The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-02-26
Representatives Of state Finan-
oiers' Association at Capital
Bitterly Against Clipping
McDonald's Power.
y TO OFFICE. SAYS ONE
DR.. Cunningham Points Out
That Executive Branch Of
Government Is Permanent,
Governor Temporary.
Sstate Capital BuFcau
(of Evening Herald.
CO.. DC Vargas Hotel.

santa re. y. ~. Feb. 26.-Thnt'
the bankers OF New Mexico deprecate
the, action 81 the house Of representa-
tivcs m injecting politics into the
prupoaed general banking act when
Il PASSED that body Wednesday was
tho statement OF members OF the
committee OF the state Bankers as
ISOLATION who are here IN the intar-
ests Of the measure. DIR. ,. NJ. Cum
bingham. Of Las Vegas. president OF
the San Miguel National bank: G. n.
blackwell. Of Ration, president OF the
First National bank there. and II. II.
Jones. president OF the First National
bank Of Tucumcari, who are she
committee here in the interests OF the
measure. talked to the ncwspapeEmen
this morning concerning H.
The house amended the hill TO pro-
vide that the bank examiner shall be
appointed by the state auditor IN
stead OF by the governor as n part Of
the program OF the Republican ma
iority to strike at the power OF the
state executive.
New Mexico needs a strong bank
ting law said DR.. Cunningham this
morning. 1--WE have needed such n
law for many years n this com
mlttee is not here In he ints.est of
any bank or Sc, Of banks but as rcn-
resentatives of the State Bankere'
association. which includes national
and state banks and trust companies.
and which as an organixatios seeks 10
place upon our statute books n meas
ure which win require that banking
In thiH state be placed upon a mod
ern. efficient. safe and conservative
basis. The pressure OF such a law ~
the only Interest which we have here.
speaking personally. and. I think for
this cninmittee. we regrct that m
political element should have been
injected into the measure We did
not know that II was proposed "a
change the appointment OF the bank
examiner by taking Il out " the
hands Of the governor until the
amendment was proposed upon tn
floor OF the house.
~ am a Republican. but 1 regrc,
this action as Il IL, In ms mind. a kint
Of peanut politics which. II Il should
be played AZ an, should not have been
Injected into strictly business leglsla
ton Of this character The amend
ment IN "a blow not 80 much al the
present governor as al the executive
office. Ny view il hat the occupant
Is temporary hat the office IL per.
\ mancnt ana II entitled 10 the highest
respect as the executive once of the
state government
I'VE hope that this hin will pas,
and we hcpe that Il will pass az orig.
inally Introduced and without thi,
amendment
1T has been stated TINT there mr.,
800. 900 81 unclaimed deposits In the
Various banks Of the state which
should be escheatcd TO the schoo
fund unItsr an old law passed IL
1893. The amount Of such deposltl
actually Is very small and 'he bank.
era have never made any effort I,
evade the law or to conceal such de
posts. a repeal of THU law is con
tanned In this banking act and repre-
Hcntatives Of the bankers association
have discussed this repeal openly an,
for a long time since our effort e
secure the general banking law hal
extended over several years.
AS for the general provision o
I the law requiring banks 10 have t25.
900 Of capital. this is actually for IN,
benefit of the community whore {
\ small bank exists The $4,000 baal
cannot qualify under our law as a de
pository for public money and Il can.
4 not extend 10 it, customers the busi