The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1923-01-26
BANKERS TO HELP
BEST SIRES MOVE
Also They Oppose Guaran-
teed Bank Deposit
ACTION LAST NIGHT
Proposals Were Discussed At
Their Banquet Meeting
Large Attendance ~

Large Attendance ~
Unanimously yoicing their disap-
| proval of the proposed state guar
anteed bank deposit law, which will
be brought before the state iegisls-
ture during its present session, and
unanimously extending an offer Of
aid in the conducting of the Better
Sires Campaign" in the county,
members OF the Blue Earth County
Bankers association passed resolu-
meeting held at the Elks club last
night. Every banking institution in
the county was represented at the
In making their disapproval of the
| proposed new banking law matter
OF record, a resolution was adopted
stating that the association was
strongly against any adoption of a
| compulsory guaranteed bank deposit
law, copies of which are to be sent
/ to the senator and representatives
from this district and to the state
superintendent of banks.
TO assure the promoters of the
SBetter SireS Campaign" their moral
and financial support and to inform
the farmers OF the county that they
wanted to see the building up of
better livestock herds in the county,
lions favoring the project. In the
| first resolution they adopted a six
per cent interest rate on loans to all
farmers who desired to purchase
purebred sires for the purpose of
| building up their herds A resolu-
| ton was also formulated and passeu
announcing the support of the or.
| ganization to the various breeding
| associations in the county who are
| fostering the movement. ...
In the absence of w. A. Streater,
president of the organization, A. j.
| Veigel, vice president of the Ma
tional Bank of Commerce, Manka.o,
presided at the, meeting. Following
the banquet discussion of the pro-
posed banking laws was held. w.
Willard of the First National Bank
of Mankato explained the principles
and details of the law.
Explained Laws Details.
In explaining some of the details
of the law, which he had been in
i formed of during visit to the state
capitol recently, Mr.. Hulce stated
that the present proposed measure
was copied largely after a similar
law which had been enacted in
South Dakota and Oklahoma and
told of the failure of the law in its
purpose in those states.
| "The law ,as see 1t will work a
hardship directly on the people we
bankers wish to help. 1t will also
create hardship on the smaller
organization. If the law is passed
kmany OF the banks of the state with
have to liquidate. Ii the guaranteed
deposit law should pass the senate
and house / was given to under
stand while at st. Paul that the
banking department of the state
would have the privilege of framing
the law"
w. D. Willard, cashier of the First
National bank, explained a few
Of the principles of the proposed
law, and stated that there was two
kinds Of guaranteed deposits; vol
untary and compulsory. Under the
Pre-: isions of the compulsory plan
banks of the state must come in un-
der the plan, he stated.
| "The plan for the compulsory
method would be better if rigid
examination Of all banks that come
i in under the plan was made. Under
any plan than the voluntary system
sound banks of the state are forced
to come in and participate in the
insurance fund of the law, even il
it is known that some of the banks
allowed in are not sound, and the
former would be called upon to
make good for these banks which
are known to be unsound and in
some cases not honest" =.
"If the law is made too drastic,
small banks Of the state will be
eased out and l am sure the bankers
here are not in favor of it as SUCH"
B. F. McGregor of the Mapleton
the gathering Of one drastic feature
of the measureN 1.-THE last para
graph of the law, states that any
officer, director or member of the
bank who shall in an advertisement,
whether verbal or in writing state
that the bank is operating under
the state guaranteed bank deposit
law is liable to fine of $500 or i'm
prisonment for term of one year.
This means that we bankers can in
mo way inform our customers that
we operate under the law, or we will
be imprisoned. ., certainly am not
in favor Of any state guarantee de-
! tOHOWlng lew SdnSTdl remarks
by various members. of the associa-
ton against the enactment of the
proposed law the resolution con-
denlning the proposed measure was
lpassed. unanimously.
E. A.SBoie, cashier of the National
Bank of Commerce, Mankato, was
called on to open the discussion of the
Better Sires Campaign" He gave
the gathering an illustration OF what
one banker in Ohio had done toward
helping the farmers of his commu-
nifty in obtaining better livestock,
and stated that if one man could do,
SO much, 1t was certainty that the