Daily press. [volume] (Newport News, Va.) 1896-current, 1909-04-08
JUDGE Mann Offers Explanation Of
Hostility to Banking Regulation.
SAYS act WAS NOT N PROPER FORM
Declares He is in Favor OF State Bank
Examiners PROVIDED No "unneces-
sary Bureau" or Unnecessary sat-
aries Be Created.

RICHMOND VA. April Judge
William Hodges Mann has given out
for publication elaborate replies to
questions prOpOundcd to him by ms
competitor for the gubcrnatorial nom,'
nation Hon. n. st. George Tucker
concerning his position on bank eX'
aminer3 and compulsory education.
The statement of Judge Mann an
swerinc both auestios follows:
MIR, Tucker in his speech in Mali
chester on Saturday. the 21th OF
March, said: My competitor says ne
favOrs a system of examination ol
State tanks. but it Is q fact that at
the last session OF the Legislature he
was of another mind. and used his
influence against such bill when
was killed in the committee before
which he appeared 10 oppose it,
The bill to which Mr.. Tucker al
ludes was Senate rill IS. introduced
bv the Hon. Saxon W. Holt. OF New
port News, and referred to the Com
mittee on Insurance and Banking. OF
which Senator Holt was chairman
The bill provided for the appointment
of banking commissioner under the
control. of the state Corporation Com
mission, at salary OF $4,000 year:
th& appointment OF two additional
clocks as examiners. at salary ol
s.. 0Oo each; and provided $4,000 for
other expenses. making $ll.oon. as
understand the bill.
Why He Opposed Bill.
Il opposed the bill in the form in
~ hich it was drawn. not the appoint
mcnt of bank examiners. for the fol
lowing reasons: ! thought the eA
aminer of the banks of the state
should be under the control of the
Insurance Department. because allied
to ii, and naturally falling nnder that
Departmental fact. the committee 10
which the bill was referred Is Known
as the Committee on Insurance and
Banking There is al least one large
bank having an insurance department
and there are MANY" banks having
trust and guaranty departments; all
Of which ALREADY came under the
juris diction of the Insurance Commits
sioner. The authority for the Legis
lature to provide bureaus OF insurance
and banking is contained in the same
sentence in the Constitution. Besides
the Insurance Department already had
the necessary machinery and the ap
pOintmept of one additional clerk ant
the examiners would have made 8
less expensive and far more efficient
system
There are 239 banks and trust
companies in Virginia. and as the bill
required that each hank should bt
examined twice during the year. and
as at least three days would be re
quired for each examination. LAB
DAYS work would be required every
year at the least. which could not be
performed by less than six examiner.
each one of whom would be requiret
to work :39 days.
Upon these facts I reached the
conclusion that it would be best Il
put the examination of banks in tn
Insurance Department. and SO save ;
considerable sum to be expended ii
securing good men for examiners a
good salaries.
Objected to Particular Gill
Il was not opposed to bank exami
ners. nor to the general principles o
| The bill. but on the contrary. favor
| cd them. and so stated to the com
mittee. as the chairman remembers
Nv objection was TO the particula
biil then under consideration. whicI
did not then think, and do not nov
think. accomplishes the result desired