The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-02-25
SHARP DEBATE IN
HOUSE OVER BILL
AFFECTING BANKS
Shows Wide Difference
of Opinion as to Merits
of New Law.
CHANGES NAME TO.
INCREASE SALARY
Amendment Giving Commits
sioner Right to Veto Banks
Application to Open for Busi-
ness Promptly Killed-State
Banks May Enter Fad
eral Reserve System.

Discussion of tho Montague bank bill
in the House and of the White Hart
game bill in the Senate took up most
of the time Of yesterdays session.
without q fnal vote by either body.
The bank bin is a comprehensive codi-
fcation of existing statutes with q
number OF new sections, creating a
state Bureau OF Banking, under an Of
fcer TO be known as the Commission
er of Banking. 1t is said TO have the
approval OF the Virginia State Bank
laws on the subject of banking con-
form in most respects to the Federal
requirements.
The Commissioner OF Banking Is
given powers and duties IN the lnspec-
ton and regulation of state banks and
trust companies similar to the pow
ers and duties Of the Comptroller OF
the Currency over national banks. II
provides that the commissioner shall
take charge of all !nsolvent banks,
substituting tho mode followed In the
Federal act for the present method OF
court receiversh:p provided under V!r-
ginia statutes.
Many Objections Rnised.
Amendments TO the bill were dis
cussed for several hours with many
indications that the House Is far from
unit In supporting the general pur-
poses OF the measure. Objections were
made TO the increase In salary of the
Chief Bank Examiner. known under
the new bill as the Commissioner of
Banking. the change OF name obviating
the constitutional objection to such
an increase during term OF Office.
Objection was also made to his ap-
pointment for an indefinite period. and
to an amendment which was rejected.
which would have required the APP
DTONal Of the comm IL Einncr h.tf a ny.
new bank could be established Mr..
Gordon described the whole purpose
OF the bin as an effort To create a
banking czar.
An interesting discussion growing
out OF the bank bin debate was pre-
c!pitated by the assertion that the
increase In salaries and expenses would
be paid by the banks not by tho State.
This brought Judge Williams TO his
feet In protest against the whole sys-
TEN In which the State has become in :
volved in recent years by which boards
and departments and institutions have
special funds derived from licenses or
taxes, for their own expenditure. and
are not subject 10 financial supervision
OF the General Assembly.
Waste Through indirection
AS All uneNpendcd balances revert.
ne claimed that any waste was so
much loss TO the State. The peoplc
pay these indirect taxes, however they
may be levied. whether on banks or
hour mills or fertilizer manufacturers
or oyster dredsers, and Judge Will
liams dared the members to come on
out into the open" and have all these
sources of revenue clearly known and
a part or the states records, and have
all OF the expenditures clearly shown
In tho annual appropriation bills, In
stead or approprieting blindly the pro-
ceeds OF these special taxes. with no
check on waste and extravagance
The House took up out OF It's order
and passed Senate bill permitting
State banks 10 become member banks
In The Federal reserve system. A
number OF State banks In Richmond
and elsewhere have taken preliminary
steps TO enter tho reserve system, and
all applications. II was stated have 70
be In before March /. The fact that "A
number OF banks In Virginia ether than
hauonal may enter the reserve sys-
tenn may have determining influence
III the location of one OF the Fedora
reserve banks In Virginia. as the can
ital OF the reserve ba-..s5 is made un
or subscriptions by member banks.
The Senate undertook an afternoon
session for the advancement of private
and local bills on the calendar. The
session Jagged tediousiy, and an adj
1ournmept was taken nt the first op.
portunity
Favor Federal Road Aid.
The House of Delegates vesterda,
gave It's approval through Joint reso
tuition TO plan for Federal aid fol
post roads and roads used in distribu.
ton OF the mails, but refused To con.
slider favorably n Joint resolution In.
v!ting conference with West Vir.
ginia as TO a reunion OF the States un.
til West Virginia shows more interest
In 20 i,gN
the United States Supreme Court ha.
decided 1t owes.
There is apparently no hope OF any
form of workmen's compensation legis
lation at this session II has been ad.
mitted that the bill. over which there
have been several hearings. would
probably not be reported. and certainl,
would not be passed by the House. hu
the House yesterday took a further
step In opposition by refusing TO adopt
joint resolution appointing com
mission OF five members to study the
subject of workmen's compensa tior
legislation and report TO the next ses
sion of the General Assembly.
Two local bills were passed bv the
House. They were the charter change:
for the city of Richmond, to which
was added an amendment inserting ar
emergency clause making the bill take
effect from Its passage. and n bill an.
propriating $4,000 year for two years
for the Home for Needy Confederate
Women In Richmond. The charter
changes are those agreed upon by the
City Council, and are in the main ar
effort to iron out tho differences and
make clear the separate Jurisdiction ot
the City Council and Administrative
Board.
Nefrenchment and Economy.
Tho House Committee on Appropri-
ations yesterday reported for adoption
the Williams resolution providing 70,
appointment of special committee or
retrenchment and economy, to inves