The Elbert County tribune., 1910-08-26
coLoRAD
LEGISLATIVE
nAIN g
D OF N G s
Caucus Referendum Bill

The initiative as agreed to by ma
| jority of the Democratic Senators con-
tains the following features:
The petition to initiate a statute
must bear the signatures of voters to
the number Of Is per cent of the vote
cast for governor at the next. preced-
ing election. To initiate a constitu-
tional amendment the signatures must
be 20 per cent of the vote.
The signatures must come from two
thirds of the counties of the state,
forty out of the sixty counties.
Fifteen per cent of the vote cast in
these counties for governor will not
equal Is per cent Of the total vote for
governor. The deficiency may then be
made up at the centers of population.
To initiate a statute or constitution
al amendment there must be cast for
1t 81 per cent of the vote cast for the
successful candidate for governor.
A railroad commission bill. similar
to the one now in effect, but eliminat-
ing the features objected to by the
courts, has been introduced by Repre-
sentative George B. Walker of Ouray.
Representative Fl. w. Stephens has
introduced bank bill without guar
anty feature, prohibiting the accept
ance of the stock of other banks as
collateral, limiting deposits to ten
times the capital stock and surplus.
forbidding the loaning of money to di-
rectors without the consent of the
board of directors and requiring the
names of stockholders and the trans
fer of stock be published.
Representatives s. S. Bellesfield and
Harvey e. Garman have introduced
bank bill which is a copy of the law
now in effect in Texas.
The Republican senators have not
yet held caucus, and say they do not
know Just how many Republican votes
will be cast for the initiative and refer
endum. Senator Stephen stated, how
ever, that inasmuch as he was pledged
to the initiative and referendum, he
would vote for whatever measure the
Democrats agreed upon. He is the
only Republican senator VINO has TAX
en- this position.
Senator Gove's Bank Bill.
Although unfavorable to the guaran-
tee OF deposits, Senator Cove has in
troduced bank bill. He states frank
ly that he introduced it at the request
of the banking interests and will seek
to amend it if it comes up for discus
sion. The bills of Senator Crowley and
Senator Cove are the opposite poles of
the problem. Senator Crowley's bill
provides for both a mutual and an in
dividual guaranty-the Texan plan
while Gove's bill contains no guaranty
at all.
Senator Cove introduced his meas
ure at the morning session Monday. 1t
provides for bank commissioner, who
shall serve for six years and he paid
$4,000 a year. The professed object Of
the bill is to strengthen weak banks by
forcing them to come up to the require
make 1t impossible for unsound institu-
tions to enter the banking field. To at
tain this end the bill gives the bank
commissioner broad powers to take
hold of weak banks and wind up their
affairs.
Democratic and Republican senators
maintain that the Cove bill does not
come within the call for the extra ses-
sion and cannot be considered. Senator
Cove himself says that he is not GER
tain it can be included within the pur.
view of the call. but he insists that it is
good solution of the banking prob
lem and that he will do all he can to
have 1t considered.
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