Richmond planet., 1905-11-11
THE AMERICAN BANKERS, As
SOCTATION.
\ Lear from the Minutes-Presi-
dent Mitcheils Address-Tvo
Name Accounts.

We present our readers this week
With extracts from the official steno-
graphic records OF the Savings Bank
Section OF the American Bankers AS
sociation containing the speech I'm
IuI or John Mitchell. Jr., the Presi-
dent OF the Mechanics Savings Bank
and the first and only colored dele
gate TO one OF the greatest financial
organizations in the world. The dis
cussion was on two name accounts
and was caused by certain recon-
mendations by the Committee on
this subject. Mr.. Patton. counsel
Tor the Executive Committee opened
the discussion.
The President: This Is all instruc-
tive, and tends to teach us gradual
ly the methods OF protecting our
selves, and what / believe to be of
equal Importance. the protecting of
our depositors, and arranging that
upon the death OF deposition. what
shall be done with the funds which
he wished TO have done. We shall
be glad TO hear from other gentle
men in other parts OF the country
on this subject
Mr.. Mitchell OF Richmond. Va.
l have been trying TO ascertain
whether the intention OF the gentle
man who drafted that resolution
was TO free this deposit from any
liability for the debts OF the de-
ceased I listened 10 the gentleman
/ from Baltimore (Mr. Rother) and
/ ] was very much interested in what
/ he said. To some extent the law
or Maryland is the same as the law
OF Virginia. and your distinguished
| secretary, Mr.. Hanhart. has absolute
ly covered this question when he
says that there is no legislation
that Will interfere with property
rights. You would have to repeal
the statutes of Virginia In order to
make effective any such nomination
as that specified In that form there
IL would not be worth the paper on
which IL was written, and while as
was said in his State you could
drive siXmule team through the
law, In Virginia you could drive a
tWelye-mule team through IL. (Laugh
teri. IL would upset everything.
and IL is utterly impossible for you
TO fix up any form OF agreement
that would enable you to paw a
joint account in the way suggested.
without doing so at your own risk.
We know very well that where there
are millionaires you cannot draw a
will that will hold. Il seems utter
ly impossible in some States at least
10 make valid will where you have
anything to will away. (Laughter).
Now In Virginia the law will hold,
but IL does not hold against your
creditors. If you owe a man any
thing, you may leave what you please
to your wife, or your heir, and all
your Wife or your heir will inherit
Will be what is left after the cred
itors get through shooting at il and
taking slices out of it. No-v. in
Virginia, when you have a Joint ac-
count, the question as TO who mt
the money In that bank is a second
ary question. The first question Is
to whom does the money belong.
whose money is IL? And then il
you can trace the money that was
deposited in a bank, TO ownership
in any person. If you can prove that
that money belongs to that per-
son, even though the bank was
not so Informed. the court of
equity will set aside the deposit and
pay the money where IL belongs,
and Will give the person who really
ought TO receive the money the ben
eft of the deposit.
So / say IL is utterly impossible in
the State Of Virginia to pass such a
proposition as that. II is very much
like the case which was referred to
here by the gentleman who spoke a
few moments ago, when he said that
II the bank paid a dollar of money
IT paid it at its own risk, and the
heirs would come In, and before the
heirs came in the creditors would
come In. The creditors are Gods
chosen people in the State of Virgin
la (Laughter). To give you a case
in point, / hope you will pardon a
little depression. A case occurred
where they had a chance TO grab af-
ter mans life insurance money.
/ Will tell you how It occurred. In
our State the law requires two or