Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1929-04-11
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talk about the hardship of mining
companies are in the main respOn-
sible for the possibility of a further
reduction being made in the tax funds
available to municipalities in St.
Louis and adjoining counties.
Bankers Would Gag Depositors.
Last week the house refused to give
its sanction to repeal of the newspaper
suppression law passed in 1925. Now
the senate has gone the house one
better by approving by large ma
jority bill to gag depositors who
might be disposed to speak their con-
victions audibly, that banks in which
they carry their deposits were on the
point of insolvency. The proposed bill
has been before the legislature at pre-
vious sessions but has heretofore met
with defeat. Senator George Nordlin
of st. Paul, who led the fight in Oppo-
sitiOn to the measure stated that "the
bankers would have the people con-
slider them as virtuous as Caesars
wife,"
Senator Charles A. Hausler of ST.
Paul, offered an amendment to the
bill which would have made officers,
employees and agents of banks liable
for spreading false reports as to their
banks solvency. The HauSler amend
ment would have compelled bankers
to tell the truth as to the banks SOL
vency, while the bill i'm its original
form merely hits at depOsitors and
others who might speak falsely as
to a banks insolvency. The Hausler
amendment, however, was defeated by
vote of "a to 40 If the bill in it's
present form should become law, it
will be gross miSdemeanOr for a
deposition or other person to speak
falsely about banks financial con-
dition, while bankers and their en-
ployes may continue to hold out to
the public the false claim of solvency
after an institution has become hope
lessly insolvent
Lawson Shows Advantage of Nebraska
Guaranty Plan.
Some time ago the writer made
mention of the fact that bills had been
introduced in both house and senate
providing for a state guaranty of
bank deposits modelled after the
Nebraska plan. The bills have not
been acted upon in committee and it
is doubtful whether anything will be
done in the legislature on these bills
during the present session.
Speaking of the difference in pro-
lection afforded depositors in Nebras-
ka and Minnesota, one of the senate
authors of the bank guaranty bills,
shows by comparison that with APP
proximately the same amount of de-
pOsits in closed banks in the two
states, Nebraska depositors have re-
ceived about the same percentage of
claims paid and in addition have re-
ceived from guaranty fund more than
100000.
Governor Having Trouble.
The Governor is continuing to have
plenty of trouble. The latest attack
upon him was made by Representative
j. A. Weeks of Hennepin. The Weeks
attack came in the form of bill to
have the state reimburse the victims
of the Cochran swindle, which would
necessitate an appropriation of nearly
two million dollars. This is in the
nature of an indirect attack, but is an
attack nevertheless. The point is that
Cochran was given a license to sell
stock in the Volkseitung and other
companies through the influence of
Andrew Emanuel Nelson, Christensen
appointee as securities commissioner