The Providence news. (Providence [R.I.]) 1891-1906, 1906-01-09

posed IN several OF the states during the
pending sessions OF their law-making
bodies. While i would not approve or op-
pose any such legislation before knowing
its exact and full import. / would warn
at this time against hasty action on a
matter OF such great Importance. The
conditions ehown 10 exist have not as
yet been sufficiently studied TO allow OF
their being acted upon intelligently, The
opinion here expressed. / am pleased 20
say, is In agreement with that Of our in
surancc commissioner.
Some legislative action may have 10 be
taken. or at least might be justified, at no
distant date; and when that time comes
the form should be well considered. At
the present time the conditions are not
sufficiently understood 20 warrant the
making Of extensive changes In our In
surance laws.
STATE BANK EXAMINER.
one year ago the general assembly was
urged 20 provide FOR the appointment of
a bank commissioner. who should have
an oversight and control Of all savings
institutions doing business in this state,
with fun power to investigate the affairs
OF such institutions and to protect the in
terests OF the depositors therein. While
bills looking toward that end were pre-
sented during the session, no definite ac-
tion was taken thereon.
At this time the same recommendation
is urged. Revelations made during the
past year i'm other communities have shown
how necessary II is that the state. which
gives TO such institutions the great pow
ers they enjoy. should maintain careful
watch over their affairs, In so far as such
affairs affect the savings or the people
To make such n recommendation. how
ever, is not 10 suggest that in this state
there are conditions covered which should
be exposed. The sole purpose is TO urge
providing, before there is any sign OF dan
ger, that guardianship which will assist in
keeping the state free from such unfor-
tunate experiences as have been passed
through elsewhere.
The Importance OF these savings nstitI-
tions TO the states prosperity IS not wide
" realized. The necessary statistics are
easily obtainahle but the confidence OF
the people I'm the men who are I'm charge
OF such institutions is so great that little
or no thought IS given TO the desirabllity
of public oversight According 10 the an
uual report relative 90 state banks saving
banks. institutions OF savings and trust
companies. prepared by the state auditor.
there was on June 30th last the immense
sum of S117 S2i 752 q held by such institu-
tions IN the state This is money saved by
the people. much OF IL I'm small sums:
money which, has been carefully gathered
and set aside against "the rainy day"
which is liable 10 come into the life OF
everyone
While the state has made careful pro-
vision I'm relation TO the organization Of
these great institutions OF savings Il has
not made sufficient provision for their
oversight while they are doing business.
Therefore IL is urged upon this general as.
sembly TO make some such provision.
law should be provided for the oversight
and examination OF all such Institutions,
and authority should be given 20 some or
ficer 10 take quick and positive action I'm
case he deems ~ necessary or desirable at
any time TO protect the interests or the
depositors. There are few matters liable
20 come before the legislature az this
time Of greater, or even OF equal, Import
ance
II is provided by chapter S. section IL.
OF the General Laws. that such sums OF
money as are recommended by the gov
ernor shall be appropriated annually for
the Soldiers Relief Fund" and for the
Soldiers Home Fund In accordance with
such implied authority I recommend that
the sum OF twenty-five thousand dollars
be appropriated for the Soldiers Home
fund and the Vum Of eleven thousand dol
lars FOR the Soldiers Relief fund These
sums are the Slme as were appropriated
a year ago for the same purposes
STATE BOARD or AGRICULTURE.
Chapter 90 Of the General Laws provides
for the appointment Of the state board %
agriculture and prescribes the duties of
the board Those duties. as stated In the
chapter. are very general I'm character be-