Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1914-02-13
Letter from
Big Bud.

to allow me to return to jackson
in time to get into the big fight o.
the "Kyle Banking Bill" whicl
had passed the Senate and ha'
been made a special order of tn
house for Tuesday of this week
The Bankers association (with tn,
exception of Mr.. Isham Evans o
West Point) were very much op
posed to the guaranty feature o
this bill, and it was bitterly Tough
by the bankers throughout th'
State and great pressure WA
brought by them on their repre-
sentative to vote this section down
/ am glad to say the ''wool hat
boys stood the pressure and voted
down all amendments except &
good one offered by johnson o.
Coahoma postponing the time that
this bill would take effect-from
January 1st, 1915 to October LIST
1915, thus giving the examiners
time to examine all banks and see
that no institution that is not alb.
solutely solvent will be allowed to
come under this law. This is a
very wise provision and / believe
the author of the amendment, who
is very talented young man. is
the only man in the house who
could have had the amendment
adopted. Bilbo led the fight for
the guaranty and urged the house
not to adopt any amendment as
that would necessitate the bill 60
ing )ack to the senate md this
would endanger the bill.
The Bankers Association asked
that one or two of their number
be allowed to address the House in
opposition to the bill. Some op-
posed this but 1 am glad we voted
to grant their request for be-.
Ilieve any man or set Of men have a.
right to come before this body
when their interest are affected.
Then a resolution was adopted
asking Bilbo and Senator Nor
wood to answer them.
Mr.. Griffith, son of the gallant
Gen. Griffith, who succeeded the
immortal Barksdale in command
of his brigade, a splendid gentle
man and president of a large bank
in Vicksburg, was the first speaker
and made most admirable address
from the bankers standpoint. He
was followed by a Mr.. King, cash
ier of a Greenville bank, who also
made a fine argument for his side.
And then came Bilbo, followed by
Norwood, both making able ad-
dresses for the guaranty feature of
the bill and it was soon demon
strated that the House was with
them from start to finish. said,
when / came down here that I
would vote for any measure I oon-
sidered beneficial to the State, it
mattered not whose bill, so I ap-
plauded Bilbo as enthusiast ally
as any ardent Bilbo man,
We will pass the bill as amended
this evening and in my opinion we
will have good banking law. One
of the principal features of the bill
is the double liability clause which
makes all stockholders liable for
double the amount of their stock. |
They have to stand rigid examina-
tions and a small assessment Gone
twentieth of one per cent? of the |
average guaranteed deposits, less
capital and surplus, on January |
1st of each year and there can nev |
er be more than five of these as
sessments in any one year. Now,
this is a small inter-insurance fund
and will not hurt any bank and
with the strict examination and
double liability that this act pro-
vides for, l feel sure we will have
as good a record as Nebraska, Kan.
sas and Texas. They cite Okla
homa, where this guaranty clause
has been tried and is a failure, but
the banks were allowed to 60 under
this feature without a careful and
rigid examination, as was done in
the states above named.
Well, VIC had to have some re-
lief. Within the last two years
banks have failed in
The state, and three have failed
since the legislature convened. A
man goes to a bank and wants
81, 900; he is just required to put
lp collateral. When he wants to
deposit $1,000 what security does
he gets am very proud of our
banks and feel assured that
,very deposit with them is abso-
utely safe, but the boil weevil is
IpOa w sHa they 700 may @teF [