The daily star-mirror. (Moscow, Idaho) 1911-1939, 1921-10-04
FEDERAL LEGISLATION
AS II AFFECTS BANKS
THOMAS B. PATTON. GENERAL
COUNSEL, GIVES INTERESTING
ADDRESS.

Los Angeles, Oct. 4-Thomas b
Patton, general counsel for the Ameri
can Bankers association, in address
ing the convention of that organiza
ton here today, after discussing the
subject of federal legislation, refer.
red to. the call for publication of bank
salaries by former comptroller of the
Currency, John Shelton Williams.
For the first time in the So years
history of the national banking sys-
tem," he said, "the comptroller on
February "a, shortly before his re-
t1rement from office, issued a call for
reports for publication of items show
Ing the aggregate amount Of salaries
paid to officers and employers. Gen
eral objection was Immediately voiced
to the publication of this information
and President Mckee of the National
Bank division officially protested to
the comptroller and also called upon
General counsel for an opinion as to
the power of the comptroller of the
currency to force the reporting banks
to publish this confidential informa-
ton.
"An opinion was promptly rendered
in which the conclusion was reached
that statement of salaries paid did
not come within the spirit or meaning
OF the law, not being a statement of
the banks resources or liabilities and
that the comptroller had exceeded
his authority in making the require
ment that the banks should publish
this confidential information. This
opinion was given wide publicity and
a large number of national banks did
not publish the information. The
matter has not been pressed since by
the comptroller's office.
Among the subjects of federal leg
islation in which the general counsel
participated, the report said, were
the bill proposing a tax of One-fOurth
OF one percent on bank deposits, to
be charged by the bank to the de-
positor. The measure was opposed
before the ways and means commit
tee and was subsequently tabled.
One measure provided for the es-
Establishment of savings departments
of national banks and special invest
ment of capital and assets in plan |
to relieve the housing shortage. It
was pointed out that "a simple |
amendment to section "a Of the fed
,eral reserve act would enlarge the |
power of national banks to loan on
real estate" The subject rests in the
files of the committees on banking
and currency in both houses.
ssOur association said Mr.. Patton,
els vitally interested in federal regu-
lation of fraudulent securities and has
been cooperating with the Investment
Bankers, association in the procuring
OF federal legislation which will ade-
quately regulate the evil.
Two bills are pending In congress
which provide different methods OF
regulation, the Denison bill and the
Volstead bill General counsel IA
vored the Volstead bill, he said, be-
cause it was intended to curb the
sale and offering of fraudulent Sc
curities through special committees
In each federal reserve district.
A Scout Is Courteous
Blaine Pastor Returns.
The Rev. H. Helgesen, has been re-
turned to the pastorage of the Blaine
Methodist Episcopal church for an
other year and expects to conduct the
usual services next Sunday. Rev.
Helgesen has done excellent work on
The field and his return meets with
the approval OF the congregation and
If the community.
n Scout Is Obedtenf=