The Topeka state journal., 1909-02-26
KNOCKED IT OUT.
Senate Rejects Report on Guar
anty Bill.
Compromise With House Didn't
Suit Senators.
QUINCY LEADS FIGHT.
Savings Bank Feature a Zone
OF Contention.
other Feature Opposed, Rate of
Interest on Certificates.
QUINCY LEADS FIGHT.

| just how eager the majority of the
| members of the state senate are for
| the passage of a bank depositors' guar
| anty law was indicated in the action at
the morning session today when 26 SEN
| ators voted to disagree with the report
| of the conference committee on the bill
| and ask for further delay on definite
action by voting for the appointment
of a second conference committee. All
the five Democratic senators and 21
Republicans voted in effect to turn
down the conference report
The fight on the floor of the senate
this morning was particularly interest
ing and plain speech was indulged in by
both friends and opponents of the bank
guaranty law. Senator Quincy, of Sa-
line county, again led the opposition to
the guaranty legislation and Senators
Cambern and Price the senate con-
ferees on the bill, were the principal de-
tenders of the legislation
Prior to the action of the conference
committee on the guaranty bill some of
the most vigorous opponents of the leg
islation in the senate expressed the
opinion that if the trust companies and
from privileges of the guaranty, the
bill would be pretty good measure.
But when the conference committee
presented it's report showing that these
features had been eliminated from the
bill, there was still found to be the
strongest kind of opposition to the
measure.
During the discussion of the motion
to disagree with the conference COM
mittee's report, the suggestion was
made that the big lobby maintained at
the capitol by opponents of the guar
anty legislation, has performed eff
fective service There was no intima-
ton that the lobby has used any cor
inf of
powerful persuadin' - ways was sug-
gested. 1t may or may not be signi-
ficant of the attitude of a number of
the senators that while they nearly all
carefully explain that they are in fav-
or of passing a guaranty law, although
they may not believe it is right in
principIe-yet when the time for pass
ing the measure arrives, they imme-
diateIy proceed to hedge" with OBJ
jections to provisions contained in the
bill offered.
President Fitzgerald will immed-
lately appoint a new conference COM
mittee, but there is some apprehen-
sion among friends of the measure
that the senate will be unable to in
duce the house to recede any further
than it has already.
The consideration of the conference
report on the bank depositors guar
anty bill had been made special or
der for 1890 this morning. The re-
port of the conferees, which was out
lined in Thursdays State Journal, was
read.
Quincy Opens Battle.
Immediately after the reading Sem |
ator Quincy offered a motion that the |
senate disagree with the conference
report that a second conference
on the bill be requested. |
Senator Quincy said he did not de- |
sire to cast any reflections on the sem |
ate nferees-Senators Cambern and |
Price-and thought they had acted |
as they deemed best. He objected to |
reducing the interest on certificates of
deposits given to depositors in insol- |
vent banks, from to per cent, and |
also to permitting savings deposits up
to 800 to be guaranteed. ut seems
to me-" he said, '-that the senate con-
ferees have receded from all the
points that the senate decided upon as
advisable during consideration of this |
bill the other day while the house
confereeS have receded from the prop
ositions which the house put in the
bill for trading purposes only-the
trust company and new banks pro-
visions. Without casting reflections
on the senate conferees believe they
have Swapped a bunch of ponies for
a string of beads"
Senator Cambern took up the chal-
lenge to battle thrown out by Senator
and he discussed the points at
issue, calmly but plainly.
Calls 1t Trivial
'It strikes me-" said Senator Cam
bern, that great deal of fuss is |
being made about some very trivial |
matters. The opposition to this legis- !
lation comes from the bankers, headed |
by the legislative committee of the |
State Banking association, and the |
banks of the state are paying for it, |
l do not insinuate that any money has |
been used here corruptly, but it has
cost money to maintain the lobby kept |
here to oppose this bill The attempt |
being made here to delay action on this |
bill is really an attempt to defeat the
entire guaranty proposition. Under the |
pretense of disagreeing on this report /
action on the bill is being delayed, and |
it may result in defeating the bill It |
may be that the senate conferees have
swapped a bunch of ponies for string |
Of beads but the points conceded to
the house were of small Importance"
In reply to questions of Senators
Glenn and Porter, Senator Cambern /
stated that new banks can only come
banks in the same town refuse the
privilege for six months after the act /
becomes operative in May. This would |
give established banks eight or nine
months to decide the question. In ad-
iition to this provision relating to new
oanks, Senator Cambern stated that
he only other concession made by the
senate conferees related to guarantee
ng savings deposits up to 81. Contin-
ling Senator Cambern said:
Il do not contend that this act is
perfect. 1 never knew of any import
ant legislation that was ever put on
he statute books in absolutely perfect
condition. The national congress is
obliged to change and amend the laws
t makes, and important laws are al
yays defective when first enacted. But
his bill is a start in the right direc-
ion.''
IT want to ask you as banker, if
you do not believe the guaranty of