The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-02-25
WOULD REPEAL
.BANKGUARANTY
ACT OF STATE
State Senate Passes Measure
Disseminating This After
Year 1926
OTHER BANK ACTION
Many SO-called NOnpartisan
League Program Bills Are
Slaughtered
OTHER BANK ACTION

of Nonpartisan League program
measures in the North Dakota senate
yesterday and last night, Independ-
ent senator's practically completing
the work along that line which has
been in progress during the last two
weeks.
Bills killed included three bank
regulatory acts, two bills designed to
shift the taxation burden Of the
state on to business property. and
one measure to make crop mortgages
Illegal.
"a compromise measure regulating
tie borrowing power of banks was
passed unanimously. and one Of the
league program bills, requiring a
portion of banks profits to be
placed in the bank surplus fund was
not reached yesterday. II remains
on the calendar for action today.
An an offset perhaps to this
slaughter, the Independent senators,
Joined by most Of the Nonpartisans
passed Senator Bonds bill which
discontinucs the present so-called
guarantee of bank deposits after
Jan. l.. 1925. This bill passed AZ to
6 practically without debate.
Opposing Views
Senator S. j. Atkins Of Towner
county struck the keynote of the
attitude during the de-
bate on one of the defeated meas
urcs.
This certainly has beep a com
plete program" he said. 1--WE have
had a battery Of bills coming out of
the committee Of banks, which if
~ ssed would have brought every
state bank in North Dakota to an
early demise. think it's about time
that program was buried"
The Nonpartisan senators declared
that the Independents had not heard
the last Of their banking program.
81 know that is the funeral Of this
bill," said Senator Bakken of Will
liams speaking on S. Il. III, which
would have made deposit of all pub
lie funds in the Bank Of North Da-
kota compulsory, but l can tell you
this isn't the end of it. A big major
ity of the people in the state want
this legislation to pass"
"The people have lost confidence
in the bankers of. the state, and you
senators have refused to pass laws
which might have restored that con-
fidence," was the way Senator Dell
Patterson of Renville county express
ed it.
On several of the banking bills,
Senator Obert Olson of Burleigh
county voted with the Independents.
On the other measures the vote was
along strict party lines, 25 lndepend-
pnts to "a Nonpartisans.
Other Bills Killed
League program bills killed includ-
ed the following:
S. B. 217, Senator Bakken's bill
making deposits of public funds in
the Bank of North Dakota compul-
sorry. A similar bill was killed in
the house a few days ago.
S. B. PAT which was introduced by
Senator Miklethun and which would
have made it more difficult for
bankers convicted of crimes to re-
ceive pardons or paroles than for
other criminals Of the same degree.
S. B. 1913, throwing restrictions
around the operation Of savings de-
partments by banks.
S. B. 222, and 223, companion bills
by Senator Martin which
by limiting the rate at which taxes
might be levied against personal prop
erty and real property used for farm
ing and city residence purposes,
would have added to the tax burden
to be borne by business property.
S. B. 224, also introduced byfSen-
ator Martin, designed to prevent the
making of crop mortgages in the fu-
lure.
Senate Bill 21O which was passed
by the senate unanimously today was
jointly by Senators Page,
Independent, and lngerson, Nonparti-
san. 1t was prepared with the as
sistance of George A. Bangs Of Grand
Forks and others, and is intended
10 throw proper safeguards around
the borrowing power of banks. while
the more radical features
Of the bill first introduced for that
purpose by Senator Ingerson.
Guarantee Act
Senator Walter Bonds measure
the guarantee of bank de-
posits in no manner affects the OBJ
legation Of the state banks to con-
tinue paying assessments to meet the
losses which have been sustained in
banks now closed, or which may close
prior to Dec. 81, 1925. 1t merely
provides that after the date just
the guarantee shall cease,
50 the assessments would cease auto
matically when the losses sustained
up to that time have been paid.
Another bill Of, Importance in
banking lines was passed by the
senate. This was 5. B. 236 which
sets bank reserves at 10 per cent of
time deposits and 20 per cent Of de-
mand instead Of 2 per cent of time
dslQsits.. and II. per cent ct demand
deposits. the present figure. This
would become effective July l, 1928.