The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-19
DEPOSITORY LAW
IS GOOD MEASURE
So Says Michael Cody of
Montgomery Bank
AN ASSISTANT Is NEEDED
Cody Thinks Defeat of Hammer Bill
Providing for Additional Bank Ex-
aminer Was a Mistake.
Cochran Monument.

Montgomery March 1S.--(Special')-ln
the opinion of Michael Cody, president OF
the Exchange National bank of Mont
gomery, the enactment of the state de-
positary law, which has just become effec-
tive, is az important legislation as the
state has ever inaugurated. He is also
of the opinion that the refusal OF the
senate to pass bill of Senator Ed Hammer
of Etowah, providing for an additional
bank examiner and for the examination
of all new banks before they be allowed
to begin business was mistake.
Mr. Cody is peculiarly fitted to discuss
this question. He is the author of the
| present banking law having drawn the
bill four years ago at the request OF a
recess committee of the senate, and, with
Chappelle Cory of the Birmingham Trust
and Savings company and one or two
| others, helped to secure its passage. lie
| regards it as one of the best laws of any
| of the southern states, though believes
| that it is not yet as strong in the mat
I ter of safeguards as 1t might and per-
haps ought to be. Some provisions which
to him seemed good were cut out in the.
house.
| Cody's Position.
Mr.. Cody takes the position that one
| man can not possibly give the great
number of banks in the state the atten-
| ton they should have, and hopes that
another examiner will be provided. While
| he thinks the present law could be made
| to force examinations when banks opens,
| 1t would not, he believes, be amiss to
| have this injunction affirmatively stated
| in new act. There is every reason Tor
the state banks to be without question
| as to responsibility and standing and
they ought to be looked after very care
| fully. Il want the State bank. with
which I am associated to be as safe as
! the best national bank" said Mr.. Cody,
| and | want every bank with which | do
! business to be in the same condition. That
! can only be guaranteed by careful inspec-
! ton.
! The distribution of the funds of the
state in the several counties will be, in
| the opinion of Mr.. Cody, great incentive
| to business. 1t will also relieve the treas
| ury of the state of the constant menace
the boarding of more than a million dol
| lars cash engenders. 1t will also make
| places where county officers can deposit
money and be relieved of responsibility.
Another feature is the creation of mar
| ket for state bonds, and still another is
| the loosenlng of funds now tied up to
circulation. In this connection 1t is of
| interest to note that Mr.. Cody drew de-
| positary bill four years ago, but 1t was
| not introduced.
Cochran Monument.
At the meeting of the Alabama Medi-
| cal association this year there will be
renewed attention given to the question
of a monument to the late DR.. Jerome
| Cochran, organizer of the medical assoc
citation and of the health department of
| Alabau. a. as we'll as one of the greatest
| medical experts in the United States. 1t
| is proposed to erect a monument at the
old home of the doctor, Mobile, costing
! about $1,000.
Lr. Cochran died in 1896. since which
time something over $1,000 has been raised
for the purpose of building a monument
The movement has been allowed to lapse
| lately for want of attention. but 1t is
quite likely it will be pushed through to
compile ton during the present year The
matter is in the hands of committee
of the state association. and the plan Is
to haze each county contribute from one
to two dollars per member, this being
| enough to raise the money easily.
Alabama has had few more ilustrious
men ti.an DR. Jerome Cochran. who was
an investigator and a practitioner. He
mace the state department one that
would meet the health conditions of the
people and became one of the most eff
cient and thoroughly posted yellow fever
| students in the south Under his care
the state made several defenses against
this disease, and by his good work kept
| it on many occasions
viii Lose Railroad.
Il is reported that as result of re-
cent Legislative enactments the state will
| lose a5s least one contemplated railroad,
| the lilc TO have been built from Demopo-
lis to Linden. This was to have been
1 cd 1,x+ nit
say that 1t Is impossible to secure the
money to do the work. 1t Is also given
out that the Southern will take off one or
the passenger trains between Selma and
Meridian, leaving only one day, to the
| great Inconvenience of the people OF
Marengo and other counties.
The oil and gas ever has struck Cam
den and Wilcox counties. resulting in the