Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1917-03-07
PLAN INDUSTRIAL
BANKING SYSTEM
Bill Outlines an Institution After
the Morris Plan.
DEATH BLOW TO LOAN SHARKS
Would Make Possible the Loanina of
email Amounts and Its Repay
ment Each Week in INSTALL
ments of Two Dollars.

| Madison.-Senator Jennings of NIL
waukee has introduced bill for an
industrial bank under the so
called Morris plan, that promises to
| give death blow to loan sharks.
This new banking institution would
money TO workers and allow the re-
payment of this money ut a rate of
! 81 week. The idea was originally
conceived by Arthur j. Morris of Nor
| folk, Va, In 1910, and has since ex-
| tended to nearly half of the states.
In cities of less than 10000 inhabi-
| tantS the industrial bank shall have
not less than $4,000 capital. In cires
| of less than 10000 and more than 50-
600 Inhabitants shall have $4,000 CAPT
| tai, and in cities like Milwaukee shall
! have $150,00O capital. The capital
stock shall be in 800 shares and be
| paid in before the institution can be
| opened. The bank is under the super
| vision of the state banking depart
| ment 1t is understood that the orig
| inatorS of the plan will contribute %
| per cent of the capital stock and that
| should the bill pass. II bank will be i'm
| mediately established in Milwaukee IL
nanced by many of the manufacturers
| there. The company gets the money it
| loans to borrowers from its capital
| stock, by bank loans and by the sale
| Of certificates of investments to those
| who wish to loan rather than to bor-
row. The bank is supposed 10 appeal
to that class Of people who have no
| established credit at regular bank
| ing institution. Loans are made 70 la
| boring men, who have al least one man
to sign the note with them. Interest
is deducted from the original loan and
repayment is allowed at a rate of two
| dollars week.
State Banking Commissioner Kuolt
| says that wherever the plan has been
| tried. it apparently has been success
! full and has done much to curb the in
! iquitOus practices of the loan shark.
| He believes that if the bill should pass
bank would Immediately be estah-
| lished in Milwaukee.
Amends Metcalfe Bill.
State Banking Commissioner Kuolt
has prepared an amendment to the
Metcalfe bill for the creation of school
savings banks. The substitute meas
ure provides that the state banking
| commissioner shall designate certain
school banks of depository in each
city. 1t does not provide that the
| children shall select the savings bank
as suggested under the original Met
| calfe BILL Another feature of the sub
stitute is that where there are no state
banks in a locality, state banking COM
missioner may designate national
bank as the schcolchildren's deposit
tory.
Another attempt will be made at this
session Of the legislature to put
through a bill TO permit the taxation
of banks, at their option, under the
state income tax law. Such a measure
was presented at the last session of
the legislature and defeated by close
vote. The Pullen bill. which has just
been introduced in the senate on this
subject, provides for the optional tax
alton and has back of 1t the support
of the Wisconsin State Bankers asso-
citation.
Retirement of Justices.
A new plan has been worked out by
Senator !. Henry Bennett of La
Crosse for the retirement of supreme
COST judges. 1t is offered in a bill
which he has just presented to the
legislature. Any justice of the SUI
prelne court. after having been in con
tiauous service as such for 10 years
or more and having arrived at the age
of sixty-fve years may retire. at his
option, by filing his notice with the
governor and secretary OF state. Such
retirement shall be 10 a newly created
position of supreme court commission
er. who shall act under the rules and
directions prescribed by the supreme
court. but shall not participate in
finally deciding any matter submitted
TO the court for determination. As
CONDENSATION in his newly created po-
sition. the state shall pay an annual
salary equal to one-half of his salary
as a supreme court justice.
The bill provides that such retire
meut shall create a vacancy on the
supreme court The Bennett bin is
unlike any other measure that has
been presented for the retirement of
Judges. Most measures of this char
acter are a pension proposition. but
the Bennett bill provides for con-
tinuation of work by the aged official
Fate Of Alumni Directory Uncertain.
Publication of directory of alumni
OF the university within the next year
depends upon the appropriation TO be
made by the legislature now in ses-
sion. There is i'm the university bud
get an appropriation for this purpose.
but it's passage is in doubt because OF
| other expense The directory will con-
| tain the names Of all who have grad
uared from the university and have re-
| ceived degrees This number has
reached a total Of over 1900. of which
three thousand have graduated since
| the last directory was printed in
1911.
Ask for Ripht-of-Way.
The Wisconsin lcterUrhan Street
Railways company through bill intro
| duced in the assembly by Assembly
/ man Stone, seeks sanction OF the leg
| islature 10 lay its right-of-way ever
lands owned by the University Of Wis
/ -,,,t, Middleton and