New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-15
BANKS
SEEK TO AVOID
STATE CONTROL
J. p. Morgan & Co. and
Others Oppose Proposal
in Convention.
DEATH PENALTY
TO BE DISCUSSED
Committee Decides Question OF
Abolition Should Be De-
cided by Whole Body.

tFrcm q stan Correspondent OF Inc IuuuheI
Albany, July 14.-Francis Lynde
Stetson, on behalf of ]. P. Morgan &
Co., and W. II. Seward, jr, and John
B. Pine, representing the State Prl-
waite Bankers Association, appeared
before the Committee on Banking OF
the Constitutional Convention to-day
and opposed the proposal to place, all
persons and corporations engaged IN
banking under the supervision OF the
State Superintendent of Banks.
The proposal, which was drafted by
q Subcommittee headed by Eugene
Lamb Richards, superintendent oil
Banks, is aimed to prevent repetition
Of the small, irresponsible East SIDE
bank failures, but it provides for the
supervision of great private bankers,
like the house of Morgan, who are
now exempt 1t is also aimed at ru-
raj private bankers, who so far nave
been able TO defeat every proposition
in the Legislature to put them on the
same footing with the small private
banks of New York City.
Mr.. Stetson and other opponents OF
the measure declared 1t was a regula-
tory power that properly belonged TO
, the Legislature.
Too Many Details.
"If you're going to put all these
regulatory features in the consutu-
ton" said Mr.. Stetson, you will have
a constitution that will be more OF
marvel than the Oklahoma constltu-
ton. Moreover, all these details IN the
constitution are apt to nullify 1t, for
where you intend to give broad grant
OF power, but do not put IN details, as
YOU will have to in this banking pro
vision, the courts are apt to decide
otherwise than you would have them.
81 don't mind telling you that ). +.
Morgan and Co. are the fiscal agents
for three of the great nations engaged
in the European war. Mr.. Richards is
known as neutral, but suppose that me
records of these private transactions
should be subject to espionage ana
some one less neutral-say, some en-
ploye of the Superintendent OF Banks
who was not proof against as
phvxiating gases, went over these rec
ords, no end of mischief might result.
There should not be intrusion where
intrusion is not needed. Private bank
ers should not be made outlaws any
more than any other private business
Eugene Lamb Richards read letters
from his three predecessors in office
supporting the proposal, which also
makes the Superintendent Of Banks
constitutional officer. None opposed
this feature.
A proposal Of George W. Wicker
sham to permit the Legislature to pass
local or private bills. as is done in
the British Parliament, was put into
general orders to-day. The present
prohibition against special legislation
is a dead letter, for any one with tho
proper connections can have the gem
eral law amended to affect his particu-
lar case.
Will Discuss Death Penalty.
The proposed amendment abolishing
the death penalty, introduced by
Charles II. Belts, of Lyons, will be
reported out by the Bill of Rights
Committee. The vote in committee was
a tie, but the majority thought 1t was
too important a subject to kill in COM
mittee.
There was a strong feeling for a
substitute proposal, which would leave
10 a jury in first degree murder case
the right to say whether the punish
rent should be death or life imprison-
ment. All were agreed that any such
measure should include a prohibition
Of any Communication Of sentence Of a
murderer sentenced for life and per
NIT a pardon only when innocence was
. clearly established.