Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-03-18

bonds based on farm mortgages de-
posted with the state auditor. 1t does
not provide for anything In the way OF
cooperative banking. 1t Is to be, ap-
parent, an association of lenders rather
than an association of borrowers. or
ganized on the common joint stock
principle. just as any other bank would
be. and the liability of shareholders Is
limited even more narrowly than the
liability of the shareholders Of an or
binary national bank. l also notice
there is no provision for a central
bank in which should be concentrated
the power of issuing bonds. l think
there should be a provision in the bill
which would make possible cooper
alive mortgage bank after the style OF
the German landschaften. AS to the
need for central bank to buy the
mortgages from the local banks and is
sue bonds against them, 1 am by no
means certain. If the average farming
community in Iowa is able to finance
itself. that is, if it is able to get all
the money it wants from local lenders,
then, doubtless. the local bank could
sell it's bonds directly to those local
lenders as we'll as central bank
could. If, however, it is necessary to
secure loanable capital from long
distance. say from Chicago or New
York or some other large reservoir OF
capital, think a central bank would
be a distinct advantage. From what L
know of the financial conditions thru
out Iowa should imagine that al
most any county would be able RI
finance itself and local buyers could
be found for the bonds of a farm
mortgage bank. In that case central
bank would be unnecessary. provided
there Is thorough inspection and audit
ing from the state capitol, as seems
to be provided in this bill. On this
assumption the bill seems, on the
whole, an excellent one. I should pre-
fer. however, to see the liability OF
the shareholder doubled so that the
shareholder in one of these banks
should carry the same liability as the
shareholder in a national bank
This view of one who is regarded a s
quite eminent in all large economic
questions indicates that an excellent
bill has been worked out for the needs
Of the Iowa farming communities.
brought out with favorable recommen
dation today the Allen bill to revise
the law of the state as TO child labor,
fixing, the ages at which labor for hire
may be done and limiting the hours of
labor and other conditions.
The senate received favorable report
today from the committee on schools
rho (yr0I1f hill n narroir Of tho
ceptance by Waterloo of the II. E. AL
len grant of land for the founding OF
an agricultural high school for Black
hawk county, and by vote Of the peo
pie for taxes to be levied in support Of
such school The bill would apply in
any county having such desire to es-
tablish a school.
Senator Clarkson put in hard days
work discussing the bill to change the
law as to workmens compensation. He
had the floor in the senate almost all
day and gave a thorough presentation
Of the entire subject.
The bill to recognize the chiroprac-
tors received a good vote in the house.
AS finally fixed UP it gives these people
a board for the examination and certi-
fcation Of their members. There was
agreement to leave out the Christian
Scientists.
Even tho the Perkins bill charging
the powers and opportunities Of the
state board of health for sanitary work
in the state is not adopted the federal
and state departments are going ahead
planning for the sanitary survey in
Dallas county this year. DR.. L. l..
Lumsden, the eminent sanitarian Of
the United States public health bureau,
will be here April Is to direct the work
a thorough sanitary survey and in
vestigation will be made to show what
can be done when there Is ample pro-
vision for the doing Of il. The federal
bureau has written to have complete
maps made Of the county and to secure
such other data as may he needed and
this will be done under the direction
Of DR.. Sumner, secretary Of the state
board.