BANKING.
The bill [S. 2] to authorize and regulate the incorporation of banks of discount and deposit in the Senate of Indiana, was taken up and read.
On motion of Mr. BRANHAM, the restrictions were suspended and the bill read the second time.
Mr. BAKER desired to have the bill printed and laid over.
Mr. SATTERWHITE said the object of the bill is to provide that in case of the death of a partner, the business may be carried on, and not wound up, as now required for the organization of private banking companies as incorporated companies, so that the business may not be broken up by the death of any member. It provides, also, for regular publication of its condition. It does not compel any banking company to come under its provisions.
Mr. BRANHAM. The bill was introduced in the early part of the session, printed and laid on the desks of members. It has not been changed in the Senate.
Mr. SHIRLEY said the bill, or one like it, had been introduced in the House and referred to the Committee on Corporations. That committee had thoroughly examined the bill, and were unable to report favorably upon it. It made the stockholders liable only for an amount double theamount of stock held by them. There was not adequate security for depositors. The same provisions were incorporated in the National Banking law, but he did not regard that as any reason why this House should do an injustice. If forced to vote now, he must vote against the bill.
Mr. WOOLLEN submitted sundry amendments to the following effect:
SECTION-- . The Auditor of State (with the approbation of the Governor) as often as he shall deem necessary or proper, shall appoint some suitable person or persons to investigate any bank or or banking association incorporated under this act, who shall not be officers of any such association; and such person shall have power to make a thorough examination of the business and condition of such bank--to examine any officer or agent thereof under oath--and shall make a full report thereof to the Auditor; and such associations shall not be subject to any visitorial power, except as in this act provided, and such person shall receive $5 per day and $2 for every 25 miles travel--to be paid by the association by him examined.
SECTION-- . Every such association shall make to the Auditor of State not less than five reports in each year, which reports shall exhibit the resources and liabilities of such institution and shall transmit the same to the Auditor within four days after the request or requisition from him; and every such report shall be published in some newspaper of the place where such association is located, at the expense of the association. Penalty, $100 a day for each day's delay of any such report, etc.
Mr. BRANHAM. We will accept the amendments. I have no interest whatever in this bill, neither has anybody in my section that I know of. The sane thing was introduced by me in the early part of the session at the solicitation of personal friends. The whole object, is to enable those banks, in case of the death of a partner, to carry on their buslness.
page: 323[View Page 323]Mr. MILLER moved to refer the bill, as amended, to the Committee on Corporations.
On the motion of Mr. WILSON, of Ripley, it was laid on the table, and it was ordered that 200 copies thereof be printed.
