Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1915-03-26
REFERENDUM IS VETOED
Go,,rnor say Measure j. Absolutely
Unnecessary Now.

ON the grounds that the operation
of the law would be too expensive
that Il was unnecessary and that there
was considerable doubt as to its con-
y.itu,ionality. Gov. william spry sent
,be initiative and referendum bill to
the secretary Of state Tuesday with
his diFspprovai. The bill was one OF
Tho not measures Of the democrats IN
tho recent session Of the legislature
ana was introduced by Representa-
live Dan Shields Of Salt Lake. u
pa,~ed the house by vote OF ~ 10
| il and the senate by "a vote OF 10 10
:. and provided that the Initiative
might he invoked ON petition to the
Legislature Of 10 per cent Of the quail
fled voters Of the state.
Governor sprys letter Of disapproN-
al follows:
This blIi has failed TO receive my
approval for the following rcafons'
'.Tbe initiative at this time "
wholly unnecessary since the people
Of this state. u they desire any meas
IRE Of general nature enacted into
law. may petition the legislature To
have iuch passed without mourning a
1.-THE 81 the expense that this hill
makes necessary In order to have such
measure enacted.
III the present measure becomes a
law and u to be made available To- the
people u will impose burdens upon
them nj this time far In cxccfs Of any
benefit that can be derived from the
MEASURE itrclf"
Land Rank mn.
t'ndcr the terms OF Senate Bill No.
% by y. q. Hidcout. which was sign
ed Tucrday by Governor Spry. any
fifteen or more adult frccholdors OF
the state ma associate aud establish
land mortgage hank. but must have
capital stock Of not less than fio.-
OOO The law provides that the rate
~ intcrer, at which loans are made BY
the bank shall not under any cOndi-
tions exceed per cent per annum.
The purpose OF the law N 10 furnish
rural communities with money on
long time loans at low rates OF inter-
crt. All applications for loans must
be made In writing. must state the
purpose for hich the loan In desired.
and no loan will be made unlc.u the
entire committee OF loans OF tho bank
In satisfied that II promisca 10 benefit
the borrower The applicant for a
loan. however. may appeal from the
decision OF the loan committee.
Tho mortgages given for loans on
farms and dwellings must he recorded
and filed with the state treasurer. and
bonds Tor the amount represented by
such mortgages may be issued by the
bank. The earnings 81 the bank shall
be ret aside a. rcservc fund 60 an
amount equal 20 . per cent of the
capital stock outstanding. aud tho
balance Of the earrings may be paid
NJ cooperative profit sharing diyl-
dend.
Senate Bni No. 90. also by Mr.. Ride
out. ~ aiso more or less Of rural inter
ct aud provides for the Establishment
OF cooperative hanks which may loan
money on porronal property II wal
rigncd Tucrday by Governor Spry.
The Law provides that any seven u
mora PRISONS may form such an assoc
citation 90 promote thrift and FavinH
and 20 render aid TO members through
loans secured on the associated liza
billy
Sharcn IN the cooperative banks are
fixed at 20 each and no member ma,
hold more than five hundred Hharcr
and members are liable for an amount
Equal 10 their subscriptions.
business and administrative meth
ODDS Of the cooperative loan bank
must be- reported regularly 60 th'
rtatc bank examiner 10th the co
operative loan banks and the lans
mortgage banks are under the juriH
dlction OF the state bank .examlner
Similar banks have been conducted
succeNFfully In Germany ana othe
foreign countries for years.