The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-02-09
NEW BANKING
MEASURE GOES
INTO HOPPER
Compromise Proposal Is
Placed Before Senate for
Consideration
ONE BILL UP TODAY
Senate to Vote on Measure
Providing for Security
of Liability
ONE BILL UP TODAY

4 compromise measure for the re-
gulation of the borrowing power OF
banks, drawn up with the assistance
Of George A. Bangs, attorney of
Grand Forks is before the Senate
today, being introduced by Senators
Page, Independent and lngerson,
Nonpartisan.
The bill will take the place of S.
g. II, introduced by Senator lnger
son several weeks ago which threw
drastic restrictions around the Dor
rowing power Of banks. The bill IN
troduced Saturday afternoon while
making ample provisions for the
safety of depositors and the public
interest is much less drastic than
its predecessor and is expected to be
passed.
Under the terms Of the joint bill
= bank may not borrow sum equal
to more than 20 per cent of its de-
posits without special authorization
from the state examiner. An add
tional liability on rediscounts up to
10 per cent of the deposits is how
ever permitted. Collateral for loans
may not be put up In excess of $3.50
of collateral for each 81 Of loans ex-
cept on emergency loans authorized
b. the state examiner. Every loan
arranged for by bank most be spe-
officially authorized by its directors.
Would Repeal Guaranty Fund
Prevention of a repetition Of the
situation in which the state finds it's
self at the present time is sought in
bill introduced by Senator Walter
Bond of Minot, which declares that
from and otter Dec. l. 1925, no de-
posits in banks shall be guaranteed
under the terms of the depositors
guaranty fund law.
The law would remain in force and
effect so far as deposits in banks
now closed is concerned, and the as
sessments against solvent banks
would continue in force until the de-
positors in the closed banks had been
F., paid off under the terms of Mr..
Bonds bill
No action was taken today on eth
or of the bank regulatory bills sche-
duled to come up before the senate
for final passage. Several senators
were absent.
Bills Up Today
Two bills to come up in the Sen
ate today are S. b. 73 which re-
quires bank stock holders to deposit
cash or securities equal to their
holdings with the state, and S. b.
81 which would make officers or di-
rectors who borrow money from
their own banks guilty of larceny.
Many Bills Passed
The senate engaged in bill pass
ing spasm Saturday afternoon, Is
measures being thus disposed Of.
Nine Of the bills passed carried
minor amending is to the Workmen' S
compensation law.
A tenth bill amending this law
was on the calendar, but when it
came up for discussion number Of
the senators went on the war path
against the extension Of the activi-
ties of the compensation bureau
which it called for, and the bill was
indefinitely postponed.
The bill in question would have
required the insurance of all en-
plOyees on commercial threshing out
fits. Dell Patterson, Renville coun-
ty, was the first to take the floor
on it.
"As | understand it this bill would
insure all workers on threshing
crews" began the senator from Rem
vile.
"Sure, even the cook" called out
Senator Jerry Stevens of Ransom.
"Well / want to say right now that
! don't see why we should have to
insure lot of floating . laborers
who are likely to get hurt while they
are ginned up on moonshine hooch"
shouted Mr.. Patterson; "and want
to know too how far this Workmens'
Compensation Bureau is going to go.
We've sat here for the last two
hours voting on their bills, where
are they going to stop anyway?'
Up To Farmers
"lt's the farmers who will have to
pay the cost of this insurance" said
Senator Eastgate of Grand Forks.
We all know that this bill was draft
ed by the Compensation Bureau of
ficials. think it's about time we
began to really look after the farm
ers' interests. l don't believe the
farmer has really benefited by any
law passed in the last 10 years. Take
that YOU birds" he added grinning at
the Nonpartisans.
49, -
the measure but the tide was set
against it, and it was indefinitely
postponed.
Fl Senator Rusch's bill revising the
delinquent tax and tax sale laws went
through without opposition. Bills
along the same line have already
been passed by the house, and the
differences between the bill will pro.
baby have to be ironed out in con-
ference. A bill put in by Senator
Ksldor to clarity the present law
on the assessment of personal pro-
perty for taxation purposes was also
passed.
s. Budget Bill In
The state university budget bill.
EARRING an appropriation Of $l,254, !
366 was reported in for passage
practically unchanged by the commit
tee on appropriations and the report
Nas accepted without debate. The
hin will BE up for final passage to-
! day.
2 Senator Hill Martin Of Morton
icounty came through with scheme
az Ms own for. the re-appointment Of
lekialativ1. representation through
iouf TIE statA introducing . concur
go 1oso1utisns1or the submission Of