The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-01-30
SENATE IS BUSY.
Pass es Bill for the Insurance of
Deposits.
Oaly q Minor Amendment Made
to the Measure.
QUINCY OBJECTED.
Offered Several Amendments
Which Were Voted Down.
Now Working on Changes in
Tax Law.

| A bill authorizing the creation of
deposit insurance companies, defin-
| ing their powers and duties and the
| duties of certain state officers in re-
| lation thereto, and providing that
| banks and trust companies may par
ticipate in the benefits thereof, and
providing penalties for the violation
| of this act,'' being house bill No. Ill,
by Ham of Rocks, was passed by the
senate this morning. 1t passed the
house Tuesday and is the first Of this
class of bills, designed for the pro-
lection Of depositors. that has sue
ceeded in getting through the senate.
| The lineup of the senator's in the
vote on final passage was as follows:
| Ayes: Belts. Blaker. Brewer,
Buschow, Caldwell, Carver. Chap
Fulton. Gilbert. Griffin. Hamme, Har-
| rison, Haskell, Hayden, Hughes, Low
er, Martin of Bourbon, Martin of
Woodson, Miller, Porter of Craw-
ford. Porter of Montgomery, Simons,
Smith, Stannard, Stillings, Waggener,
Wllkerson, Young-31.
Nayes: Benson, Getty, Hodges,
Hoffman, Quincy, Robertson, Stew
art. fuckers.
Not voting: Noftzger-1.
The only amendment tackled onto
the bill by the senate was one by
Smith, who was himself surprised
that 1t went through, the disposition
of the senate majority being to send
the measure back unchanged, in or
der that at least one act for the pro-
lection of bank depositors might be
placed to the credit of this body.
Smiths amendment provides that the
form of the policy to be issued by a
deposit insurance company shall be
NV ST oh VITA
This gives the board an opportunity
to fix the time within which such
policy must be paid, in case of loss,
which may be three or six months,
Or any other reasonable time, and
enables the small depositor to avoid
selling his claim at a loss, in an
emergency, as with a guaranty of
payment within a given time he can
cash his certificate at any time. for
almost its face value.
Senator Quincy, whose bill for
bank depositors guaranty fund was
put out of commission Wednesday on
his own motion to Indefinitely post
pone It's futher consideration, offered
several amendments to the house bill,
which were as regularly voted down by
the recognized majority of %, or there
abouts.
His first proposed amendment sought
to compel any bank or trust company
doing business In Kansas to subscribe
for stock in a deposit insurance COM
pany. Waggener said this would sim
ply kill the bill and Fitzpatrick urged
the senators, if they wanted to adopt
any such bill at this session, to allow
this one to go through on roll call
without amendment, as the time was
too short for further action by the
house with possible resultant confer
ences.
His second amendment proposed to
require the full capital stock of ST.
100000 to be paid in, instead of only
20 per cent of it, before the company
should be authorized to do business.
Quincy said that if the house bill as it
stood wasn't an encouragement to
wildcat Insurance he didn't know what
was, and Stewart endorsed the amend
ment with a statement that a 20 Der
cent requirement would give but $780,
600 capital paid in upon which tc
guarantee 140 millions of bank de-
posits. He added that the bill did not
look to be in good faith and yet it
vitality affects all the business interests
of the state. Hodges characterized 1t
as faith BILL "papier mache BILL
The amendment was lost, 81 members
voting in the negative.
Quincys fourth amendment was de-
signed to incorporate in this bill the
obnoxious Waggener amendment to
the Quincy BILL compelling the stock
holder to guarantee and assume the
whole of the company's liability. This
was lost on roll call by a vote of % to
ment being: Benson. Getty, Hodges,
Huffman, Quincy, Robertson Simons,
| Stannard, Stewart, Tucker and Young.
| Stewart offered an amendment pro-
viding for the double liability of stock
holders but this was lost; 81 in the
negative.
Smiths amendment was then adopt
ed and the bill passed.
House bill No. 10 was made the spe-
| cial order for 2 .. m. and house bill
No. II for $50 p. m, both bills relat-
ing to taxation
A substitute for house bill No. 13
an act providing for the security OF
depositors in incorporated banks.
creating bank denositors indemnity
fund" and providing regulations there
| for. was scheduled to follow house bill
No. II under special orders.
The governors message relating to
the bank depositors guaranty propsi
ton was read. but no action was taken
with regard to 1t.
When Quincy called up house bill
No IL during the morning session, he
spoke of it as the only bill left in the
legislature providing for the protection
of depositors in the banks Of Kansas
and insisted that If the senate intend
| ed to be fair it should proceed at once
! to the consideration OF that measure
| as to refer it meant to postpone 1t in
definitely.
Young also urged that to indirectly
Y0EI TAM I kHICH