the sinking fund commissioners from the provisions of the bill.
Mr. NEWCOMB submitted further instructions to so amend that the penalties of the bill relating to the disposal of the public funds shall not take effect till proper vaults shall be provided for the safe keeping of said funds; also, that deposits may be made in solvent banks in the name of the State, upon satisfactory assurances that the money shall be paid on demand, the interest to go to the State.
Mr. N. said: The great complaint has not been so much in depositing monies as in making loans, thus hazarding the funds in their hands. So far as losses have occurred from deposits, they have been by seeking out the wildcat banks that would give the highest rate of interest. I think there is a hardship in requiring these officers to keep the moneys on hand without having the proper means of securing it. I venture that any experienced burglar could go into the State Treasurer's office, and get out every cent of money in three hours. The security of public funds could be better obtained by allowing its deposit, than by putting it in insecure safes.
Mr. MARCH. I presume any bank wishing to borrow money can get tho proper security. We are setting guards around the public treasuries of the State, great and small: let us make no distinction. I am opposed to the amendment in every shape and form.
On motion by Mr. WAGNER, the bill and pending amendments were referred to the Finance Committee.
Mr. LINE submitted further instructions, which were also referred, to make all custodians of public moneys amenable to law.
[Mr. CONLEY offered a joint resolution, appropriating $10,000 to the aid of sufferers in Western Missouri and Kansas: but objection being made, he withdrew it.]
BANKS AND BANKING.
The Senate resumed the consideration of Senator Claypool's bill [86]-described on page 105 of these Reports-pending at the adjournment of yesterday. The question being on Mr. Tarkington's amendment to Mr. Anthony's amendment-both submitted yesterday-
Mr. CONLEY moved to lay the amendment on the table.
Mr. ANTHONY demanded a division of the question.
The amendment to the amendment was laid on the table.
The amendment was also laid on the table.
Mr. COBB moved to amend by adding a clause compelling banks to receive their issues in payment of debts due them.
The amendment was agreed to by consent.
The Committee report was then concurred in by consent.
WORK FOR COMMITTEES.
Senate bills were read the second time and referred to committees, as follows:
Messrs. O'Brien's 161, De Hart's 163; Dickinson's 168, Newcomb's 170, Ferguson's 174, Conley's 176 and Slack's 178. To the Judiciary.
Messrs. Carnahan's 164, Slack's 171 and 175 were ordered engrossed.
Mr. Berry's 165-Corporations.
Mr. Turner's 167-Roads.
Mr. Beeson's 169-Agriculture.
Mr. Wagner's 172-Printing.
Mr. Lomax's 173-Federal Relations.
[Mr. O'Brieri's [177] changing the time of holding the common pleas courts in Dearborn county-rules suspended-yeas 41, nays 0 read the third time and finally passed by yeas 41, nays 1.]
House bill 86-Organization of Courts.
House bill 119-ordered engrossed.
PERFECT TITLES TO RAILROADS.
Senator Hamilton's bill 31-see page 45 of these Reports-being read the third time-
Mr. CONNER. The purpose of this bill is to allow the purchasers of railroads under a foreclosure upon first mortgage bonds to buy in the road, and then reorganize and reinstate stock holders, reinstate subsequent creditors and junior mortgages. This bill does not make it obligatory upon purchasers upon first mortgage bond to reinstate every debt, but it is found to their interest to do so, and they do do so, and allow each creditor to take the chance in the new company just as in the old. There is also a provision legalizing sales made in accordance with this bill heretofore.
Mr. COBB. I have no doubt but what this bill, as far as applicable to the road for which it is gotten up for, would do its work well enough; but this bill is general in its provi page: 228[View Page 228]sions, and I must say I have heard the attorneys who got up this bill explain its provisions, and I was unable to comprehend it. I think I comprehend something in relation to this bill; if passed into a law, it makes the stockholder in all railroad companies liable to lose his stock at any time; it is an inducement to managers of railroad companies to let the debts of the company go unpaid; let it go to sale and get their friends to purchase it in order to cut out the stock holders. I am not disposed to legislate for the benefit of monied corporations. This bill has been presented to the Ohio and to the Illinois Legislatures; I presume that have not passed it, and we ought not to pass it.
Mr. HAMILTON said a few words in support, of his bill.
Mr. STEELE obtained the floor, but the hour for adjournment having arrived-
The Senate adjourned.
