring private banks under the oper'
tion of state law. They should be con
PEELED to make public statements liA
other banks. "..
G. L. Swenson of Albert Leaf fave
the bill requiring the. inspection Of a
banks. Private banks not inspecte
are more or less subject to making poo
investments in real estate. Mortgage
F. E. Holton Of Minneapolis-Tl
Eberhart bill should pass.