The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1909-03-09

tol covers the excess of the present
year.
Banks and Banking.
Perhaps the one topic of greatest
interest In the campaign and before
tho legislature. aside from financial
matters, was the proposition to insure
bank deposits. This was a platform
plank and consequently the legislature
reluctantly considered it. The bill
adopted was modification of the
proposition introduced by Issenhuth Of
Sphinx and provides that not less than
100 banks, having $1,000,000 in CAPT.
| tai, may voluntary associate for the
| insurance of their deposits. An admis.
sion fee, graduated from 500 upward,
| is to be paid and policy fee or pre-.
| MUM of mills on the dollar of av-
| erage deposits. In case of losses ex.
| ceding the funds on hand each bank
| In the association mSy be assessed to
| not exceed mills upon its average
deposits.
2! II his annual report the public ex.
| aminer made many suggestions for i'm
rrovements in the banking law. The
banking committee of the senate re.
| ported a bill embodying practically
| all of his suggestions and it was
| passed.
| Railroad Legislation.
| About forty bills were introduced
into the legislature pertaining to the
regulation of railroads and the fol
lowing were enacted into law. Pri
| marily most of these bills were very
arbitrary in form, requiring the rail.
| road companies to do certain things
under penalties, but with the excep
| tion of the 2-cent rate bill all were
modified to empower the railroad com
mission, in it's discretion, to do the
things it desired. These bills were:
The 2-cent rate bill; requiring trans
fer tracks between connecting lines
requiring reports of all wrecks and
casualties to the railroad commits
sioners; providing for building via
ducts over street crossings; providing
penalty for failure to repay over
charge on freight within sixty days
providing for determining the renta
value of warehouse sites; requiring
railroads to install safety appliances
at railroad crossings and draw
bridges; requiring switch lights to bs
kept burning all night at each station
requiring toilet rooms to be provided
at all stations; requiring the fencinl
of the right Of way; requiring water
ing trougns to be provided at all stool
| yards; authorizing the railroad com
missioners to prosecute actions befor'
the interstate commerce commission
prohibiting gambling and the drinking
of intoxicants upon trains.
Insurance.
Last year there was a good deal O
criticism upon the methods pursue'
by some insurance companies In sell
ing bargain counter insurance" ant
Governor Vessey came to Pierre de
termined upon securing Legislation
that would regulate these matters
Senator Byrne took charge of the ad
ministration insurance measures an
secured the passage of bills present.
ing standard forms of fire insuranc
policies: standard form of life pol
cies and standard form of stock In
surance policies and also reorganiZin
the state insurance department an
giving to it ample power to protec
5 the public against wild cat" insul
ance of any kind.
Other insurance bills require stat
mutual companies to keep on hand
25 per cent reinsurance reserve; linn
the liability of insurers in mutual con
panies tC the amount of unpaid pol
cies; regulate fidelity bond insurance
prohibit accident insurance companie
from giving presents of merchandis
y with their policies and prescribe tn
| duties of secretaries of county mutus
companies.
Economy in State Affairs.
There has been much proper cri
0 icism of unnecessary waste in publ
O printing and in the expense of legi
lative sessions. Printers have don
o the work cheap enough, but public o
ficers have made up their report
0 without any system or regulation AM
O generally speaking, it has been col
sidered that the officer who coul
9 print the most stuff was the best fe
low. Chairman Cable of the house a.
o pre- cpriations committee took vigoro,
hold of this subject and secured Il
10 passage of number Of bills, know
as the Cable bills. which seek to linn
o the expenditure for public printiT
and for general economy In state q
10 fairs. These bills provide that no G
% ficcr or board shall create deflciens
for any purpose whatever without Il
x written consent of the governor; a
20 other requires strict itemization OF 9
10 cry voucher upon which money
"a paid; a third requires the auditor,