The Green Forest tribune., 1909-04-02
PASS BANkINGBILL
HOUSE FAVoRS MEASURE PRO- VIDING FOR GUARANTEE OF DEPOSITS AND CREATING A STATE BANKING DE-
 APARTMENT.
Monthly and Yearly Reports on Banks.

, The House looked with favor on
 the Warnock-Seamster banking bill
 and passed it at their Monday session.
 The bill provides for the creation
 of the State Bank Department and
 the office of "state bank commission err" One of its most important sec tions is the liability clause which pro- vides that the stockholders of all banks shall be liable to depositors for all stock owned by them and for "the , full amount of deposits in such pro- & portion as the stock held by such 4 stockholders in such bank is to the < total stock of said banking corpora M tion." The bill provides that the gov N ernor shall appoint by and with the E advice and consent of the Senate, a S bank commissioner, who shall hold of AA flee for four years and furnish $25,- W 900 bond; that he shall make detail- ssA ed monthly reports to the state aud
 vtor and annual reports to the gov vsrnor; that be or an assistant shall E Itisit and thoroughly examine at least M once each year the books and affairs gesA # all banking institutions in the state ,S ubject to the provisions of the bill. ASSM MT. Warnock, following the read E1zvn vng of the banking bill, spoke in la or of it. He first declared that he ihearas sick and unable to explain the and ill as he would like to, and made Aa his speech as brief as possible. He |V MIFst declared that such a measure
 =. ould help greatly in preventing such V" nancial panics as occurred two years ,h .,o. Stating that three-fourths of the we baancial panics are caused by runs G end banks. He stated that the aggre- greateste capital stock of the banks of Ar ther fansas is $10,000,000, and the aggre- nent ute deposits $35,00O,000. In explain as,S"g his bill he stated that it proyid- 1o ,,s,, for about $12,o00 revenue to be
 ed in keeping up the banking de y has ,aa nnrtment provided for in the bill. He 1t is remso stated that the bill provided that ot i,s a g1h, fees provided for in ,he might
 Muced in the event they exceeded Il net mexpenses of the department. He re. 70 argued that his bill prohibited aan ', organization of banks for the pur- :. ..', rai,w,se of borrowing money at low per churchat of interest. may aA1r. Seamster of Benton, author of nd comp guaranty feature of the bill, in a .ts maps, words, spoke in support Of that e lowest ture of the measure. He declared he authoit he was in favor of it in order
 tArkansas money might be bank
 in this state instead of being sent ss City. Mi0klahoma, where the guaranty fea-
 is in effect.
 tucker o on 'eerS4n If llnateS Ional affairs. The resignation was nCertarpted /
 .s,r. Toler of Grant called up House n .st roateh No.624, of which he is the author, s an abslibiting any company or corpora ,rantee of from employing a physician at and quaexIense of employees unless 90 r your cent of the employees petition for otec tphysiciaA and name him. The on lnS S;.sf was read the third time and s o' sd.
 II LEAD c0RtIe University of Arkansas and ! 6ullolng. wmultural experiment station appro-
 ton bills, after a prolonged effort
 S IVeboth bills considered, were re-
 Ito the ways and means com