Rensselaer Semi-Weekly Republican, Volume 36, Number 142, Rensselaer, Jasper County, 30 December 1904 — No More Rensselaer Affairs [ARTICLE]

No More Rensselaer Affairs

Is What Senator Wood Thinks About His Banking Bill. Lafayette, lud., December 28.Senat.r Will R. Wood, of this city, witl introduce in the next Legislature, in addition to bis garnishee bill, a measure for the regulation of private banks. Mr. Wood says that there [are at present 250 private banka operating in [lndiana, over which there is not the slightest supervision. Eight years ago, when Will Wood first went to the State Senate, he introduced a bill providing for the regulation of private banks, which contained practically the same provisions embraced in the bill he witl present at the coming session, It was jumped on by all but nine meinbera of the Senate,'and until this year it had not been mentioned.

‘‘lt created a good deal of consternation at the time.” said Mr. Wood.‘‘but if that private banking bill had been pass d eight years ago there would have been no Rensselaer affair, and none of the other private banks in northern Indiana wuu’d have caused so many heartbreaks. The bill will pass this time, as there is a wave of popular demand in its favor ” Provisions of ths Bill. The priv» te banking bill will provide for a cash capital of not lees than SIO,OOO, and the name and place of organization, officers, capital, th< se interested, must be filed with the Auditor of State. At Jeast three examinations must be made each year; quarterly reports must be filed with the the auditor showing the financial condition of the bank. The Auditor is to have power to appoint a private bank examiner and tb<e t.HX examiner may have access to the bank’s books through court orders, The penalty for violation of the Jaw is to be a fine of not lees than SIOO nor more -'than $5,000, to which may be added imprisonment in the county jail.