The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1933-09-07

without undue sacrifice; that funds in the bank
ing department or commercial department may be
used only for selfliquidating loans supported by
satisfactory financial statements by chat
tel mortgages or pledges of assured income and may
not be loaned upon stocks and bonds as collateral
or upon real estate mortgages upon real estate
mortgages collateral
Legislation might further provide for the crea-
ton of deposit insurance corporation along the gen.
eral lines of the present federal insurance corpora
ton but, think, with two important differences;
First, that the state itself should definitely under
write this obligation reservng, of course the right
to collect from the solvent banks all the money ex-
pended for the insolvent banks Second that the
assessments upon the banks should take the form
of diversion of adequate portion of the interest
income of all banks to the insurance fund The pur-
of putting the state definitely behind the guar
anty is to make the guaranty absolute and unaues-
tonable Thereby we will attain the utmost benefit
and with the least cost. The purpose collecting
assessments from the interest income of the banks
is twofold: First by taking it at the we are
sure to get it. Second by deductng it from the in
terest income it will lead the banks to realize that
part of the interest they collect is premium to
cover the losses that arise loans and invest
ments This would tend to cause the banks to raise
their charge to the borrower by fraction of one
percent thus collecting the cost of the disasters
from the benefciaries of the loan service The
board in charge of the corporation perhaps with the
approval of the Governor, should have authority to
change the percentage of deduction from interest
come from time to time to correspond to the existing
situation The Board, with the approval of the
Governor, should also be authorized to issue bonds
with the states guaranty back of them for the pur-
pose of providing additional funds in the event of
emergency and would of course, Immediately in
crease the percentage of deduction interest
income of the banks until those funds been re-
paid AS matter of fact, with sound and COM
prehensive program such is here suggested there
would probably never be any occasion for the Board
to avail itself of this emergency provision
To sum up-the trend of banking is toward con-
centration; that concentration is dangerous to the
welfare of the American people; that concentration
must be broken down by the Federal Government
through the provisions OF the GlassSteaga bill and
through further legislation; the independent bank
ing system of the country must be preserved and
built up; and in order to insure public support of
an independent banking system the pubics deposits
of money in such banks must be insured through fed
eral or state legislation, both.
G. N. Flyer Kills Fourteen Head of Cattle
THIEF RIVER FALLS-Anton Ambuehl who re-
sides on farm five miles south of Ada had the mis-
fortune of losing IA head of cattle early Monday
morning of last week when the north-bound Winni-
peg flyer powed through his herd of % head, says
the Ada Herald. One cow killed by the south
bound flyer, and the balance of the herd gathered
on the track and made so much noise that the Am
buehl family, whose house is close the track was
awakened and Immediately Investigated.
Knowing that the north-bound train was almost
que at that point the Arbuehls together with their
hired man, succeeded driving the cattle from the
track but just before the train arrived the cattle again
made dash for the of the accident and refus-
ed to be driven off.
Mr.. Ambuehl attempted to flag the train with
lantern, but was unsuccessful, the engine crashing
into the herd with such speed that the cattle were
strewn along the track for several rods Thirteen
of the cattle instantly killed, the fourteenth be-
ing badly hurt that it found necessary to kill
it.
OF the IA cattle killed, four were mich cows two
steers, one calf and seven two year-old heifers.
To Buy Minnesota Forest Land
ST. PAUL-Purchase by the Federal Government
of more than 274000 of forest land approx
ed by the National Forest Reservation Commission.
The purchase program approved covered 30 units To-
Gated in II states and the total costs the lands to
be acquired will be approximately $4,000.
The land approved for purchase at todays meet
ing of the commission all located within the
gross boundaries of existing national forests and pur
chase units east of the Great Plains. They will be
added to the areas under administration of U. S.
Forest Service, and will be devoted to timber grow
ing watershed protection and other national forest
purposes. Improvement work by the Civilian Con-
servation Corps will be launched several of the
tracts Immediately.
In addition to the 274,0O0 acre purchase program,
the commission approved the establishment of new
purchase units in Michigan, Minnesota illinois, Mis-
souri,, Florida and Mississippi These units which
will be set up with view to eventually attaining
tionaf forest status include the following:
Chippewa Unit, in Itasca, Beltrami and Cass Coun.
ties, Minnesota
Resisted Arrest BY The Officers
DULUTH-Held captive ten days for four
they sought to arrest for fishing law violations
Minnesota game wardens were released late last
night at Cornucopia Wis, and with the aid of local
authorities, took the fishermen into custody.
The fishermen, with their 50-ton fishing boats,
hoiro holl od;noo n