Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1917-03-03
PLAN INDUSTRIAL
BANKING SYSTEM
Bill Outlines an Institution After
the Morris Plan.
DEATH BLOW TO LOAN SHARKS
Would Make Possible the Loaning of
Small Amounts and Its Repay
ment Each Week in Install
nents of Two Dollars.

Madison-S Senator Jennings OF Mil
wankee has Introduced bill for an
industrial bank under The So
called Morris plan. thar promises 10
give a death blow to loan sharks.
This new banking institution would
permit the loanine OF small SUNS OF
money 70 workers and allow the re
payment Of this money at n rate OF
s. q week The idea was originally
conceived by Arthur !. Morris OF Nor
folk, Va, IN 1910. and has since ex-
tcuded to nearly half OF the states
IN cities OF less than 10000 inhabl.
tantS he industrial bank shall have
not less than So 900 capital In cities
Of less than 10000 and more than 80.
900 inhabitants shall have $4,000 cnp-
tai. and IN cities like Milwaukee shall
have $4,000 cnpitaI The capital
stock shall be in 500 shares and be
paid IN before the institution can be
opened The bank is under the super.
vision of the state banking depart
meut II is understood that the orig
inators of The plan will contribute -
per cent of fhe capital stock and that
Should the bill pass. a bank will be iu-
mediately established in Milwaukee fl
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 HE sale
of certificates of investments To those
who wish 10 loan rather than to Dor
row. The bank is supposed to appeal
10 that class of people who haze no
established credit az "A regular bunk-
ing institution. Loans are made to Ia
boring men. who have AT least one man
10 sign the note with them Interest
is deducted from The original loan and
repayment is allowed ut rate of two
dollars week.
State Banking Commissioner ku0lt
says that wherever the plan has been
tried, II apparently has been success
ful and has done much 10 curb the in
iquitous practices of the loan shark.
He believes that if the bin should pass
q bank would Immediately be csrab-
liShcd in Milwaukee,
Amends Metcalfe Bin.
State Banking Commissioned Kuolt
has prepared an amendment to the
Metcalte bin for-the creation Of school
savings banks The substitute meas
urc provides that the state banking
commissioner shall designate certain
school banks of depository ia each
city. /! does not provide that the
children shall select the savings bank.
as suggested under the original Met
cafe bill Another feature of the sub
Stitute is that where there are no state
banks In a locality, state banking con-
missioner may designate national
bank MS the Schooichildren' deposit
tory.
Another attempt viii be mo0e M this
session % the legislature 70 ~
throusi a hin to l~'smii the taxation
or banks mt their option. under the
state income lax law. Such a measure
was presented nj the last session ot
the legislature and defeated by a close
vote The rulleu bill which has just
been introduced ia the senate on this
subject provides for the optional tax
ntion and has hack Of i the support
of the Wisconsin State Hank%~ Assoc
cinuon.
Retirement of justices.
\ new plan has been worked out by
senator J. Henry Bennett OF La
crosse for the retirement of supreme
court Judges 1t Is offered in bill
which he has Just presented 10 the
/ legislature Any justice OF the Su'
preme court. after having been Ia con
nnuous service rs such for - years
or more and having arrived at the axe
t,f SjNty-hve years may retire. az has
option, by filing his notice With ms
7 governor and secretary of state, Suct
retirement stall hc to Il newly created
position Of supreme court commissions
pr. who STALL act under the rules ans
urectiou~ prescribed by the supreme
.ourt. bar shall not participate j.
Sn.}ty deciding anv matter submitted