Every evening, Wilmington daily commercial., 1920-05-06

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system under which the States financial
affairs must be operated"
| Mr.. Richards suggested:
Estimates Of all proposed expenditures
from the heads of departments, institr-
| tions and other spending agencies.
Estimates OF all anticipated revenues
| for the period 70 be financed.
/ A plan for proposed expenditures dis
| closing tho relative importance of all de-
/ mands on the public treasury and the fela-
| tive Importance OF all demands on the
| public treasury and the relative import
ance Of the items contained in the estl-
mates of the various departments.
The condition of the public treasury at
I the time OF the submission OF the budget
and the anticipated condition thereof ct
the end Of the financial period covered by
the budget after making provision for the
items Of expenditure recommended IN the
budget.
An estimate Of the amount Of State
! bonds that should bc Issued, if any, for the
specific purposes OF a character proper TO
be financed otherwise than out Of current
revenue of the State, with full details
concerning same.
''1'he Legislature should not be per
mitted 10 pass any appropriation bills
until the budget is acted upon and the
Legislature should not be permitted to
add 10 the proposed budget bat only to
reduce and strike iterns out.
ANY budget system involves three dis
tinct phases viz
The formation Of the budget
Action on the budget by the Legisla-
Supervision Of the execution of the
budget
"If the executive s clothed with the duty
Of proposing the budget and Of supervising
its execution after the Legislature, with
such changes as IL aces fit 10 make, has
authorized it the responsibility can be clear
ly fixed upon the governor and the Legs
lature Each one can be held responsible
fer that which il has done or has failed 10
40 in the administration Of the Sta e's
finances.
BANKING COMMISSIONER SUGGESTIONS.
State Banking Commissioner George l..
Medili. who has been up against the meth
otle used IN the State. many Of which are
believed better ifwiped of the statute book
had some valuable suggestions 10 make
during his address to the bankers In this
connection he said:
although ! do not know that there
arc many changes either necessary or de-
srabie. | take this opportunity TO offer
few suggestions as 10 some points II
might be we'll 10 consider
First Providing that the state bank
commissioner be furnished with a copy
Of the charter of All companies when grant
ed banking powers. and such companies
not To transact business until looked over
by the banking department and pre-
ifminary examination made.
Second Prohibiting bank from own
ing its own stock or from accepting its
own stock as collateral on loans except in
cases Of emergency.
Third Putting a limit upon the bor-
rowing power Of bank. to not more
than It's combined capital stock and sur
plus and undivided profits. The bank
commissioner 10 have power 10 give uer-
mission To exceed this in cases Of emer-
gency.
Fourth Requiring a director to own
stock to the amount Of az least $500 par
value
Fifth Requiring the president Of q
bank To be resident Of the State.
''Sixth-Creating banking board, 70
be composed OF three members, made I'D
of the governor, the attorney-generai
and the president Of the Delaware Bankers
Association, before whom the bank com
missioner could lay delicate matters and
have the benefit Of their counsel and ad-
vice.
"Seventh-R Requiring a bank to issue
receipts for all securities left for safe
keeping. and record kept Of same.
Prohibiting bank from bor- +
rowing bv means Of certificates Of deposit. /
This form Of borrowing apparently IN /
creases their deposits and does not show +
as borrowed money upon their statement /
THE BANKER As 4 PUBITcIsT. /,
Or Samuel Chiles Mitchell, president
OF Delaware College. spoke 10 the bankers I
on the thought, The Banker as q Pub .
licis. In his address he sought to show l
that the new duties OF 3 financier of to- /
day compelled him 70 be able to meet /
public question that years ago would /
lave been considered outside of the world .
Of finance, but under present conditions /
and viewpoint every financler ought 70 he
able to discuss intelligently. Referring 10 !.
a char 1T Delaware College Dr.. Mitchell |
said
Nv hen the committee on education Of /.
the State Bankers Association met re-
Gently at Delaware College, the sugges-
ton arose Of endowlng the chair Of busl-
ness administration. This chair has been +.
recently established b. the board Of trus- .
tees and Is training fine body OF Young
men who are heading toward business. +
The proper endowment Of the char would
call for 100000. the income Of which
would cover the professor salary and
allow SUN for the purchase # books
on banking. marketing, business law, and
kindred subjects.
II might be called the Delaware bank
erS' chair OF business adminjSt ration. You
would nus be The first 70 endow char
n Delaware College and give throughout /
tho State m eva mple that would almost
certainly be followed by other friends
This chair would tram from vosr to year a
group 81 yoEng men that would take re-
sponsihie positions III your banks and
other forms If business III Delaware.
Business demands today specialized train
ng III college iust rs medicine, Law aud .
theology haze heretofore received BY
such an endowment YOU would give r.
moved impulse to the educational prog
ress of the state which has already en-
braced the schools and colleges One
great citizen has gwen millions 70 pro-
mote educational progress in Delaware
by the scholarships which the Bank
ersI Association established in the winter
school nearly fifty eoys and girls, as
achievement ehamplons, received the /
benefit OF an inspiring week at Delaware /
College Through your efforts in this NAY /
agriculture IN the various communities I
WAS qulckeaed ard civic enthusi aSm en- /
kindled The btukers can, through the
college increase the wealth, promote in- i
dustries and agriculture, stimulate CON-