Barbour County index., 1908-02-12
KANSAS LEGISLATURE.
What Is Being Done by our Representatives
During the Special Session.


bill that he did last year
when the primary bill was under con-
He sent a special mes
sage to the house and senate today |
urging the enactment of a complete |
guaranty law. Last year he appear |
his message. This year he sent the
message to both bodies by his private |
secretary.
After passing the amendment to
the bill providing for the formation of
a million dollar company to insure
oank deposits, the house tonight ad-
tourned, practically winding up the
work of the special session. Most of
the members of both houses have
gone home. A few will be present
Saturday to make final adjournment.
Of the five special features mention
ed in the governors message the leg
islature took favorable action on
three. The governor asks for direct
primary bill, a guaranty bank deposit
bill, amendment to tax law, two
cent fare law and amendments to the
prohibitory law. A direct primary
bill was passed and the amendments
to the tax and prohibitory laws adopt
ed. No two-cent fare nor guaranty
deposit law was passed. AS sub
stitute for the latter, abandoned in
surance law was passed, giving the
insurance of deposits wholly at the
option of the bankers.
Topeka, Kan, Jan. 31.-Gov. Hoch
may veto the law passed by the
special session authorizing the
amendment of the corporation laws
so that associations can be formed to
insure bank deposits. The governor
feels that the bank guaranty bill was
killed unfairly and, further than that.
thinks that the insurance bill, which
did get through, is simply a subter-
fuge and a dodge to avoid passing
what he believes the people actually
wanted
81 do not feel that We have been
treated fairly in this matter he de-
clared. There is a motive in this bill
that l don't like. More than that, 1
don't like the manner in which it was
passed at all. We all understood
that the bark guaranty bill and this
insurance company bill were COM
panion measures and were to go hand
in hand. The house, confidently be-
lieve, passed it with that idea in
mind. But the senate simply killed
deposit legislation. There are some
things in TIE law 1 don't like. Not
single limit of any kind is placed
upon the r-emiums which insured
banks must pay. In fact, the COM
panies can pay what they please.
Little banks may be frozen out. I'm
going to consider it carefully and de-
eide what l shall do in the matter.
The governor denied all rumors
that he will reconvene the legislature
to pass the kind of guaranty laws
which he wants. He said that the
regular session will do it next year
The house and senate did nothing to
day but hear bills reported signed
from the governor. The primary bill
has not yet received the governors
signature.
Senator Waggener stated today
that within a few days a meeting
will be held in Topeka of a number
of the most prominent bankers il
Kansas to organize an insurance
h. OF
measure.
A resume of the insurance law fol
lows:
State, private and national banks
are permitted to insure themselves
The capital stock must be not les
than $1,000,000. The form of tn,
policy must be approved by the stat'
charter board. The amount of de
posits insured must at no time ex
ceed a sum equal to 100 times tn,
amount of capital stock and surplus
subscribed and fully paid up. No
less than fifteen persons. two-third
of whom must be residents of Kan
sas, may form such a company, AM
! at least 20 per cent of the capita
, stock must be paid in, in cash, befor
. IL Gall De W QO DuSluCSS
The remainder must be paid within
. the next twelve months.
Banks and trust companies of Kan
sas may subscribe for stock, but fo
not more than 10 per cent of tn
D stock which the bank or trust CON
Y pany itself has. A board of f1fteel
: directors is provided for. None O
, the funds of the company can be in
|, vested anywhere without the consen
of the state charter board. The sur
of 100000 must be deposited wit
: the state treasurer in cash, municipa
securities, real estate mortgages o
e government bonds, which will b
g subject to attachment or execution t
!. satisfy the claim of any bank tha
may be injured by default of the il
surance company.
Whenever the company finds that
+ bank is not in good condition whic
it has insured. upon ninety days M