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NELSON ALDRICH




ionetaii

MISCELLANY

RESOLUTION ADOPTED BY
AMERICAN INSTITUTE OF BANKING CONVENTION
AT PROVIDENCE, R. I.

has long been apparent
bankers that
WHEREAS,ofit national bank examinationstois faulty, tendingthe
present system
to
produce superficial bank examinations, and
WHEREAS, the banking business is based upon the confidence the
people generally have in banking institutions, and the present
method of examinations weakens this confidence, and
WHEREAS, we, as bank men and members of the A. I. B., are and
should be, the most deeply interested in seeing corrected any
method that reflects upon the business of banking.
MERL:TORE, BE IT RESOLVED that the American Institute
of Banking favors the following amendments to the National
Bank Act:
I . The payment of fees to bank examiners in compensation for
examination of national banks shall be abolished, and in lieu thereof,
the payment of salaries, commensurate with the abilities required of said
examiners, and the duties they are called upon to perform.
2. The number of National Bank Examiners shall be increased to
such an extent as may be necessary to assure a thorough and competent
examination of every national bank twice a year.
3. No person shall be appointed a National Bank Examiner until he
has passed a thorough and rigid examination, establi4iing his competency
to perfoim the duties required of sUCh Offii e.
4. After an examiner has been appointed, he shall not be removed
from office, except for cause, and
BE IT FURTHER RESOLVED,that the Recorder of the Associated
Chapters be instructed to forward a copy of this resolution to the
Secretary of the Treasury, the Comptroller of the Currency and
the National Monetary Commission at Washington, D. C.




Urteektv financial 'Review
No. 14.

Vol. 14.

J. S. BACHE & CO.
Bankers
NEW YORK
MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING EXCHANGES
PRIVATE WIRES TO ALL IMPORTANT CITIES IN UNITED STATES AND OANADA

Head Office, 42 BROADWAY, NEW YORK CITY.

Buffaio. N. Y.
Albany N. Y.

Crartch
ices:
660 Fifth Ave.. N. Y. City.
Troy. N. Y.
Atlantic City, N
Rochester. N. Y.
Montreal. Canada.

NEW YORK, April 9, 1910.
Low English Bank Reserve.
The situation and prospects in regard to money
is perhaps the most prominent subject at this time.
The English bank reserve has fallen during the week
and is now 39.55 per cent., in proportion of reserve to liabilities against .14.81 per cent. last week, 47.4s per cent. the
week before, and 4932 the week before that. The highest
peraentage in 1910 was in February-53.o3. The rate was
47 per cent. one year ago at this time and 51 per cent. two
years ago. With the rate below 40 per cent., which is in a
way a limit line, and with New York exporting gold, call
money at 4 per cent., and time money advancing fractionally,
the immediate future of the money market becomes interesting. So low a figure for the Bank of England a,s this week's
has not been reported at this time of the year since 1899,
when the ratio was 371. The recent gold engagements have
not yet reached the Bank and about 1,500,000 pounds will
be added to the reserve upon arrival. The Bank of England
did not on Thursday advance its official discount rate, and
this may not be done if the shipments from this side continue
in sufficient amount. The English reserve is quite small in
comparison wiCi thlt held in the other laikge foreign financial
capitals, but its close relations with the Bank of France, which
is enormously fortified, make the Bank's present position less
threatening. It is a fact, too, that all London does not now
rely upon the Bank's reserve, many_ of the largest joint stock
banks carrying millions of the metal unreported in their own
vaults.
It is interesting to note in this connection the healthy character of -English trade, the March statement of the Board of
Trade showing increases of $3o,000p00 in imports and $12,000,000 in exports. The principal increases in imports are
in food stuffs and raw material and in exports in manufactured goods—a most favorable condition— and one just the
opposite of our own unpleasant situation as to the foreign
balance. London's exports and imports have steadily increased
during the last three years.
The inactivity of business in the United States—that 4,
the part of business which borrows for the nurpose of an-




tieipating future sales—makes available money for further
exports of gold, and it is calculated that at least $25,000,000
in all will go out on thig, movement.
Other sources for building up tile Bank of England's reserve next week are the South African gold and receipts from
the Continent which are already taking place, as the continental exchanges now favor London. The drop in the reserve was caused mainly by an increase in liabilities, the loss
in bullion being only $1,700,000, while the loss in reserve $2,675,000. It may be expected that these matters will right
themselves by reduction in liabilities, and the general opinion
is against an advance in the discount rate to 5 per cent. next
week.
Attention is more acutely directed to the rubber speculations in London by this situation in money there. This danger
point is being _carefully watched, but English speculation of
this character is most stubborn, and it will probably be some
time before liquidation and losses ensue heavily. It is said
that the bulk of this speculation is not being carried on through
bank credits, but largely by the people who have drawn their
small holdings from the savings and other banks, and are
buying a few shares each. When the inflation is crushed, the
losses will fall largely on the rank and file and be all the Inc crippling to the investinv market because of this
Extravagance.
Only in periods when pursuit of the dollar becomes difficult. does the American mind turn to a consideration of
general underlying- conditions affecting the nation and the
individual. The present is one of those periods. The high
price of living high, has brought up forcibly the subject of
national at“ individual extravagance, and the community is
giving the matter more or less serious thought. The observations of an 14;np,rlish writer on American Finance, in
1006, two years ago quoted recently in the Swiss Bankyerein
Review, is of interest here:
"A good many surprises may be awaiting the Americans
in the sphere of international finance. \\Then their Western
States cease to be the granary of Europe, when their mineral
resources begin to feel the terrible strain of prodigal demands
on them, when their home consumption begins to trench on
their exportable surplus, and when their imports of foreign
luxuries and other articles they cannot produce at home begin to disturb the favorable balance of trade which they
regard with so lynch complacency, then it vill be time enough
to speculate on their proper place anion the nations. . . .
Americans are prodigal not only in their personal and social
expenditure, but in their whole economy. They are prodigal
of human brains and muscle; prodigal of machinery ; prodigal
of currency ; prodigal of banking facilities; prodigal
of legislation.
“They hold the record both as creators and destroye
rs.
They have to destroy ruthlessly, in order to produce enormously. In their engineering- works they scrap more machinery than would fit out an ordinary nation. *In order to
save a tenth of a cent per ton mile, they pound
a railroad
to pieces with monster cars and locomotives, so that it has
to be practically rebuilt every eight or ten years. For
the




sake of 'licking creation' as iron and steel producers, they
gut their iron mines with demoniacal energy. In their paroxysms of speculation and money-making, they wear themselves out long before their time.
"Thoughtful men find an alloy of sadness in the joy of
industrial prosperity when they remember how much waste
of life and of natural resources is involved in it. The principal factors in a boom—coal, iron, and other minerals—
represent wealth which cannot be replaced. Once consumed
they are gone forever. This should qualify the pride of industrial states in the growing output of their mines and iron
works. The old Mexican mine-owners were wiser in their
generation than the go-ahead Americans, who arc pushing them
aside. They fixed the amount that should be taken yearly
out of each mine, and rarely, if ever, exceeded it."
•

•

•

Restricted Suffrage.
Every citizen of age in the United States is entitled to
a vote and we have been taught to pride ourselves on this
as one of the great heritages of liberty, and to look with
feelings of superiority upon other countries whose franchise
freedom is limited. In Canada, for instance, the property
qualification is necessary. No man there may vote unless
he shows some evidence of thrift, and thrift cannot be attained without thought. In other worcis, the intention in
Canada is to have the nation governed in the ultimate resort of the vote, 1)\- its thinking people, and behold ! Canada
is not overriddcir w ith foolish laws and buried in over-legislation as we are.
A correspondent, commenting on the Review of last week,
which set forth the disabilities of a great community laboring under the disadvantages of politically-passed laws of
noxious effect, writes:
"I have read with interest and approval your Review
of April 211d.
"But what of it? You are merely in the right. You
have no might to enforce it against the grafter, gambler, legislatures, and horde of saloon wielded, ignorant, socialist, foreign
voters. You merely represent the hopeless minority of business men, who fatuously try by being in the rip:ht, and having
the best interests of the community at heart, to protect themselves and uplift our country. Your attitude reminds me of
Aesop's Lamb, which, while drinking from a 1)rook, was
hailed by a wolf who said, 'T am going to eat you because
you have muddied my water.' Ile lamb called attention to
the fact that the brook flowed from the wolf to him, not from
him to the wolf, but the wolf replied, 'I am going to eat you
anyway.'
"Why not drop the lamb-like character, since you must he
fleccud and eaten anyway, and get out in the open and attack
our social rottenness at its root, which is universal suffrage,
and become a leader for a property qualification for the franchise. In oilier words, 'No pay taxes on a reasonable sum,'
'No vote.' Thereby you would turn politics into statesmanship, make officeholding honorable, and get the conduct of
the country's affairs from the hands of hoodlums into those
of the truly safe and sane. Have you got the nerve to move
the first shovelful of earth in this mountain? Whether you

have or not, permit me to paraphrase a French proverb by
saying that eloquence in the rags of defencelessness was never
true.
Yours very truly,"
WOULD THE WHOLE COUNTY NOT HAVE BEEN BETTER
OFF MATERIALLY, AS WELL AS MORALLY
AND POLITICALLY:
session of Congress had been called to revise
If no extra
the Tariff?
if at the regular session, a Tariff committee had been
appointed to take up scientifically and deliberataely the whole
subject of revision looking to reduction—conclusions to be
acted upon by Congress from time to time, as presented?
If Mr. Taft had adhered to his declared intentions of
making this a business man's administration, putting the
legitimate prosperity of the country before every other consideration, thus fostering the confidence •of American and
European capital?
If, when the Standard Oil decision was announced in November last, Mr. Taft had at once declared his purpose to
put through Congress an amendment of the Sherman AntiTrust Act, which would allow legitimate business to continue without disturbance?
There would have been avoided thus the long period of
waiting for the extra session's Tariff changes, during which
business was partially stagnated.
The excessive imports in anticipation of rising duties in
luxuries, would have been avoided and our trade balance would
have been more favorable.
The possibly unconstitutional Corporation Tax would not
have annoyed and antagonized the business interests.
The Tariff would not have been revised upwards on a
downward _promise and the split in the Republican Party would
have been avoided.
Mr. Taft would not have found bitter enmity in the West
from disappointment at failure of Tariff promises and would
not have felt compelled to take up the Roosevelt policies
fiercely in order to endeavor to win hack favor.
The whole country would have ignored the Supreme Court
decisions, and business instead of being overshadowed with
the threat of dissnlution as at present, would have gone on
actively in the development of legitimate prosperity, which has
been halted.
The Situation.
The Ciovcrnment report on \Iv inter Wheat issued Friday
is favorable. The indicated percemave of yield is lower, but
the acreage is higher. 418 millions was the yield indicated
a year ago at this time. For this year the crop report estimates 43; million bushels.
Future business cannot rely upon either courts or legislatures and must look to the crops for stimulation or discouragment.
There has been little change in the general situation, and
the prices of securities swing back and forth with bonds neglected.
J. S. BACHE & CO.




OP.direiliiiirmXiallir ergo.

— 417 —

1910

i § 30 nuevnte eller et mindre belop, kaii aktiernes paalydende 19 juli.
Nr. 1.
sum ikke yderligere formindskes.
For det tilfaAde, at et aktieselskap ved na,
rvaTende lovs
ikrafttrden bestaar av herre end tre medlemmer og disses
antal derefter synker, skal antallet bringes op til det ved
lovens ikrafttreeden bestaaende eller selskapet oploses overensstemmende med de i § 74 givne regler.
§ 106. Har utenlandsk aktieselskap oprettet forretningsavdeling i Norge for nmrvaerende lovs ikrafttrwden, blir
anmeldelse at avgi efter de i § 103 givne regler. Iovrig
finder §§ 88-91 anvendelse paa saadan forretningsavdeling.
§ 107. Forskriftene i § 103 finder tilsvarende anvendelse paa allerede bestaaende kommanditaktieselskaper, saaledes
at hvad der i neevnte paragraf er bestemt om styret, aktieeierne og aktiekapitalen ansees at gjlde henholdsvis de
ansvarlige medlemmer, kommanditisterne og kommanditkapitalen.
Endvidere kommer bestemmelserne i nrvaarende lovs §§
93 og 94, § 95, jfr. §§ 104--106 samt §§ 96-102 til anvendelse paa allerede bestaaende kommanditaktieselskaper.
14de kapitel.
Slutningsbestemmelser.
§ 108. For skifterettens medvirkning efter §§ 68, 70, 74,
jfr. § 95, betales til statskassen ti kroner.
Lov om betaling for offentlige forretninger av 6 august
1897 § 36 kommer i tilfwlde til anveudelse.
§ 109. Denne by tra der i kraft 1 januar meste aar.
,
Fra samme tidspunkt ophves enhver bestemmelse, som strider
mot den.
Ti bar Vi antat og bekrwftet, likesom Vi berved antar
og bekmfter samme som by, under Vol. liaand og rikets segl.
Git paa Kristiania Slot den 19 juli 1910.

Haakon.
(L. S.)
K 0110W.




Norsk Lovtidende.

Hesselberg.

1, avii. nr. 29.
te.

1910

— 418 —

19 juli.
"Nr. '2.

Lov
out vernepligt og utskrivning.

Vi Haakon,

Norges Konge, gjor vitterlig:
at Os er blit forelagt Stortingets beslutning, av 13 juli
1910 saalydende:
lete kapitel.
Om den vwbnede magts inddeling og opbud.
§ 1. Den webnede magt inddeles i landvwbuing og sjovwbning.
Landv a bningen bestaar av 2 opbud : Linje og
landvern.
Sjoymbningen bestaar av 1 opbud.
§ 2. Linjens bestemmelse er at tjene til forsvar 11V landets interesser, hvorsomhelst det krmves.
Landvernet har samme bestemmelse som linjen, men kan
alene anvendes med den begreensning, som grundlovens § 25
foreskriver.
§ 3 Sjowebningens bestemmelse er den samme som
.
linjens.
§ 4. Styrken av de forskjellige vaabenarter, avdelinger
og organer i hvert opbud bestemmes av Kongen med Stortingets samtykke.
§ 5. I krigstid, eller naar krig er at befrygte, kan mandskaper utenfor vernepligtsalderen likesom ogsaa mandskaper
indenfor denne alder, der ikke tilhorer noget av den vwbnede
magts opbud (§ 1), ophydes som krigsforsterkning (d. e. landstorm ved landvbningen og kystforsvar ved sjowebningen). I
denne er enhver vaabenfor mand, som ikke efter § 8 or fritat
for vernepligt, tjenstpligtig fra det fyldte 18de til det fyldte
55de aar.
Av krigsforsterkningen kan — i den utstra.kning, som
hjemles i grundlovens § 25 — det fornodne mandskap anven
des til utfyldning av opbudene; iovrig opbydes og organisere
s
krigsforsterkningen efter bestemmelser, der gives av Kong
en
med Stortingets samtykke.
2det kapitel.
Om vernepligten, fritagelse for vernepligt, vernepligtstidens v arighet, frivilliges tjene ste saint om
de vernepligtiges forhold med hensyn til bortreise,
utvandring eller sjofart.
§ 6. Enhver indfodt norsk mand, som liar den fornodne
tjenstdygtighet, er pligtig til efter utskrivning at avtjene vernepligt, saaledes som i det folgende bestemmes.




-- 419 —

1910

Andre mwnd, som or hjemmehorende her i riket,
kan paa- 19 juli.
lwgges vernepligt i samme omfang, forsaavidt
ingen konvention Nr. '2.
med fremmed stat eller noget undersaatlig
forhold til en saadan maatte were til hinder derfor. Dog skal
saadanne vernepligtige were fri for militrtjeneste, saalwinge
staten er i krig
med deres fodeland.
§ 7. Fritat for vernepligt er geistlige
embedsmeend,
prester eller forstandere for ordnede dissenterm
enigheter utenfor statskirken, lodsoldermEend og faste lodser
. I tilfwlde av,
at en bror i felten or dod eller blit vanfor,
er derhos den
nste bror fritat for utskrivning. Kongen beste
mmer forovrig,
i hvilken utstreekning geistlige, der ikke er
embedsmeend, kan
fritages for utskrivning.
§ 8. Vernepligtstiden er for alle utskrevne
mandskaper
20 aar. Herav uttjenes ved landvmbningen de
12 forste aar
i linjen, de 8 sidste i landvernet. Vernepligt
ige, som stod i
landstormens faste opbud, da loven av 18 septe
mber 1909
traadte i kraft, henfores til landvernet og forbli
r staaende der,
til de har staat i 20 aar i begge opbud tilsa
mmen.
Ved sjowebningen blir, saavidt omsteendigheten
e tillater
det, de wldre aarsklasser at anvende ved kystforsva
ret, om saadant maatte bli opsat.
§ 9. Enhver befalingsmand og enhver utskr
evet vernepligtig er forpligtet til at motta livilkensomhels
t grad eller
kommando, som tildeles dem. Ingen kan dog anven
des i lavere
grad end den, han for indehar.
Vernepligtige, der besidder seerlig fagdannelse, kan
anvendes ved den vw.bnede magt paa den maate og i
saadan stilling,
som or stemmende med deres seerlige utdannelse.
De kan uttages til tjeneste av samme varighet som de
stridsdygtige, selv
om de efter reglerne om tjenstdygtighet i
almindelighet kun
tilhorer dygtighetsklassen hjwlpedygtige (§ 29).
Paa den anden side kan ogsaa mandskaper, der
besidder
fuld stridsdygtighet, i fornoden utstrwkning uttag
es til indseettelse som ikke-stridende.
§ 10. Naar en avdeling skal swttes paa krigsf
ot, er enliver av de avdelingen tilhorende personer forpligtet
til at forbli staaende i sit opbud, saalwnge Kongen finder det
fornodent.
Dog maa saadan forpligtelse ikke utstrwkkes lamge
r end 6
maaneder, medmindre Stortinget dertil har git sit
samtykke.
I krigstid eller paa togt kan ingen paa grund
av alder
eller forutgaaende tjeneste gjore fordring paa at avgaa
, forinden
han erstattes av en anden.
Kongen kan i krigstid, eller naar krig er at befry
gte, bestemme, at de utskrevne rekrutter skal indkaldes til
opovelse
for den sedvanlige tid.
3*

1910

— 420 —
— 421 —

19 juli.
§ 11. Ti! vernepligtens opfyldelse krseves av frivillige
Sr. 2. befalingsmamd, spillemsend, haandverkere og andre frivil
lige
det samme antal vernepligts-aar som for utskrevne bestemt.
De frivillige av landvaabningen, som maatte ha tjent i
linjen i mer end 12 aar, skal derhos were forpligtet til alikevel at staa 8 aar i landvernet.
Har vedkommende staat som fastlonnet i landvernet og
overgaar til vernepligtig stilling, betragtes han med hensyn til
vernepligt, som om den frivillige tjeneste var utfort i linjen.
§ 12. Den, som onsker at utdanne sig til officer eller
fastlonnet underbefalingsmand, kan, forutsat han besidder forwiden tjenstdygtighet, antages som kadet eller underbefalselev
og indfores i saa fald straks i rullerne. Han folger med hensyn
til vernepligt den aarsklasse, hvortil han hewer, idet tidsrummet mellem answttelsen som kadet eller underbefalselev og
vernepligtstidens begyndelse blir tilheg til den sedvanlige vernepligtstid. Fredstjenesten, der ikke maa vwre kortere end den,
som gjEelder for utskrevne av samme vaabenart, kan dog frivillige tillates at utfore for tjenestetiden for aarsklassens utskrevne mandskaper. De nsermere bestemmelser herom, likesom
ogsaa om tjenestepligt m. v. for andre frivillige gives av
Kongen.
For frivillige spillemamd regnes vernepligtstiden fra 1
januar efter deres antagelse, dog ikke forend fra 1 januar
efter deres fyldte 18de aar.
§ 13. Enhver, som har bestaat avgangseksamen ved
Krigsskolens eller Sjokrigsskolens overste avdeling uten at bli
ansat som fast officer, skal, forsaavidt ikke swregne grunde
gjor ham dertil uskikket eller uvserdig, uttjene sin resterende
vernepligt som vernepligtig officer. Under samme forbehold
skal enhver, som har bestaat eksamen for fastlonnet underofficers-ansmttelse ved en underbefalsskole, beskikkes til vernepligtig befalingsmand for uttjening av den resterende vernepligt.
§ 14. Forhenvserende fastlonnede tjenestemwnd i forsvarsvsesenet, der oppebwrer pension, har tjenestepligt i krigstid,
saalsenge de overhodet ansees brukbare. Ved indkaldelse til
tjeneste efter denne paragraf maa dog iugen anveudes i lavere
grad end den, han indehadde ved avgangen.
§ 15. Efter 1 januar i det aar, hvori 21 aars alderen
naaes, skal enhver vernepligtig angaaende bortreise, flytning,
utvandring og sjofart gjore anmeldelse til indrulleringskommissionen og erh verve dennes tilladelse i den utstrwkning, dette
av Kongen maatte bli bestemt. Sjofarende kan herom henvende sig til monstringsmanden, hvor saadan er ansat.
Utskrevne mandskaper kan i fredstid tillates at utvandre
av riket, naar (le iagttar de av Kongen herfor fastsatte be-




1910

stemmelser. Ved sin tilbakekomst har de
uten ophold at 19 juli.
melde sig for indrulleringskommissionen
(lensmanden, politiet) Sr. 2.
paa det sted, livor de tar bopwl.
Kongen kan, forsaavidt omstndighetene
krver det, i
krigstid eller naar krig or at befrygte,
forbyde vernepligtige
fra 1 januar i det aar, de fylder 18 aar,
at forlate riket eller
det distrikt, hvori de opholder sig, eller
at ta hyre med fartoi
i utenriks fart. Forovrig kan den, som
ikke er utskrevet,
indtil 1 januar i det aar, hvori han fylder
sit 21de aar, forandre
opholdssted, foreta reiser indenlands eller
utenlands, samt gaa
i sjofart, hvor han vii.
§ 16. Naar en sjofarende vernepligtig,
som paa gTund
av fravwr i utlandet or blit forbigaat ved
utskrivning, vender
tilbake, maa ban i mellemtiden indtil naeste
utskrivningsmote
kun utmonstres paa kortere reiser, medmi
ndre han erbolder
utssettelse.
I de sidste 30 dage for de for indru
lleringskredsen berammede utskrivningsmoter maa ingen, som
skal mote ved
samme, uten krigskommissrens tilladelse
paamonstres til utenriks fart.
3dje kapitel.
Om det unge mandskaps indrullering
.
§ 17. Av hensyn til vernepligten skal
alle unge mend
antegnes i utskrivningsliste (indrulleres) i det
aar, hvori de
fylder sit 21de aar, hvorefter de fores i denne
liste av indrulleringskommissionen, indtil de utskrives eller
kjendes fri for
utskrivning.
§ 18. Forsaavidt ikke anderledes beste
mmes, skal etlivert
lensmandsdistrikt og enhver kjopstad utgjore
en indrulleringskreds, for hvilken haves egen indrulleringsko
mmission og fores
scerskilt utskrivningsliste. Kongen kan dog
bestemme, at et
lensmandsdistrikt eller en kjopstad i eller uten
forbindelse med
landdistrikt skal inddeles i fore indrulleringskr
edser, og likeledes, at fore lensmandsdistrikter eller fore kjops
tamler i eller
uten forbindelse med landdistrikt skal slaae
s sam men til en
indrulleringskreds.
§ 19. Indrulleringskommissionen bestaar av
en officer
som formaud og to andre medlemmer, nemlig
paa landet lensmanden, i byen en tjenestemand ved politi
et efter Kongens
narmere bestemmelse og en for indrulleri
ngskredsen valgt
kredsforstander. Valget, hvorunder tihlike utkaares
on varamand, foretages i kjopstEederne og de lades
teder, som liar
savskilt formandskap, av magistrat og formamd
og paa landet
av formwndene. Ned hensyn til kredsforstander
ens ombudstid,

1910

— 422 —
uttra3de1se og gjenvalg forholdes efter de i loven om formandskaper gjoeldende bestemmelser.
Omfatter en indrulleringskreds mer end et lensmandsdistrikt eller en kjopstad, skal hvert lensmandsdistrikt og hver
kjopstad ha sin kredsforstander. Hvor indrulleringskredsens
storrelse eller andre saaregne forhold gjor det onskelig, kan
Kongen ogsaa iovrig bestemme, at der i samme indrulleringskreds vaBlges to eller flere kredsforstandere, 11 ver for en del
av kredsen.
For hvilke og hvormange indrulleringskredser samme
officer skal forrette som indrulleringskommissionens formand,
bestemmes likeledes av Kongen. I tilflde av vedkommende
officers utkommandering i anledning av feltopstning overtar
indrulleringskommissionens andet faste medlem, lensmanden eller
tjenestemanden ved politiet, de formanden paahvilende forretninger mot godtgjorelse, som bestemmes av Kongen.
§ 20. Enhver indrulleringskreds inddeles i roder, og for
hver av disse beskikkes en tilstrmkkelig skrivekyndig mand
som rodeforstander. Inddelingen og beskikkelsen foretages i
kjopstwderne og de ladesteder, som har srskilt formandskap,
av magistrat og forimend i forening og paa landet av formmndene.
Med hensyn til rodeforstanderens ombudstid, uttrwdelse og
gjenvalg forholdes efter de i loven om formandskaper gjeeldende
besteminelser.
Det pattligger rodeforstanderen at tilveiebringe oplysninger
om og fore indseende med det til roden horende indrulleringspligtige mandskap og likeledes med indrulleringspligtige mandskaper fra andre distrikter, som upholder sig inden roden eller
kjopstaden. Efter derom utfeerdigede nwrmere forskrifter skal
ban opta noiagtig rodeliste over alle de indrulleringspligtige i
roden saint gaa indrulleringskommissionen og vernepligtsmyndighetene tilhaande i det, som angaar mandskapernes indrullering
og vernepligt.
Kongen kan i den utstreekning, som det findes hensigtsmssig, bestemme, at de rodeforstanderne i denne by paalagte
forretninger skal overtages av vedkommende lensmand (i byene
en tjenestemand ved politiet) mot saadan godtgjorelse, som av
Kongen med Stortingets samtykke bestemmes. Inddelingen i
roder kan i dette tilfwlde bortfalde.
§ '21. Indrulleringskommissioner og rodeforstandere skal
were forpligtet til efter Kongens wermere bestemmelse at
bistna ved tilsigolsen av de utskrevne mandskaper samt
ved
mandskapers indkaldelse under krig. Rodeforstandernes bistand
kan dog kun paakrwves inden roden og kjopstaden, og,
bortset
fra korrespondanse,indrulleringskommissionens kun inden
kredsen.

19 juli.
Nr. '2.




-- 423 —

1910

§ 22. Den, der forretter som kredsforstander, kan
krawe 19 juli.
sig fritat for andre kommunale ombud, saalaange
hans funk- Nr. 2.
tionstid varer. Ingen kan samtidig vmre baade
kredsforstander
og rodeforstander. Fastlonnede militwre tjene
stemaand og lensmeend saint polititjenestemnd, som er medlemmer
av indrulleringskommission, og tjenestemaand ved utskrivnin
gsvmsenet kan
ikke were kredsforstandere eller rodeforstandere.
§ 23. Paa grundlag av rodelisterne opseetter
indrulleringskommissionen hvert aars utskrivningsliste for
indrulleringskredsen.
Sogneprester, forstandere for dissentermenigheter
og andre
seeregne religionssamfund, inagistrater, politiembe
dsmmnd, skolestyrer, konsuler og tjenestemeend ved monst
ringsvsenet er
forpligtet til efter Kongens nmrmere bestemmels
e at bistaa
indrulleringskommissionerne med oplysninger og opgav
er m. v.
i anledning av de unge mandskapers indrullering
. Tjenestemaand ved monstringsvsenet skal derhos va3re
forpligtet til at
yde utskri vningsmyndighetene den bistand og
at utfore de
forretninger vedrorende kontrollen med de utskrevne
sjovernepligtige mandskaper og disses indkaldelse, som
Kongen bestemmer.
Likeledes kan det efter bestemmelse av Kongen
paalwgges
enhver, som avgir grund eller husrum til beboelse
av andre,
at meddele opgave til rodeforstanderen eller indrul
leringskommissionen over de indrulleringspligtige personer, til hvem
grund
eller husrum avgives og, om saa forlanges, tillike
over saaattune personers til- og fraflytning fra hans eiendom
eller husleilighet. I kommuner, livor folkeregister er beslut
tet istandbragt, bor saadanne opgaver saavidt mulig begjw
res avgit
sammen med oplysninger for disse registre
og fortrinsvis ved
utfylding av letfattelige skemaer, som tilstilles og
atter avhentes hos vedkommende.
Personer, hvis opholdssted ikke kjendes, eftersokes
av
politiet.
§ 24. Alle utskrivningspligtige, som opholder sig her
i
landet den 1 januar i det aar, hvori de opnaar 21 aars
alder,
er forpligtet til at melde sig for rodeforstanderen enten
paa
hjemstedet eller i den rode, i hvilken de opholder sig, for
at
bli optat paa rodeliste. De nwnnere regler heroin gives
av
Kongen.
Enhver, som paa det anforte tidspunkt opholder sig utenlands eller i utenriks sjofart, eller som ved lovlig forfald har
weret forhindret fra at inelde sig for rodeforstanderen, skal
likeledes senest inden 15 januar samme aar avgi eller avsen
de
til indrulleringskommissionen paa hjemstedet (eller sidste hjem-

1910

— 424 —

19 juli. sted her i landet) en anmeldelse, der indeholder de
fornodne
Nr. 2. oplysninger til hans indrullering.
For mandskaper, hvis utskrivning ikke finder sted i deres
21de aar, kan Kongen bestemme, at den her omhandlede anmeldelse skal gjentages hvert aar, indtil de utskrives eller
kjendes fri for vernepligt.
Forere av norske skibe er ansvarlige for, at anmeldelse
avsendes av de til deres skibs bestning horende mandskaper.
§ 25. Hvert aar saa snart som mulig efter det tidspunkt,
da de indrulleringspligtige er optat paa rodeliste, holder
indrulleringskommissionen et offentlig indrulleringsmote, hvor rodeforstanderne skal were tilstede og avgi oplysninger om rodens
indrulleringspligtige mandskaper samt indlevere sine rodelister.
Kommissionens formand avgir ikke mote, medmindre han av
saaregne grunde er beordret dertil. Er han fravmrende, administreres forretningen paa landet av lensmanden, i byene
av
den polititjenestemand, som er medlem av indrulleringskommissionen. Ved dette mote skal fremstille sig alle i indrulle
ringskredsen werende indrulleringspligtige mandskaper, som
ikke for vet sig optat paa rodelisten, eller som av rodefors
tanderen eller av indrulleringskommissionen liar faat paalg om
at fremmote, forat narmere oplysninger kan bli tilveiebragt
eller ncermere undersokelse anstillet angaaende deres vernepligtsforhold. Lensmanden og naavnte polititjenestemand tilkommer for disse meter en godtgjorelse av kr. 8,00, kredsforstanderen kr. 4,00 daglig foruten i tilfa31de skyss- og
kostgodtgjorelse efter loven.
4de kapitel.
Om de vernepligt iges ntskrivning.
§ 26. Alle vernepligtige skal, forsaavidt de ikke
findes
aldeles utjenstdygtige, utskrives i det aar, hvori de opnaar
21
aars alder, eller i det neermest paafolgende, hvori utskriv
ning
kan ske.
Utskrivningen regnes foregaat fra 1 januar i det aar,
da
mandskaperne fylder sit 22de aar eller for mandskaper,
som
utskrives efter den ordinaire alder, fra 1 januar i et
senere
aar. For mandskaper, som efter et aars 1 januar
utskrives
med vernepligtstid sammen med de fra aarets beg,yndelse
utskrevne mandskaper, regnes utskrivningen foregaat lilt utsk
ri
ningsdagen.
Vernepligtstiden regnes ordincert fra samme tid som utskrivningen.
For mandskaper, sotn utskrives efter ordinar tid, kan
vernepligtstiden bestemmes bereguet fra noarmest foregaaende




— 425 —

1910

1 januar, naar utskrivningen foregaar saa tidlig, at de kan 19 juli.
delta i aarets vaabenovelser.
Nr. 2.
Det kan tillates en vernepligtig at underkaste sig utskrivning indtil 2 aar for den sedvanlige alder, forutsat at han da
befindes stridsdygtig (§ 28), eller at det kan avgjores, at oprykning til bedre dygtighetsklasse ikke vii finde sted inden
utskrivningsalderen.
Tidsrummet mellem hans frivillige indtreeden og den ordimere utskrivningsalder blir et tilla3g til den almindelige vernepligtstid.
Paa den anden side kan der i fredstid meddeles den, som
oplyser, at bans velfmrd kreever det, utseettelse med utskrivning
i indtil 3 aar, undtagelsesvis — navnlig for vernepligtige, der
opholder sig utenlands eller i utenriks sjofart — endnu 'Fenger utover den sedvanlige alder.
Den, der har faat utssettelse, maa ikke uten tilladelse
forlate landet.
Efter utlopet av den tilstaaede frist medtages han ved
forste utskrivning uten at nyde nogen anden avkortning i vernepligten end den, som hjemles ved bestemmelsen i § 39, forsaavidt ikke § 41 2den passus kommer til anvendelse.
Kongen kan bestemme, at de i utenriks sjofart vairende
vernepligtige under visse forutsEetninger betragtes som tilstaat
utsEettelse med utskrivningen efter behorig indseudelse av den
i § 24 paalmdte anmeldelse, naar deni indeholdes forklaring om,
at den utenrikske fart onskes fortsat.
§ 27. En gang om aaret avholdes paa saavidt mulig bekvemme steder offentlige utskrivningsmoter i alle landets indrulleringskredser under bestyrelse av krigskommissaren eller
en for tilfeeldet beordret officer. Kongen kan bestemme, at
motet avholdes utenfor indrulleringskredsen, men intet motepligtig mandskap maa derved paafores laengere reise end hoist
20 km. utenfor egen kreds. Bestyrelsen av utskrivningsmotet
kali, 'mar det findes hensigtsma3ssig, overdrages til indrulleringskommissionens formand eller et andet medlem av indrulleringskommissionen, likesom det for avsidesliggende indrulleringskredser med ringe antal mandskaper kan bestemmes, at utskrivningsmote i enkelte aar ikke blir at avholde, i hvilket tilfEelde
kredsens samtlige utskrivningspligtige, som ikke er aabenbart
utjenstdygtige (§ 28, andet led), utskrives og fremmoter til
lEegebedominelse ved rekrutskolens begyudelse.
Indrulleringskommissionens medlemmer er tilstede ved utskrivningsmotet og fremlEegger utskrivningslisten med bilag til
gjennemgaaelse. Kredsforstanderen kan dog fritages for fremmote, dersom hans tilstedevarelse ansees unoclvendig. Rodeforstanderne avgir ikke mote, undtagen forsaavidt de enkeltvis

1910

— 426 —

19 juli. indkaldes av vernepligtsstyret. Derhos pligter alle de, hvis
Nr. 2. vernepligtsforhold dengang er gjenstand for avgjorelse, at fremstille sig til avhorelse og saavidt fornodent lwge-undersokelse
samt maaling. Ogsaa andre, saavel wldre som yngre, kan indkaldes, naar det til oplysning om deres egne eller andres vernepligtsforhold ansees fornodent. For utskrivningsmotet tilstaaes
lensmanden og vedkommende polititjenestemand samt kredsforstanderen samme godtgjorelse som nwvnt i § 25.
§ 28. Sporsmaalet om militeer tjenstdygtighet avgjores
av en bedommelseskommission, bestaaende ordentligvis av 3
leeger — fortrinsvis sanitetsofficerer — eller av 2 laziger og en
krigskommisseer eller kombattant officer. Efter Kongens ngermere bestemmelse kan dog kommissionen bestaa av et mindre
antal laTer eller av civile lmgtr istedenfor sanitetsofficerer.
Mandskaper, livis udygtighet til mi1itar tjeneste kan fuldsteendig godtgjores paa anden maate, kan uten forutgaaet lvegeskjon utslettes av de vernepligtiges tal. Kongen bestemmer
de nwrmere regler, hvorefter i saadant tilfwlde skal forholdes.
§ 29. De vernepligtige, som ved utskrivningen befindes
enten at ha en hoide mindre end 157 cm. eller paa grund av
svakhet eller legemsfeil ikke at vwre fuldt stridsdygtige uten
dog at vwre aldeles utjenstdygtige, henfores til en egen klasse,
hjApedygtige, hvorav mandskap uttages til kusker, sykevogtere,
militaTe arbeidere og anden tjeneste, livortil stridsdygtighet
ikke utfordres.
§ 30. Enhver er ved vernepligtsmote forpligtet til at
forklare sig angaaende sine egne og andres vernepligtsforhold.
Med hensyn til sig selv skal han derhos vwre forberedt paa i
rimelig utstrkning at fore bevis for sin forklarings rigtighet.
Saavidt fornodent for dette oiemed har vedkommende
offentlige myndighet uten betaling at meddele attest om neeringsvei, borgerlig stilling og lignende forhold, om flytningsog reiseanmeldelser, utslettelse av miler og lister eller overforelse fra en mile eller liste til en anden samt om avskedigelse fra militwrtjenesten og deslike omstmndigheter.
§ 31. Utskrivningen foretages av vernepligtsmyndighetene, efterat alle aarets utskrivningsmoter er avholdt.
Uttagningen av mandskaper til specialvaabnene og til speeielle tjenesteklasser med smregen fagdannelse sker, forsaavidtl
frivillige ikke melder sig i tilstrkkelig antal og kun en dee
av de som dygtige til vedkommende vaaben eller tjenesteklassv
noterte mandskaper dertil skal uttages, ved lodtreekning a
krigskommisswren i overveer av 2 vidner. Paa samme maate
sker fordelingen av de sjovernepligtige til de 2 tjenesteklasser,
som omhandles i § 53.
Det lavere nummer uttages foran det hoiere. Kongen




.1°7 —

1910

bestemmer, hvorledes der forovrig skal forholdes med hensyn 19 juli.
Nr. 2.
til lodtrkning.
§ 32. Vernepligtsstyret oversender inden hvert aars 1
januar approbert mile over den i det foregaaende aar utskrevne
aarsklasse til liver av de avdelinger, som rekruteres fra utskrivningsdistriktet.
I rullen indfores mandskaperne fortlopende efter indrulleringskredsenes nummerorden og inden indrulleringskredsene
efter rodenummer.
For avdelinger, som rekruteres fra flere utskrivningsdistrikter, dannes aarsklasserullen ved sammenfoining av de fra
hvert vernepligtsstyre mottagne dele av rullen.
Kongen bestemmer, hvorledes der iovrig skal forholdes
med hensyn til rullernes opstning og rulleforingen.
Naar rullerne over en aarsklasse er opsat, indfores smrskilt for hvert utskrivningsdistrikt senere tilkommende mandskaper fortlopende efter de tidligere indforte. Mandskaper,
som i lopet av vernepligtstiden overfores fra en avdeling til
en anden, indfores sidst i den nye avdelings rulle efter alle
mandskaper av samme aarsklasse og tjenesteklasse.
§ 33. Kongen kan bestemme, at der til Ittskriviiing av
sjofarende avholdes smrskilte utskrivningsmoter.
Ti! sjofarende henregnes enhver vernepligtig, som har
opnaadd mindst halvbefarenhetsgraden inden begyndelsen av
det aar, hvori han fylder sit 21de aar, eller inden utsmttelsestidens utlop, dersom utsvattelse med adgang til senere overforelse i sjorullen er ham tilstaat av generalkrigskommissmren.
Som halvbefaren ansees den, der i 18 maaneder efter det
fyldte 15de aar har vaaret i utenriks sjofart. For maskinister
kan efter Kongens neermere bestemmelse mindst 12 maaneders
utenriks fart ansees tilstraekkelig.
I hvilket omfang og efter hvilke regler indenriks fart sk al
gjeelde som bestemmelsesgrund for de vernepligtiges befarenhet,
fastsEettes av Kongen.
Alle sjofarende, som findes strids- eller hjeelpedygtige,
utskrives til sjoveebningen.
De for utskrivningen og vernepligten fornodne oplysninger
om de sjofarendes fartstid m. v. meddeles vernepligtsstyret fra
monstringsvmsenet.
Krigskommissmren indforer de sjofarende i en swrskilt
rune.
§ 34. 1 krigstid kan, forsaavidt forholdene gjor det nod•
vendig, mandskaper utskrevet til landvEebningen overfores til
eller indk aides til tjeneste ved sjovEebningen, og omvendt.
§ 35. Mandskaper, som uten gyldig forfald nteblir fra
utskrivningsmotet eller paa grund av utebli velse fra vaaben-

1910

— 428 —

19juli. ovelser tilbakefores til utskrivningslisten,
kan utskrives til
Nr. 2. specialvaabnene, forsaavidt
der or grund til at anta, at de
dertil or skikket.
§ 36. Utfaldet av utskrivningen bekjendtgjores
ved op.
slag paa bekvemme steder eller paa anden
hensigtsinEessig
maate.
§ 37. Enhver maa selv paase, at hans
vernepligtsforhold
betimelig kommer under behandling. Det kan
saaledes ikke
frita for ansvar, oin nogen ved utskrivningsmo
te eller anden
forretning ikke blir paaropt eller opfordret til
at melde sig.
Den, som liar forfald, skal saavidt mulig derom
forut gjore
anmeldelse samt fremsende de fornodne oplysni
nger. Enhver
pligter at skaffe sig underretning om, hvad der
ham vedkommende or passert under en avholdt utskrivning.
Nordmaind i vernepligtig alder, som opholder sig
i utlandet, skal, naar de der henvender sig til norsk
konsulat for at
indfores i nationalitetsprotokol, legitimere, at
deres vernepligtsforhold er i orden. De nrmere bestemmelser
med hensyn
hertil gives av Kongen.
§ 38. Er nogen forbigaat og feilen opdages
, eller aarsaken til forbigaaelsen bortfalder, skal han
utskrives snarest
mulig og heist medtages under samme utskrivning.
Findes det, efterat utskrivningen or tilendebragt,
at nogen
av mange! paa tilstrkkelige oplysninger
eller av feiltagelse
urettelig eller til ingen nytte er utskrevet,
&ores han atter ut
av rullerne og betragtes som ikke utskrevet.
§ 39. Den, som ved undladelse av anmelde
lse, ved utebliven fra meter uten at were hindret ved
forfald, som kan
ansees gyldig, eller paa anden maate liar bevirket
sig forbigaat
eller latt sig forbigaa ved utskrivning,
skal siden utskrives
forlods og ansmttes ved den mindst sokte
vaabenart, til hvilken han or brukbar. Om han end er
over den sedvanlige
utskrivningsalder, erholder han allikevel fuhi
vernepligtstid ;
dog skal ingen paa grund av saad ant 1,)
rhold staa lwnger i
de faste opbud end til utgangen av det
aar, hvori han fylder
sit 50de aar.
§ 40. Har nogen ved bortreise eller
paa anden maate
unddrat sig den tjeneste, hvortil han var
utskrevet, kan Ilan,
saa snart han paatrEeffes, utskrives paany,
uten at nEeste almindelige utskrivning oppebies. Er der grund
til at frygte for,
at han atter vii forsoke at unddra sig
for tjenesten, kan han,
oni dertil gives anledning, straks sEettes
til tjeneste eller i
tilfEelde sendes til en orlogsstation eller
landmilitwrt etablissement for at gjore almindelig arbeide i indtil
4 maaneder uten
avkortning i fredstjenesten, likesom luau, mu
han er sjofarende,
indtil meste utskrivn in L;• or undergit samtne
indskrEenkning med




— 429 —

1910

hensyn til adgang til at gaa i utenriks sjefart som de i § 16, 19 juli.
1 omhandlede mandskaper.
Nr. 2.
Forsaavidt allerede utskrevne mandskaper med behorig
tilladelse gaar i utenriks sjofart, har de ret til at krawe sig
avmonstret fra det skib, hvormed de or forhyret, naar dette
fornodiges av hensyn til opfyldelsen av deres vernepligt. Vedkommende skibsforer er i saadanne ti1f1de forpligtet til at
serge for, at avmonstring finder sted i betimelig tid.
§ 41. Naar en vernepligtig utskrives i Mere alder end
den lovbestemte, uten at dette er foranlediget ved tilstaat
utswttelse eller ved ham tilregnelige forhold, og uten at han
forovrig bar forsomt, hvad der paahviler ham i henhold til
mervwrende by, indsttes han til tjeneste sammen med den
aarsklasse, med hvilken han utskrives, men overfores til 2det
opbud og utfores av rullerne samtidig med den aarsklasse,
med hvilken han efter sin alder egentlig skulde ha vaaret
utskrevet. Efter oveiforsel til 2det opbud paaligger der ham
ingen ordinwr fredstjeneste.
Den, som ikke inden utlopet av vernepligtstiden i linjen
for hans aarsklasse or utskrevet, for de sjovernepligtiges vedkommende inden utlopet av deres 12te vernepligtsaar, uten at
dette er bevirket ved hans egen forseelse eller forsommelse,
skal were fri for utskrivning i fredstid.
§ 42. For vernepligtige, som utvandrer for 1 januar
i det aar, hvori de opnaar 21 aars alder, eller efter dette tidspunkt med behorig tilladelse, og som derefter vender tilbake,
bestemmes vernepligten efter hjemkomsten overensstemmende
med § 41, dog saaledes at tjeneste som maatte vmre utfort
for avreisen tilgoderegnes dem ved fastswttelsen av deres
aktive tjenestepligt.
Paa vernepligtige, som forlater landet uten tilladelse, anvendes, naar de vender tilbake, bestemmelserne i §§ 39 og 40.
5te kapitel.
Om utskrivningsdistrikterne.
§ 43. Riket inddeles i utskrivningsdistrikter saaledes, at
liver infanteribataljon tildeles et rekruterings- eller utskrivningsdistrikt enten alone eller i forening med en eller fiere avdelinger av specialvaabnene eller dele av saadanne.
Kongen kan med Stortingets samtykke bestemme, at
infanteriregimentet i denne henseende tra3der istedenfor infanteribataljonen.
hide!' regimenterne kan der av utskrivningsmyndighetene
foretages utjevning mellem de enkelte bataljoner.
Foranstaaende bestemmelser skal dog ikke vwre til hinder

— 430

1910

juli. for, at efter Kongens bestemmelse mindre avdelinger kan tilNr. 2. lwgges swrskilte utskrivningsdistrikter, eller at flere infanteribataljoner kan rekruteres fra et utskrivningsdistrikt, eller at en
infanteribataljon rekruteres fra flere utskrivningsdistrikter.
Ved utskrivningsdistrikternes ordning bor haves for oie,
at infanteribataljonernes mandskapsstyrke saavidt mulig
like stor, saint at ingeniortroppene, feltartilleriet og kavaleriet
fortrinsvis faar mandskaper fra de egne, hvor disse vattben har
sine kvarterer.
Inddelingen kan, naar Kongen finder det nodvendig, forandres.
I krig er det for at sikre enhver avdeling det fornodne
mandskap tillatt at ta mandskaper fra et alidet distrikt end
det, som er henlagt til avdelingen.
§ 44. Flytter en vernepligtig, som endnu ikke er utskrevet,
fra et utskrivningsdistrikt til et andet, blir han i almindelighet at overtime til det distrikts utskrivningsliste, hvortil han
er flyttet; dog har vernepligtsstyret ret til at bestemme, at
han skal utskrives i det distrikt, han tidligere tilhorte.
6te kapitel.
Om utskrivningsinyndighetene.
§ 45. For behandlingen av alle mandskapers vernepligtsforhold bestaar vernepligtsstyret av amtmanden og krigskommisswren. iii bistand under moterne kan beordres den hjaalp,
som behoves.
Vernepligtsstyret — eller paa dets vegne krigskommisswren efter nwrmere bestemmelser i reglement utherdiget av
avgjor overhodet alle vernepligtssporsmaal, som
Kongen
ikke ifolge sEeregen forskrift skal indbringes for Mere myndighet, samt fewer indseende med de utskrevnes betimelige
overflyttelse fra opbud til andet og avskedigelse. Krigskonimiss23ren vaaker derhos over indrulleringen og rulleforselen.
§ 46. Generalkrigskommisswren liar overbestyrelsen a v,
hvad der vedkommer vernepligten og utskrivningen.
§ 47. Finder nogen sine rettigheter med hensyn til
vernepligten kraenket ved vernepligtsstyrets beslutning eller
ved generalkrigskommissiPrens bestemmelser, 1.an han underkaste saken a vgjorelse av Kongen eller paa-anke beslutningen
til Hoiesteret, livor saken er antecipert til foretagelse, saasnart
varslet er utlopet, uten hensyn til hoiesteretssessionen.
§ 48. Forretningsgangen ved indrulleriug og utskrivning
saavelsom det indbyrdes fm-hold mellem de derved ansatte
embeds-, bestillings- og ombuilsmaand ordnes ved reglementer
og instrukser, som gives av Kongen.




— 431 —

1910

Til alle slags ruller, lister og attester, som times eller ut- 19 juli.
stedes i anledning av vernepligt og utskrivning, skal, saavidt Nr. 2.
det hensigtsmwssig kan ske, blanketter utdeles for statens
regning.
7de kapitel.
Om tjenesten.
§ 49. Rekrutovelserne for de til landvwbningen som stridende utskrevne mandskaper skal gives en varighet av mindst
102 dage ved kavaleriet, mindst 92 dage ved feltartilleriet,
mindst 72 dage ved ingeniorvaabenet, mindst 62 dage ved
bergartilleriet, mindst 48 dage ved infanteriet, positionsartilleriet og ffestningsartilleriet — marsjdagene ikke iberegnet.
De hjailpedygtige og ovrige som ikke-stridende utskrevne
mandskaper ved landwebningen gives — marsjdagene ikke
iberegnet — en rekrutskole av mindst 18 dages varighet i
det styrkeforhold, som Kongen med Stortingets samtykke bestemmer.
De i henhold til § 9 uttagne vernepligtige befalingsmwnd
gjennemgaar instruktionskurser av den varighet, som av Kongen med Stortingets samtykke bestemmes.
Mandskaper, som paa grund av egen forsommelighet, sygdom eller flere aars fravEer mangler fornoden herdicthet til tjeneste i sin avdeling under felt, kan efter bestemmelst av generalkrigskommisswren indkaldes til ny rekrutskole i et storre
eller mindre antal dage.
§ 50. Til andre militre ovelser ved i § 49 naavnte
vaaben- og troppearter anvendes mindst 24 dage aarlig ved
linjen — marsjdagene ikke iberegnet.
Kongen kan med Stortingets samtykke bestemme, 11\
og i hvilken utstrEekning mandskapene for og efter utskrivningen skal delta i skyte-ovelser utenfor den tid, da indkaldelse til vaabenovelser finder sted.
§ 51. I de i § 50 bestemte ovelser for linjen deltar ved
infainteriet, kavaleriet, feltartilleriet, bergartilleriet, positionsartilleriet og ingeniortroppene lste, 2den, 3dje og 7de aarsklasse. Ved hestningsartilleriet deltar lste, 2den, 3dje, 4de
og 7de aarsklasse.
Hjwlpedygtige og andre mandskaper, utskrevet som ikkestridende, indkaldes til de i denne paragraf oinhandlede ovelser
i saa stort antal og i saa mange dage, som Kongen med Stortingets samtykke bestemnwr.
§ 52. Bestemmelserne i §§ 49-51 skill ikke vwre til
hinder for, at til landvvebningen utskrevne mandskaper i den
utstrEekning, Kongen med Stortingets samtykke anordner, kan

1910

— 432 —

19 juli. indkaldes til gjennemgaaelse av det lovmaassige antal ovelsesNr. 2. dage i andre vernepligtsaar inden opbudet og
med et andet
antal dage i det enkelte aar end ordinEert.
Dog bor den halve fredstjeneste senest vmre avtjent ved
utgaugen av 3dje tjenesteaar, medmindre den vernepligtige selv
har foranlediget utsEettelse.
Kongen kan med Stortingets samtykke bestemme, hvorledes der skal forholdes med hensyn til ovelser og iudkaldelser
under overgangen til en lavere utskrivningsalder.
§ 53. De til sjovEebningen utskrevue vernepligtige indkaldes i det antal, som flaatens bemanding for krig krEever, til
tjenstgjoring i et sammenhwngende tidsrum av mindst 6
maaneder.
Be ovrige utskrevne sjovernepligtige indkaldes til tjeneste
ved sjovwbningen i mindst 3 maaneder.
Kongen kan med Stortingets samtykke bestemme, hvorvidt
og i hvilken utstrwkning de til sjovbningen utskrevne militmre
arbeidere skal indkaldes til tjeneste.
Hvis den sjovernepligtige ikke selv har sokt utsmttelse
eller gjennem fravr opnaadd saadan, bor fredstjenesten vwre
optjent inden utgangen av det 3dje vernepligtsaar. For sjovernepligtige, hvis utdannelse ikke er avsluttet inden dette
tidspunkt, kan dog Kongen bestemme lEengere utsa,ttelse med
fredstjenesten.
§ 54. Alle utskrevne mandskaper, som ikke efter foranstaaende paragraffer indkaldes til ovelse, er i fred fri for
tjeneste, medmindre:
a: Stortinget har bevilget de dertil fornodne midler, eller krig
er at befrygte,
b. det paakrEeves til opretholdelse av retsordenen.
§ 55. Inden hvert opbud indkaldes de yngre aarsklasser
foran de aaldre ; lste aarsklasse i landvEebningens linje dog
herfra undtat.
yEldre aarsklasser kan nanset foranstaaende anvendes
foran yngre, forsaavidt det vilde forvolde betaankelig forsinkelse av krigsopsmtningen at vente paa de yngre aarsklasser
fra fjernere distrikter. Under samme forutsmtning kan ogsaa
landwebningens lste aarsklasse anvendes tidligere end i 1ste
led bestemt.
Naar kun en del av en aarsklasse tiltrEenges indkaldt,
skal indkaldelsen foregaa efter den orden, som bestemmes ved
lodtrEekning.
§ 56. I tilfEelde av, at hmren eller flaaten eller nogen
del derav skal stuttes paa krigsfot, kan vernepligtige med den
begrwnsning, grundlovens § 25 bestemmer, kaldes til tjeneste
ogsaa i tidligere opbud end det, de tilhorer, og uanset om den




— 433 —

1910

aarsklasse, hvortil de horer, ikke forovrig samtidig indkaldes. 19 milli.
Bet samme gjwlder om forhenvEerende vernepligtige befalings- Ni. 2.
mend, som er opbudspligtige efter § 5.
Lignende indkaldelse kan ogsaa finde sted i fredstid, naar
det gjwlder befalsovelser, smregne instruktionskurser eller ekstraordinEere ovelser av feltmaassig art.
§ 57. Naar det av mangel paa frivillige findes nedvendig
til de stadig tjenstgjorende avdelinger at indkommandere utskrevne mandskaper av linjen (sjovwbuingen), maa denne tjeneste for de saaledes indkommanderte ikke i fredstid vare
lmnger end 6 maaneder.
Den saaledes utforte tjeneste ber saavidt mulig tilgoderegnes dem som utfort fredsovelse.
§ 58. De i dette kapitel omhandlede ovelser kan av
K ongen med Stortingets samtykke indskrEenkes eller indstilles,
naar dyrtid, farsot eller andre usedvanlige omstwndigheter gjor
det nodvendig.
8de kapitel.
Sregne bestemmelser for Tromso stift.
§ 59. LandvEebningen i Finmarkens amt organiseres sum
ett opbud. For tjeneste i opbudet kan Kongen frita beboere,
for hvem fremmotet til ovelsespladsen maatte falde uforholdsmEessig besvmrlig.
§ 60. Indtil Kongen anderledes bestemmer, er i Finmarkens amt lensmanden — i byene en tjenestemand ved politiet
indrulleringskommissionens formand og tilleegges derfor betaling av statskassen. De valgte kredsforstanderes antal skal,
saalnge dette forhold varer, vaare mindst to for hver kreds.
§ 61. Hvorledes der i Finmarkens amt skal forholdes
med hensyn til bestyrelsen av utskrivningsmoterne samt med
hensyn til undersokelsen og bedommelsen av de vernepligtiges
tjenestdygtighet, bestemmes av Kongen.
§ 62. Utskrivning til sjoymbningen foregaar i Tromso
stift kun, forsaavidt det av Kongen bestemmes.
Naar saadan utskrivning ikke foregaar, er de i stiftet
hjemmehorende sjofarende (§ 33) utskrivningspligtige til landva,bningen eller kystforsvaret (§ 63), om saadant maatte
bli opsat.
§ 63. Dersom et kystforsvar bestemmes opsat i Tromso
stift, uttages hertil i forneden utstrFekning saadanne vernepligtige, som er vant til at fmrdes paa sjoen, og fortrinsvis de,
Born ernEerer sig ved kystfart.
Vernepligtstiden ved kystforsvaret er den samme som ved
landvEebningen.
4
Norsk Lovtidende. lste avd. nr. '29.

1910

— 434 —
1910

— 435 -19 juli.
§ 64. Indtil anderledes maatte bli bestemt av Kongen
Nr. 2. med Stortingets samtykke, skal de i Tromso stift til infanteriet
utskrevne mandskaper gives rekrutovelser av mindst 48 dages
varighet og umiddelbart derefter mindst 24 dages fortsatte
militaare ovelser.
De til kystforsvaret utskrevne mandskaper gives ovelse
paa saadan maate og i den utstreekning, som Kongen med
Stortingets samtykke til enhver tid bestemmer.
9de kapitel.
Forskjellige bestemmelser.
§ 65. For lokale til avholdelse av vernepligtsmoter be
tales godtgjorelse som i § 158 2det led i by av 6 august
1897 om betaling for offentlige forretninger bestemt.
Utgiftene utredes av statskassen.
§ 66. Paa ethvert norsk fartoi saint paa ethvert monstringskontor og forhyringskontor kan uten vederlag forlanges
opSlaat de bekjendtgjorelser og meddelelser m. v. angaaende
vernepligten, som i saadant oiemed tilstilles fartoisforeren eller
kontoret fra vernepligtsmyndighetene.
§ 67. Den, som retsstridig
undlater at gi nogen anmeldelse, som paah viler ham i
henhold til vernepligtslovens § 15 eller dens § 24,
undlater for reise eller flytning at indhente
noge n i lovens § 15 omhandlet reise- eller flytningstilladelse,
lar sig paamonstre for reiser, som det efter vernepligtslovens § 16, jfr. § 40 er ham forbudt at in. sig paamonstre for,
uteblir f r a noget av de i vernepligtsloven omhandlede meter,
undlater at m edbringe sin vernepligtsseddel og, forsaavidt han er sjofarende, sin sjefartsbok eller andet sjefartsdokument til utskrivningsmotet, eller som ikke paa opfordring
av utskrivningsmyndighetene fremskaffer disse dokumenter,
paa henvendelse undlater at gi de i vernepligtslovens § 30 omhandlede oplysninger,
som fartoisforer, reder eller hyre-agent til et
fartois bemanding forhyrer nogen norsk undersaat, hvis sjofartsdokument viser, at han ikke maa in. sig forhyre til reisen,
som fartoisforer eller hyre-agent ikke paa beh or ig maate ef ter ko mm er anmodning om opslag paa
sit
skib eller kontor av bekjendtgjorelser og meddelelser
angaaende
vernepligten,
Sum skibsforer i k e overensstemmende med
vernepligtslovens § 40 paa vedkommende vernepligtiges forlangende sorger for bans a vmonstring i betimelig tid,




som rodeforstander eller kredsforstander utviser 19 juli.
skjodesloshet eller forsommelse i sit ombud,
Nr. '2.
straffes med betel.
§ 68. Den, som forgaar sig paa nogen maate, som i
§ 67 omhandlet, i hensigt aldeles at unddra sig for utskrivning
eller fra anseettelse ved den vaabnede magt, straffes med
faangsel fra 3 maaneder indtil 2 aar. For straf fritages han
ikke, om han end findes udygtig til militeertjenesten.
Paa samme maate straffes den, som retsstridig bevirker
eller medvirker til forgaaelser, der omhandles i nrveerende
paragraf.
10de kapitel.
Lovens ikrafttreeden og ophaavede eeldre love.
§ 69. De nrmere forskrifter, som er nodvendige til
donne lovs gjennemforelse, gives av Kongen. Forsaavidt angaar
nedswttelse av vernepligtsalderen, trader denne by i kraft
efter bestemmelse av Kongen med Stortingets samtykke, forovrig efter Kongens nmrmere bestemmelse. Fra samme tid
ophwves:
Lov om vernepligt og utskrivning av 12 mai 1866, by
om rikets inddeling i distrikter for utskrivning til landvaabningen av 26 mai 1866, by av 3 juni 1876 indeholdende
forandring i og tilleeg til de om vernepligt og utskrivning
gjaMende love, by av 16 juni 1885 indeholdende forandring
i og tillg til de om vernepligt og utskrivning gjeeldende love,
by av 6 juli 1892 om utskrivning til sjoveebningen, by av
28 juni 1897 angaaende vernepligtens utvidelse til rikets nordlige landsdele, by av 3 august 1897 indeholdende forandringer
i by om vernepligt og utskrivning av 12 mai 1866, by av
24 april 1899 indeholdende forandringer i vernepligtsloven av
16 juni 1885, by av 11 april 1900 indeholdende forandringer
i boy av 12 mai 1866 om vernepligt og utskrivning og i by
av 6 juli 1892 om utskrivning til sjoveebningen, by av 24
mars 1903 om forandringer i love om vernepligt og utskrivning av 16 juni 1885, 24 april 1899 samt by av 18 september 1909.
Ti har Vi antat og bekra3ftet, likesom Vi herved antar og
bekrwfter samme som by, under Vor haand og rikets segl.
Git paa Kristiania Slot den 19 juli

Haakon.
L.s.)
K on ow.

1-1 esselberg.
4*

1910

434 —

1910

19 juli.

Kongelig resolution
Plakat
0111

forbud mot transport av stikkelsbwrplanter fra ethvert
sted i mien Lister og MandaIs aunt.

Vi Haakon,

Norges Kongo, gjor vitterlig
I kraft av by om forbud mod indforsel og transport av
,
stikkelsbrplanter in. v. av 25 april 1907 bestemmes herved:
1. Foruten fra ethvert sted inden den del av landet, der bestaar av de i plakater av 25 april og 31 august 1907
saint 10 september 1909 nmvnte muter, skal endvidere
transport av stikkelsbwrplanter eller dele derav, stikkelsbwr dog ikke indbefattet, vwre forbudt fra ethvert sted
inden Lister og Mandals amt, saafremt specie! tilladelse til
saadan transport ikke er meddelt av Landbruksdepartementet i henhold til nawnte lovs § 2.
2. Overtreedelse av dette forbud medforer strafansvar.
Hvorefter alle vedkommende har at rette sig.
Git paa Kristiania Slot den 19 juli 1910.

av 19 juli.

Haakon.
ci,. S.)
Hess elb erg.

Kongelig resolution
av

19 juli

Justis- og F'olitidepartementet beinyndiges til at utfeerdige
paabud °in:
1. at personer, som landvmrts eller sjovrts ankommer til
Norge fra landomraade, som ifolge kundgjorelse or smittet
av kolera, skal melde sin ankomst til helseraadets ordforer
eller tilsynsmand og underkastes eftersyn i 5 dage, regnet
fra den dag, de forlot dot smittede landomraade;
2. at enhver, som mottar reisende i losji, skal gjore tunneldelse til helseraadets ordforer eller tilsynsmand om reisende,
som kommer fra landomraade, som ifolge kundgjorelse or
smittet av kolera.




19 jun.

Kongelig resolution

Under Vor haand og rikets segl.

Konow.

19 juli.
I medhold av by om laks- og sjoorretfiskerierne m. V. av
april 1905 § 29 bestemmes, at dot inden den streeku ing ved utlopet av Aaroelven i Sogndals herred,
Nordre Bergenhus amt, hvor dot ved kongelige resolutioner av
17 mars 1866, 14 mai 1886 og 30 juli 1902 samt hoieste
resolution av 15 juli 1904 er forbudt at bruke not med mindre
masker end 21/4 tomme mellem knuterne, at utstille seettegarn
og lignende redskaper og at bruke kilenot, laksevwrp og lignende indretning saint drivgarn, tillike skal, forsaavidt
angaar den del av denne strwkning, som bigger
utenfor (ostenfor) en linje, trukket fra spidsen av
Rundoren til et punkt i Lindviken, der bigger 2() meter
ost for et malet hvitt blik i et svaberg, vmre f orb it dt at
bruke stormaskede kastenoter.
Overtreedelse av denne bestemmelse or belagt med straf.
av

I medhold av by angaaende jagt og fangst av 20 mai
1899, § 44, bestemmes, at i Akershus amt roi, aarhone og jerpe skal vwre fredet fra og med 1 januar
til og med 24 august, samt at tiur og aarhane skal
va3re fredet fra og med 1 januar til og med 4 mai samt
fra og med 22 mai til og med 24 august.
Denne bestemmelse treeder i kraft 1 januar 1911 og gjeelder indtil videre, dog ikke lmnger end til utgangen av aaret
1915.

Kongelig resolution

19 juli.

av 19 juli.
I medhold av by angaaende jagt og fangst av 20 mai
1899 § 44 b es temm es, at dot for et tidsrum av 5 aar,
regnet fra 1 januar 1911, inden Aker iltuus amt skal
veer° forbudt at utseette, opstille eller bruke snarer, faldstokker eller andre fangstindretninger til
fangst av tiur, roi, aarfugl, jerpe, rype, se rfugl
•amt hare.
Ingiver: Fred. T.
Grondahl & Sone boktrykkeri. Kristiania.

salicath.

— 245 --

Norsk Lovtidencle
lidgivet efter offentlig foranstaltnin
loy af lste april

No. 21

Udgivet 19de jiili.

1907

Kongelig resolution

27 juni.

af 17de juni,
hvorved deprtementet for de offentlige arbeider bemyndiges til
at meddele approbation paa driftsreglement for Grimstad—Frolan db an en overensstemmende med et vedlagt udkast, saaledes at reglementet bliver gjieldende indtil videre.
benbold berth bar departementet under 27de juni d. a.
approberet dot i resolutionen nvevnte udkast, der i dot vtesentlige er overensstemmende med dot for Tonsberg—Eidsfosbanen
gjEeldende. i Lovt.s lste afd. for 1901 side 495 indtagne reglement.

Grundlovsbestemmelse
Iii 1'01.811(1ring

Vi Haakon,

grundlovens § 112, Isle og 2det
Norges konge, gjor vitterligt:

Os er bleven forelagt det nu forsamlede, ordentlige
stortings i overensstemmelse med griindlovens § 112 fattede
beslutning af llte juli 1907 til grundlovsbestemmelse til forandring af grundlovens § 112, lste og andet punktum, hvilken
beslutning or saalydende:
Grundlovens § 112, lste og audet punktum skal heiviter
lyde saaledes:
Viser Erfaring, at nogen Del af denne Kongeriget Norges
Grundlov bor forandres, skal Forslaget derom fremsFettes paa
forste oiler andet ordentlige Storthing efter et nyt Valg og
kundgjores ved Trykken. Men dot tilkommer forst det forste
oiler andet ordentlige Storthing efter nwste Valg at bestemme,
om den foreslaaede Forandring bor finde Sted eller ei.
1




16 juli.

1907

— 246 —

1t;juli.

Thi bar Vi antaget og bekreeftet, ligesom Vi herved antager og bekragter denne beslutning som grundlovsbestemmelse.

— 247 —

Givet paa Kristiania slot den 16de juli 1907.
Under rigets segl.
Paa Hans Majesta3t Kongens vegne,
efter bemyndigelse:
Miteltelsen.
J. Loyland.
Sofus A retander.
Harald 'Whiner.
Lehmkuhl.
Otto Jensen.
A. Berge.
Sven Aarrestad.
(L. S.)
Hesselberg.
16 jun.
Nr. 1.

Lov
angauten de forandringer i og tillteg til lovgivningen out
odelsretten og aastedesretten.

Vi tiaakon,

Norges konge, gjor vitterligt:
At Os er bleven forelagt det nu forsamlede, ordentlige
stortings beslutning af 2den juli d. a., saalydende:
§ 1. EfternEevnte eiendomme er odelsfri, saaledes, at de
ikke kan were gjenstand for odelslosning:
1. Grund til anlEeg af bergverker, fabriker og andre industrielle anlwg af enhver art — de i § 2 nEevnte dog undtagne
— med al den jord, som skjOnnes under hensyn ogsaa til
fremtidig udvidelse at burde were forenet med anlEegget,
herunder indbefattet grund til boliger for dettes eier, tjenestemEend og arbeidere.
2. SEerskilt matrikulerede hustomter, hvor der bygges eller er
bygget beboelseshus, naar grunden er iidskilt og solgt af
nEermeste odelsmand.
3. De i § 7 omhandlede eiendomme.
§ 2. Anlwg — navnlig for forEedling af jord- eller skogbrugsprodukter — som efter sin beskaffenbed, storrelse eller
ovrige forhold maa ansees som et tilbehor til den jordeiendom,
hvor ankegget er beliggende, fOlger med hensyn til odelslosning
samme regler, som for saadan eiendom foreskrevet.
§ 3. Agter nogen at faa eiendom, hvorpaa oddl hviler,
erklEeret odelsfri for at anvendes paa saadan maade, som er anfOrt i § 1 no. 1, saa kan mm foranstalte spOrsmaalet afgjort
ved lovligt skjon.
Til skjOnnet skal de odelsberettigede hidkaldes ved stevning, som enten med sedvanligt varsel forkyndes for enhver af
dem eller med 3 nimineders varsel kundgjores paa den maade,




1907

er bestemt for mortifikationsstevninger angaaende heftelse 16 jun.
paa fast eiendom.
Nr. 1.
Dersom skjonsmwndene finder, efter de af sagsogeren fremlagte oplysninger og planer, at det tilstrEekkelig er godtgjort,
at eiendommen ved den paatmnkte benyttelse kan frigjores for
oddl i kraft af ovenanforte bestemmelse, saa afgiver de kjendelse
gaaende ud herpaa.
BegjEering orn overskjon kan af enhver af parterne idgives til sorenskriveren inden 4 uger fra underskjonnet. Til
overskjOnnet kan indstevning ske ved bekjendtgjOrelse i KundgjOrelsestidende med 4 ugers varsel. Hvis stevningen forkyndes
for hver enkelt modpart, gjmlder de sedvanlige regler om varslets
lEengde.
Vii eieren ved eiendommens anvendelse befolge planer, der
vEesentlig afviger fra de ved skjonnet forelagte, maa han for at
opnaa sikkerhed mod odelslosning i den udstrmkning, hvortil
niervEerende paragraf giver adgang, optage tilliegsskjon i overensstenimelse med foranstaaende regler.
Efterat saadan kjendelse som na3vnt er afgivet, kan eiendommen ikke loses med odd; er losningssag allerede anlagt,
skal den paa eierens forlangende ha3ves, mod at han erstatter
losningsmanden hams havte omkostninger.
De i denne paragraf omhandlede skjon kan optages ogsaa
efter arbeidets paabegyndelse.
§ 4. Skulde det ved udlobet af 3 aar fra den tid, der
blev optaget hovedskjon i henhold til foregaaende paragraf, vise
sig, at det paatEenkte anlwg ikke er for alvor paabegyndt, skal
de odelsberettigede have adgang til at anlwgge losningssag angaaende eiendommen. Den her nEevnte frist kan under sEeregne
omstEendigheder forlwnges indtil 2 aar ved tilladelse, afgivet af
vedkommende regjeringsdepartement inden fristens udlob.
I de her nEevnte tilfEelde maa odelspaatale vEere paabegyndt
inden 3 aar efter udlobet af den forstnEevnte frist eller i tilfEelde af dennes forltengelse inden 3 aar efter forlEengelsens udlob.
LOsningsberettigede er i disse tilfEelde saavel de personer,
der ved eiendommens afhEendelse var odelsberettigede, som de
senere inden den endelige losningsfrists begyndelse fOdte medlemmer af slegten, forsaavidt disse efter de sedvanlige regler kan
erhverve odelsret.
§ 5. Hvis eier af jord, der pan gnind af anlreg eller
bebyggelse af den i § 1 nr. 1 og 2 omhandlede art er undtagen fra odelslosning, onsker at erhverve retslig afgjorelse herfor, liar han adgang til ved skjon at faa jorden erklEeret odelsfri. Om skjonnet og dets tilstevning samt om muligt overskjon
gjEelder de i § 3 givne regler.
§ 6. Mid et industrielt anlEeg med den jord, som ifolge
§ 1 nr. I antages at burde were forenet med dette, ikke er
SOM

1907

— 248 —

249 —

16 juli. skyldsat som en sterskilt eiendom, men udgjor del af en store,
Nr. 1. saa skal det skjon, sorn faar at trveffe afgjorelse om anlEeggets
odelsfrihed, efter forlangende af en af parterne, fastsatte granserne for den del af eiendommen, som bor hore sammen med
anlagget. Denne del bor uopholdolig sEerskilt skyldsvettes.
§ 7. Saafremt eiendom, hvorpan der hviler odd, agtes
erhvervet af staten eller en kommune, og det er af saregen
interesse for det offentlige, at erhvervelsen sker uden hinder af
odelsret, kan kongen bestemme, at saa skal ske.
Bestemmelsen kan gjores afhEengig af, at eiendommen inden en nEermere angiven frist bliver undergivet den paatankte
benyttelse, eller at dertil sigtende bygningsarbeider eller andre
foranstaltninger inden en saadan frist i et vist omfang bliver
foretagne. Opfyldes ikke det satte vilkaar, begynder sedvanlig
odelslosningsfrist at 10be fra det i beslutningen satte tidspunkt:
berettigede til losning er i dette tilfrelde saavel de personer,
der ved eiendommens afheendelse var odelsberettigede, som de
senere inden losningsfristens begyndelse fodte medlemmer af slegten, forsaavidt disse efter de sedvanlige regler kan erhverve odelsret.
Forinden saadan tilladelse som oven omhandlet meddeles,
skal sporsmaalet have vreret forelagt til udtalelse for nogen af
de til eiendornmen nEermest odelsberettigede, som har bekjendt
opholdssted inden riget, saavelsom for amtsudvalget i det distrikt, hvor eiendommen er beliggende, og tillige for vedkommende herredsstyre.
Er odelssag allerede anlagt for bestemmelsens afgivelse,
stanses ikke sagen derved.
§ 8. Denne by trader i kraft straks.
Er der paa den tid, loven trEeder i kraft, indtraadt adgang for nogen til at gjore gjaldende odelsret til en eiendom.
som omhandles i denne by, da skal den lovgivning, som un
staar ved magt, fremdeles gjEelde med hensyn til bans adgang
til at lose og til, hvad der or losningsret undergivet. Men han
maa da, ifald foraeldelse ikke er begyndt at lobe, forend loven
traadte i kraft, anlagge losningssag inden 3 aar efter den tid;
gjOr ban ikke det, skal loven anvendes ogsaa overfor ham.
Thi har vi antaget og bekrreftet, ligesom Vi herved antager og bekrEefter denne beslutning som by under rigets segl.
C4ivet paa Kristiania slot den 16cle juli 1907.
Paa Hans Majestat Kongens vegne,
efter bemyndigelse:
(hr. Michelson.
J. Lovland.
Sans Aretander.
Harald !Wilmer.
Lehmk Hill.
Otto Jensen.
A. Berge.
Sven Aarrestad.
(L. S.)




1907

Loy

16 juli.
Nr. 2.

indeholdende M181g til og forandring i by af 29de april
1ti99 angaaende befordring af meddelelser ved hjtelp air
telegrailinjer og lignende aniteg.

Vi Haakon,

Norges konge, gjor vitterligt:
At ()s er bleven forelagt det nu forsamlede, ordentlige
stortings beslutning af 2den juli d. a., saalydende:
§ 1. Paa skibe, der forer norsk flag, og som ikke til•
borer den norske orlogsmarine, maa, saavel inden- som udenfor
rigets granser, stationer eller indretninger for telegrafering eller
telefonering uden traad kun anbringes og drives efter forud indhentet tilladelse, der meddeles af kongen eller den, han dertil
bemyndiger, paa visse fastsatte vilkaar og for et nEermere angivet tidsrurn. Tilladelsen kan naarsamhelst tilbagekaldes, naar
de opstillede vilkaar ikke overholdes.
Paa skibe, der fOrer fremmed flag og befinder sig paa
norsk sjoterritorium, maa
selv om der for samme haves tilladelse fra det fremmede lands myndigheder — telegrafering og
telefonering uden traad kun ske under iagttagelse af tie bestemmelser, som heroin hates af kongen eller den, han dertil bemyndiger, af hvem forovrigt al telegrafering eller telefonering
fra saadanne skibe kan forbydes, forsaavidt omstEendighederne
kan skjonnes at krEeve dette.
§ 2. De i by af 29de april 1S99 under § 1, 2det passus, nmvnte undtagelser vedrOrende driften af aniseg, som kun
benyttes af en kommune eller privatmand til eget brug, eller
som jernbanerne udforer af hensyn til sin egen drift, gjeelder
ikke, forsaavidt angaar driften af anlwg for telegrafering eller
telefonering uden traad.
§ 3. Overtreedelser af foranstaaende bestemmelser straffes
paa den i by af 29de april 1899 § 6 omhandlede maade.
TN hal. Vi antaget og bekraftet, ligesom Vi herved antager og bekriefter denne beslutning som by under rigets segl.
Givet paa Kristiania slot den 16de juli 1907.
Paa Hans Majestat Kongens vegne,
efter bemyndigelse :
(
1hr. Michelsen.
Harald Bothner.

.1. 1,01-land.
Sofus Aretander.
Lehmkuhl.
Otto Jensen.
A. Berge.
Sven Aarrestad.
L. S.)
Hesselberg.

Hesselberg.

4

1907

— 250 —

Lov

16 juli.
Nr. 3.

om hamlets n IP ri

Vi Haakon,

Norges konge, gjor vitterligt:

At Os er bleven forelagt det nu forsamlede, ordentlige
stortings beslutning af 10de juli d. a., saalydende:
Forste kapitel.
Kjobmandsh andel.
§ 1. Naar ikke andet udtrykkelig er sagt i denne by,
udkrmves handelsret som kjobmand af den, som for egen regning, selv eller gjennem andre, vii handle med dertil indkjobte
varer eller drive kommissionshandel, handelsagentur, boghande
l,
vekseler- eller bankforretning.
Dette gjmlder ogsaa forbrugsforeninger, selv om de irdkjobte varer bare slges til foreningens medlemmer.
Bankindretninger, som er oprettet ved by eller er offentlig godkjendt, tiltrwnger ikke handelsret.
Uden handelsret kan hvemsomhelst give en kjobmand
varer i kommission.
§ 2. Nringsbrev paa kjobmandshandel (handelsbrev'
meddeles fuldmyndige indvaanere af riget efter skriftlig soknad.
Denne skal were ledsaget af:
ent e n: vidnesbyrd om, at ansogeren i mindst 3 aar
— indenlands eller udenlands — liar vwret fuldmwgtig,
handelsreisende, handelsbetjent eller kontorist ved nogen af (le forretninger, som er nwvnt i § 1, eller ved en industriel virksomhed, eller at han i samme tidsruni liar vwret farmaceu
t
ved indenlandsk apotek ;
eller: afgangsvidnesbyrd fra en skole med bogholder
i son'
skolen maa were godkjendt dertil af vedkommende (1(.1):11t,ment;
eller: vidnesbyrd fra to trovmrdige personer,
som i mindst
fern aar har drevet og fremdeles driver nogen
af de forretfinger, som er nmvnt i § 1, eller nogen industrie
l virksomhed, °in at han har fornoden kyndighed i
handelsbogholderi (jfr. § 11). Dette vidnesbyrd skal were
udfeerdiget
efter forskrift, fastsat af vedkommende departem
ent.
Med indvaanere af riget menes i denne by
enhver, som
har opholdt sig i landet uathrlitit i inindst 1
aar og fremdeles
er bosat her.
§ 3. Handelsbrev udflerdiges i kjobstad
og ladested af
inagistraten, paa landet i f I ensmanden, mod den
godtgjorelse,
som sportelloveu fastsa-tter, og indfores i en
godkjendt bog.




— 251 —

1907

Om handelsbrevets udstedelse sendes straks underretning til 16 juli.
politimesteren, hvis denne ikke tillige er magistrat, og paa Ian- NI% 3.
det til ordforeren.
Opsigelse af handelsbrev foregaar hos den myndighed,
som har udfmdiget det.
§ 4. Udelukket fra at opnaa handelsbrev er enhver, som
ved dom for strafbar gjerning er frakjendt statsborgerlige rettigheder eller er i det ti1flde, som grundlovens § 52 a neevner.
Handelsbrev kan heller ikke meddeles skibsforere, lodser,
embedsmeend, politiets og toldvmsenets tjenestemmnd, apotekere
og offentlig godkjendte vragere. Det samme gjeelder den, som
lever i egteskab med nogen, som har en af disse stillinger.
Fritagelse fra forskrifterne i dette led af paragrafen skal dog
kunne gives af kongen eller den, han overdrager det til.
§ 5. Handelsbrev kan loses hvorsomhelst i riget, i eller
udenfor bostedskommunen, men ikke i mere end en kommune
paa samme tid. Handelsbrevet giver ret til handel fra et fast
udsalgssted eller andet forretningssted i den kommune, som det
lyder paa. Bankvirksomhed kan dog med hjemmel af samme
handelsbrev udoves samtidig i flere kommuner og fra flere forretningssteder. Ligesaa skal sam.virkende (kooperative) handelsselskaber have ret til at have mere end et udsalgssted i nringskommunen, dersom de bare seelger til sine medlemmer,
naar vedkommende handelsselskab loser handelsbrev for hvert
enkelt udsalgssted.
En kjobmand kan have kontor paa et andet sted i neeringskommunen end udsalgsstedet ; men han maa da ikke levere
varer fra kontoret. Solgte varer kan leveres fra pakboder eller
andre oplagssteder, selv om disse bigger adskilte fra udsalgsstedet. Det er forbudt kjobmwnd at lade varer falbyde ved
ombring eller udenfor markedstiden at udstille varer til salg
paa offentlige steder.
Naar en forretning aabnes eller flyttes indenfor neeringskommunen, skal vedkommende melde det til politiet.
§ G. Kjobmand kan ikke opnaa nyt handelsbrev i nogen
anden kommune, for han har opsagt sit tidligere handelsbrev,
og der er gaaet et aar, siden dette blev udstedt.
Hvis ikke seerlige oinsteendigheder maatte tale derimod,
skal et opsagt handelsbrev, med fornoden paategning af naeringskommunens magistrat eller lensmand, gjwlde som sikkerhed for,
at ansogeren fyi(ler de vilkaar, som er nvnt i § 2.
Fritagelse fra forskriften i denne paragrafs forste led kan
gives af kongen eller den, han overdrager det til.
§ 7. Den handelsret, som tilkommer en kjobmand, gaar
over paa hans enke, om hun ikke selv allerede for ham b andelsret. For at hun skal kunne vedblive at udove den han-

1907

•)"•)

— 261 —
16 juli. delsret, hun saaledes liar faaet, maa hull
inden 6 maaneder
Nr. 3. efter mandens dod godtgjore for den myndig
hed, som er nsevnt
i § 3, enten at hun fylder vilkaarene i § 2 (jfr. § 4), eller at
him driver sin forretning gjennem fuldmwgtig, som fylder disse
vilkaar. Arviug over 18 aar kan drive forretningen, indtil han
bliver fuldmyndig, naar det sker gjennem fuldmmgtig,
som
godtgjor, at han fylder de nmynte vilkaar.
§ 8. Dersom ansvarlige selskaber og kommauditselskaber
(derunder ogsaa kommanditaktieselskaber) skal kunne drive
nogen
virksomhed, som kraever handelsret, maa enhver deltage
r, som
liar ret til at tegne selskabets navn, have handelsbrev
i vedkommende kommune. Ingen af disse kan da samtid
ig udove
sin handelsret paa Linden maade.
Aktieselskaber og andre selskaber med begroenset ansvar
kan meddeles handelsbrev og drive handelsmering,
saalainge en
deltager, som or medlem af styret, fylder vilkaar
ene i § 2,
jfr. § 4. Hvem dette er, skal til enhver tid
vaare opgivet for
den myndighed, som bar udstedt handelsbrevet.
Hvis de selskaber, som er ncevnt i forrige led,
bruger
forretningsforer eller disponent, skal ogsaa han
fylde de samine
vilkaar.
Som selskab med begramset ansvar regnes
eth-vert selskab med fore end 20 medlemmer eller
med skiftende ruedlemstal eller skiftende kapital, selv om
dets medlemmer er fuldt
ansvarlige.
Om samvirkende selskab ifolge § 5
loser mere end et
handelsbrev i nseringskommunen, er det
nok, naar et medlem
af selskabets styre og i tilfseld
e dots forretningsforer fylder
vilkaarene i § 2, jfr. § 4.
§ 9. Kjobmsend skal betale en
aarlig afgift til nseringskommunen af kr. 25,00 uden fradrag
i sine andre skatter.
Dette &elder, selv om de ingen
forretning driver, eller or bead udenfor nringskommunen.
Afgiften forfalder inden udgangen af januar maaned. Det
forste aar betales afgiften fuldt ml,
naar handelsbrevet loses, enten
det er for eller senere i aaret.
Afgiften kan inddrives ved udpant
ning. Hvis udpantning faafmngt er afholdt, og afgiften
ikke or betalt inden en maaned
derefter, or handelsbrevet sat lid af
kraft.
I de handelsselskaber, som
er nsevnt i § 8, forste led,
skal disse forskrifter gja4de alle
dem, som liar handelsbrev.
§ 10. En kjobmands clodseller konkursbo liar ret til
at udswlge de varer, boet sidder
inde med ved dodsfaldet eller
konkursens aabning, og dodsboet bar
desuden ret til i lebet at
et aar at sselge varer, som or
indkjobt til it( lfylding.
Ingen konkursskyldner bar ret
til at udove anden handelsret som kjobinand end
kommissionshandel eller handelsagen-

•ir



1907

ved lag, bliver derfor § 9 i by om handelen i Finmarken 16 juli.
af 13de september 1830 fremdeles gjagclende.
Nr. 3.
Tiende kapitel.
Forskjellige forskrifter.
§ 32. Enhver kan underhaand eller ved auktion sa31ge
eller udfore nye eller gamle ting, som han kan godtgjore at
have faaet eller kjobt til eget brug. Paa samme maade kan
offentlige myndigheder slge inddragne varer eller hittegods.
§ 33. Naar omstwndighederne maatte tilsige det, kan
det krseves i forelseg af pengebod for overtra3de1se af nogen
af lovens forskrifter om omforselshandel, at vedkommende straks
siger fra, om han vedtager forelgget. Ligeledes kan det fastsmttes i forelsegget, at sigtede hos politiet skal nedla9gge eller
stille sikkerhed for den sum, boden lyder paa, hvis han ikke
straks vedtager forelaagget. Sigtede kan paagribes og swttes i
varetgtsfeengsel, dersom han ikke opfylder disse vilkaar.
Bliver nogen &int for ulovlig at have udovet handelsnring, som er paalagt smrskilt afgift, skal afgiften betales for
den tid, ban bar udovet nwringen.
§ 34. De srlige forskrifter, som gjwlder for salg af
brmndevin, 01, yin, frugtvin og mjod, guld- og solvarbeider,
spillekort, margarin, almindelige maal- og vegtredskaber, lotterisedler, ildsfarlige ting, almanaker, kalendre og fortidslevninger
skal fremdeles staa ved kraft.
§ 35. Naar deune by traeder i kraft, opha3ves det, som
endnu er gjealdende i folgende love: by angaaende borgerskabs
meddelelse til handlende af 8de juni 1818; by om handelen i
Finmarken eller Vest- og Ostfinmarkens fogderier af 13de september 1830 §§ 3 og 5; by om handelen i Nordlandene
m. v. af 9de august 1839 § 3; loy om handelen af 8de august 1842; by om forandringer i samme af 19de august 1845;
by af 17de august 1848, indeholdende nsermere bestemmelser
for den i § 16, litera a i by om handelen af 8de august 1842
lijemlede frihandel, forsaavidt Kristiania by angaar; by af 3die
september 1851, indeholdende forandringer i by om handelen
af 8de august 1842; by af 21de januar 1860, indeholdende
forandring i by om handelen i Nordlandene af 9de august
1839 in. v.; lov af 22de juni 1863, indeholdende forandringer
i den om handelen i Finmarken gjmldende lovgivning undtagen
dens § 8, som bliver gjseldende til udgangen af aaret 1908;
lov om udvidelse af handelsfriheden paa landet af 26de mai
1866; by indeholdende adskillige bestemmelser om politivmsenet
i Kristiania af 26de inai 1866, § 2, litera c, forsaavidt markedshandel angaar; by af 4de juni 1866, indeholdende foraudring
Nwk Lovtidende 1907. lste afdeling nr. 21.
2

— 252 ----

1907

16 juli. delsret, hun saaledes bar faaet, maa hun inden 6 maaneder
Nr. 3. efter mandens dod godtgjore for den myndighed, som er na3vnt

i § 3, enten at hun fylder vilkaarene i § 2 (jfr. § 4), eller at
hun driver sin forretning gjennem fuldmwgtig, som fylder disse
vilkaar. Arving over 18 aar kan drive forretningen, indtil ban
bliver fuldmyndig, naar det sker gjennem fuldmw,gtig, som
godtgjor, at han fylder de nawnte vilkaar.
§ 8. Dersom ansvarlige selskaber og kommanditselskaber
(derunder ogsaa kommanditaktieselskaber) skal kunne drive nogen
virksomhed, som krwver handelsret, maa enhver deltager, som
liar ret til at tegne selskabets navn, have handelsbrev i vedkommende kommune. Ingen af disse kan da samtidig udove
sin handelsret paa anden maade.
Aktieselskaber og andre selskaber med begrwnset ansvar
kan meddeles handelsbrev og drive handelsnring, saalwnge en
deltager, som er medlem af styret, fylder vilkaarene i § 2,
jfr. § 4. Hvem dette er, skal til enhver tid va3re opgivet for
den myndighed, som bar udstedt handelsbrevet.
Hvis de selskaber, som er nEevnt i forrige led, bruger
forretningsforer eller disponent, skal ogsaa han fylde de samme
vilkaar.
Som selskab med begramset ansvar regnes ethvert selskab med flere end 20 medlemmer eller med skiftende medlemstal eller skiftende kapital, selv om dets medlemmer er fuldt
ansvarlige.
Om samvirkende selskab ifolge § 5 loser mere end et
handelsbrev i nwringskommunen, er det nok, naar et medlern
af selskabets styre og i tilfmlde dets forretningsforer fylder
vilkaarene i § 2, jfr. § 4.
§ 9. KjobmEend skal betale en aarlig afgift til nwringskommunen af kr. 25,00 uden fradrag i sine andre skatter.
Dette gjwlder, selv om de ingen forretning driver, eller er bosat udenfor neeringskommunen. Afgiften forfalder inden udgangen af januar maaned. Det forste aar betales afgiften fuldt lid,
naar handelsbrevet loses, enten det er for eller senere i aaret.
Afgiften kan inddrives ved udpantning. Hvis udpantning faafFengt er afholdt, og afgiften ikke er betalt inden en maned
derefter, er handelsbrevet sat ud af kraft.
I de handelsselskaber, som er nEevnt i § 8, forste led,
disse forskrifter gjaalde alle dem, som har handelsbrev.
skal
§ 10. En kjobmands dods- eller konkursbo bar ret til
at udswlge de varer, boot sidder inde med ved dodsfaldet eller
konkursens aabning, og dodsboet har desuden ret til i lobet af
et aar at sEelge varer, som er indkjobt til udfylding.
Ingen konkursskyldner har ret til at udove anden bandelsret som kjobmand end kommissionshandel eller handelsagen-




— 253 —

1907

tur, for boet er sluttet, eller akkord er stadfa3stet af skifte- 16 juli.
retten.
§ 11. Det paaligger enhver kjobinand at fore boger, Nr 3.
som skal vise, hvorledes forretningen gaar, og pengene bruges.

Bogforslen skal altid give oplysning om, hvad der af penge
eller varer er udtaget til kjobmandens og hans families brug.
Der skal i det mindste fores dagbog eller kladdebog, kassebog
og regnskabsbog for fordringshavere og skyldnere (kontobog).
Disse boger skal va3re indbundet, og siderne eller bladene noiagtig numereret, for de tages i brug. Det, som er skrevet i
bogerne, maa ikke gjores ulselig. Heller ikke maa noget blad
rives ud.
Naar forretningen aabnes, skal alle eiendele og gjwldsforpligtelser opfores. Hvert aar foretages noiagtig afslutning af
bogerne. Derefter skal formuesstillingen (status) indfores i en
smrskilt bog og underskrives af forretningens eier, eller om der
flere ansvarlige deltagere, af dem alle. I aktieselskaber og
andre selskaber med begraanset ansvar (jfr. § 8, nmstsidste led)
skal formuesstillingen underskrives af styret.
Ved opgjoret af formuesstillingen maa udestaaende krav
og andre eiendele ikke seettes Mere end til deres sandsynlige
Krav, som er blevet for gainle eller ikke kan ventes
indfriet, maa ikke medtages. Hvert aar skal optages fortegnelse over varerne. Det paaligger enhver kjobmand i 10 aar
at gjemme sine handelsboger, deriblandt ogsaa den bog, som
indeholder formuesopgjoret, med tilhorende varefortegnelse, modtagne forretningsbreve og kopiboger, dersom saadanne er fort.
I aktieselskaber og andre selskaber med begrwnset ansvar
er styrets medlemmer ansvarlige for opfyldelsen af de pligter,
som denne paragraf foreskriver.
Andet kapitel.
Salg af varer af egen tilvirkning. Haandverkeres
udvidede salgsret.
§ 12. Indvaanere af riget liar ret til frit at afstte de
varer, som de her i riget selv har tilvirket eller ladet tilvirke,
naar de iagttager folgende regler:
a. Fast udsalgssted kan tilvirkeren bare have ved sin bolig i
hjemstedskommunen og der, hvor tilvirkningen er foregaaet.
Enhver, som har haandverksborgerskab eller nalringsbrev
paa haandverk, fabrikanter og verkseiere skal dog have
ret til at have endnu et fast udsalgssted i by, naar de
gjor melding derom til politiet. For haandverkere gja4der
dette bare i den by, hvor de driver sit haandverk.

1907
li; juli.
Nr. 3.

— 254 —
b. Salg ved omforsel af varer af egen
tilvirkning er udenfor

tilvirkerens hjemstedskommune og tilgrwnsende kommuner
undergivet reglerne i § 19, sidste led.
§ 13. Enhver,som bar haandverksborgerskab eller
neeringsbrev paa haandverk, kan med hjemmel heraf ogsaa saAge
varer,
som er tilvirket af andre, naar de er af samme slag, som
de
han selv tilvirker, eller er ting, som sedvanlig borer
med til
saadanne varer. Til nmringsdrivende i samme fag kan
han
endvidere slge redskaber og raaemner, som bruges
i hans
neeringsdrift. Den handelsret, som efter denne paragr
af tilkommer en haandverker, kart bare udoves, saa leenge han
kan
godtgjore at drive haandverksvirksomhed, og maa forega
a fra
hans faste udsalgssted eller, hvis han ifolge § 12 har
flere udsalgssteder, fra t af disse.
Tredie kapitel.
()ptagelse af bestillin ger.

§ 14. Bt til selv eller giennem andre at tinge
bort
varer bar:
a. Indvaanere af riget, naar det gjeelder frihandelsva
rer og
varer, som de her i riget har virket eller ladet virke.
b. Rigets kjobmakmd. Udenfor neeringskommunen skal
det
dog bare wpre dem tilladt at tinge bort saadanne
varer
til kjobinwnd og andre nwringsdrivende, som disse omsatter eller bruger som redskaber og raaemner i sin
virksomhed.
c. Handlende og tilvirkere, som ikke er indvaanere af
riget,
i samme udstrwkning som kjobmwnd har udenfor
sin
nwringskommune.
Salg af medbragte monstre og prover maa bare foregaa
efter de regler, som nedenfor er givet om salg ved omfors
el.
§ 15. Handelsreisende, som ikke er indvaanere af riget,
pligter at lose handelspas, dersom de med eller uden
prover,
for egen eller andres regning, vii indlede eller afslutt
e handel
om varer, som skal leveres fra udiandet.
Handelspasset skal loses hos stedets politimyndighed,
naar
den reisende konnner til riget, eller for han begynd
er sin virksombed. Det udfierdiges bare for et eller flere tidsrum
paa
30 dage, regnet fra den dag, passet ridstedes. Det
betales
forskudsvis med en afgift til statskassen, regnet efter
hundre
kroner for 30 dage. Paa ethvert sted, hvor forretninger
soges
indledet, skal handelspasset forevises for politiet,
som uden
godtgjorelse giver det paategning heroin.




— '255 —
Fjerde kapitel.
Salg ved auktion.
§ 16. Det er enhver tilladt ved auktion at foretage de
salg, som ban efter denne by har ret til uden auktion.
Kjobmandsvarer og ubrugte varer, som er tilvirket ved
haandverk eller industri, maa dog ikke seelges ved auktion.
Under srlige omstaandigheder kan vedkommende amtmand efter
soknad give tilladelse hertil.
Ting, som er givet til velgjorende eller almennyttige oiemed, kan frit swlges ved auktion.
Strandede eller havarerede varer kan, selv om eieren ikke
har handelsret, swlges ved auktion paa det sted, hvor de er
fort iland, eller hvor amtmanden efter seerskilt soknad tillader det.
De varer, som et clods- eller konkursbo har ved dodsfaldet
eller konkursens aabning, eller som indehaves af en handelsmand eller haandverker, som vil slutte med sin forretning, og
som derfor opsiger sit nringsbrev, kan uhindret af denne by
seelges ved auktion i naaringskommunen og udenfor den paa
det sted, hvor varerne da var.
Ligeledes kan auktion bruges i able tilfselder, hvor nogen
har ret til mien seerskilt hjemmel at swlge ting, som tilhorer
en anden; endvidere, hvor salg sker til oplosning af sameie,
eller hvor man swlger ting, som en anden bar krav paa, men
udlader at modtage.
De forskrifter, som fastseetter, at salg i visse tilfwider skal
foregaa ved auktion, forbliver i kraft.
Femte kapitel.
1"d forselshandel.
§ 17. Ret til udforsel til fremmede land af indenrigske
varer og af udenrigske varer, som har vret omsat her i riget,
tilkommer bare indvaanere af riget. Udforselsretten er undergivet folgende nwrmere forskrifter:
a. ITden handelsret kan udfores: Frembringelser af jord-,
have- og husdyrbrug — ikke hermetik
vildt, vilde bar
og bloinster, fersk fisk, is, ertser og sten.
b. Den, som har salgsret som tilvirker eller kjobrnand, kan
udfore de varer, salgsretten omfatter.
c. Fiver af norsk fartoi kan i dette udfore varer, som tilhorer ham selv.
For at en kjobmand skal kunne drive udforsel udenfor
nseringskommunen, maa han paa det fremmede sted lade sig
indskrive hos magistraten eller paa landet hos lenstnanden, som

1907
16 juli.
Nr. 3.

_

1907

— 256 --

16 jun. meddeler ham vidnesbyrd om
udforselsret. Dette betales som
Nr. 3. handelsbrev efter § 3.
Den, som ikke er indvaaner af riget, kan ikke melde
varer
til udforsel som fuldinwgtig for nogen anden.
Sjette kapitel.
Frihandel.
§ 18. Frihandel kan bare udoves af rigets
indvaanere.
Helt fri er handelen med frembringelser af haveog jordbrug i naturlig tilstand, vilde bar og blomster,
ved og trgevirke, tory og torvstro, is, levende og slagtede
dyr, ugarvede
huder og skind, kjodvarer, vildt og fjeerfa3, fisk
og fiskevarer,
tillaget mad — ikke hermetik — egg, melk og
flode, nOtursmor, ost, bager- og konditorvarer.
I smaat er handelen fri med mineralvand, som
ikke indeholder gifter, alkoholfrit ol, fyrstikker, saape,
penne, blaek,
brevpapir, konvolutter, blyanter og lak, salt, petrole
um, kul og
koks.
Varerne maa ikke af frihandlerne vwre indfort
fra udlandet.
Hermed er dog ikke gjort nogen fravigelse fra
forskrifterne om de faste udsalgssteder, haandverkere har
tilladelse til
at have (§ 12), eller om udforselshandelen (§
17).
Skoleboger og andre skolesager kan lwrere paa
landet
sa.lge til vedkommende skoles elever.
Syvende kapitel.
Salg ved omforsel.
§ 19. Ved omforsel kan enhver indvaaner af
riget seelge
folgende varer:
a. Sten, sand, mursten, kalk og andet lignende
bygningsvirke,
pottemagerarbeide, fiskeredskaber, baade, baadtilbehor
og
forarbeidede tondebaand af tree.
b. Varer, som han kan godtgjore er frembra
gt ved indenlandsk landbrug eller fiske.
Ti! omforselshandel regnes ogsaa salg fra
jernbanevogn,
fartoi eller baad, midlertidig herberge, boder og
telte, som er
midlertidig opfort eller kan flyttes, eller fra andet
oplag eller
udsalgssted, som smlgeren bare bruger til enkelte
tider af
aaret.
Omforselshandel efter denne paragraf maa ikke drives
fra
samme udsalgssted leengere end 2 maaneder i et
treek eller i
samme kalenderaar mere end 4 maaneder ialt.
Saafretnt om-




957

1907

forselshandelen varer over fjorten dage, skal slgeren melde 16 juli.
det til politiet.
Nr. 3.
§ 20. Udenrigske varer, som er indfort her til riget,
kan hvemsomhelst, fra det fartoi, den band eller jernbanevogn,
som varen er indfort i, seelge til rigets kjobmsend og til andre
neeringsdrivende inden riget, som omsmtter eller bruger saadanne varer i sin virksomhed.
§ 21. Varer, som seelgeren godtglor er tilvirket ved
indenlandsk husflid, — dog ikke fmrdige klmder og skotoi —
kan indvaanere af riget swlge ved omforsel efter skriftlig til1adelse af politiet. Det samme gjwlder ubrugte trykte boger.
Tilladelsen udstedes for kalenderaaret og for det enkelte politidistrikt eller dele deraf. Den maa altid fores med og forevises, naar det kreeves. Den kan naarsomhelst tilbagekaldes,
dersom politiet finder grund dertil.
18, 1,
§22. Udenfor de tilfeelder, som er nwvnt i §§ 12 b,
9
20, 21, 24 og 25, kan omforselshandel bare foregaa
paa landet i Nordlands, Tromso og Finmarkens amter og bare
i de af disse amter, hvor det bliver fastsat af kongen efter
vedkommende amtstings forslag.
Den, som vii drive slig handel, skal hertil lose et nwringsbrev, som skal lyde paa vedkommendes navn og gjmlder for
kalenderaaret. Nmringsbrevet udfmrdiges uden godtgjorelse af
politimesteren (fogden), i byerne magistraten paa vedkommendes
hjemsted. Den handlende skal altid fore det med sig og fremvise det, naar det krmves.
Neeringsbrev paa omforselshandel meddeles bare fuldmyndige indvaanere af riget. Det bor ikke tilstaaes nogen, som
hat. overskredet den nmringsret, han for har havt, eller har
gjort sig skyldig i strafbar gjerning, som kan medfore hoiere
straf end pengebod, eller som kan mistwnkes for at va.re losgjmnger eller tigger. Under de samme omstaandigheder kan
den politimyndighed, som har rtdstedt neeringsbrevet, naar som
heist tilbagekalde det, ligesom det stedlige politi ved paategning kan swtte det ud af kraft indenfor sit embedsomraade.
1 hvert amt, hvor neeringen agtes udovet, skal neeringsbrevets indehaver uden fradrag i sine andre skatter betale en
afgift til amtskommunekassen af ikke under kr. 25,00 og ikke
over kr. 200,00 efter amtstingets afgjorelse. Afgiften kan
indenfor disse greenser fastsmttes til forskjellige belob efter
handelens art, udoverens hjemsted i eller udenfor amtet eller
andre lignende omsteendigheder. Den maa vwre indbetalt til
nmnneste lensmand i vedkommende amt og paategning derom
paafort neeringsbrevet, for handelen kan begynde. For dette
tilkommer lensmanden kr. 2,00 af den neeringsdrivende.

1907

— 258 —

16 juli.
Uhindret af denne paragraf kan den, som indenfor vedNr. 3. kommende kommune driver handel enten som kjobmand eller

som tilvirker efter § 12, bruge til fast udsalgssted en bod
eller lignende, som er midlertidig opfort eller kan flyttes. Ligesaa skal hans udsalgssted gjwlde som fast, selv om han bare
bruger det en kortere tid.
§ 23. Chid- og solvsager, smykker, spillekort, lommeure
og lgemidler maa ikke saalges ved omforsel.
§ 24. Den salgsret, som tilkommer nogen efter denne
by, kan ogsaa udoves paa ethvert offentligt marked, naar det
gjallder ting, som det er tilladt at swlge paa markedet. Den,
som driver omforselshandel efter § 22, har dog bare salgsret
paa offentligt marked indenfor det amt, hvor han ifolge sit
nringsbrev har ret til at handle.
De nwrmere regler om markedshandel og om afgift for
den faststtes ved kommunal vedtwgt.
§ 25. Naar det ikke strider mod kommunal vedteegt,
kan politiet give tilladelse til ved omforsel inden vedkommende
kommune at swlge blade, billeder, festtegn og andre smaating
og til ved enkelt leilighed i velgjorende eller almennyttigt oiemed at sEelge ting, som er indkjobt dertil. Tilladelsen kan
enten were almindelig eller gjaalde for enkeltmand. Saadan
handel skal vaare underkastet de regler, som er givet derom i
vedtwgt eller af politiet.
Paa samme maade kan tilladelse gives til at swlge blade,
tidsskrifter, reiselwsning, frimerker og brevkort fra udsalgsboder
paa gade, plads eller privat jernbane- eller sporveisstation.
Uden kommunal vedtwgt kan sligt salg tillades af jernbanestyrelsen paa statsbanernes stationer og af poststyrelsen
paa postskibene.
Ottende kapitel.
Visse smrskilte slags handel.
§ 26. Gifter og apotekvarer maa bare smlges fra rigets
apotek, naar ikke andet udtrykkelig er fastsat i denne by.
Det tilkommer kongen at fastsmtte, hvad som skal regnes
for gifter og apotekvarer, og i hvilken udstrsekning dette skal
gjEelde for hver enkelt vare. Forslag derom skal forud were
afgivet af et udvalg, som opnEevnes af kongen, og som skal
sammensmttes af 2 apotekere og 3 andre medlemmer, tilhorende
handel og industri. De forskrifter, som saaledes bliver fastsat,
skal paa samme maade undergives et gjennemsyn hvert 10de
aar. Udvalgets forslag skal kundgjores mindst 3 maaneder,
for kongen fatter sin afgjorelse.
Paa samme Maade skal det fastsaAtes, hvad som skal
regnes til den afdeling af gifter, som er nEevnt i § 27 a, og




— 259 —

1907

hvilke ting der skal kunne seelges baade af apotekere og af 16 juli.
Nr. 3.
kjobmEend.
Kongen eller den, han overdrager det til, kan gjore saadanne mndringer i de udfmrdigede forskrifter, som i tiden
mellem hvert gjennemsyn viser sig nodvendige, og tillige afgjore, om nye ting, som efter sidste gjennemsyn er kommet i
handelen, skal komme ind under apotekeres salgsret eller enehandel.
Naar det efter denne paragraf fastsaattes, hvad som skal
komme ind under apotekeres enehandel, skal det haves for oie,
at der ikke bliver gjort storre indskrwnkninger i handelen
med stoffer, som bruges til kunst, husflid og industri, end
sundhedshensyn krwver.
Denne paragraf skal ikke vmre til hinder for, at der fra
apotek seelges ogsaa andre ting end de, som her er nawnt,
naar de bruges i sundheds- eller sygepleie.
§ 27. For salg af apotekvarer og gifter udenfor apotek
skal gjaalde folgende forskrifter:
a. Med politiets tilladelse kan kjobmEend sw4ge gifter, som
ikke er sserlig farlige, og som i storre udstreekning har
teknisk anvendelse.
b. Med vedkommende departements tilladelse kan alle slags
gifter og apotekvarer swlges af kjobmmnd, som har de
egenskaber, som kraaves for at blive apoteker, eller som
paa anden maade har godtgjort, at de har den nodvendige
uddannelse og varekundskab.
Det salg, som er neevnt i denne paragraf, kan bare foregaa til andre kjobmsend, som har ret til at seelge vedkommende
ting, og til apotekere, fabrikanter eller andre industridrivende,
som bruger dem i sin virksomhed, og til bestyrere af offentlige
laboratorier og videnskabelige indretninger, som ikke or sygebus eller pleiehjem. Tilvirkere af gifter og apotekvarer kan
bare spalge sine varer til de kjobmEend og forbrugere, som er
neevnt i denne paragraf.
Det salg, som or neevnt i denne paragraf, skal foregaa
efter faste regler for saadanne varers opbevaring, forsendelse
og afheendelse og for tilsynet dermed. Disse regler udfmrdiges
af kongen eller den, han overdrager det til.
§ 28. Handel med brugte eller kasserede ting kan bare
drives efter sserskilt tilladelse af politiet. Afgift af saadan
peering og forskrifter for udovelsen af den kan fastseettes ved
kommunal vedteegt.
Niende kapitel.
Smrskilte forskrifter for de nordlige landsdele.
,
§ 29. Folgende seerskilte forskrifter skal gja lde i Nordland, Tromso og Finmarkens amter:

1907
16 jun.
Nr. 3.

— 260 —
a. Salgsret efter § 20 tilkommer bare indvaanere af riget.
b. Russiske undersaatter, som driver fiske fra de steder,
som er nawnt i by om th-lcerierne i Finmarken af 13de
september 1830 § 40, skal indtil videre have ret til paa
disse steder at seelge sin fangst.
C. I Vesteraalens distrikt af Nordlands amt og i Tromso og
Finmarkens amter skal &mere af russiske fartoier fra
egnene om Hvidehavet og Nordishavet indtil videre have
ret til fra 15de juni til 30te september af alle og enhver,
for egen eller andres regning, at kjobe eller mod vederlag
i fiskeredskaber, hamp, jern, korn, mel, gryn, seildug,
tjmre, taugverk og treevirke at tilbytte sig og selv opgive
til udforsel raa og saltet fisk.
Forskrifterne i dette led kan kongen efter amtstingets
soknad udvide til at gjwlde ogsaa steder indenfor Lofotens
distrikt. De kongelige resolutioner af 19de april 1879 og
19de december 1881 om makketidshandelens udvidelse til
enkelte steder i samme distrikt skal gjmlde indtil videre
med de a3ndringer, som folger af denne by.
d. Lov af 27de juni 1892 om forbud mod udforsel af tr
virke in. v. fra Nordland, Tromso og Finmarkens amter
og by af 20de februar 1904 til forebyggelse af smughandel med spirituose drikke i Tromso stift og Namdalens
fogderi af Nordre Trondhjems amt bliver fremdeles gjwldende.
§ 30. Russiske undersaatter fra greenseegnene og svenske
undersaatter skal indtil videre have ret til paa offentlige markeder i Tromso og Finmarkens amter at seelge til able og enhver disse egnes frembringelser af de almindelige landboweringer, jagt og husflid.
§ 31. Det paaligger den, som har handelsbrev paa
landet i Tromso stift, at modtage opnwvnelse som gjestgiver.
Smrskilt for Finmarkens amt skal gja31de folgende afvigelser fra lovens almindelige regler:
a. Det paahviler den, som har handelsbrev paa landet, at
overtage tinghold og afgive hue til ekstraretter og at
gjore tjeneste som dampskibsekspeditor og postaabner mod
den godtgjorelse, som er eller bliver fastsat.
b. Naar nogen loser handelsbrev paa landet, skal han istedet
for den godtgjorelse, som er fastsat i sportelloven, betale
en afgift af kr. 40,00 til Finmarkens braandevinsafgiftskasse.
c. Denne by gjor intet skaar i den handelsret, som er tilstaaet russiske undersaatter ved overenskomst af 8de mai
—26de april 1838. Saala3nge denne overenskomst staar




— 261 —

1907

ved lag, bliver derfor § 9 i by om handelen i Finmarken 16 in]i•
af 13de september 1830 fremdeles gjmldende.
Nr. 3.
Tiende kapitel.
Forskjellige forskrifter.
§ 32. Enhver kan underhaand eller ved auktion sa4ge
eller udfore nye eller gamle ting, som han kan godtgjore at
have faaet eller kjobt til eget brug. Paa samme maade kan
offentlige myndigheder seelge inddragne varer eller hittegods.
§ 33. Naar omstndighederne maatte tilsige det, kan
det kreeves i forelg af pengebod for overtrmdelse af nogen
af lovens forskrifter om omforselshandel, at vedkommende straks
siger fra, om han vedtager forelwgget. Ligeledes kan det fastseettes i foreleegget, at sigtede hos politiet skal nedleegge eller
stille sikkerhed for den sum, boden lyder paa, hvis han ikke
straks vedtager forel2egget. Sigtede kan paagribes og sttes i
varetwgtsfeengsel, dersom han ikke opfylder disse vilkaar.
Bliver nogen (lomt for ulovlig at have udovet handelsnwring, som er paalagt srskilt afgift, skal afgiften betales for
den tid, han bar udovet nmringen.
§ 34. De swrlige forskrifter, som gjeelder for salg af
braandevin, 01, yin, frugtvin og mjod, guld- og solvarbeider,
spillekort, margarin, almindelige maa1- og vegtredskaber, lotterisedler, ildsfarlige ting, almanaker, kalendre og fortidslevninger
skal fremdeles staa ved kraft.
§ 35. Naar denne by tra3der i kraft, ophawes det, som
endnu er gjepldende i folgende love: by angaaende borgerskabs
meddelelse til handlende af 8de juni 1818; by om handelen i
Finmarken eller Vest- og Ostfinmarkens fogderier af 13de september 1830 §§ 3 og 5; by oin handelen i Nordlandene
in. v. af 9de august 1839 § 3; by om handelen af 8de august 1842; by om forandringer i samme af 19de august 1845;
by af 17de august 1848, indeholdende neermere bestemmelser
for den i § 16, litera a i by om handelen af 8de august 1842
hjemlede frihandel, forsaavidt Kristiania by angaar; by af 3die
september 1851, indeholdende forandringer i by om handelen
af 8de august 1842; by af 21de januar 1860, indeholdende
forandring i by om handelen i Nordlandene af 9de august
1839 in. v.; by af 22de juni 1863, indeholdende forandringer
i den om handelen i Finmarken gjmldende lovgivning undtagen
dens § 8, som bliver gjmldende til udgangen af aaret 1908;
by om udvidelse af handelsfriheden paa landet af 26de mai
1866; by indeholdende adskillige bestemmelser om politiveesenet
i Kristiania af 26de mai 1866, § 2, litera c, forsaavidt markedshandel angaar; by af 4de juni 1866, indeholdende forandring
Norsk Lovti(len(le 1907. 1ste afdeling nr. 21.
2

1907

— 262 —

le. jun. i by om ledelen af 8de august 1842; by om forandringer i
Nr. 3. handelslovgivningen af 24de mai 1873; by af 3die juni 1874
oin forandringer i de om makketidshandelen i Nordlands, Tromso
og Finmarkens amter gjEeldende bestemmelser ; by indeholdende
forandring i lovgivningen om konkurs m. v. af 3die juni 1874
§ 5, forsaavidt handelsmsend angaar; by af 22de mars 1879
om forandring i de om makketidshandelen i Nordlands amt
gjoeldende bestemmelser; by om udskibningsret af 15de juni
1882 §§ 1-3; by angaaende borgerbreve af 4de juli 1884,
forsaavidt angaar borgerbrev paa handelsnring; by om skydsvsesenet af 14de juli 1893 § 71; by om forandring i handelsog haandverkslovgivningen af 29de juni 1894, forsaavidt angaar kvinders adgaug til at erholde handelsbrev; by af 21de
juli 1894 om delvis omordning af det civile embedsvEerk, § 3 b,
forsaavidt angaar udstedelse af handelsbrev i landdistrikterne ;
by om skat paa udenlandske haudelsreisende af 27de juli
1896 og tillsagslov til samme af 13de mai 1899; by om indforsel af apotekervarer samt om handel med gifte og arkana af
16de mai 1904, forsaavidt angaar § 1, 4de og 5te led; by
af 26de mai 1906 om forandring i by om handelen af 8de august
1842, og ellers enhver forskrift, som strider mod denne boy.
§ 36.
Den, som udover handelsret med hjemmel af
handelsborgerskab, handelsbrev eller landhandlerbevilling, naar
denne by trwder i kraft, skal have ret til at drive handelsnring som kjobmand efter denne by og skal i able maader
vwre ligestillet med en saadan. Dette gjwlder ogsaa den, som
udover handelsret med hjemmel af fast stationshold paa landet,
saalmage den overenskomst om stationsholdet staar ved lag,
som han bar, naar loven trseder i kraft.
Den handelsret, som efter § 2 i by af 22de juni 1863
om forandring i lovgivningen om handelen i Finmarken, drives
paa flere steder samtidig, naar denne by trEeder i kraft, kan
indehaveren fremdeles udove. Den gaar over paa hans enke
og mindreaarige livsarvinger og kan fornyes af bans myndige
livsarvinger, naar forskrifterne i denne lovs §§ 7, 2 og 3 iagttages. For enken og arvingerne bortfalder dog denne ret til
at drive handel paa flere steder 50 aar, efter at denne by er
traadt i kraft. Den aarlige afgift, som kjobmEend skal svare
efter § 9, betales af hver handelsret, som vedkommende udover.
§ 37. Enhver, som loser handelsbrev, efterat denne by
er traadt i kraft, skal finde sig i, at de rettigheder og pligter,
som han faar efter donne boy, bliver a3ndret ved fly boy.
§ 38. Denne by trseder i kraft lste juli 1908.
De forskrifter, som trmnges til dens gjennemforelse, gives
af kongen eller den, han overdrager det til.




— 263 —

1907

Forskrifter, som fastseettes ved kommunal vedtwgt efter It;
Nr.
denne boy, maa have kongens stadfmstelse.

•I

Thi har Vi antaget og bekrsaftet, ligesom Vi herved antager og bekroefter denne beslutning som by under rigets segl.
Givet paa Kristiania slot den 16de juli 1907.
Paa Hans Majestmt Kongens vegne,
efter bemyndigelse:
(hr. Miehelsen.
.1. Lovland.
Sofus Aretander.
Harald Bothner.
Lehmkuhl.
Otto Jensen.
A. Berge.
Sven Aarrestad.
(L. S.)
Hesselberg.

Kongelig resolution

II; juli.

af 16de ,juli.
I henhold til by af 22de mai 1875 angaaende adgang til
at give dramatiske og andre offentlige forestillinger, dens § 4,
meddeles stadfaestelse paa en af herredsstyret for Voss herre d,
Sondre Bergenhus amt, under lste juni 1907 fattet beslutnitig
angaaende forandring i de ved kongelige resolutioner at 27de
juli 1896 og 8de juni 1907 approberede p ol it ivedtwgter for
bemeldte herred.
Beslutningen er saalydende :
*Sangerhus, karussel, kunstberidning. kaplobning, ekvilibristiske og lignende forestillinger, rnenagerier, panoramaer og
andre sevwrdigheder saint skydebane, ringkastning og deslige
maa ikke holdes uden politiets tilladelse«.

Kongelig resolution
af 16de juli.
I henhold til by af 19de april 1899 angaaende beskyttelse
at born mod brug af tobak meddeles stadfa3stelse paa en af
herredsstyret for I`or de h er re d, Nordre Bergenhus amt, under

1 t; jult.

4?
-6

1907
1 ti

— 264 —

jun. 26de mars 1907 fattet beslutning til vedtgt angaaen
de
salg af tobal; til born m. v.
VedtEegten er saalydende:
§ 1. »Salg af tobak i bvilkensomhelst form til 1,arn under
15 aar skal vEere forbudt, uanseet om tobakken al barnet
angives kjobt til dets eget eller andres brug.
§ 2. Det skal ligeledes vEere forbudt at kjobe tobak
i
nogen form til brug for eller efter opfordring af barn
under
15 aar samt at overlade saadant barn tobak som
gave eller i
laan eller bytte eller mod vederlag i arbeide eller
personlige
tjenester.
§ 3. Barn under 15 aar, der nyder
tobak paa offentlig
plads eller vei, i offentligt forsamlingslokale
eller paa andet
offentligt sted, kan af politiets tjenestemaend fratages
tobakken,
piben eller andet redskab, som barnet i tilfwlde
benytter.
§ 4. OvertrEedelser af denne vedtEegt straffes
med boder
efter lovenc.

16 jul.
l

Kongelig resolution
af 16de juli.

1)e af Haugesunds bystyre i mode den
3die juni 1907
vedtagne regler for handel med brugte
eller kasserede
gjenstande i Haugesund i medhold af
§ 2 c i by om
handelen af 8de august 1842, jfr. by af
26de mai 1906, stadfaestes som gjEeldende indtil videre
med den forandring, at
reglernes § 9 gives folgende ordlyd:
At disse regler skal et eksemplar
were opslaaet i den
handlendes forretningssted.
De approberede regler er efter dette
saalydende:
§ 1. For tilladelse til handel med
brugte eller kasserede
gjenstande erkegges en aarlig afgift til
bykassen af 10 kroner.
Tilladelsen gjEelder kun for et kalenderaa
r ad gangen og kan
tilbagekaldes, hvis disse regler ikke
overholdes.
§ 2. Handelen maa kiln drives
paa steder og i rum, som
godkjendes af politiet, og de indkjobte
eller modtagne gjenstande
maa ikke opbevares udenfor disse
steder eller rum. Over indgangsdoren skal den handlendes navn
were saa tydelig angivet,
som af politiet inaatte bestemmes.
§ 3. De indkjobte eller
modtagne gjenstande maa ikke
fjernes fra lokalet, afhmndes,
forandres, smeltes eller tilintetgjOres for 7 dage er forlobne efter den
(lag, da de kom i den
handlendes besiddelse. De skal paa
passende maade forsynes
med merkelap med Hummer.




'265 —

1907

§ 4. Pen handlende skal fore en at politiet p,rodkjendt 14;
fortegnelse over de indkjobte eller modtagne gjenstande. I fortegnelsen skal anfores gjenstandenes nummer (som paa merkelappen), tygelig angivelse eller betegnelse af gjenstanden, dagen
for modtagelsen, den persons navn, stilling og adresse, at hvem
den or kjobt eller modtaget, dagen for salget eller afhiendelsen
samt den persons navn, stilling og adresse, til hvent den or
afhndet.
Den handlende er pligtig til naarsomhelst for politiet at
fremliegge saavel denne fortegnelse som enhver gjenstand, der
befinder sig i hans verge, hvad enten den or opfort i fortegnelsen eller ikke.
§ 5. Den handlende maa ikke kjobe eller modtage brugte
eller kasserede gjenstande af personer, som skjonnes at were
under 18 aar, eller af ukjendte personer, som ikke paa betryggende maade kan legitimere sig.
§ 6. Fra kl. 8 aften til kl. 6 morgen maa ikke handel
med heromhandlede gjenstande foregaa.
§ 7. }Ira bestemmelserne i §§ 2 og 3 knn politiet i
sferlige tilfEelde meddele fritagelse.
§ 8. Overtrmdelse at disse regler straffes overensstennnende
med straffelovens §§ 336 og 339 II.
§ 9. AI disse regler skal et eksemplar were opslaaet i
den handlendes forretningsAed.

Kongelig resolution
be juli.
I medhold af by om fredning al' ferskvandsfisk af 30te
mai 1894 § 1 fastsEettes folgende fiskefredningsbestemmelser
som gjEeldende indtil videre for Tunevandet i Tur e herred,
Smaalenenes amt:
1. Alt fiske skal were forbudt fra og med 1ste november til
og med 31te mars.
2. Alt fiske skal ligeledes va3re forbinit fra fredag eftermiddag
kl. 6 til mandag eftermiddag kl. 6 i tiden fra og med late
til og med 31te oktober.
lirugen af vad og pilk som fiskeredskab skal vEere forbudt.
3.
Overtraedelse af disse bestemmelser straffes efter loven.
Hoieste resolution af 1()de oktober 1904 angaaende fredningsbestemmelser for samme vand ophwves.
Denne resolution traeder i kraft straks.

16 juli.

— 267 —

1907

Kongelig resolution

Kongelig resolution

16 juli.

af 16de juli.

af 16de juli.

966 --

1907

16 juli.

I medhold af by om pigtraads anvendelse til gjEerde
af 14de juli 1893 § 1 meddeles stadfEestelse paa en af Ytre
Holmedals herredsstyre, Nordre Bergenhus amt, under 7de
mai 1907 fattet beslutning, hvorved er bestemt:
Pet skal vEere forbudt i Ytre Holmedals herred at svette
op gjEerder med pigtraad:
a. ved alle veie for almen fmrdsel,
b. wed kreaturveie (»feraaser«),
c. i delelinjer mellem naboer.
Tidligere af pigtraad opforte gja3rder maa ikke repareres
med pigtraad undtagen i de tilfEelde, hvor det ifolge ovenstaaende er tilladt at anvende pigtraad.
Overtreedelse af disse forskrifter straffes efter loven.

Kongelig resolution

16 juli.

af 16de ,juli.
I medhold af by om fredning af ferskvandsfisk af 30te
mai 1894 § 1 bestemmes, at det indtil videre i samtlige vasdrag
og fiskevand i Nes herred, Akershus amt, skal were forbudt
at anvende folgende fiskeredskaber:
1. Vad, garn eller andre bundne redskaber af mindre maskevidde end 32 mm., maalt mellem knuderne i vaad tilstand.
2. Bakke eller rev.
3. Teine af kvist eller vidier.
4. Lyster.
5. Derhos forbydes ethvert fiske i mai maaned i tiden fra
lordag middag kl. 12 til tirsdag middag kl. 12.
Dog er herved ingen forandring gjort i de for Kampaaen og Utsjoen wed hoieste resolution af 18de juli 1891 fastsatte fiskeriregler: for andre elvestrEekninger og vande eller
tjern, der danner grEense mod naboherred, skal gjEelde de samme
regler som i vedkommende naboherred.
OvertrEedelse af de i nEervEerende resolution indeholdte bestemmelser straffes efter loven.




I medhold at by om fredning af ferskvandsfisk af 30te mai
1894 § 1 bestemmes, at der for F an e herred, Sondre Bergenhus amt, indtil videre skal gjEelde folgende fisk er i re gler :
1. Paa en streekning Aances—Faneelven, der forbinder Kallandsvandet og Klokkervandet, 25 meter ovenfor jernbanebroen og 75 meter nedenfor denne, skal alt fiske med
hvilketsomhelst redskab til enhver tid vwre forbudt.
9
.
Fra 15de oktober til 15de mars, begge dage medregnede,
skal alt fiske were forbudt.
3, I tiden fra 15de oktober til 15de november, begge dage
medregnede, skal det vEere tilladt at drive fangst af rør
med redskaber, hvis maskevidde ikke er mindre end i post
4 anfort. Dog maa saadant fiske kun foregaa paa rorens
sEedvanlige gydepladse. Enhver, som vii drive dette fiske,
maa hvert aar mindst 3 dage for fiskets begyndelse undervette lensmanden eller opsynet, hvor saadant er anordnet,
herom.
4. Pet skal til enhver tid were forbudt at bruge lyster, oter
og teiner saavelsom not og garn eller andre bundne redskaber, der i vaad tilstand har mindre afstand mellem knudemo end:
a) For fisket i Kallandsvandet og Klokkervandet (Smedviksvandet) saavelsom i det vasdrag, der forbinder
disse vande samt i de i vandene faldende elve og
bmkke saa langt som orret fra vandene kan gaa op,
2,5 — to og en halv — centimeter;
b) for den ovrige del af herredet 2 — to — centimeter.
5. Foranforte bestemmelser bliyer uden anvendelse paa miser
og teiner, som anvendes til fangst af aal i tiden fra kl. 6
efterm. til kb. 7 morgen.
6. Disse bestemmelser bliver uden anvendelse paa vande, elve
og bEekke, som danner grmnse mod naboherred samt paa
fiske af laks eller sj0Orret i elvestraakning eller vand, hvor
laks gaar.
7. OvertrEedelse af disse bestemmelser straffes efter lcven.
De wed hoieste resolution af 14de juni 1904 for Fane
herred fastsatte fiskeriregler ophEeves.

1907

268

Kongelig resolution

14; jii Ii.

af 16de juli.
1 medhold at by om fredning af ferskvandsfisk af 30te mai
1894 § 1 faststettes som tilltegsbestemmelse til de ved de
hoieste resolutioner af 27de januar 1888 og 14de september
1903 samt Den norske regjerings resolution af 28de september
1905 fastsatte fiske riregler for Ringebu herred, Kristians
amt, at alt fiskeri i Imsdalsvandene med tilstodende elve og
bwkke skal were forbudt fra 15de september til 15de juni.
Overtriedelse af denne bestemmelse straffes efter loven.

16 juli.

Kongelig resolution
al 1 (;(le juli.
I medhold af by om fredning at ferskvandsfisk af 30te mai
1894 § 1 faststettes folgende fiskeriregler som gjwldende
indtil videre for Haus herred, sondre Bergenhus amt:
1. Fra 15de september til 31te mars, begge dage iberegnede,
skal alt fiske va3re forbudt: ligesaa i den ovrige tid af
aaret fra lordag middag kl. 12 til mandag middag kl. 12.
2. Pet skal til enhver tid vmre forbudt at bruge lyster, oter,
teiner, kiper eller lignende redskaber saavelsom not, garn
eller andre bundne redskaber med mindre afstand mellem
knuderne end 30 mm. i vaad tilstand.
3. Det er forbudt med garn eller andre fangstredskaber at
staange for elve eller bwkkemundinger, hvor fisk gaar op
eller ned.
4. Foranstaaende bestenunelser bliver uden anvendelse paa
fangst af aal i maanederne august, september og oktober i
tiden fra kl. 6 aften til kl. 7 morgen samt til enhver tid
paa fangst af gjedde. Ligesaa paa vande, elve eller bmkke,
som (banner grrense mod naboherred, uden forsaavidt at lignende bestemmelser ogsaa gjores gjreldende der, saint paa
fiske at laks og sjoorret i elvestrtekninger og vande, hvor
disse gaar.
5 Overtrmdelse af disse bestemmelser straffes efter loven.

16 jun.

Kongelig resolution
af 16de juli.
1 medhold af lov om fredning af ferskvandsfisk af 30te mai
1894 § 1 bestemmes, at de ved hoieste resolution af 14de juni




---- 277 —

1907

Kyreg, der ved undersogelse tindes Fri for tilberkulose, 16
1;r1.1 pna, en i»inefaldende maade vrere merket med
ordet >>Sund ,, samt narstallet t(». (Len steillundne tin dersogelse.
10. Sum erstatning for de med heromhandlede undersogelse, merkning, opstaldning og lifilring at' dyrene
saint anskaGlse al tuberkulin, instrumenter, fjosets
rensiii»g og desinfektion in. v. forhumbie omkostninger skal vedkommende kommime vivre berettiget til
at afkrreve importoren en at kommunestyret fastsat
og at landbrugsdepartementet g‘o(11;jetult afgift for
livert dyr.
11. Landbrugsdepartement et bemyndiges til Inrovi gt at
,
fastsa tte tiawmere bestemmelser a ngatiende (len her
oinliandlede imports ordning. med hensyn til dyrenes
undevsogelse og merkning Sand attester og protokoller
III. v.
Forovrigt forhydes indforsel af drovtyggere
111.
storfte, faar. gjeder og andre drovtyggende dyr) fra a 1 le
1911(10, med undtagelse at de russiske havne ved Noraishavet og Det hvide hay, hvorfra del er tilladt at indlore
disse dyr til Filimarken. Itensdyrtrafikken til Norge rammes ikke al dette forlaid. Storfte, faar og gjecler forhydes indfort fra F i um a rken ii rigets vivrige egue.
I.V. Vi II forhydes indfert fr a al le Ian d e med mid t agelse at
'le under post ITT mevnte russiske havne. hvorfra det er
tilladt at indfore disse dyr til Fittmarken.
ovFra Fi n mar ken forhevi,i imitort til rigetF:
rige egne.
V. I{ nude tillades indfort fra Sverige og Danmark paa bet ingelse at, at der medfelger et af vedkommende lands
politimyndighed eller af norsk konsul mlfterdiget bevis for,
at dyret ikke er indfort til udforselslandet fm andet land
end Norge i de sidst forlolme 6 maaneder. Forovrigt
or indforsel at linale forinult fra alle lande. H nude, aer
eierne at svenske renhjorder og i folge mod disse
,01•01. Finland pan gjennemgang fra Sverige. ram mes
1):1 ,
ikke af dette forbud.
videre were tillath at
VI. Huder og sk ind skal (let
indfore fra Sverige og Danmark pita betingelse at.
at der inedfolger varen et at 'vedkommende lands politimyn(lighed eller at nolsk konsul mist-eat hOVIS nm, at Unilatorekderlie og skindene or indkjoht i vedkommende
Innde.
land og ikke indfort dertil i raft tilstand fra andre
!
d r0 vtygge re 0 f,.
Forovrigt er imlforsel at ran de le a
,.t(errede
1111(101'
af svi n, saasom tit ilheredede skind
Nonik Lovticlendc. 191)7. 1,410 afdel int.! iii'. -21.

juli.

1907

,
)78

— 269 —

eller saltede huder og skind derunder ikke indbefattedel,
utilvirkede, utilheredede og urensede haar og borster, soul
ikke i forveien er desinficerede saint muler og klover toi
budt fra alle lande. Indforsel af us alt et eller ti t IItredet kj od og tie sk smut usme It et t al g skal v:ere
toile alt tra Osterrige, It alien, Gratkenland, Ty rk let. I, a
Rusland med undtagelse al' indforsel til Finmarken Ira de
red Nordishavet og Pet hvide hay heliggende liavue, saint
Ira alle lande udenfor Europa.
V11. Ind forsel al g r a s, ho og halm t ii ura ge forhydes
Ira alle lande welt agen fra Sverige og Danmark saint
til fiiiimarken fra de russiske havne ved Nord ishavet op;
Pet hvide hay.
VIII. Brugte fj sredskaber forbydes indfort Ira Ale Iande,
medmindre (let godtgjores, at
or sikket.1 deHefieerede.
1)isse hestemmelser trEeder i kraft straks. Salo idig op
have' den gkeldende plakat angaaende indforsel at husdyr og
smitteforende gjenstande af 20de juni 1904.
Hvorefter alle vedkommende liar at retie sig.
Givet pan Kristiania slot den 16de juli 1907.
Tinder rigets segl.
Pan Hans Majestret Kongen vegne.
efter bemyn(ligelse :
kr. Michelsen.
. I MI'I/11111.
Sofus A retnniier.
Harald Hot hner.
Lehmkuhl.
Otto Jensen.
A. Herge.
Sven Anrrestifil.
14. S.)
Hesselherg.
Rettelse:
I ii k ningsvedttegten for Aulesund § 1, 3die passus
(1,ov
tidendens lste afdeling, side .25)7. Atha. 25de december
istedetfor
23de december.




1892 fastsatte fiske riregler for Ringsaker herred, Bede- li;
markens amt, forandres derhen. at Ii a herefter bliver saalydende:
}Ira og med 1 ste september til aabent vande om vaaren
skal alt fiske were forbudt, berfra brug af pilk og kupe til
langst af abor undtagen.

Kongelig resolution
1 medhold at lov °in inks og sjOorretfiskerierne in. v. at
8de april 1905 § 39 t Wades det indtil videre at drive
fiskeri Died stang til og med den 30te september i Mo elven,
H o sap ge r flerred, sondre Bergenhus amt.

Kongelig resolution

16

af 1(de ,juli.
I henhold til by om fredning af ferskvandsfisk af
30te mai 1894 § 1 bestemmes, at (let i et tidsrum af 5 aar
fra lste januar 1907 at regne skal were forbudt:
1. til fiskeri i samtlige fjorde, tjern, elve og brekke inden
Hols herred, Buskerud amt, at benytte
a) lyster,
b) bundne redskaber med in indre masker end 30 — tretti
- millimeter mellem knuderne i vaad tilstand,
c) teiner, sloer og lignende indretninger med mindra afstand end 32 — tretti to -- millimeter mellem spilerne,
d) krogredskaber til fiskeri paa isen
2. i de i nEevnte herred beliggende vande, Holsfjorden og
Ustedalsfjorden, den sidste med tilhorende elve mellem Tuftebroen og Lauverudfossen, tillige at benytte oter.
3 OvertrEedelse af disse bestemmelser straffes efter loven.
NwrvEerende resolution trEeder i kraft straks.

at 1 i;de ,1

Grendahl & Sons bogtrykkeri. Kristiania

16 jell.

af 16de juli.

Kongelig resolution

Udgiver: Fred. T. Salicath.

1907

I medhold al by om Inks- og sjoorretfiskerierne m v. at'
8de april 1905 § 39 fastsrettes indtil videre folgende bestemincisor for fiske af laks og sjoorret i Berbyelven i
Smaalenenes RIM:

iu ,j

1907

— 270 —

— 271 —

1907

16 juli.

1. Den aarlige fredningstid sa3ttes til tiden fra og med 26de
august til og med 31te mars.
9
.
Den ugentlige fredningstid sEettes til tiden fra lordag after'
kl. 6 til mandag aften kl. 6.
Der tillades benyttet bundne redskaber med en maskevidde
af mindst 32 millimeter mellem knuderne.
OvertrEedelse af foranstaaende bestemmelser er belagt
med straf.
De hoieste resolutioner af 4de juli 1893 og 21de april
1899 angaaende fredningsbestemmelser for Berbyelven ophoeves.
Denne resolution tra3der i kraft straks.

Plakat,

16 juli.

•)
04

Plakat,

16 jun.

hvorved — som tilla3g til plakat af 7de oktober 1854
— i henhold ill by om renbeite m. v. af 7de september 1854
§ 1 med tillwgslove af llte juni 1898 og 9de juni 1903 fastswttes en strEekning i Kautokeino herred, inden hvilken (let i tiden fra St. Hans til 15de september hvert
aar skal vaere forbudt at holde rensdyr.

Vi Haakon,

Norges konge, gjor vitterligt:
I medhold af by af 7de september 1854, jfr. by af 1 lte
juni 1898 og by af 9de juni 1903, paabyder og befaler Vi
folgende :
Det skal vwre forbudt i tiden fra St. Hans til 15de september hvert aar i Kautokeino herred at holde rensdyr paa
stroekningen indenfor folgende linje:
Susjavre—Vuottasjokka—Vuottasjavre—Mokkijavre—Lappojavre—Lappojokka til dens udlob i Kautokeinoelven og videre
efter dennes lob til rigs/vs no. 311. Dog skal dette forbud
ikke vEere til hinder for, at de fastboende har sine nodvendige
arbeidsren paa den fredede strwkning til enhver tid af aaret.
OvertrEedelse af de i denne plakat givne forskrifter straffes
efter loven.
Hvorefter tdle vedkommende har at rette sig.
Givet paa Kristiania slot den 16de juli 1907.
Under rigets segl.
Paa Hans MajestEet Kongens vogue,
efter bemyndigelse:
Chr. Miehelsen.
Harald Bothner.




Lov land.
Sofus Aretander.
Lehmkuhl.
Otto Jensen.
A. Berge.
Sven Aarrestad.
(Ti. S.)
Hesselberg.

hvorved — som tillteg til plakat af 20de oktober 1898
i henhold til § 1 i loven af 9de september 1857 indeholdende forandriuger i og tillEeg til by om renbeite m. v. af 7de
september 1854 samt i henhold til § 5 i by om forskjellige
forhold vedkommende fjeldfinnerne i Finmarkens amt af 23de
juni 1888 bestemmes en stroekning omkring bopladsene
Moartasj og Galanito i Kautokeino herred, paa hvilken
dot skal were forbudt fjeldfinner at holde rensdyr.

VI Haakon,

Norges konge, gjor vitterligt:

I medhold af by af 9de september 1857 § 1 og by af
23de juni 1888 § 5 paabyder og befaler Vi folgende:
Det skal vEere fjeldfinnerne forbudt i hvilkensomhelst tid af
aaret at holde rensdyr inden en 2 km.2 stor strEekning rundt
bopladsene Moartasj og Galanito i Kautokeino herred. Den
fredede stroeknings grwnse gaar efter en linje, der med Morten
Larsen Gainos boplads som udgangspunkt or opmaalt 1 km.
nedover larigs Storelven og ligeledes 1 km. opover. Fra nedre
endepunkt or opmaalt 1 km. i sydost fra elvebredden, og paralbelt med denne linje er ligeledes opmaalt 1 km. fra det pyre
endepunkt af linjen (langs Storelven). Hjornene er forsynede
med stenrose. Dog maa fjeldfinnernes gamle flyttevei fra Morten Gainos boplads opover mod Roggeluobal ikke stEenges.
Forsaavidt flytningen foregaar uden starts, er fjeldfinnerne fri
ethvert ansvar.
Donne plakat trEeder ikraft lste december 1907.
Overtroedelse af le i de plakaten givne forskrifter straffes
efter loven.
Hvorefter alle vedkommende har at rette sig.
Givet paa Kristiania slot den 16de juli 1907.
Under rigets segl.
Paa Hans Majestaat Kongens vegne,
efter bemyndigelse:
Sofus Aretander.
J. Lovland.
ehr. Miehelsen.
A. Berge.
Otto Jensen.
Lehmkuhl.
Harald Bothner.
Sven Aarrestad.
(L. S'.)
Hesselberg.

1907

— 272 —

16 juli.

Kongelig resolution
af 16de juli.
1 medhold al by orn inks- og sjoorretfiskerierne m. v. af
Sde april 1905 § 29 bestemmes, at det skal were forbudt at
anv en de kilenot eller lignende redskab inden en strEekning
af 200 meter udenfor den ved overskjon af 26de og 27de september 1904 bestemte grEenselinje mellem tkula elv, sondre Trondhjems amt, og sjoen, nemlig en ret linje fra det
sydvestre hjorne af hovedbygningen paa gaarden Oielokken i
Melhus HI dot nordostre Nome af udhusbygningen paa den af
Andreas Braa brugte pla,ds under Ole Andersen Braas gaard
Braa i Byneset. Dog skal dette forbud ikke omfatte:
1. den strEekning paa fjordens nordre side, der ligger mellem
land og en linje, der er trukket lodret paa nEevnte grEenselinje og skja3rer denne i en afstand af 700 meter fra sammes nordre endepunkt, samt
9. den strEekning paa fjordens sondre side, der ligger mellem
land, og en linje, der ligeledes trEekkes lodret paa ginselinjen
skjarer denne i en afstand af 700 meter fra dens
sondre endepunkt.
Nvervarende resolution trader i kraft strakt.

juli.

Kongelig resolution

-- 273 —

1907

Inden en strwkning af Tufsingelven og dens udlob i F33- 16 jun
mundsjoen. der opad begra3nses af elvens Wining ved Baghaugen og udad til en ret linje, trukket fra Kornassets yderste
spids over Hestholmen og indtil fastlandet paa vestre side af
Hestholmen, skal det vaare forbudt i et tidsrum af 5 aar fra
disse bestemmelsers ikrafttraden at benytte nogetsomhelst bundot redskab.
Dog skal dette forbud forsaavidt angaar de saakaldte 4Kjonnail« kun omfatte september og oktober maaneder.
Overtnedelse af disse bestemmelser straffes efter loven.

Kongelig resolution

16 juli.

at 16de juli.
medhold af § 2 i by om ansvar for skade paa bola ved
hund samt om optagelse af hund m v. af 1 lte juni 1903 meddeles
approbation paa en at Tons et herredsstyre, Hedemarkens amt.
under 1ste juni 1907 fattet beslutning, forsaavidt den bestemIsom i den tid, da bola ln!Ides paa havn, inden
mer, at hund '
Tonset herred findes streifende om uden ledsager i havnegang
udenfor indmarken. ka n efter foranstaltning at grundeieren eller
nogen i straekningen havneberettiget optag,es eller, hvis hunden
tidligere har varet optaget og der er freingattet overensstemme!tde med § 4 i ovenntevnte by, drrebes paa stedet.

af 16de juli.
medhold af § 3 i by af 25de ,juli 1897 indeholdende
tillaegsbestemmelser angaaende lapperne og rensdyrdriften inden
de sondenfor Finmarkens amt liggende landsdele bestemmes, at
der skal vEere forbudt for nomadiserende lap saavelsorn fasthoende (lap eller andre) at u dø ye eller lade u dove
itning med ren paa llosoen, gaard no. 86 i Tjotta herred, Nordlands amt.
OvertrEedelse af denne bestemmelse straffes efter loven.

Kongelig resolution

16 juli.

af 16de juli.
I medhold at by om fredning af ferskvandsfisk af 30te
mai 1894 § 1 fastsattes Wgende fiskeriregler for Tufs in gd alen i Tolge n herr ed, Hedemarkens amt:




Kongelig resolution
t I lide juli.
I medhold af by om pigtraads anvendelse til gjarde
af 14de juli 1893 § 1 meddeles stadfastelse paa folgende beslutning, fattet under 22de april 1907 af Bergs herredsstyre,
Smaalenenes amt:
Anvendelse af pigtraadgjEerde iiidell bygningskommunen
Kokkehaugen, det strog, der ligger mellem Kokkehaugen og
Tistedalen, samt bangs bygdeveien fra Tistedalen over Vedenhoiden til BEekkevolds eiendom, skal vrere forbudt, medrnindre
pigtraaden er anbragt i en hoide af mindst 1,35 meter fra
market!.
I bygningskommunen Sponviken matt gjEerde af pigtraad
mod altar vei eller sti vare anbragt paa stolpernes indside og
i en hoide af mindst 1.5 meter fra marken og mellem naboer
knit, naar (Esse er enige herom.

16 juli.

1907

— 274 —

16 juli.

Tidligere opfort gjwrde, der ikke opfylder disse betingelser,
maa ei repareres med pigtraad, men med glat traad eller andet
ufarligt materiale.
OvertrEedelse at (Esse bestemmelser straffes efter loven.

16 juli.

Kongelig resolution
at 16(1e juli.
I medhold af § 8 i by om vEernskogens bevarelse m. v.
af 20de juli 18)3 meddeles approbation paa det af herredssty
ret
for Store]vedalens herr ed, Hedemarkens amt, i mode
den
Ste juni 1907 vedtagne udkast til ve dt Eegt mod s
k ogen e s
0delEeggelse inden her redet.
.
De approberede vedtmgter er saalydende:
§ 1. I Storelvedalen herred er det forbudt at aavirke til
salg eller industriel produktion bartrwr, som er mindre end
17
em. i tvermaal udenpa,a barken paa bredeste kant 5 m. fra jevn
bakke. Alle store trEer pligter herredsblinkeren paa forlangend
e
at udblinke, dog saaledes, at han har skogens trivsel og
eftervekst for oie og gjensEetter de fornodne frotra3r. Seks uger
for
blinkningen onskes iverksat, skal den hugstberettigede indsende
opgave til skograadet over det ointrentlige kvantum, som twnkes
aavirket.

§ 2. Efter udblinkning af herredsblinkerne kan aavirkes
trEer under det i § I nEevnte lavmaal, naar disse trEer
er:
a) Beskadigede eller raadne.
b) Vveksterlige eller forkroblede.
c) 'I'il hinder for skogens vekst, saa der af
den grund bpr
foretages tyndingshugst. Tyndingshugst maa anmeldes til
skograadet
uger, for den foretages. Skograadet har adgang til at begrEense hugsten.
§ 3. Uden udblinkning af herredsblinkerne kan aavirkes:
a) TrEevirke til husbebov eller gaardsfornodenhed for den
eiendom, under hvilken skogen er matrikuleret, eller til fyldestgjOrelse af brugsret, der maatte tilkomme nogen som eier
eller bruger af jordeieudom.
I)) Torre eller nedblEeste trier.
§ 4. Snaultugst paa mark, der agtes opdyrket eller bebygget, maa ikke foretages paa et storre areal end 3 maal uden
skograadets tilladelse i hvert enkelt tilfEelde.
Sau og gjed maa ikke slippes i uindhegnet mark i tiden
fra lste november til 20de mai.
§ 5. Anden aavirkning end den i § 3 nEevnte maa
kun
finde sted efter udblinkning af herredsblinkerne, der forsyner de
Inlviste trEer med 3 m erker af en dertil anskaffet merkoks, saa




— .)-5 —
-1,

1907

ledes at der efter hugsten bliver et merke synbart paa stubben 16 juli.
og et paa hver side af det fwldede trEe. Er nogen hugstberettiget misfornoiet med blinkningen, kan han inden en maaned ved
skriftlig klage til skograadet indanke sporgsmaalet til afgjorelse
af et skjon, bestaaende af to af skograadets medlemmer og om
muligt amtsskogmesteren.
§ (. De i henhold til disse vedtaagter faldende udgifter
udredes af herredskassen med undtagelse at blinkningsudgifter,
der refunderes af skogeieren.
§ 7. Ti! at paase disse vedtEegters overholdelse og traeffe
de hertil fornodne foranstaltninger ansEetter herredsstyret et skograad paa 5 medlemmer, som antager det fornodne antal herredsblinkere. For skograadet udfrerdiges instruks af herredsstyret.
§ S. Overtra3de1se af mervaarende vedta3gter straffes eller
den almindelige borgerlige straffelovs § 339.

Plakat
a ugautende indforsel

Vi Haakon, Nory,es

husdyr og smitteroirende gjenstande.

konge, gjor vitterligt:

1 kraft af by om foranstaltninger mod smitsomme husdyrsygdomme af 14de juli 1894 med tillEegslov af 26de mai 1899,
dens § 17, fastnettes herved folgende bestemmelser for indforsel
af husdyr og smitteforende gjenstande:
I. lies t e og andre til hesteslegten horende dyr kan indfores:
1) fra Sverige paa betingelse af, at der medbringes
et for hvert enkelt dyr af politimyndighed eller at
norsk konsul bekraeftet sundhedspas, hvoraf det fremgaar, at dyret har opholdt sig i de sidstforlobne 6
maaneder i Sverige, samt at det er sundt og ikke
antages at overfore smitsom sygdom.
Skyds- og trafikheste, der passerer grtensen for
atter at vende tilbage til Sverige, rammes ikke af
ovenstaaende forskri ft.
2) fra alle an dr e I and e paa betingelse af:
a. at (ler medfolger et for hvert enkelt dyr af vedkommende lands politimyndighed eller af norsk
konsul bekrEeftet sundhedspas, hvoraf det fremgaar,
at dyret er sundt og ikke antages at overfore
srnitsom sygdom, samt
at ethvert dyr ved ankomsten til norsk toldstation
undersoges af autoriseret norsk dyrkege og at ham
erklEeres sundt.

16 jun.

1907
I f; jun.




— '276 —
11. St or kv, fa ar og gjeder kan indfores fra Sverige til
livdyr eller til nedslagtning. Ira Danmark alone til nedslagtning, og iovrigt paa folgende vilkaar:
1. A. Fra Sverige a) pr. jernbane eller sjovEerts direkte til Fredrikshald eller Kristiania eller ad
nwrineste landevei til Prestebakke eller KOI'llSjf..)
jernbanestation, hvorfra dyrene snarest muligt pr.
,jernbane fores videre til Fredrikshald: b) ad Allingmoveien eller over Svinesund gjennem Bergs
herred ad iffermeste vei (lirekte til Fredrikshald:
e) pr. jernbane direkte til Trondhiem til slagtfling i define by. 1 liver sending skal i sidste
laid kindle indfores indtil (let antal dyr. som
landbrugsdepa rtementet merniere bestemmer.
B
r a Danmark sjovwrts direkte til Fredriksbald eller Kristiania.
Det skal ved en al autoriseret henholdsvis svensk
eller dansk dyrlrege eller politimyndighed udstedt
attest godtgjores, at dyrene kommer Ira et distrikt,
hvor der ikke for tiden optrceder eller i de sidst forlobne
maaneder liar optraadt smitsom mund- og
klovsyge eller ondartet lungesyge, samt at dyrene
ikke i de firmest forudgaaende
maaneder er indfort fra iidlandet.
3. Dyrene skal were merkede eller i attesten saaledes
beskrevne, at deres identitet kan tilfredsstillende konstateres.
4. Dyrene skal ved ankomsten fores til de indhegnede,
for saadant oiemed reserverede kvwgtorve, livor de
bliver at underkaste undersdgelse af vedkommende
kommunale
5. Pet kvfeg, der agtes solgt som livdyr. skal opstaldes
i sferskilt afdeling
det kommunale fjøs i 48 timer, helligdage ikke iberegnet. og i define tid liii(lersøges flied tubed:111in.
6. Pet kvreg, der ved denne undersogelse findes lidende
al eller mistfenkt for tuberkulose, merkes i huden
med et indbramdt tydeligt T.
7. Pet kv[eg, der indfores for at srelges til slagt. skal
paa samme vis merkes med et i linden indbriendt
tydeligt S.
M. De med T og S briendemerkede dyr skal inden M
dage otter braqidemerkningen. i overensstemmelse med
de at landbrugsciepartementet fastsatte nrermere bestemmelser. nedslagtes.

— 385 —

Norsk Lovtidende.
Irtgit efter offentlig foranstaltning
ifolge lov av 1 april 1S76.

Ni'. 29

Utgit 21 jun.

1910

Kongelig resolution
z IV 2 juli.

Den av Stortinget under 27 juni 1910 fattede beslutning
angaaen de konsulatavgift for budgetterminen 1910
—1911 tages tilfolge.
Beslutningen or saalydende:
Konsulatavgift av handelsfartoier, hvis drmgtigliet er 5( )
registertons netto og derover, og som gaar i utenriks fart, hlir
for budgetterm i nen 1910-1911 halvaarlig at erhegge med
ore for dampskihe og 4 ore for seilskibe av hver registerton
netto.
Seilskih, som har va?ret oplagt i et sammenhamgende tidsruin av mindst 30 dage, eftergives avgiften med 0,0222 ore
pr. registerton netto for hver dag, det saaledes har vwret
oplagt.
Saafremt den tid, som er forlopet, forinden der for et nybygget eller fra utlandet indkjopt skib or utfterdiget nationalitetsbevis, utgjor mindst 30 dage, eftergives for liver (lag av
denne tid avgiften med for seilskib 0,0222 ore, for dampskil)
0,0444 ore for liver registerton netto.




2 jun.

— 385 —

Norsk Lovtidende.
ITtgit efter offentlig foranstaltning
ifolge by av 1 april 1876.

Nr. 29

Utgit 21 jun.

1910

Kongelig resolution
av 2 juli.
Den av Stortinget under 27 juni 1910 fattede beslutning
angaaende konsulatavgift for budgetterminen 1910
—1911.tages tilfolge.
Beslutningen er saalydende:
Konsulatavgift av handelsfartoier, hvis drFegtighet er 50
registertons netto og derover, og som gaar i utenriks fart, blir
for budgetterminen 1910-1911 halvaarlig at erkegge med 8
ore for dampskibe og 4 ore for seilskibe av hver registerton
netto.
Seilskib, som har weret oplagt i et sammenlmengende tidsrum av mindst 30 dage, eftergives avgiften med 0,0222 ore
pr. registerton netto for hver dag, det saaledes har vwret
oplagt.
Saafremt den tid, som er forlopet, forinden der for et nybygget eller fra utlandet indkjopt skib er utfFerdiget nationalitetsbevis, utgjor mindst 30 dage, eftergives for hver dag av
denne tid avgiften med for seilskib 0,0222 ore, for dampskib
0,0444 ore for hver registerton netto.




1

191()

— 38(i —

— 387 —

Loy
om aktieselskaper og kommanditakt
ieselskaper.

Vi Haakon,

Norges Konge, gjer vitterlig:
at Os er blit forelagt Stor
tingets beslutning, av 6 juli
1910 saalydende

Indledende bestemmelser.
§ 1. Som aktieselskap ansees i denn
e by ethvert selskap
med okonomisk formaal, hvis
kapital er bestemt, og hvis medlemmer deltar alone med avtalt
indskud uten at ha personlig
ansvar for selskapets forpligtelser.
Selskapets grundkapital (gruudfond)
betegnes som aktiekapital og medlemmenes avtalte
indskud som aktier.
Som kommanditaktieselskap anse
es i denne by ethvert selskap bestaaende av ett eller fler
e medlemmer (»fuldt ansvarlige
medlemmer«), som har personlig ansv
ar, en for alle og alle for
en, for selskapets forpligtelser,
og tillike av medlemmer (»kommanditister«), som i selskapet har
indskutt en bestemt paa
aktier fordelt kapital og ikke heft
er utenfor disse aktier.
Den av kommanditisterne indskutt
e kapital betegnes som
kommanditkapital.
§ 2. Denne by kommer ikke til
anvendelse:
paa Norges Bank,
b) paa aktieselskap eller kommandi
taktieselskap, hvis forretning udelukkende gaar ut paa at
drive skibsfart eller paa
at drive saadan virksomhet i
forbindelse med ekspedition.
Paa aktieselskap, hvis forretning
udelukkende gaar ut
paa jernveisdrift, og i hvilket stat
en er okonomisk interessert,
kommer loven kun til anvendelse i
den utstrwkning, som Kongen bestemmer.
Ferste del.

3 Et aktieselskap kan ikke bestaa av fEerre
.
end tre
personer. Enhver, som deltar i
stiftelsen, maa tegne mindst
Cn aktie.
Selskapet kan ikke konstitueres, for
den hele aktiekapital
er tegnet.




19 juli.

Nr. 1.
Stiftelse den tegningsindbydelse.
§ 4. Hvis de, som vii danne et aktiesel
skap, selv overtar
alle aktier, har de som stiftere at avholde
konstituerende generalforsamling, i hvilken de samtlige skal
mote enten personlig
eller ved fuldmvegtig med skriftlig fuldmagt
.
I generalforsamlingen skal stifterne frem
laagge i original
eller bekra3ftet avskrift enhver kontrakt
, som de maatte ha
indgaat indbyrdes eller med andre ved
kommende selskapets
stiftelse. For at bli gyldig overfor sels
kapet maa kontrakten
vedtages av samtlige motende.
Om vedtagelsen av enhver kontrakt skal
der ske tilforsel
til generalforsamlingens protokol med angi
velse av stifternes og
medkontrahenternes navn samt av, hvad
der fra hver av siderne
skal ydes.
I protokollen maa derhos under Kerskilt
post opfores ethvert utlaBg, som stifterne maatte ha hat
til juridisk eller teknisk bistand, bekjendtgjorelser eller lignende
, og som de kreever
godtgjort av selskapet.
§ 5. Indholdet av den overenskomst,
som tr23ffes angaaende selskapets stiftelse, skal samlet gjen
gives i generalforsamlingens protokol.
Denne gjengivelse av overenskomsten maa
angi:
1. gjenstanden for selskapets virksomhet ;
2. den kommune, hvor selskapet skal ha
forretningskontor;
3. aktiekapitalen og de enkelte aktiers
storrelse ;
4. hvorvidt aktierne skal lyde paa nav
n eller paa ihwndehaver.

5.

6.

Om aktieselskaper.
late kapitel.
Om selskapets stiftelse.

1910

I ste avsnit.

19 juli.
Nr. 1.

7.
8.
9.
10.

Derhos skal i denne gjengivelse fuldstEe
ndig indtages
enhver bestemmelse, som maatte trmffes om
at enkelt klasse av aktier skal ha swregne,
sterre eller
ringere rettigheter, navnlig vedkommende
utbytte eller andel i selskapsformuen eller sa3rlig andel
i selskapets styrelse ;
at selskapet skal kunne tvinge aktie-eierne
til at la deres
aktier indlese — med angivelse av den
maate, hvorpaa
indlesning skal ske ;
at aktiernes omsEettelighet er indskramket;
at der skal paahvile aktie-eierne forpligtelse
r utenfor pligten
til at indfri aktiens paalydende bele');
at der paa aktie skal kunne gjores inds
kud, som ikke bestaar i rede penger;
at selskapet mot erkeggelse av vederlag
i aktier eller paa
anden maate skal til bruk eller eie over
ta bestaaende eller
paatEenkte anlwg eller andre formuesgjens
tande ;
1*

1910

— 388
— 389 —

19 jun. 11. at enkeltmand skal ha saarskilt fordel eller forret
tighet i
Nr. 1.
selskapet ;
12. at stiftere eller andre skal ha saarskilt godtgjorelse for
stiftelsen;
13. at selskapets virksomhet skal were begreenset til en viss
tid, eller
14. at der for stemmeret i selskapets anliggender skal gjmlde
andre regler end de i § 61 tredje punktum indeholdte.
Forsaavidt angaar de under 9-12 omhandlede bestemmelser, skal det noiagtig angives, hvad der fra hver side
skal ydes.
Derefter anfores i protokollen for hver stifters vedkommende, hvor mange aktier han tegner. Tegning, foregaat for
denne tid, er ikke bindende for tegneren. Naar paa denne
maate samtlige aktier er optat av stifterne er dermed selskapet
stiftet. Naar vedtaagter er besluttet og derefter valg paa tillidsmwnd foretat, er selskapet konstituert. Om stemmegivning
efter selskapets stiftelse gjmlder de i 7de kapitel givne regler.
Protokollen underskrives av samtlige motende.
2det avsnit.
Stiftelse gjennem tegningsindbydelse.
§ 6. Hvis de, som vii danne et aktieselskap, ikke selv
overtar samtlige aktier, har de som indbydere i et antal
av
mindst tre at utfwrdige en av dem egenheendig underskrev
et
indbydelse til tegning av aktier og at bekjendtgjore den
i
»Norsk Kundgjorelsestidende«.
Ved siden herav kan der ogsaa indbydes til aktietegning
gjennem kundgjorelse i andre tidender eller ved opslag,
omsendte prospekter eller eirkulwrer, men disse indbydelser
skal
alene indeholde en ordret gjengivelse av den i Kundgjorel
sestidenden indrykte underskrevne indbydelse.
§ 7. Indbydelsen skal indeholde angivelse av, hvad i
§ 5 nr. 1-4 er neevnt, og endvidere av:
1. den maate, paa hvilken og den frist inden hvilken tegni
ng
av aktier skal foregaa, samt de regler, efter hvilke der
skal forholdes i tilfmlde av overtegning;
2. hvor mange aktier indbyderne paa forhaand bar
overtat;
3. den maate hvorpaa og den frist hvormed den
konstituerende generalforsamling skal indkaldes.
§ 8. Forsaavidt man vii:
1. treeffe bestemmelse om, at aktierne skal utbydes
til overkurs, eller
2. trwffe nogen saadan bestemmelse som i § 5 nr.
5-14
mevnt,




1910

maa forbehold herom med angivelse av bestemmelsens
indhold 19 jun.
indtages i indbydelsen. Skal indlosning av aktier kunne
frem- Nr. 1.
tvinges, maa derhos vmre angit den maate, hvorpaa
indlosningen skal ske.
Utlaag av saadan art som i § 4 sidste led nmvnt kan
ikke krves godtgjort av selskapet, dersom det ikke
er forbeholdt i indbydelsen.
§ 9. Det kan i indbydelsen bestemmes, at selskapet
skal
kunne stiftes, forsaavidt mindst en viss angit sum
blir tegnet,
men at tegningen skal kunne fortswttes, dog ikke
utover en
bestemt Mere sum. Efterat selskapet er konstituert,
kan aktier
ikke tegnes, hvorimot yderligere forhoielse av
aktiekapitalen
alene kan finde sted paa den i §§ 24-26 eller
§ 27 foreskrevne maate.
§ 10. Tegning av aktier skal ske skriftlig paa tegnin
gslister, som indeholder en ordret gjengivelse av den under
skrevne
indbydelse.
Forst fjorten dage efter tegningsindbydelsens forste
bekjendtgjorelse i »Norsk Kundgjorelsestidende« maa
der gives
adgang til tegning av aktier.
Tegning, som av andre end indbydere er foretat for
utlopet av denne tid eller i henhold til en tegningsin
dbydelse,
som ikke fyldestgjor fordringene i § 7, er ugyldig.
§ 11. Den konstituerende generalforsamling indkaldes
av
indbyderne og skal avholdes inden ni maaneder efter
tegningsindbydelsens forste bekjendtgjorelse i »Norsk Kundg
jorelsestidende«. Avholdes den ikke inden denne tid, kan
enhver
aktie-eier gjennem henvendelse til en av indbyderne
begjwre sin
tegning utslettet; dog matt saadan henvendelse ske,
inden generalforsamlingen er sat.
I tilfeelde av overtegning bar indbyderne at fatte beslut
ning overensstemmende med, hvad derom i tegningsin
dbydelsen
er bestemt, forinden de indkalder til generalforsamling.
§ 12. I generalforsamlingen har indbyderne til protok
ollen at fremluegge:
1. den av dem utfatrdigede tegningsindbydelse;
2. det nummer av »Norsk Kundgjorelsestidende«, hvori
indbydelsen har vaaret offentliggjort;
3. en av samtlige indbydere underskrevet beretning
om selskapets stiftelse, bilagt — i original eller i bekrw
ftet
gjenpart — med enhver kontrakt, de maatte ha
indgaat
indbyrdes eller med andre vedkommende stiftelsen ;
4. en av samtlige indbydere underskrevet opgav
e over de
utlmg til juridisk eller teknisk bistand, bekjendtgjor
elser
eller lignende, som indbyderne maatte ha hat, og som
de
krEever godtgjort av selskapet;

1910

— 390 —

19 juli.
Nr. 1.

5. tegningslisterne i original eller bekraaftet avskrift med indbydernes skriftlige erklaaring om, at den for stiftelsen
nodvendige kapital er tegnet.
I generalforsamlingen kan der ikke fattes beslutning,
som strider mot nogen i tegningsindbydelsen optat bestemmelse
av saadan art som i § 5 nr. 1-4 nwvnt. Heller ikke kan
der trwffes nogen bestemmelse av saadan art som i § 5 nr. 5
—14 nEevnt, medmindre forbehold herom med angivelse av
bestemmelsens indhold er indtat i tegningsindbydelsen, likesom
en i tegningsindbydelsen optat bestemmelse av saadan art som
i § 5 nr. 9-12 nmvnt ikke kan utvides paa selskapets bekostning.
§ 13. I generalforsamlingen skal der forst tages bestemmelse om, hvorvidt et utvalg av aktie-eiere skal nedswttes for
at prove de fremlagte aktstykker. Saafremt en tredjedel av
de motende aktie-eiere eller den eller de, som indehar aktier
for en tredjedel av den i motet reprsenterte kapital, stemmer
derfor, blir saadant utvalg at nedswtte. Utvalget bestaar av
tre medlemmer, hvis der ikke med almindelig stemmeflerhet
fattes beslutning om et storre antal. Dette utvalg, til hvilket
indbyderne er pligtige at gi de fornodne oplysninger, har at
avgi en skriftlig indstilling, hvorav der mindst tre dage for
nEeste mote tilstilles hver aktie-eier med kjendt opholdssted en
avskrift.
Er det besluttet, at saadant utvalg ikke skal nedssettes,
avstemmes der om, hvorvidt selskapet skal stiftes. Er derimot
saadant utvalg nedsat, fastseetter generalforsamlingen et nyt
mote tidligst 14 dage derefter til behandling av utvalgets idstilling og avstemning om selskapets stiftelse.
Ved avstemning om det ovennEevnte utvalgs nedsaattelse
og ved valg paa dets medlemmer medregnes ikke indbyderne
eller de av dem reprwsenterte aktier; det samme gjEelder ved
avstemning om selskapets stiftelse, naar saadant utvalg sora i
forste led omhandlet har vmret nedsat.
Naar selskapet er stiftet, blir vedtwgter at fastssette og
derefter valg av tillidsmwnd at foreta. Hermed er selskapet
konstituert.
Om aktie-eiernes stemmegivning gjaalder de i 7de kapitel
givne regler.
3dje avsnit.
Selskapets registrering.
§ 14. Det konstituerte selskap skal anmeldes til registrering
overensstemmende med by om handelsregistre, firma og prokura
av 17 mai 1890.




— 391 —

1910

Anmeldelsen skal, foruten hvad der er foreskrevet, tillike 19 juli.
indeholde oplysning om enhver avtale, som indgaar under be- Ni. 1.
stemmelserne i nwrvserende lovs § 5 nr. 5-14, jfr. § 8.
§ 15. Med anmeldelsen skal foruten selskapets vedtEegter
folge som bilag:
1. bekrEeftet gjenpart to,' den konstituerende generalforsamlings protokol saint av alt, hvad der til denue er fremlagt ;
2. skriftlig erklriug fra selskapets styre om:
a. storrelsen av det belop, som er indbetalt paa hver
aktie, hvorfor vederlag skal ydes i penger;
b. at i tilflde forskriftene i § 22, andet punktum er
opfyldt, samt
c. at den, som skal gjore indskud i vrdigjenstande,
som overdrages til bruk eller eie, liar overdrat dem
til selskapet eller for fast eiendoms vedkommende utstedt fornodent dokument.

4 de avsnit.
Almindelige bestenzmelser.
§ 16. Indeholder en tegning av aktier noget forbehold,
som ikke er hjemlet i en i stiftelsesoverenskomsten eller tegningsindbydelsen indtat bestemmelse av saadan art, som i
5
nr. 5-14, jfr. § 8, naavnt, er tegningen ugyldig.
Tages saadant forbehold uten at komme tilsyne i aktietegningen, er denne gyldig, men forbeholdet ugyldig like overfor
selskapet.
§ 17. Forst naar selskapet er registrert, kan det som
saadant like overfor tredjemand erhverve rettigheter og paadra
sig forpligtelser.
For forpligtelser, indgaat paa selskapets vegne for registreringen, hefter i mangel av anden avtale de, som liar indgaat
disse, personlig en for alle og alle for en.
§ 18. Frivillig overdragelse av aktie i et selskap, som
er stiftet overensstemmende med §§ 4 og 5, eller som er stiftet overensstemmende med §§ 6-13, men uten at tegningsindbydelsen har vwret utlagt til offentlig tegning, er ikke bindende for erhververen, dersom den sker inden to aar efter den
forste offentliggjorelse av registreringen. Dog maa i begge tilfEelde erhververen ha anlagt soksmaal herom inden tre aar efter
den forste offentliggjorelse av registreringen.
§ 19. Stifterne og indbyderne pligter uten hensyn til,
om skade er forvoldt selskapet, en for alle og alle for en at

4

1910

— 392 —

19 juli. overta, hvad der maatte mangle i den ifolge deres opgave til

Nr. 1. den konstituerende generalforsamling tegnede aktiekapital.
Lignende forpligtelser paahviler styret med hensyn til dets
opgave til registerforeren om indbetalt aktiekapital.

2det kapitel.
Om aktiekapitalen.
§ 20. Aktier maa ikke tillates tegnet til underkurs.
Tegnes aktier til overkurs, skal den derved erhvervede
vinding anvendes til at deekke omkostningene ved selskapets
stiftelse eller ved utstedelsen av nye aktier. Det muligens overskytende blir at la3gge til det i § 23 omhandlede reservefond.
§ 21. Indskud paa aktie kan ikke avgjores med gjenstande, som selskapet ikke har bruk for i sin drift.
§ 22. Forinden selskapet kan registreres, maa der paa
hver aktie, hvorfor ifolge avtalen vederlag skal ydes i penger,
veere indbetalt det hele belop, dersom aktien lyder paa ihndehaveren eller paa et mindre belop end et hundrede kroner, og
iovrig mindst en halvdel eller for forsikriugs-selskapers vedkommende mindst en fjerdedel av det paalydende belop. Er aktierne ikke fuldt indbetalt, maa der vTre indkaldt et like stort
belop paa hver aktie av samme klasse.
Forsaavidt angaar andre selskaper end bank- og forsikrings-selskaper, maa aktierne were fuldt indbetalt inden to aar
efter selskapets registrering.
Blir aktiekapitalen forhoiet gjennem utstedelse av nye
aktier, skal der inden to aar efter beslutningen om forhoielsen
paa de nye aktier, hvorfor vederlag skal ydes i penger, veere
indbetalt, forsaavidt angaar aktier i bank- og forsikrings-selskaper, som lyder paa navn og paa mindst et hundrede kroner,
henholdsvis en halvdel og en fjerdedel av det paalydende
og iovrig bele det paalydende belop.
§ 23. I ethvert aktieselskap skal der dannes et reservefond, som alene maa anvendes til at dwkke underskud, som
selskapets virksomhet efter aarsopgjoret eller et i regnskapsaarets lop foretat opgjor har medfort, og som ikke kan thekkes
av andre i dette oiemed avsatte fond.
Til reservefondet skal der, forinden utdeling av utbytte
kan finde sted, i bank- og forsikrings-selskaper avsaAtes mindst
en femtedel av det aarlige overskud, indtil fondet har naadd en
halvdel av aktiekapitalen; i andre selskaper avsaAtes mindst
en tiendedel av overskuddet, indtil fondet har naadd en tiendedel av aktiekapitalen.




— 401 —

1910

eller fiere mend, bvem det paaligger at vareta selskapets
tarv 19 juli.
under saken og at motta varsel.
Nr. 1.
§ 56. Et medlem av styret maa ikke delta i behandlingen eller avgjorelsen av noget anliggende, hvori han
selv
har fremtreedende personlig eller okonomisk seerinteresse.
Et medlem av en banks eller et forsikringsselskaps styre
maa ikke delta i beslutning om laan mot eller diskontering
av noget papir, hvorpaa medlemmets navn findes.
6te kapitel.
Om reprsentantskapet.
§ 57. Vedteegtene kan bestemme, at selskapet skal ha
et
reproesentantskap. Dette skal bestaa av mindst tre medlemmer,
som va3lges blandt aktie-eierne, og som, forsaavidt ikke anderledes i vedtaTtene er bestemt, tjenstgjor i to aar ad gangen
.
En repreesentant forblir i sin stilling, indtil ny repramentant
er
lovlig valgt, selv om hans tjenestetid er utlopet.
§ 58. Vedt2egtene kan bestemme, at enhver myndig
person, som eier et visst antal paa navn lydende aktier, skal
vwre berettiget til at va3re reprwsentant, men maa da tillike
fastsa3tte et bestemt forboldstal mellem de valgte og de selvskrevne repreesentanter.
§ 59. Repreesentantskapet sammenkaldes av den av og
blandt dets medlemmer valgte ordforer til de i vedteegtene
bestemte tider, samt ellers saa ofte ordforeren eller styret
finder det fornodent.
Hvert medlem har en stemme, og hvor ikke anderledes i
vedtwgtene er bestemt, avgjores sakene ved simpel stemmeflerhet og saaledes, at i tilfeelde av stemmelikhet gjor ordforerens stemme utslaget. Forat reprwsentantskapet skal veere
beslutningsdygtig, maa mindst halvparten avgi mote.
Protokol fores under ordforerens ansvar. Den underskrives
av samtlige motende.
§ 60. Repreesentantskapet har at vaake over, at selskapets oiemed fremmes overensstemmende med lovgivningen,
vedttegtene, generalforsamlingens og reprEesentanstkapets egne
beslutninger.
Repramentantskapet har i den utstreekning, det finder fornodent, og som forholdene tillater, at la sig meddele oplysning
om forretningens drift og bar i dette oiemed til enhver tid
samlet eller ved et utvalg adgang til selskapets boker. Mindst
hvert aar, og ellers saa ofte vedta3gtene foreskriver eller
repreesentantskapet finder det fornodent, skal styret foreleegge
det utdrag og balanser av bokerne, saavelsom flrklaring om
Norsk Lovtidende. lste avd. nr. '29.
2

1910

— 402 —

19 juli. alt vrasentlig, som er foregaat i den forlopne tid. Desuten
Nr. 1. har reprEesentantskapet til ubestemte tider, mindst en gang
om aaret, uten varsel at foranstalte undersokelse av kasse og
vrardipapirer.
Repra3sentantskapet liar til generalforsamlingen at avgi sin
erkleering om det aarlige regnskap og om forretningens drift
og at fastsratte det hoieste belop, der kan bli at utdele som
utbytte.
Vedtragtene bestemmer forovrig dets virkekreds saavel i
forhold til generalforsamlingen som til styret.
Bestemmelsen i § 56, forste led kommer ogsaa til anven"delse paa reprrasentanter.
7de kapitel,
Om generalforsamli nge n.
§ 61. Aktie-eiernes ret til at delta i varetagelsen av
selskapets anliggender utoves gjennem generalforsamli ugen.
Vedtragtene eller, forsaavidt den konstituerende generalforsamling angaar, enten tegningsindbydelsen eller, om saadan
ikke er utstedt, den for selskapets stiftelse trufne selskapsavtale fastsratter stemmeretsreglerne, og navnlig om indehavere
av flere aktier skal ha begrranset eller gradert stemmeret, og
om der skal gjralde forskjellige regler for forskjellige klasser
av aktier. Er ingen saadan bestemmelse fastsat, har enhver
aktie-eier uten hensyn til hang aktiers klasse saa mange stemmer, som ban har aktier.
I den konstituerende generalforsamling kan dog utenfor
det i § 13, 1ste led omhandlede tilfralde ingen aktie-eier avgi
stemme for et antal, overstigende en femtepart av samtlige
aktier eller to femteparter av de i generalforsamlingen avgivne
stemmer.
§ 62. Er der ikke paa den i foregaaende paragraf angivne
maate truffet anden bestemmelse gjEelder folgende regler
1. En aktie-eier kan mote ved fuldmragtig.
2. De beslutninger, for hvilke nEervrarende by ikke opstiller
sraregne forskrifter, fattes med simpel stemmeflerhet blandt
de motende aktie-eiere og saaledes, at i filtrable ay stemmelikhet gjor den, der har forsratet, utslaget.
3. Har selskapet reprEesentantskap, indtar dettes ordforer
forsratet i generalforsamlingen; oilers tilkommer forsa3tet
styrets formand.
§ 63. Den, som har og vii avgi flere end en stemme,
liar at fremlragge en med hans navn underskrevet erklEering,
vori angives, hvor mange stemmer han avgir.




— 403 —

1910

Moter nogen som fuldmragtig for en aktie-eier, maa han 19 juli.
fremlragge skriftlig fuldmagt. Samtlige de av en fuldmragtig Nr. 1.
avgivne stemmer blir at optralle, som om alle aktier, hvorfor
han avgir stemme, var haus egne.
En aktie-eier kan ikke selv, ved fuldmEegtig eller som
fuldmragtig for andre delta i nogen avstemning angaaende bans
egeu stemmeret i generalforsamlingen eller angaaende ansvar
for ham selv eller avslutning av retshandel med ham selv;
dog kan enhver aktie-eier stemme paa sig selv til tillidshverv
i selskapet.
Avgjorelse av tvist om stemmeret henhorer under generalforsamlingen.
Over forhandliugene fores protokol under ansvar av den,
som liar forsratet. Protokollen oplaases for motets slutning til
vedtagelse og underskrives, foruten av den, som har forsratet,
av mindst to av de tilstedevEerende aktie-eiere.
§ 64. Generalforsamlingen va3lger foruten det i § 13
omhandlede utvalg tillike reprEesentanter og styremedlemmer
samt varamrand for disse ti11idsmend, saafremt vedtragtene
foreskriver valg av saadanne. Likeledes fatter generalforsamlingen hvert aar med den av § 60, tredje led flytende begrransning beslutning om, hvorvidt og i hvilket omfang der
skal utdeles utbytte paa aktierne.
Dog kan vedtragtene henlragge saavel den sidstna3vnte
beslutning som valg av styremedlemmer og deres varamrand til
repra3sentantskapet.
§ 65. Ti! at foreta forretningsmrassig revision av selskapets bokforsel vralger reprrasentantskapet, hvor saadant findes,
og ellers generalforsamlingen, en eller flere revisorer.
Generalforsamlingen vralger aarlig decisorer, hvor saadanne
er paabudt i vedtaagtene eller forovrig ansees paakrravet.
Hverken revisorer eller decisorer maa vrare medlemmer av
styret, indeha nogen styret underordnet stilling i selskapet
eller vEere gift med noget medlem av styret eller beslegtet
eller besvogret med noget styremedlem i ret opstigende linje
eller i sidelinjen saa nrar som soskende.
Revisorer maa ikke ha laan i eller antages som kautionister eller endossenter for nye laan i selskapet.
§ 66. Forsaavidt loven eller vedtragtene ikke anderledes
bestemmer, skal generalforsamlingen holdes ved selskapets
hovedsrate efter indkaldelse av reprEesentantskapets ordforer,
men hvor reprrasentantskap ikke findes, av styret, og indkaldelsen ske med mindst otte dages varsel ved brev eller
budsendelse til samtlige aktie-eiere, hvis opholdssted er kjendt.
Der kan ikke fattes beslutning om andre emner end dem,
som er nEevut i indkaldelsen; dog kan der krraves avstemning
2*

— 404 —
hvorvidt nv generalforsamling skal
sammenkaldes til beSr. 1. siuming (Jim forslag frem
kommet i motet.
Ordentlig generalforsamling skal hold
es mindst n gang
sarEg. for sjoforsikrings-selskapers
vedkommende inden ii. og
iovrig inden svv maaneder efter
regnskapsaarets utgang. Ellers
skal generalforsamlingen holdes.
saa ofte repra-se. ntantskapet
eller dettes ordforer eller styret tind
er det fornodent.
§ 67. Vii en aktie-eier ved dom
faa kjendt u.....c71dig en
beslutning av generalforsamling
eller repra-se_ ntantskap som
stridende mot by eller vedta-gter,
maa han ha anlagt sak, hvis
(let gj*lder generalforsamlings-b
eslutning, inden tre maaneder.
efterat denne er fattet, og hvis
det gjaAder repra-sentantskapsbeslutning inden tre maaneder, efter
at beslutningen er blit ham
bekjendt, og i ethvert fald inden
et aar, efterat beslutningen
er fattet. Er saken begyndt
med indkaldelse til forlikskommissionen. maa den, om forlik ikke
opnaaes, senest inkamineres
veil forste ting, hvortil lovlig
varsel kan gives, efterat en
maaned er forlopet siden sakens
henvisning til retten.
Saksokeren har ved sakens
iretteforsel at fremla-g_ge en
ham tilbrende aktie. Denne
blir av retten at overlevere selskapet, efterat den er blit fors
ynt med paategning om, at den
i sakens anledning er depo
nert hos selskapet. Aktien kan ikke
overdrages til andre eller ford
res tilbake, for endelig dom er
avsagt. Naar saa er sked
d, har retten paa forlangende at
forsyne aktien med paategni
ng om, at depositionen er ophort.
Fremlawges ikke aktien ved
sakens iretteforsel, blir saken
efter selskapets begjwring
at avvise. Klagen ausees i saa fald
for at va.re endelig frafa
ldt.
Dom, gaaende ut paa
beslutningens ugyldighet, virker
ikke alene like overfor
parterne, men ogsaa like overfor de ovri
ge
aktie-eiere. Vat- den augrepne
beslutnin, anmeldt til handelsregistret, blir den avsagte dom
paa bekostning av dem, hvem
retten maate bestemme, og
uten hensvn til paa-anke ogsaa at
anmelde og registrere paa
saadan maate soul i by om handelsregistre, firma og prokura
av 17 mai 1890 § 21 sagt.
§ 68. Beslutning in,
at undersokelse skal austilles i
amledning av stiftclst, eller
forretnin ,
sf,+rsel eller avvikling,
fattes av genera lforsaml n
tren
Er et forslag om saa Ian
undersok else forkastet av generalforsamlingen, kan in i mist fern
- eller om selskapets medlemsautal er under seksten, m
mist to - a k t
som tilsammen
eier aktier for mindst
en t iendedel a v aktiek api t a len
, inden tre
maaneder efter general
forsa m I i ngens a v holdelse
, em en
jenn
av dem opmevnt folks
fuldnnvg.t ig hos vet I kom mende skifteret
begjaere opnawnt en eller
Ilere !Muthl til at
anstille saadan
undersokelse.
skal eft Ork 1,1iinit'S, Sikafreint &let sand-




— 405 —

1910

synliggjores, at der er utvist svig eller grov skjo
desloshet, og 19 juli.
saafremt der i skifteretten fremlaegges aktier for
en tiendedel Nr. 1.
av aktiekapitalen ; om aktiernes paategning og
opbevaring
gjEelder, hvad i § 67 er sagt, saaledes at aktierne
skal vwre
deponert, indtil undersokelsen er endt eller begjring
er endelig
avslaat. Forinden skifteretten traeffer sin avgjorel
se, har den
at gi saavel selskapet som den, hvis forhold paak
lages, anledfling til at uttale sig. Avgjorelsen kan inden fjort
en dage,
efterat den av skifteretten er blit vedkommende medd
elt, indbringes for vedkommende regjeringsdepartemeut
til provelse
overensstemmende med de i by °in akkordforhan
dling av 6
mai 1899 (jfr. by av 2 juni 1906) § 45 jfr. §§
41-42
indeholdte forskrifter.
De av skifteretten opnEevnte maend har i fornoden
ut
strEekning at efterse selskapets boker, kasse, losor
e, papirer
og varer og at avgi sin beretning til skifteretten. Denn
e underretter aktie-eiernes fuldmEegtig om undersokelsens slut
ning og
sammenkalder en generalforsamling til avholdelse
inden fire
uker derefter og forelEegger denne utvalgets indstillin
g. De
opnwvnte mwnd liar at iagtta taushet angaaende forh
old eller
gjenstande, som ved undersokelsen er blit dem bekjendt
, men
som bigger utenfor undersokelsens ramme; like overfor
uvedkommende har de ubegrwnset taushetspligt. Deres godt
gjorelse
fastseettes av skifteretten, som likeledes bestemmer,
hvem der
skal bEere de ved undersokelsen forvoldte utgifter.
Skifterettens avgjorelse kan inden samme frist og efter samme
regler
som oven nEevnt av enhver vedkommende indbringes for
vedkommende regjeringsdepartement.
§ 69. Erstatning for skade voldt av stiftere, indbydere,
styremedlemmer, reprEesentanter, revisorer eller decisore
r, likesom ogsaa selskapets ret efter § 19 indtales av selskape
t.
Beslutning om anlaeg av saadant soksmaal fattes i gene
ralforsamling. Beslutning om, at sak ikke skal anlwgges, er
befriende for vedkommende.
Dog kan aktie-eiere, som ikke liar stemt for beslutningen
,
i saadant antal og i besiddelse av saa mange aktier som i
§
68 sagt, ved en av dem opnaavnt fEelles fuldmiegtig, inde
n tre
maaneder efter generalforsainlingens avholdelse, eller —
saafremt der efter beslutningen er fremsat begjaering om unde
rsokelse i henhold til § 68 — efterat undersokelsen er endt
eller begjwringen endelig avslaat, aulmgge sak paa selskape
ts
vegne og i dets navn til indtale av erstatning for skade vold
t
ved svig eller grov skjodesloshet. Er saken begyndt med
indkaldelse til forlikskommissionen, maa den, hvis forlik
ikke
opnaaes, senest inkamineres ved forste ting, hvortil lovli
g
varsel kan gives, efterat en manned er forlopet siden sake
ns

— 406 —

1910

19 juli. henvisning til retten. Ved sakens iretteforsel maa der i retten
Ni. 1. fremlaegges aktier for en tiendedel av aktiekapitalen; om ak-

tiernes paategning og opbevaring og om undladelsen av betimelig at fremleegge dem, gjwlder, hvad i § 67 er sagt.
Tapes saken, har vedkommende aktie-eiere selv at bare
samtlige omkostninger; vindes den, har de ret til at fordre
omkostningene godtgjort av selskapet, dog ikke utover den
erstatning, der som &Age av soksmaalet er kommet selskapet
tilgode.
§ 70. Har aktie-eiere i saadant antal som i § 68 sagt,
og som tilsammen eier en tiendedel, eller om vedtgtene saa
maatte bestemme, en mindre brokdel av aktiekapitalen, hos
selskapets vedkommende forgjeeves forlangt en generalforsamling
indkaldt med hoist fjorten dages varsel til behandling av bestemt angivne emner, kan de krve, at skifteretten paa lovlig
maate og paa selskapets bekostning indkalder generalforsamling.
De maa i saa fald fremleegge aktier for ovennwvnte brokdel
av aktiekapitalen; med hensyn til aktiernes paategning og opbevaring finder reglerne i § 67 tilsvarende anvendelse, saaledes
at aktierne skal vwre deponert, indtil generalforsamlingen er
avholdt.
Indkaldelsen av generalforsamling ansees forgjeeves at were
forlangt, naar selskapets vedkommende ikke inden fjorten dage,
efterat forlangendet bevislig er fremsat, paa lovlig maate har
utfeerdiget den.
§ 71. Forandring i selskapets vedtmgter kan alene besluttes av generalforsamlingen. Til gyldig beslutning utfordres,
at mindst to tredjedele av de avgivne stemmer er derfor.
Gaar beslutningen ut paa forandring i gjenstanden for selskapets virksomhet eller paa fortsmttelse utover den bestemte
tid, utkraaves derhos, at de medlemmer, som har stemt for den,
indehar aktier for mindst fire femtedele av aktiekapitalen. Aktier, som maatte were utelukket fra stemmegivning i generalforsamlingen, medtages ikke ved denne beregning. De aktieeiere, som ikke har stemt for beslutningen, kan av aktieselskapet kreeve utlosning. I mange! av mindelig overenskomst
fastsa3ttes losningssummen ved lovlig skjon optat paa aktieselskapets bekostning. Forsaavidt aktierne ikke straks overtages av andre, skal de uopholdelig tilintetgjores av styret og
anmeldelse om indlosningen avgives til handelsregistret. Kan
utlosning ikke ske, uten at aktiekapitalen angripes, finder § 85,
andet og tredje led tilsvarende anvendelse. Retten til ntlosning tapes, hvis den ikke er gjort gjmldende inden en manned,
efterat vedkommende aktie-eier er blit vidende om beslutningen.
Hvis en foreslaat eendring i vedtFegtene berorer orholdet
mellem de forskjellige klasser av aktier, utkrFeves, at den al-




— 407 —

1910

mindelige generalforsamlings beslutning tiltrdes av swrskilte 19 juli.
generalforsamlinger, dannet av indehaverne av de forskjellige Nr. 1.
klasser av aktier. Hertil utfordres, at i hver smrskilt generalforsamling mindst to tredjedele av de avgivne stemmer er for
tiltreedelse.
§ 72. For utlopet av to aar efter selskapets registrering
maa erhvervelse ved frivillig overdragelse av bestaaende eller
paatmnkte anlwg eller faste eiendomme eller skib for en sum,
overstigende en tiendedel av aktiekapitalen, kun finde sted med
generalforsamlingens samtykke.
Mindst en halvpart av den stemmegivende aktiekapital maa
vmre reprFesentert i det mote, hvor beslutningen fattes.
Foranstaaende regler kommer ikke til anvendelse ved erh vervelse av fast eiendom, dersom selskapets forretning gaar
ut paa saadan erhvervelse.
8de kapitel.
Om oplosning, avvikling og aktiekapitalens
nedseettelse.
§ 73. Begjwring om konkursbehandling eller akkordforhandling kan fma selskapets side alone fn.insw ttes av styret.
,
Dette repreesenterer under konkursbehandlingen selskapet som
konkursskyldner. Om det skal nyde godtgjorelse og i tilfmlde
hvilken, bestemmes av skifteretten.
§ 74. Er antallet av medlemmer i et aktieselskap sunket
ned under tre, skal selskapet inden tre maaneder enten ha avhjulpet denne mangel eller ha oplost sig. Fortsa3tter selskapet
sin virksombet utover de tre maaneder uten supplering eller
oplosning, hefter de medlemmer, som i mindst en maaned har
\Tau-et vidende om forholdet, en for alle og alle for en for de
forpligtelser, som er paadrat selskapet efter utlopet av de ovennawnte tre maaneder.
Er to maaneder hengaat, siden medlemmenes antal sank
ned under tre, har enhver aktie-eier med en maaneds varsel til
den anden aktie-eier ret til at kreeve, at skifteretten opneevner
en eller flere meend til paa selskapets bekostning at foreta avvikling, saafremt antallet av aktie-eiere ikke inden varslets utlop
er bragt op til mindst tre. Avviklingen foregaar overensstemmende med reglerne i § 76, andet og tredje led samt §§ 77
—82, saaledes at den eller de optwevnte mend trader i styrets
og skifteretten i generalforsamlingens sted.
§ 75. Er der, forsaavidt angaar andre selskaper end bankog forsikringsselskaper, ikke inden seks maaneder efter utlopet
av den i § 22, 2det led nFevnte frist, to aar efter selskapets
registrering, skedd anmeldelse til handelsregistret om, at aktierne

1910

— 408 —

19 juli. er fuldt indbetalt, skal registerforeren forelEegge selskapets beNr. 1. styrelse en frist av en metalled til at indkomme med saadan
anmeldelse. Oversiddes denne frist, skal han gi meddelelse
herom til skifteretten. Denne skal derefter erkleere selskapet
oplost og opneevne en eller flere mwnd til at foreta avvikling
paa selskapets bekostning. Avviklingen foregaar som i foregaaende paragrafs sidste punktum bestemt.
§ 76. Beslutuing om et aktieselskaps frivillige oplosning
fattes av generalforsamlingen. Til gyldig beslutning herom utfordres, at to tredjedele av de avgivne stemmer er derfor og
at enten de medlemmer, som stemmer for den, indehar aktier
for mindst to tredjedele av aktiekapitalen, eller at beslutningen
gjentages med to tredjedels stemmeflerhet av en ny generalforsamling. Saafremt to tredjedele av den indbetalte aktiekapital
er gaat tapt, er det dog tilstreekkelig, at et antal aktie-eiere,
som tilsammeu eier mindst en fjerdedel tIV den indbetalte aktiekapital, stemmer derfor. Aktier, som inmate vmre utelukket
fra stemmegivning i generalforsamlingen, medtages ikke ved
disse bereguinger.
Den generalforsamling, som beslutter oplosningen, vwlger
samtidig et styre til at forestaa avviklingen. Medlemmer av
det tjenstgjorende styre kan veelges, saafremt vedtgtene ikke
anderledes bestemmer. Iovrig trader (let tidligere styre ut av
virksomhet.
Aktieselskapets forretninger kan under avviklingeu fortswttes i det omfang, som ansees hensigtsmwssig.
§ 77. Styret har at opta fortegnelse over massen og at
opgjore selskapets status. Fortegnelsen og opgjoret blir at utlEegge paa selskapets kontor til oplysning for enhver aktie-eier;
derhos buy avskrift eller avtryk av opgjoret at tilstille enhver
aktie-eier, hvis opholdssted er kjendt.
For forsikrings- og bankselskapers vedkommende blir opgjoret snarest mulig at bekjendtgjore i »Norsk Kundgjorelsestidende«.
Efterat oplosning er besluttet, bar aktieselskapet paa ethvert fra samme utgaat brev, bekjendtgjorelse eller dokinnent
at tilfoie ved sit firma ordene "under avvikling«.
§ 78. Styret liar at avhaende selskapets eiendele og iddrive dets tilgodehavende saint at betale dets gjeeld og opfylde
dets ovrige forpligtelser. Forsaavidt det behoves til at dEekke
gjEelden, har styret at indkalde indskud paa aktierne.
§ 79. Styret har to ganger i »Norsk Kundgjorelsestidende«
at indkalde selskapets fordringshavere til at anmelde sit tilgodevende. De fordringshavere, som kjendes, gives derhos saavidt mulig swrskilt skriftlig underretning.
Kongen kan, naar skjellig grund findes at foreligge, gi




— 409 —

191()

styret bevilling til at indkalde selskapets fordringshavere ved 19 jail.
prEeklusivt proklama under varsel og bekjendtgjorelsesmaate, Nr. 1.
som blir neermere at angi i bevillingen. Har selskapet drevet
forsikringsvirksomhet, omfatter proklamaet dog ikke de av selskapet tegnede forsikringer.
§ 80. Er en fordringshaver ikke at finde eller vwgrer
han sig for at motta sit tilgodehavende, blir belopet, livis dets
storrelse er paa det rene, av styret at indswtte paa lians navn
i sparebank. Er fordringen ikke rentebeerende og ikke forfalden, kan den indsttes med et belop, som med tillieg av
lovlig rente til forfaldsdag vii gi fordringens bele belop.
Er en fordrings tilvwrelse eller omfang uviss eller omstridt, kan der avsalttes et saadant belop, som ved overenskomst mellem selskapet og vedkommende fordringshaver maatte
bli bestemt. Belopet indso3ttes i saa fald i sparebank paa
styrets og fordringshaverens navn i fllesskap og blir ikke at
utbetiale uten begge parters skriftlige samtykke eller efter endelig dom. Hvad der endelig kommer selskapet tilgode, blir av
styret efterskudsvis at utlodde blandt det oploste selskaps medlemmer.
§ 81. Efterat selskapets eiendele er avhwndet, dets fordringer inddrevet, dets gjld betalt eller betalingen sikret som
i § 80 bestemt, og alle dets ovrige forpligtelser opfyldt, blir
overskuddet at fordele i rede penger mellem aktie-eierne mot
indleveriug av aktiebrevene.
En saadan fordeling maa dog dike finde sted for 6 maaneder, efterat den i § 79, forste punktum oinhandlede indkaldelse
anden gang har staat i »Norsk Kundgjorelsestidende«.
§ 82. Efter sluttet avvikling, og efterat regnskap for
samme or avlagt og vedtat i generalforsamliug, anmeldes selskapets endelige oplosning til handelsregistret.
Pet styre, som bar forestaat avviklingen, har at opbevare
selskapets boker i mindst ti aar efter oplosningen.
§ 83. Beslutning om overdragelse av et aktieselskaps
formue som helhet kan alone fattes av generalforsamlingen med
saadan stelmneflerhet som i § 76, andet og fjerde punktum
sagt. Beslutningen anmeldes uopholdelig til handelsregistret.
Styret sorger for, at selskapets forfaldne gjaald betales, og
at dets ovrige forpligtelser opfyldes, forsaavidt vedkommende
ikke samtykker i, at de gaar over paa den, til hvem overdragelsen or skedd. Iovrig kommer bestemmelserne i § 77, forste
og andet led, § 78, andet punktum, § 79, forste led og § 80
til anvendelse.
Overdragelsen kan ikke gjennemfores, og fordeling av overselskapets
skuddet til aktie-eierne kan ikke finde sted, for
dets ovrige
kjendte gjwld or betalt eller betalingen sikret og

1910

— 410 —

kjendte forpligtelser opfyldt eller gyldig overfort paa erhververen, og ikke for mindst seks maaneder er forlopet, efterat den
sidste indkaldelse av fordringshaverne bar va3ret indtat i »Norsk
Kundgjorelsestidende
Naar overdragelsen er gjennemfort, anmeldes dette snarest
mulig til handelsregistret.
§ 84. Sker den i § 83 omhandlede overdragelse til et
aktieselskap mot vederlag i aktier i dette, kommer reglerne i
§ 25 ikke til anvendelse paa den utstedelse av nye aktier, som
hertil utkrEeves. I dette tilfwlde kan det derhos i overenskomsten mellem selskapene bestemmes, at ledelsen av forretningene straks skal overgaa til det selskap, hvortil overdragelsen
sker. Det andet selskaps midler blir imidlertid at forvalte
smrskilt, indtil overdragelsen kan gjennemfores overensstemmende med § 83, tredje led.
Styret i det selskap, hvortil overdragelsen er skedd, har i
en generalforsainling, som holdes inden seks uker efter overdragelsens gjennemforelse, at avgi beretning angaaende overdragelsen og de forhold, som staar i forbindelse med den, og
at gjore rede for enhver utgift, selskapene derved har hat.
Derhos har begge selskapers styremedlemmer hver for sig at
avgi en egenheendig underskrevet erkleering oun, hvorvidt de
selv eller nogen andel' liar hat nogen indtwgt av overdragelsen,
og i tilfwlde om indtmgtens art og storrelse.
§ 85. Nedseettelse av aktiekapitalen (herunder indbefattet
avskrivning paa aktierne) kan alene finde sted i henhold til
generalforsamlings-beslutning, fattet med saadan stemmeflerhet
som i § 76, andet og fjerde punktum bestemt. Saadan beslutning kan alene fattes, efterat begrundet erklwring er indhentet
fra repreesentantskapet, hvor saadaiit findes, og ellers fra styret.
Den fattede beslutning, som tillike skal fastseette reglerne
for dens gjennemforelse, blir at anmelde til handelsregistret
og
at indrykke to ganger i »Norsk Kundgjorelsestidende«.
Kjendte fordringshavere skal saavidt mulig smrskilt varsles
om heslutningen. For fordringshaver, hvis tilgodehav
ende endnu
ikke er forfaldent, eller hvis torching er nviss eller omstridt,
blir belopet, naar han fremswatter begjwring derom inden
den
nedenfor i fjerde led ritevnte frist, at avseette overensstemmende
med reglerne i § 80.
Den endelige utforelse RN' beslutningen lian ikke finde sted,
for der fra anden gangs offentliggjorelse i »Norsk Kundgjorelsestidende« er hengaat tre maaneder, dersom selskapet har
kjendte fordringshavere kun i Norge, seks maaneder. dersom
(let har kjendte fordringshavere kun i Europa, samt et
aar,
dersom det har kjendte fordringshavere paa noget sted utenfor
Europa.

19 juli.
Nr. 1.




— 411 —

191()

Naar beslutningen er bragt til endelig utforelse, blir an- 19 jell.
meldelse at avgi derom til handelsregistret. Er dette ikke Nr. 1.
skedd inden seks maaneder fra utlopet av de i fjerde led
nseviite frister, taper beslutningen sin kraft.
9de kapitel.
Om utenlandske selskapers adgang til at drive
virksomhet her i landet.
§ 86. Er et aktieselskap gyldig stiftet i sit hjemland,
kan det med iagttagelse av efterfolgende bestemmelser drive
virksomhet ogsaa her i landet gjennem en forretningsavdeling
(filial, underkontor), staaende under et sterskilt styre, om hvis
myndighet til at forbinde selskapet like overfor tredjemand gjwlder, livad i § 46, forste led er sagt.
§ 87. Forinden en saadan forretningsavdeling som i § 86
omhandlet aapner virksomhet her i landet, har dens styre at
indsende anmeldelse til handelsregistret overensstemmende med
lov om handelsregistre, firma og prokura av 17 mai 1890.
Anmeldelsen skal, foruten hvad der er foreskrevet i nmvnte by,
tillike indeholde de i nwrveerende lovs § 14, andet led neevnte
oplysninger — oplysninger angaaende bestemmelser av saadan
art som i § 5, nr. 9-12 nwvnt, dog kun, dersom selskapet
er stiftet i lopet av de sidste fern aar — samt bilwgges med
styrets egenhtendig underskrevne erkltering om:
a. at der paa hver aktie, hvorfor vederlag skal ydes i penger,
er indbetalt det hele belop, eller forsaavidt angaar bankog forsikringsselskaper, hvis aktier ikke lyder paa ihtendehaveren og ikke paa et mindre belop end et hundrede
kroner, i bankselskaper mindst en halvpart og i forsikringsselskaper mindst en fjerdedel av dens paalydende belop og
et like stort bebop paa hver aktie av samme klasse,
b. at alle indskud i vterdigjenstande er ydet.
Med anmeldelsen skal derhos folge en av norsk konsul
i hjemlandet bekreeftet bevidnelse fra den utenlandske registerfoxier eller anden vedkommende myndighet om, at selskapet
lovlig er kommet i stand og bar sit hovedkontor i utlandet.
Undladelse av anmeldelse medforer, at ogsaa hervrende
styremedlemmer blir personlig og solidarisk ansvarlige.
Stedfundne forandringer, derunder ogsaa aapning av konkurs, 1lii paa samme maate at anmelde.
§ 88. Forsaavidt et utenlandsk aktieselskaps kapital ikke
er fuldtegnet, kan alene den tegnede kapital anmeldes som
selskapets aktiekapital.
§ 89. TTtenlandsk aktieselskaps hervserende forretningsavdeling skal paa ethvert dokument, brev eller bekjendtgjorelse

1910

— 412 —

19 jun. betegne sig med ordene »utenlandsk aktieselskap«, likesom
de
isr. 1. i § 52 og § 77, sidste punktum
givne forskrifter finder tilsvarende anvendelse.
§ 90. Medlem av styret for utenlandsk aktieselskaps forretningsavdeling er like overfor tredjemand underkastet det samme
ansvar for sine handlinger, som om han var medlem av et
norsk aktieselskaps styre.
§ 91. Utenlandske bankselskaper og selskaper, hvor saintlige aktier lyder paa ihamdehaveren, skal hvert aar inden otte
maaneder efter regnskapsaarets utgang i »Norsk Kundgjorelsestidende« la offentliggjore selskapets aarsregnskap og balanse
tillikemed smrskilt aarsregnskap for den hervairende forretningsavdeling. Efterkommes ikke dette bud, har det utenlandske
selskaps hervEerende styre umiddelbart efter fristens utlop at
anmelde dette til handelsregistret og samtidig at offentliggjore
aarsregnskapet for hervmrende forretningsavdeling.

Anden del.
Om kommaiiilitaktieselskaper.
10de kapitel.
§ 92. Ved et kommanditaktieselskaps stiftelse maa
saintlige fuldt ansvarlige medlemmer saint mindst tre
kommanditister delta som stiftere eller som indbydere. Enhver,
som ved
siden av de fuldt ansvarlige medlemmer deltar i
stiftelsen, maa
tegne mindst en aktie.
Selskapet kan ikke konstitueres, for den hele kommand
itkapital er tegnet.
§ 93. Et fuldt ansvarlig medlem kan ikke
tegne eller
erhverve aktier i selskapet og heller ikke ta viljesbes
temt pant
i dem. Tilfalder saadanne aktier ham ved arv
eller egteskap
eller under tvangsinddrivelse til fyldestgjorelse
av egen fordring,
skal han avhwnde dem snarest mulig og senest
inden et aar.
§ 94. Like overfor tredjemand kan alene
de fuldt ansvarlige medlemmer handle paa selskapets vegne. I
alt, hvad der
horer til driften av selskapets forretning, er enhver
begraansning
i denne myndighet uten retsvirkning like overfor
godtroende
tredjemand.
§ 95. Denne lovs §§ 4-13, 47-55 og
57-91 finder
tilsvarende anvendelse paa koinin anditaktieselskaper, dog
saaledes, at
a. i den i § 5 omhandlede protokol eller i
tegningsindbydelsen skal angives, i hvilket forhold de fuldt ansvarlige
med-




— 413 —

1910

lemmer og kommanditkapitalen indbyrdes deltar i selska- 19 juli.
Nr. 1.
pets vinding og tap;
b. valg av styre og repreesentantskap bortfalder;
c. de om styrets rettigheter og pligter trufne bestemmelser
ansees at gjoelde de fuldt ansvarlige medlemmer, forsaavidt
intet motsat i werva3rende kapitel er bestemt;
d. kommanditisterne vlger aarlig et tilsynsraad, som har:
1. at fore kontrol med forretningen og regnskapsforselen,
men ikke har adgang til at gripe ind i den daglige
drift;
2. at iverksaitte generalforsamlingens beslutninger, forsaavidt dette ikke efter vedtEegtene paahviler nogen anden.
Iovrig gjaalder om tilsynsraadet de om reprwsentantskapet givne bestemmelser, forsaavidt intet motsat i nwrwerende kapitel er bestemt;
e. de fuldt ansvarlige medlemmer og tilsynsraadet eller et
utvalg av dette har i fallesskap at utfore, hvad der efter
denne lovs §§ 22 og 30-36 paahviler styret;
f. hvad der er foreskrevet om aktie-eierne (medlemmene) og
aktiekapitalen, blir at anvende paa kommanditisterne og
kommanditkapitalen ;
g. et kommanditaktieselskaps likvidation foretages av de fuldt
ansvarlige medlemmer og et utvalg av tilsynsraadet i fgellesskap, forsaavidt ikke andet or bestemt i vedtgegtene,
og det holler ikke vedtages mellem de fuldt ansvarlige
medlemmer og kommanditisternes generalforsamling, at syerskilt styre hertil skal vaalges. Hvis der vlges saarskilt
styre, liar det de samme rettigheter og pligter som styret
i et aktieselskap.
§ 96. Der kan ikke trEeffes avtaler om, at generalforsal-riling eller tilsynsraad uten samtykke av de fuldt ansvarlige
medlemmer skal kunne beslutte:
a. fastswttelse av aarets overskud og utbytte,
b. ansFettelse av prokurist,
c. forandring av vedtaagtene,
d. forhoielse eller nedsaAtelse av kommanditkapitalen eller
amortisation av aktier,
e. fjernelse eller optagelse av ansvarlig medlem, selskapets
oplosning utenfor det i § 98 nEevnte tilfa31de eller avhEendelse av selskapets formue som helhet.
§ 97. Et fuldt ansvarlig medlems srkreditor kan ikke
ta utlmg i nogen av selskapets eiendele eller nogen del av
disse, men kan alone fordre sii utlagt, hvad hans skyldner
selv or berettiget til at kra3ve av selskapet som andel i aarsoverskud, saavelsom den andel, han kan kneve sig utbetalt ved
selskapets oplosning.

1910
19 juli.
Nr. 1.

— 414 —
Har swrkreditor faat eudelig utlwg i, hvad der maatte tilkomme skyldneren ved selskapets oplosning, kan hait kra3ve sin
skyldners andel i selskapet utlost saavidt fornodent til at da3kke
haus krav ; dog har han i saa fald at gi mindst et aars frist
efter reguskapsaarets utlop. Efterkommes ikke da haus krav,
kan han kneve selskapet tat under konkursbehandling.
§ 98. Et kommanditaktieselskap, som er stiftet paa ubestemt tid eller paa det eller de fuldt ansvarlige medlemmers
livstid, blir, forsaavidt intet motsat er avtalt, at oplose efter
opsigelse fra et fuldt ansvarlig medlem eller fra kommanditisternes generalforsamling. Opsigelsen maa i mangel av anden
avtale gives med en frist av mindst et aar efter regnskapsaarets slutning.
Det kan dog i vedta3gtene bestemmes, at om et fuldt
ansvarlig medlem fra sin side opsiger kontrakten, skal det mellem den uttnedende og de tilbakevwrende fuldt ansvarlige medlemmer samt kommanditisternes generalforsamling kunne vedtages, at selskapet skal fortsmtte som saadant. Den uttryedendes
samtykke krmves ikke, dersom selskapet for hans andel av selskapsgjaelden stiller sikkerhet, hvis tilstraakkelighet i tilfwlde
av tvist bestemmes ved lovlig skjon.
§ 99. Naar skjellig gruud foreligger, kan et kommanditaktieselskap ved dom oploses, saafremt begjwring derom fremsttes av et fuldt ansvarlig medlem eller av kommanditister,
som tilsammen eier en fjerdedel av kommanditkapitalen. Kommanditisternes begjaaring kan kun tages tilfolge, saafremt den
forut har va3ret undergit behandling i en generalforsamling.
De har i ti1fa31de ved sakens iretteforsel at fremlwgge i rotten
aktier for det angivne belop ; om aktiernes paategning og opbevaring og om undladelsen av betimelig at fremlwgge dem
gjmlder, hvad i § 67 er sagt.
Hvis selskapet overfor et fuldt ansvarlig medlem kan krgeves oplost, kan de ovrige fuldt ansvarlige medlemmer saavelsom kommanditisternes generalforsamling isteden krFeve dom for
hails utelukkelse uten oplosning av selskapet, dersom de er
euige om fortsmttelse paa saadan maate som sagt i § 98,
sidste led.

Tredje del.
Forskjellige bestemmelser.
lite kapitel.
Om registrering og kundgjorelse.
§ 100. Enhver amneldelse skal vFpre ledsaget av saadanne oplysninger, at registreringsmyndigheten derved seettes




— 415 —

1910

istand til at bedomme, hvorvidt neervrende lovs forskrifter 17 juli.
saavelsom vedtgtene er iagttat.
Ni. 1.
Registreringsmyndigheten har omhyggelig at prove, hvorvidt det, som begja3res registrert, er stemmende med lovens
forskrifter, eller, hvor der handles om en beslutning, hvorvidt
denne er tilblit overensstemmende med by og vedtalgter, og
den kan krve sig forelagt alle de oplysninger, som er fornodne til bedommelse herav. Findes der mangler i denne henseende, blir aumeldelsen at avvise overensstemmende med reglerne i by om handelsregistre, firma og prokura av 17 mai
1890 § 3.
12te kapitel.
Straffebestemmelser.
§ 101. Den, som undlater at gjore nogen i denne by
foreskrevet anmeldelse, eller som medvirker dertil, straffes med
Paa samme maate straffes den, som bryter den i § 68
tredje led paalagte taushetspligt, eller som medvirker til, at
sandal' overtrwdelse sker.
Stiftere, indbydere, styremedlemmer eller repraesentanter,
som iovrig overtraader neervwrende lovs bestemmelser, eller
som medvirker til, at saadan overtrwdelse sker, straffes med
boter eller under scerdeles skjwrpende omstwndigheter med
frengsel indtil tre maaneder, forsaavidt handlingen ikke indgaar
under nogen strengere straffebestemmelse.
§ 102. Hvad der i foregaaende paragraf er bestemt om
styremedlemmer og repreesentanter, gjmlder i kommanditaktieselskaper om de fuldt ansvarlige medlemmer og om tilsynsraadets medlemmer.
13de kapitel.
Overgangsbesteminelser.
§ 103. Hvis et bestaaende aktieselskap ikke or anmeldt
til handelsregistret overensstemmende med by av 17 mai
1890 § 19, skal saadan anmeldelse ske inden tre maaneder,
efterat nwrwerende by er traadt i kraft. Inden samme frist
har derhos ethvert bestaaende aktieselskap at indsende til
handelsregistret en tillsegsanmeldelse, forsaavidt noget forhold
som omhandlet i § 5 nr. 5-13 er tilstede og oplysning derom
ikke findes indtat i den tidligere anmeldelse; oplysniug angaaende forhold av saadan art som i § 5 nr. 9-12 neevnt
blir dog alene at medta, dersom registreringen av selskapets
stiftelse liar fundet sted i lopet av de sidste fern aar, for neervwrende by traadte i kraft.

1910

— 416 —
— 393 —

19 juli.
Er der utstedt aktier paa ihK.ndehaveren, forend den fulde
Nr. 1. paalydende RUM er indbetalt, blir tillmgsanmeldelse
at avgi til
handelsregistret, hvori alene den indbetalte kapital opfores som
selskapets aktiekapital, mens den ikke indbetalte del begjwres
slettet. Herved gjores dog ingen forandring i aktie-eiernes forpligtelse like overfor selskapet.
Styret bar med hensyn til de her givne forskrifter det i
§ 19, sidste punktum bestemte ansvar.
§ 104. Paa norske aktieselskaper, som er registrert for
naervaerende lovs ikrafttrmden, eller som blir registrert ifolge
forangaaende paragraf, kommer folgende bestemmelse til anvendelse, naar fern nar er forlopet efter lovens il:rafttrwden:
2det kapitel, samtlige bestemmelser, dog saaledes, at
§§ 20 og 22 kun kommer til anvendelse, naar nye aktier
senere utstedes, og § 21 kun ved senere indbetaling paa aktier.
Saafremt der paa et bank- eller forsikringsselskaps aktier er
indbetalt mindre end i § 22 bestemt, kan dette forhold derhos
ogsaa efter utstedelse av nye aktier opretholdes saavel for de
nye som for de wldre aktier, naar aktie-eierne for mindrebelopet
stiller tilstrmkkelig sikkerhet i norske stats- eller hypotekbankobligationer ;
3dje kapitel, samtlige bestemmelser med undtagelse av
§ 30 saint av § 34, tredje led, saafremt overdragelsen ved
femaarsfristens utlop allerede gyldig er skedd, og av §§ 31 og
32, forste punktum, saafremt aktiebrev da allerede er utstedt;
4de-- Mde kapitel, samtlige bestemmelser;
11te kapitel;
12te kapitel § 101.
Vii et allerede bestaaende selskap utstede nye aktier, blir
§ 30 at befolge, forsaavidt de tidligere utstedte aktier fyldestgjor bestemmelserne i denne paragraf. Lyder de aeldre aktier
alle paa samme sum, skal de nye aktier utstedes paa samme
bele') som de oprindelige, selv om dette er mindre end i § 30
kraevet. Er der tidligere utstedt aktier av forskjellig storrelse,
skal de nye aktier ha samme storrelse som en av de 931dre
serier hel-aktier, der fyldestgjor kravet i § 30; fyldestgjor
ingen av de wldre serier dette krav, skal de nye aktier ha
den samme storrelse som de storste av de aeldre hel-aktier.
I wldre selskaper, som har utstedt aktiebrev, lydende
paa navn, men hvor grundfonds-forskrivelse ikke er utstedt for
den endnu ikke indbetalte del av aktiekapitalen, maa utbyttekupons ikke utleveres eller, hvor saadanne ikke benyttes, utbytte ikke utbetales paa aktie, for hvilken grundfonds-forskrivelse
ikke er indlevert overenstemmende med § 32.
§ 105. -Lyder et bestaaende aktieselskaps aktier paa det




191()

Synker reservefondet under det lovbefalte omfang, blir det 19 juli.
NI% 1.
atter at fylde efter samme regel.
Ved bank- og forsikrings-selskaper skal halvdelen av det
lovbefalte reservefond anbringes i sikre og for bankers vedkommende tillike let realisable vaerdipapirer. Disse papirer maa
ikke gives som sikkerhet for gjaeld.
§ 24. Forhoielse av aktiekapitalen ved utstedelse av nye
aktier kan alene besluttes av generalforsamlingen. Til gyldig
beslutning herom utkraeves, at to tredjedele av de avgivne stemmer er derfor. Saadan beslutning kan derhos forst fattes,
efterat selskapet er registrert. I beslutningen maa angives en
bestemt hoieste grmnse for forhoielsen. Ingen avtale, som indgaar under na3rvaerende lovs § 5 nr. 5-12, er gyldig uten
samtykke av generalforsamlingen.
§ 25. Vii de mldre aktie-eiere eller fordringshavere i selskapet eller begge i forening ikke overta samtlige nye aktier,
har styret eller den eller de, som generalforsamlingen dertil
maatte ha bemyndiget, at utfmrdige en egenhmndig underskrevet indbydelse til tegning av aktier. I denne skal opgives det
paa hver paldre aktie indbetalte belop. Forovrig kommer ogsaa
paa denne tegningsindbydelse til anvendelse de i § 6, § 7 —
med undtagelse av de to sidste nummer — § 8 og § 10 givne
regler. Den frist, inden hvilken tegningen av aktier skal vmre
avsluttet, maa ikke swttes fjernere end til seks maaneder efter
tegningsindbydelsens forste bekjendtgjorelse i »Norsk Kundgjorelsestidende«. Efter utlopet av den i indbydelsen satte frist
kan aktier ikke tegnes.
Naar tegningen er avsluttet eller tegningsfristen utlopet, bar
styret at inddra tegningslisten og, om nodvendig, at foranstalte
reduktion av overtegning i overensstemmelse med tegningsindbydelsen.
§ 26. Inden seks maaneder efter utlopet av den i § 22,
3dje led fastsatte frist skal der ske anmeldelse til handelsregistret om den stedfundne forhoielse av aktiekapitalen, omfattende de aktier, hvorpaa er indbetalt et saa stort belop som i
§ 22, 3dje led foreskrevet. Er der truffet avtale, som indgaar
under naervaerende lovs § 5 nr. 5-12, skal oplysning derom
indtages i anmeldelsen.
Med anmeldelsen skal folge som bilag:
1. tegningslister i original eller i bekraeftet gjenpart eller
anden legitimation for, at samtlige aktier er overtat;
2. enhver avtale — i original eller i bekrwftet gjenpart —
ay den art, at den indgaar under naarvEerende lovs § 5
nr. 9-12;

— 394 —
3. skriftlig erklwring fra styret, indeholdende de
i e 15 nr.
2 foreskrevne oplysninger samt bevidnelse
om, at de for
forhoielse av kapitalen i § 24 opstillede betingelser
foreligger.
Saafremt der senere foregaar indbetaling i saadan
utstrwkfling som i § 22, 3dje led foreskrevet paa
flere aktier, kan
der ske ny anmeldelse heroin.
De i §§ 16, 18 og 19, andet led givne regler
finder tilsvarende anvendelse ved forhoielse av aktiekapi
talen gjennem
utstedelse av nye aktier.
§ 27. Forhoielse av aktiekapitalen gjennem
tilskrivning
paa aktierne skal anmeldes til handelsregistret.
Med anmeldelsen skal folge skriftlig erklwring fra styret
om, at den stedfundne forhoielse av aktiekapitalen virkelig har
fundet sted
gjennem overforelse av selskapets fond eller paa
anden maate.
Reglen i § 19, andet led finder tilsvarende
anvendelse.
§ 28. Et aktieselskap kan ikke ta
viljesbestemt pant i
egne aktier og kan med de i § 29 nwvnte
undtagelser kun
erhverve eller indkjope dem under iagttagelse av
de for aktiekapitalens nedswttelse givne regler.
§ 29. Det er et bankselskap tillatt at
indkjope egne
aktier for fremmed regning.
Det er ethvert aktieselskap tillatt at erhverve
egne aktier
under tvangsinddrivelse efter § 43 eller til
fyldestgjorelse av
egen fordring, som er sikret ved utlEeg i
aktierne. Disse
skal snarest mulig igjen avhwndes, og ved
nmste generalforsamling skal der gjores swrskilt indberetning
om kjopet,
likesom de endnu ikke avhEendede aktier
uttrykkelig skal
opfores i regnskapet som egne aktier i egen
besiddelse«.
Likeledes er det selskapet tillatt at erhverve egne
aktier
til amortisation, hvis de er fuldt indbetalt.
Dog kan saadan
amortisation alene finde sted i henhold til en
derom fattet
generalforsamlings-beslutning, likesom selskapet dertil alene
kan
anvende sit aarlige overskud eller et av overskud
dene i saadant
oiemed oplagt saarskilt fond. Gjennem tvungen
indlosning kan
amortisation alene finde sted i henhold til bestemme
lse truffet
ved stiftelsen (tegningsindbydelsen) eller for nye
aktiers vedkommende ved beslutningen om aktiekapitalens
forhoielse. Om
kjopet eller indlosningen avgir styret indberetning
til repra
,
sentantskapet, dersom saadant findes, og til
generalforsamlingen.
De til amortisation erhvervede aktier skal straks
tilintetgjores
av styret og anmeldelse derom avgives til
handelsregistret.




--- 395 —

1910

3dje kapitel.

19 juli.
Nr. 1.

Om aktier og deres overdragelse.
§ 30. Samtlige aktier i et selskap skal vwre like store
og udelelige samt lyde paa viss sum, ikke under ti kroner.
§ 31. For aktierne skal utstedes aktiebrev, som skal
vre datert, underskrevet av styret og indeholde: selskapets
navn og gjenstanden for dets virksomhet; registreringens datum ;
aktiens storrelse og, hvis den ikke lyder paa ihaandehaveren,
aktie-eierens navn; derhos skal det i aktiebrevet tydelig anfores,
hvor meget der inden dets utlevering er indbetalt paa det.
Ethvert aktiebrev skal veere underskrevet av mindst tre personer. Har styret fwrre medlemmer, vwlger generalforsamlingen
blandt aktie-eierne det manglende antal til at underskrive aktiebrevene sammen med styret. Av underskriftene skal mindst
en vEere haandskrevet ; forovrig kan navnetraakkene gjengives
ad mekanisk vei.
Forsaavidt der er truffet bestemmelser, som gjor indskreenkning i aktiernes omswtteligliet, paalagger aktie-eierne
forpligtelser utenfor pligten til at iialfri aktiens paalydende
belop eller tilsteder tvungen indlosning, skal indholdet av disse
bestemmelser gjengives i aktiebrevet.
Aktierne skal were numerert; et aktiebrev kan dog omfatte flere aktier og skal da indeholde et tilsvarende antal
nummer.
Aktiebrev maa forst utfrdiges, efterat selskapet eller —
ved utstedelse av nye aktier — den stedfundne forhoielse av
aktiekapitalen er registret.
Er aktiekapitalen nedsat paa anden maate end ved kjop
eller indlosning av selskapets egne aktier, mea aktierne i
overensstemmelse hermed ogsaa nedskrives og dette paafores
aktiebrevene eller nye saadanne utstedes.
§ 32. Aktiebrev, som ikke er fuldt indbetalt, maa ikke
utleveres uten mot aktie-eierens forskrivelse til selskapet fot den
ikke indbetalte del av aktien (grundfonds-forskrivelse).
Grundfonds-forskrivelsen kan ikke overdrages og heller ikke
gives som sikkerhet eller tages i utlwg for gjEeld.
e 33. Ved ethvert selskap, hvor ikke samtlige aktier
lyder paa ihEendehaveren, skal der holdes en aktiebok, hvori
samtlige paa navn lydende aktier skal vwre indfort lined noiagtig
angivelse av eierens navn, stilling og hosted samt, forsaavidt
grundfonds-forskrivelse er utstedt, av dennes dato og av den
sikkerhet, som inmate were stillet.
§ 34. Aktie-eiernes ret til at overdra sine aktier kan i
vedtEegtene nmrmere begramses.

1910

— 396 —

— 397 —

19 juli.
Gaar et enkelt aktiebrev over til flere eiere, maa disse
Nr. 1. for styret utpeke en enkelt, som
like overfor selskapet skal
gjlde som ene-eier.
Forat overgang til ny eier av aktiebrev, som lyder paa
navn, skal ha gyldighet like overfor selskapet, maa
anmeldelse
vmre skedd til selskapets styre. Er det paalydende belop
ikke
fuldt indbetalt, maa erhververen derhos ha utstedt sin grundfonds-forskrivelse og selskapets styre ved datert paategning paa
aktiebrevet ha godkjendt erhvervelsen. Ved godkjendelsen
bortfalder den tidligere eiers forpligtelse like overfor selskapet.
Styret har at negte godkjendelse, saafremt erhververen
ikke
kan ansees vederheftig for det paa aktien endnu ikke
indbetalte belop. I motsat fald kan godkjendelse ikke negtes
uten
i henhold til bestemmelse i vedtEegtene.
Godkjendes erhvervelsen, blir anmerkning herom at indfore i aktieboken.
4de kapitel.
Om aktie-eiernes rettighet er

og

forpligtelser.

§ 35. Hvis ikke anderledes i vedtwgtene er bestemt,
kan den, som paa anden maate end ved egteskap eller arv
er
blit eier av aktie, lydende paa navn, hverken stentme i generalforsamling eller veelges til noget av selskapets ombud eller optrade som reprmsentant alene i kraft av det antal aktier,
hvorav
han er eier, for fire uker efter overdragelsens anmeldelse
for
styret.
§ 36. Dersom aktie-eier, som alene har aktier lydende
paa ihEendehaveren, vmlges til reprwsentant, skal han for
den
tid, han tjenstgjor som saadan, nedlwgge hos selskapet mindst
en aktie. Det samme gjaalder ved valg til styremedlem,
saafremt selskapets vedtaBgter bestemmer, at alene aktie-eier
kan
vre styremedlem.
§ 37. Hvor indbetaling paa aktier sker for de foreskrevne
betalingsfrister, kan der gives rente av det indbetalte belop,
dog ikke over fern pct. aarlig og ikke for leenger tid end
et
aar. Med samme begreensning kan der i tilfselde
av aktiekapitalens forokelse eller indbetaling paa Eeldre aktier tilsiges
rente for den tid, i hvilken der for de nye aktier eller de
nye
indbetalinger ikke deltages i utbyttet.
Iovrig kan utbytte eller rente til aktie-eierne alene utdeles
av det rene overskud efter aarsopgjoret, efterat de ved
by
eller vedteegter befalte henlmggelser har fundet sted, samt
av,
h vad der av tidligere lignende overskud maatte vmre
avsat i
saadant oiemed.




1910

Forsaavidt noget av den indskutte kapital er tapt, maa 19 juli.
ingen utdeling finde sted, for tapet er optjent eller kapitalen Nr. 1.
nedsat, overensstemmende med de i § 85 angivne forskrifter.
§ 38. En aktie-eier er ikke forpligtet til at tilbakebetale,
hvad ha n i god tro har faat utbetalt som utbytte, medmindre
utbetaling har fundet sted, uten at regnskap har valret avgit
og revidert samt godkjendt av generalforsamlingen.
§ 39. Aktie-eierens forpligtelse til at bidra til aktiekapitalen bestemmes ved hans akties paalydende sum. Benne
forpligtelse or ikke gjenstand for foraaldelse.
En aktie-eier kan ikke fordre sit indskud tilbake, men har
kun krav paa sin forholdsmeessige anpart i den lovlig besluttede
naar selskapet oploses — i den da gjenaarlige utdeling og
vaTende formue. Bestemmelse om, at en aktie-eier skal tilstaaes nogen sikkerhetsret i selskapets eiendele for sine indskud, er ugyldig.
Delvis tilbakebetaling av aktiekapitalen til medlemmene
eller eftergivelse av disses indskudspligt kan alene eke under
iagttagelse av de for aktiekapitalens nedsEettelse givne regler.
§ 40. Beslutning om indkaldelse av indskud paa aktier,
corn ikke or fuldt indbetalt, fattes av generalforsamlingen eller,
om vedteegtene saa maatte bestemme, av reprsentantskapet.
Beslutningen skal straks anmeldes til handelsregistret.
§ 41. Indkaldelse av indskud paa aktier sker, forsaavidt
ikke anderledes i vedteegtene er bestemt, ved bekjendtgjorelse
i »Norsk Kundgjorelsestidendeq med mindst seks ukers varsel,
regnet fra forste bekjendtgjorelse.
Aktie-eier, som ikke i rette tid betaler indkaldt indskud,
svarer, forsaavidt ikke anderledes i vedteegtene or bestemt,
seks pct. aarlig rente av det manglende fra forfaldsdag, indtil
betaling sker.
Fordring paa selskapet kan ikke bringes i motregning.
Saaleenge indkaldt indskud ikke et betalt, blir utbytte, corn
maatte falde paa vedkommende aktie, at avskrive paa indskuddet med rente.
§ 42. Har en aktie-eier ikke til fastsat tid betalt indkaldt
indskud paa aktie, kan selskapet, saafremt det gjeelder forste
termin, enten saksoke ham til betaling eller slette bans tegning
og overlate de av ham tegnede aktier til andre. Hvis det
gjEelder senere terminer, kan selskapet indtale indskuddet ved
almindelig rettergang eller smtte aktien til auktion eller i fornodent fald benytte begge fremgangsmaater.
§ 43. Vii selskapet i henhold til foregaaende paragraf
avholde auktion, bar det at varsle vedkoinniende aktie-eier herom
gjennem bekjendtgjorelse i »Norsk Kundgjorelsestidende«. Samtidig bar det gjennem anbefalet brev at underrette den, der i

•

1910

— 398 —

19 juli. aktieboken staar som eier, hvis ban bor i Norge og
flans boNr. 1. pwal er selskapet bekjendt. Er det

selskapet meddelt, at aktien
er pantsat, tat i utlaig eller belagt med arrest, blir vedkommende rettighetshaver paa samme maate at varsle.
Indbetales ikke indskuddet inden en maaned efter bekjendtgjorelsen i »Norsk Kundgjorelsestidende«, har selskapet
ret til paa vedkommendes vinding eller tap at la aktien bortslge ved offentlig tvangsauktion uten foregaaende indkaldelse
til forlikskommissionen, dom eller eksekution og med fortrin
fremfor tredjemand, som maatte ha erhvervet pant eller anden
rettighet i aktien. Dog blir den, der i aktieboken staar som
eier av aktien, mindst otte dage for auktionens avholdelse gjennem anbefalet brev at advare om denne, hvis han bor i Norge
og hans bopwl er selskapet bekjendt.
Undlater aktiebrevets indehaver at utlevere det, kan selskapet paa vedkommende aktie-eiers og indehavers fEelles bekostning erhverve dom til dets mortifikation. Hertil utfordres
ikke kongelig bevilling. Selskapet utfmrdiger derefter nyt aktiebrev, som skal indeholde uttrykkelig angivelse av, at det trmder i det mortifieertes sted.
5te kapitel.
diii

ty re t.

§ 44. Selskapets forretninger ledes av et styre, bestaaende
av et eller flere medlemmer. Bestaar det av flere medlemmer,
vFelges ett av disse til formand efter nEermere forskrifter i vedtEegtene. Styrets medlemmer tjenstgjor, hvis ikke anderledes
i vedtEegtene er bestemt, i to aar ad gangen. Et medlem forblir i sin stilling, indtil nyt medlem er lovlig valgt, selv om
hans tjenestetid er utlopet.
Bestaar styret av flere medlemmer, kan de fordele forretningene mellem sig, hvis ikke vedtmgtene anderledes bestemmer.
saker, som efter vedtaagtene skal avgjores av det samlede styre, inaa mindst halvdelen av dette delta i behandlinger.
Over forhandlingene skal fores protokol, som underskrives av
samtlige deltagende medlemmer.
§ 45. Ethvert medlem av styret kan uten varsel forelobig fjernes ved beslutning av generalforsamlingen eller av
repriesentantskapet, hvor saadant findes; samtidig blir et nyt
medlem midlertidig at answtte. I ethvert tilfEelde blir sporsmaalet om, hvorvidt vedkommende endelig skal fjPrnes, uopholdelig at forebkgge en fly generalforsamling — ordentlig eller
overordentlig — til avgjorelse.




— 399 —

1910

Saavel til midlertidig som til endelig fjernelse utfordres 19 juli.
mindst to tredjedeles stemmeflerhet, medmindre vedtFegtene \I. 1.
anderledes bestemmer.
Styremedlem, som fjernes i henhold til reglerne i denne
paragraf, har intet krav paa erstatning, hvis han har utvist
svigagtig forhold eller saadan forsommelighet, skjodesloshet
eller uforstand, at der var rimelig grund til hans fjernelse.
Iovrig blir det at avgjore efter almindelige retsregler, livorvidt
erstatning tilkommer ham.
§ 46. Like overfor tredjemand er styret bemyndiget til at
handle paa selskapets vegne i alt, hvad der horer til driften
av dets forretning, derunder ogsaa til ansmttelse av forretningsfewer (disponent, prokurist). Enhver begramsning i denne myndighet er uten retsvirkning like overfor godtroende tredjemand.
Like overfor selskapet er styret forpligtet til at rette sig
efter vedtEegtene og de bestemmelser, som generalforsamling
og reprmsentantskap indenfor deres myndighetsomraader bar
truffet. I forhold til selskapet er styret alene berettiget til at
anstte forretningsforer, saafremt der i vedtwgtene eller ved
beslutning av generalforsamling eller reprmsentantskap uttrykkelig er tillagt det ret dertil.
§ 47. Styret har at serge for, at der feres et ordentlig
og tilstrEekkelig bokholderi.
Ved hvert regnskapsaars avslutning blir aarsregnskap og
balanse at opgjore overensstemmende med de grundsFetninger,
som gjFelder for en ordentlig og forsigtig forretningsforsel.
Forvaltningsomkostninger maa ikke opfores i balansen blandt
aktiva, men skal i sin helhet fores til utgift i aarsregnskapet.
Stiftelsesomkostninger skal avskrives av aarsoverskuddet, forinden utbetaling av utbytte kan finde sted. Ankeg, maskiner,
skibe og andre gjenstande, som vedvarende er bestemt til forretningens drift, kan, uanset sin nuvaarende ringere vmrdi, op
hires med anskaffelsesprisen, saafretnt der fradrages en til deres
aarlige forringelse ved alder og slit svarende sum eller et hertil svarende belop aarlig avsEettes til et sEerskilt fornyelsesfond.
For forsikrings-aktieselskaper kan Kongen gi yderligere
regler om regnskapsforselen.
§ 48. 1 sjoforsikrings-selskaper skal aarsregnskapet vRre
avgit og revidert inden ni maaneder efter regnskapsaarets
utgang.
I andre selskaper skal aarsregnskapet vFere opgjort og
revidert inden tre maaneder efter regnskapsaarets utgang, hvis
vedtwgtene ikke bestemmer en anden frist, som dog ikke maa
overstige seks maanPder.
§ 49. Har selskapet repreasentantskap, skal styret straks
forelEegge dette det reviderte aarsregnskap. Naar derefter re-

"




1910
-

— 400 —

19 jub. prwsentantskapet har behandlet saken og truffet de avgjorelser,
Nr. 1. som vedtFegtene hjemler det, blir aarsregnskapet i dets saaledes vedtagne form at utlwgge i selskapets forretningslokale til
eftersyn for enhver aktie-eier i mindst fjorten dage for avholdelsen av den ordentlige generalforsamling. Derhos blir avskrift eller avtryk av aarsregnskapet at tilstille enhver aktie-eier,
som derom fremswtter forlangende.
§ 50. Har selskapet ikke repraesentantskap, skal styret
mindst fjorten dage for avholdelsen av den ordentlige generalforsamling oversende revidert aarsregnskap til samtlige aktieeiere, hvis opholdssted er kjendt.
§ 51. Aarsregnskap og balanse blir av bankselskaper
saint av selskaper, hvor samtlige aktier lyder paa ihaandehaveren, umiddelbart efter avholdelsen av den ordentlige generalforsamling at indrykke i »Norsk Kundgjorelsestidende«.
§ 52. Vii et aktieselskap i dokumenter, fakturaer, brev,
bekjendtgjorelser eller lignende nmvne sin aktiekapital, skal
det uttrykkelig angives, til hvilken sum den indbetalte kapital
beloper sig efter sidste aarsopgjor.
§ 53. Tantieme kan kun beregnes av det rene overskud,
aarsregnskapet maatte utvise, efterat de ved by befalte avsaatninger bar fundet sted.
e 54. Maa det efter aarsopgjoret eller et i regnskapsaarets lop foretat opgjor antages, at selskapet har lidt saa
store tap, at ikke alene dets samtlige opsparte fond, men ogsaa en tredjedel av den indbetalte aktiekapital er gaat tapt,
skal styret, hvis selskapet ikke har reprmsentantskap, uopholdelig indkalde en generalforsamling med kortest mulig varsel
og forelaagge denne saken. Har selskapet reprsentantskap,
skal styret uopholdelig forela3gge saken for dette til avgjorelse
av, hvad der videre skal foretages.
§ 55. Stevninger og retslige indkaldelser mot et aktieselskap forkyndes for styret eller for dets formand.
I Baker mellem styret eller enkelte styremedlemmer paa
den one side og aktieselskapet paa den anden •side sker forkyndelse til selskapet for repryesentantskapets ordforer, og
reprFesentantskapet forer saken for det. Har selskapet ikke
repra3sentantskap, sammenkalder styret en generalforsamling til
valg av en eller flere mend, som har at motta varsel paa
selskapets vegne og at vareta dets tarv under saken. Undlater genetalforsAmlingen at foreta saadant valg, kan forkyndelse ske for hvemsombelst av aktie-eierne.
Fores der sak mellem reprmsentantskapet eller dets flertal
paa den ene side og aktieselskapet paa den anden side, bar
styret at sammenkalde en generalforsamling til valg av en

in

MONETARY SYSTEMS AND APPROXIMATE STOCKS OF MONEY, TN TuE .1(1GREGATE AND PER CAPITA, IN THE PRINCIPAL COUNTRIES OF THE WORLD, DECEMBER 31, 1906.

Country.

Monetary unit.

Gold.
1 United Stvites
2 Austria-Hungary .. ....do ...
.. do
3 Belgium
British Empire
....do...
Australasia
4
do .
Canada
5
United Kingdom ....do ...
6
.do
India
7
8
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
80
31
32
33
34
35
36
87
88
39
40
41
42
43
44
45
46
47

In banks
and pub- In circulation.
lic treasuries.

Thou Thu itSands.
sands.
85,4410 41,081,500
5229,5)10
49,4110
520,2(N)
7,200

Dollar
Crown
Franc

Pound sterling
Dollar
Pound sterling
Pound sterling
and rupee.
....do ... Pound sterling
South Africa
Straits Settle- Silver.. Dollar
ments.!
Lev
Gold.
Bulgaria
Peseta
.do
Cuba.
Crown
.do
Denmark
Piaster
•.do
Egypt
Mark kaa
.do
Finland
Franc
.do
France
Mark
.do
Germany
Drachma
.do
Greece
Gourde
Haiti
Lira
.do
Italy
Yen
. .do
Japan
Peso
.do
Mexico
....do... Florhu
Netherlands
Crown
Norway
Milreis
do
Portugal
Len
Roumania
Ruble
do
Russia
do
Dinar
Sorvia
.do
Tioal
Siam
South American
States:
. do .. Peso
Argentina
Bolivians
Silver
Bolivia
Milreis
• Gold
Brazil
•.(l0...Peso
Chile
Dollar
do
Colombia
Sucre
....do
Ecuador
Guiana:
Pound sterling
.do.
British
Florin
do
Dutch
Fran(•
.do
French
Peso
.do
Paraguay
Sol
.do
Peru
Peso.
do
Uruguay
Bolivar.
do
Venezuela
Peseta
do
Spain
Crown
do
Sweden
Franc
do
Switzerland
Piaster
do
Turkey
Central American Silver h. Peso
States.
Tael.
.do.
.
China

••

Total

Population.

4,800
5,800
44,100
295,200
7,700
5,400
4,000
1,600
2,600
11,200
2,800
39,300
60,600
2.1(X)
1,400
33,700
51,700
13.600
5,600
2,300
5,400
6.600
143,400
2.7110
6.100

Total.

l'housands. Th usn 51(18.
$127.400
$571,300
105,300
((')
(115,0(M)
(19,700

Tim usa so(Is.
69$.7(N)
is 105,304)
d 24,700

Th f)tsmi sui..
$610,801)
b 119,34 N

Total

Silver.

Paper.

$18.66
6.20
4.32

$8.18
2.18
3.4)8

$7.15
2.41
17.47

;3:1.99
10.74
25.2'2

Gold.

1
2
4

is 10,11011
/5674$)
5116,800
c

510,000
6,7110
is 116,8110
5603,81 NI

(c)
572,51K)
b 110.SIN)
538,9110

26.01
111.70
11.03
1.14

2.08
1.15
2.65
2.115

12.50
2.65
. 13

28.12
24.41
16.33
3.32

6
7

561,400
is 600

(c)
542,000

is 20.(NM)
0,000

520,000
549,000

(c)
b 22.200 •

7.97
.11

2.60
9.117

4.11

10.57
13.29

9

57,2011
(c)
57,200
S38.200
(c)
5314,200
522,6(K)
(c)
522.4;110
(17,3(N) d 132,700 (1140,000
0,100
0,100
(e)
926,41)11
1)520,100 b 403,300
884,800 51,030,300
1-15,700 b
55,600
5200
b 5,4(N)
b1,1N10
b 1,11011
(e)
5215.5110
5215,54K)
(C)
580, 11N1
5(1,8(K)
1)73,300
(/ 31,400 (140,1100
5/8,1500
b 45,900
519,200
20,7(X)
58,34K)
(c)
/58300
58,8(K)
b3,100
b 5,500
/520,700
(c)
1)20,700
1)609,000 5330,400 51439.4(N)
52,%00
1)1.900
534K)
«9
(c

b1,000
(c)
((.)

52.200
d5.1100
56,14K)
5 15,11410

(c)
b 847,400
(c)
hi(s)
b1,000
528.300
(c)
552,800
/548,000
(c)
(c)
(c)
(c)
(c)
544,500

/563,700
52111,7(X)
te
51,5110
53.400
548.21)0
54,1100
54,6110
5:8,14*)
533.400
56110
b77. MO
53.24$)
(()

53,2(M)
d 5.000
56,1(M)
1)15,(N1)
1/4(s)
411.100
5219,7(N)
15100
1)2,5110
b 31,700
548,2(K)
b 58,800
552,64K)
53,100
533.41$)
/56110
77,111N1
1)3,2110
44,500

52,000
(c)
b10,700
(c)
y12,700
/5269,200
5267, 11N1
Is 42,6110
57.414K)
1,1511,600
96.900
551,21K)
557,8(M)
b 7.000
561,200
b27,61N1
((')
51,500
51,100

1.80
23.88
8.69
12.50
1.82
23.57
17.1K)
2.33
. 71
6.39
1.55
2.94
8.
3.61
1.59
3.14
6.55
.81

.80
3.12
2.35
1.34
.14
10.46
3.62
.04
1.79
.94
.93
4.18
9.39
1.35
6.19
.09
54
1.19
7.29

3.33
27.00
15.15
13.84
6.54)
414.88
25.03
12
7.93
11.80
4.35
10.88
27.91
8.(N)
19.11
7.41
7.09
2.55
7.47

11
12
13
14
15
16
17
18
19
211
21
22
23
24
25
26
27
28

5100
58,7(10
((')
is 1, 100

(c)
58,1400
bl(N)
56,700
(c)
51,400

5293.31K)
(.)
5363,11110
42,300
51,0011,010
51,900

18(42
o2
1.33
.63
02
2.85

2.11
.011
1.119

69.47
2.33
24.1e
15.94
,
242.°4
5.38

29
30
31
32
33
34

1)1011
is:200
(C)
(c)
1)2.4(N)
54.300
b 71N1
is 173,71N1
is 7,71K)
is 11,600
(/10,000
is ,4(K)

5100
5200
(c)
(c)
52.100
4.300
;00
1)173,700
57,7(K)
1511,6110
(1411,(N N)
57 400
,

58(K)
b 200
is 600
535,(XN)
(c)
b 1,700
(c)
597,1(5)
534.8110
24,600
((')
562,900

.33
2(K)

.33
2.(N)

2.66
0.(X)
6.00
541.14
2.110
21.54)
.38
19.24
12.28
19.75
3.73
15.38

35
36
37
34-4
39
40
41
42
43
44
45
46

(1350,00)

(c)

3,264),200

4,132,000

b 46,400
000

300

5100
5210
(('4100
)
1
2,90)
515.54K)
5300
5910110
519,4110
521,21K)
d 10,000
52,1N10

1,3311,100

ThouThoun us.
sands.
593,31i0
$511,H)0
b 76,91111 is 306,4011
(110,9(K) bd31,100

Uncovered
Palmy-

Full tender. Limited tender.

(e)
(c)
(c)
5608,800

90,1100
b 4(X)
121,200
b 2,000
5 14N)
is 1,800

:3)0, 1(M)

Total.

51 1,600 b125,000
5110,100
562,400
F) 02.41N1
le)
S 190,4110 is 290,300 5486,700
e 18,900 (I 318,400 ed 337,300

5,700
1,s00
16,0(1)
3,2(1)
4,500
1,300

100
700
4,600
1,000
2,600
18,84K)
5,31)0
3,300
24.0110

Per capita.

Stock of silver.

Stock of gold.
Monetary
standard.

(c)

b 15.00t1
)

b12,700
(c)
(c)
(c)
(c)
b 1,900
(c)
(c)
b3,900
(c)
(c)
(c)
53,200
b 7,800
d 40,000
(c)
(c)

5 102,7011
5400
121.200
b2,1101
5100
b3,700

(c)
b 8,800
(c)

b100
b200
(c)
5100
56,800
515,500
5300
590,900
1)22,6(N)
b29,1N10
(150,000
2,000

(c)

(c)

8,764,900 8,124,000 6,888,9(M)

(c)

C)
.
e)
c)
(c)
(c)
daO,000
(c)
d354),0(X)
2,139,000

j4)

((-)
1,121.21N)

.14
1.48
15.511
.11
4.84
4.26
8.79
.43

.73
4.11
4.54
6.85
4.41
17.77)
5.4:1
4.47
1.87
3.76
10.32
3.114
11.33
4.18
55
.I.
51.45

1.117

4.30
27
9.21
1.45
3.51
1.66
1.57

22.6:1
13.22
222.22
1.46
2.(N)
2.00
6.110
50.00
.52
1.70
5.16
6.57
7.45
13.38

1.06 47

1.11(1
5.18

2.45

5

3.10

10.78

f Includes Straits Settlements, the Malay States, and Jehore.
a In United States Treasury and national banks.
L'Economiste Europeen, January 1, 1966.
S Official information furnished through United States representatives.
it Except Costa Rica and British Honduras-gold-standard countries.
c No information.
Le Marche Financier, 1907.
d Estimate, Bureau of the Mint.
NoTE.-The value of the monetary stock of the silver-standard countries has been changed to
e The figures for the total stock of gold in India are for the net imports since 1893-94 plus the conform to the decline in silver values. The monetary stock of Mexico and other countries
production of the country. The amount in the government treasury is from official advices.
the Mexican dollar circulates is given in Mexican dollars at bullion value.
The net imports of gold since 1835-36, when the records begin, amount to $841,407,489, and the where
production recorded to $115,030.200. The tide of gold and silver has been flowing into India for
centuries.




Treasury Department

Bureau of the Mint,
neeemt)er, 190".

estate mortgage loans will be permitThe only objection to it is that reai
ted. If this is done, all can easily re- estate mortgage loans are not permitorganize as national banks. As to ted. But this is not the fault of the
purely savings banks, these could be act itself, as there is not a word in it
allowed to continue to operate under prohibiting them. But by an unwritthe same safe rules as now, excepting; ten law, construed by the first compthat they would have to organize un- troller, real estate mortgage loans were
der the national system and control, not allowed, and this has been adand to be renamed national savings hered to ever since, excepting that a
banks.
few years ago the act was amended so
Thirdly, that bankers would be more that a small amount, twenty-five per
reckless and negligent if their deposits cent of the capital of a bank, may be
were insured. I cannot see why. Nei- so invested.
ther the banker's own capital, his douHas Worked Wonders.
ble liability, nor his reputation and
honor, are insured. These he would be
Aside from the tariff the national
liable to lose in either case, and be- bank system has done more for
the
sides. the examination would be strict- prosperity of our country than any
er than it has been, which would guard other one measure. Before the ad,-ent
against reckless banking.
of the national bank note, I experiFourthly, that the banks would enced all the cussedness of the state
greatly multiply, thus giving the bank- bank system, under which wild cat
er keener competition. This I admit, notes were issued. This was our only
but in case deposits are not insured, circulating medium. All were afraid
we will have to compete with the pos- they would break while in their pocktal savings banks sooner or later. ets, and the consequence was that they
which will be a far stronger competi- circulated like a cyclone. It was an
tor than any additional banks can be. Ideal elastic currency. No one dared
As a safeguard against a mutiplication to hoard it. The quicker one got rid
of undesirable banks, lies in the powers of of it. the more secure he felt. These
the comptroller, who can rr fuse a charter, doubtful notes caused more panics than
in case he finds already sufficient banking did the deposits in banks. Then the
facilities, in a place where a new bank is government, with a stroke of the pen,
(Written by John Schuette)
proposed, and also may rettp.e a charter taxed these panic-breeding notes to
when he has reasons to believe, that the death, and behold, what a revelation.
Since the financial horizon has again about the property represented by our personal of a new bank is not responsible. Never a note panic again. All the inTherefore, we may ue assured, that the convenience and the worry of a nation
settled down and cleared we have more stocks and bonds? Suppose a comtime to investigate and discuss how mission is appointed, and appraises the banks will be on the aiert to inform the lifted by a little legislation. All hailed
the so-called panic came about. I have railroads which secure our investments comptroller, of all the objections to a nr w the advent of the new-born child with
heard some say they could find the at, say, two hundred milion dollars, bank.
joy.
Firth, the opposition of those bankcause of the panic of 1893. Then we while it is stocked and bonded at six
An Object Lesson.
had hard times in comparison with hundred million dollars, and on this ers who consider themselves above the
now. In our last flurry, everything amount has paid regular dividends and possibility of failure, and do not proThis, then, is an object lesson. The
and everybody were in a most pros- interests? In such a case, it would be pose to pay for their neighbors' incom- unsafe state bank notes precipitated
perous condition, factories busy and three times niore than the government petence. misfortune. or rascality. To panics. As soon as the government creprosperous, farm products reached high would allow as a fair rate, and would these my answer is, that all of us. ated another kind, anti required that
prices, laborers were employed, but the cut the dividends and interest down in more or less, have contributed our mite they be insured against loss, we never
cause could not be found, unless it was proportion. How do we know whether to this class, and we will continue to have had a panic from that source.
owing to a great business expansion, our stocks and bonds are not of that do so to the end of time.
This leads to the conclusion that if
Sixth, the word "tax." The objec- deposits were insured, all financial
which required more money, but this class? And if so, what are my stocks
tors never stopped to investigate fur- panics would cease.
was not equal to the increased de- and bonds worth?"
From that time on for over a year ther, and condemned the plan, unseen,
mand, so they attributed the panic to
The national bank law, during its
there was a regular procession of these unheard, and without thought or con- existence of over forty-three years, has
the lack of sufficient money.
Investors selling their stocks and bonds sideration.
been reasonably and conscientiously
Cause of Panic of 1893.
In the New York market, which, owing
Asset Currency—Deposit Insurance. obeyed, except this year, when for the
From 1890 to 1893 the government to these continued offerings, sagged
Asset currency increases indebted- first time, by a stress of circumstances,
was diligently coining silver dollars lower and lower, so that many were
under the Sherman Silver Act. It had sold for less than fifty per cent of their ness, breeds mistrust, just the same as by a concerted action, most of the
already over five hundred milion sil- cost. The reason again was fear of an individual who goes deeper into banks violated their contract and discredited the national bank act. The
ver dollars stored, against which it had more loss if the securities were held. debt will ultimately lose his credit.
issued silver certificates. Then the This drained our money supply. In- Asset currency, in a money crisis, will government and the people most amicpoliticians agitated for a double stand- stead of selling our railroad and other not create more money, nor will it con- ably bore these drastic measures and
ard, which meant, if adopted, the les- corporation stocks and bonds abroad, tract when the crisis is over, because excused them, because all knew that
It was done with the good intention of
ser valued silver dollar would be our which a few years ago could be readily all that could be issued under the propreventing the havoc of a threatening
legal tender standard, and it would done on a three to four per cent inter- posed law would be issued at once, and
storm. It was accepted as an act of
follow that the government, and all est basis, they were placed upon the remain out as long as national bank
self preservation.
other debtors, could pay their debts home market, and even those held notes, which, it is claimed, are not
contracted on the gold basis, upon abroad were sent back here to be sold. elastic.
A Propitious Time.
Asset currency is only the means by
the silver basis, or with a silver dolNow is a propitious time for the govwhich the national banks can increase
lar which at that time was worth fifty
Embarrassed Our Railroads.
their deposits, creating a larger liabil- ernment to step in, as it did in 1863,
cents. This was praCtically the same
Especially so at this time, when the
as if an assignment was threatened enormous expansion of traffic required ity. Why should banks retire this cur- and secure the people's deposits in
under which a creditor would receive large extensions of lines and equip- rency, on which they pay two and one- hanks as it did then on its notes.
fifty per cent on his claim.
ment. Being unable to raise money half per cent interest, when most banks
A Lecture by Uncle Sam.
by the sale of stocks and bonds, the pay from three to four per cent inter"I must remind the bankers of that
Fear Is Contagious.
railroads sought relief by offering est on time deposits? There is no part of the constitution which declares
The fear that this might happen equipment bonds and mortgaging their elasticity in it whatever.
It will only add to credit money that it will insure domestic transquilcaused the foreigners, who hold large rolling stock. When this proved not
investments in our country, to liqui- sufficient, they went to the last extrem- without adding to the gold reserve to ity, promote the general welface, etc.
date their United States investments, ity last summer, by offering (something sustain it. Our paper money is already And it is my duty to make you live up
before it might be too late. They of- never heard of before) what is called too large for safety, in comparison to it. The periodical panics violate
with nearly every other country. There these declarations, as they are a menfered and sold in New York markets short time railroad notes, bearing
an
a large amount of their railroad stocks attractively high rate of interest,
Is a limit to issuing credit currency 'by ace to our constitutional tranquility
some
mi. welfare. The resulting nervous
government to keep it free from
and bonds. This started our capitalist as high as eight per cent, of which,
I the
shocks are paralyzing our prosperity.
to follow suit, and this drained our Hill told, over four hundred million dol- suspicion. In brief, asset currency will
gold reserve to an alarming extent. By lars worth were sold.
add to mistrust and only incite panics. and sapiiing the constitutional health
of our people. You have often told
this time the people eegan to get nervAbout Deposit Insurance.
your depositors that the hoarding of
ous, and after a few hanks failed. the
Suspicion Aroused.
Deposit insurance will not create an- money is foolish, and have shown them
panic brol:e loose. It was not the lack
This
or money. in this instance, that caused some high rate of interest, offered by other dollar of liability. It will bring the bad effects or it, and now you are
of f he strongest ra I!roads,aroused into circulation at least four times as th)ing the very thing yourseIVPS. Of
the
hut the fear or loss.
the suspicion of hankers. capitalists much money from out of lumrding as coilrse, you will plead it is in selfand depositors, so that the inquiry a SSet
Mo.e Mcney, More Mistrust.
could ior(aince at the run (lelense, it's, hut why not amend the
While the panic Was at its height, started : "What's up? The banks can't
whit-hi is estimated to he about national bank laws, so you will never
the g )vernment's coining mill was have much money to spare, it they al- INV 1, 11 1111111'1A 111111h/11 11011:WS. By de- again have occasion to fear a panie in
stampirg silver dollars by the million. low the railroads to hawk these notes 1:00111t insurance the reserve now held p )1 I r NViln1('
110W soothing this
The more silver dollars produced, the on the market. Guess I had better iii hanks, preparatory for a run, which WU101 1 hi' to your nerves and to all
nit)11' 111('Y NVP1'1' iii ist rusted : they hedge a little." While I was at the may come tomorrow or not for twenty et hers.
Itankers' Convention I was frequently years. this immense idle, hoarded "Y( a have arow«-d the spt-culat-rs and
threatened
tilt % 1110IP N'alIs amount. about one thousand million gamblers to wildly expand their vocations
nahle paid dollar and filially drove it asked: ''I low is money out west?
into hiding. This drained the gold It th.rlit? Will we have a pani,
I
could by reduced to ony-ltalf. in spite a s.id exrcriences, and every time
nnswtred: "or course we will if you which NV( alid I wt five hundred million they were on the brink of being worsted,
reser V(' more and more.
'Hien some of the same financiers keep on asking this question. I am get- more into the channels of trade.
applied to me to come to the rescue. I,
who had urged the coinage of silver ting scared myself since T am here,
By deposit insurance we would not as an obliging tattier have complied, once
dollars as a financial panacin, realized altInaigh it never entered my mind be- be subject to recurring financial flur- and again, and so often that you depend on
their mistake. They Implored Presi- fore."
ries, which disturb and paralyze every my assistance. u have had to keep about
So the crisis grew by stages, was
dent Cleveland to desist, saying: "For
branch of our commercial, industrial $200,000,000 idle in my vault, just to be
God's sake, stop the mill, or the coun- helped along by suggestion and suspi- and agricnItural intereAts. Deposit in- prepared to save you from getting hurt.
In the last flurry I have loaned you Szoig,try will go to ruin." But Grover said: cion, and when Ileinze's copper (-Inter surance would, aside from the
m
"I can't, you see; I am only the hired bursted, carrying in its trail the closing tary benefits, create and stimulate the 000,000, without a cent of interest, and
man, and the boss gave MP orders to of' the Knickerbocker Trust Co., the habit of saving. which without it. and still you are not satisfied! Is it not foolish
to keep this immense hoard waiting f. it. your
keep the mill going; 811(1 I won't stop panie was on in full force. So we see
the want of absolute safety, will not be call, when you get into a pinch, to
help you
our late panic Was not caused by a enctntraged.
till he orders me to quit."
It would also remove the
Thereupon congress was hurriedly lack of money, as was the one of 1593. continual fear of loss from the minds out, when a little insurance fund of about
$5 000,000 would better serve the pur9ose?
convened in extraordinary session. The The money is all here. But it has been. of a whole nation.
I, and the people are getting tired ot this
hired man was ordered to stop the through fear, taken out of circulation
panic-breeding silver machine, it was and hoarded, awaiting the restoration Postal Savings Banks—Deposit In- kind of financering.

Cause of Financial Panics
1893-1907

Not Lack of Money
Not Remedied by

Asset Currency nor Postal Savings Bank




But Only by

Insuring Bank Deposits
As Advised by

Uncle Sam

borne say: our currency is the worst on
surance.
earth, because not elastic, too rigid, will
The postal savings bank plan, as far not expan t in a crisis
when needed, and
as safety is concerned, would he ideal. will not contract when the crisis is over,—
but it does not go far enough and and again some say: the sub treasury is all
would be class legislation. First, it wrong because too elastic, it expands in a
would apply only to the smaller deposi- crises when money is needed, and contracts
tor, and to limited small amounts. Sec- ‘k hen the crises is over. What conflicting
ond, the money deposited in postoffices propositions!
Insurance of Deposits.
is intended to be redeposited in naOthers want me to get out and turn the
The first time my attention was tional banks only, in those nearest sub treasury over to a central bank, under
drawn to this plan WalS while reading where such postoffives are located. the control of a set of bankers, which they
Comptroller Lacey s report to congress, Hence the benefits would accrue only say could manage it so much better.
in 1891, %Odell shows, on page 8, that to a class of small depositors, and na- They propose to deposit the U. S. Treasduring the life of the national bank- tional banks which happen to get the urys funds with the banks so it will be in
ing system, a period of twenty-nine post office deposits.. The business men the midst of trade all the time, never idle.
years, the losses to depositors had been and all other large depoSit6rs would
By this plan you would have no elasticity
only $15,459,000, or an average of not be protected, but would be left un- at all, for in a crises, all your funds would
$333,0e0 each year. The average of insured as now. This is not equality be out and no reserve' to draw from. As
you cannot agree what you want,
deposits for this period was $1.035,- and therefore not commendable.
4400,04)0, indicating that the average
Another objection to postal savings
All Banks Must Insure.
loss on total deposits in national banks banks is that it regimes complicated
had only been one-twentieth of one flnanciering to get tint' safe security
Crisis of 1907.
'Now, I WOUld prOpOSV that all naper cent per annum. In other words, from each bank for moneys deposited
You will remember the big insurance
tional banks insure their deposits by
It' all national banks hod paid annually therein, there being over six thousand
Investigation of about two years ago,
paying into the United States treasury
one-twentieth of one per cent tax on banks.
which disclosed extravagances, manipthe sum of one mill annually on every
And another objection is that the one
ulations, and frenzied flnanciering ; their overture (1eposits, which is equivthousand dollars of deposits. This
amazed the people of this and other alent to fifty cents on each one thou: government would pay only two per would be 1110re than ample to pay all
sand dollars), all depositors in na- cent interest, while the banks pay
countries, and caused them to sit up
losses in national banks for each year,
and take notice. From then on they tional banks which failed could have from three to four per cent. Out the as has been experienced in the past
other hand, under the plan of insurnot only continued to notice, but craved been paid in full.
After reading these trustworthy offi- ance of deposits, all depositors in forty-three years of the national banks'
to see and hear more about our financial statistics, I wondered why sonic banks, in large or small amounts,would existence. As this national banks inciers and investments generally.
surance company would be under the
The sport: WaS fanned by a breeze one had never brought out more promi- be insured all precisely alike. There control of the comptroller, it would be
of investigation and legislation as to nently these facts, with the sugges- would be no class legislation and no operated at little expense. I should
railroads and all other corporations, tion to tax the banks this insignificant favoritism ; no complicated, foolish adviso for your own benefit to make
which became active everywhere, from amount, thereby making the deposits flnanciering; first receiving deposits. the insurance fund so large that the
the national capital down to county in national banks as safe as its bank then redepositing them in banks again, most timid will not entertain the least
and the intricacy of seeing it well se- doubt as to the
seats. Railroad rates were reduced in notes.
remotest possibility of
cured. The duplication of over six
many states from three to two cents
From this Time 1891
I housand banks seems ridiculous, espeper mile, and rates of other corpora"And for this purpose I would proI have been agitating since that cially when the deposit insuranee plan loss.
tions were threatened with a like repose that the banks deposit with the
duction. But the measure most alarm- time, deposit insurance in different will serve one and all and can so much United States treasury one per cent of
ing to railroad invectors came when an ways; at conventions, in the press, more easily and simply be inaugurat- their average deposit-R. This would he
amendment was introduced in congress sending to bankers several thousand ed than the postal savings banks.
equivalent to ten dollars on each one
by which a commission was to be ap- booklets, explaining the plan, with a
thousand dollars deposits. This would
The Main Objection.
pointed, which commission should ap- draft of the law required to carry it
stand as a reserve fund in case of temLastly, the main objection to postal porary need.
praise all railroad property at its fair into effect. During such agitation I
But most likely it will
value. This was rightly said to be the have been forcibly reminded how hard savings banks is: That it will not pre- never be
touched. This one per cent
only method of determining what was it is to get out of a rut.
vent bank panics. The banks do not reserve fund might be
paid in by the
a fair mileage to charge so as to give
fear the small depositors as much as banks in municipt,1
bonds the hanks
Some Objections.
the owners of railroads a reasonable
the big fellows, who draw out by the may have on hand, the
interest to be
dividend on the actual value of their
The main objections I encountered wagon load. It is not only the small collected by the comptroller and remitproperty. This method would seem to deposit insurance were: First, the depositor who gets scared and runs to
ted to the bank owning it.
reasonable.
larger, stronger and more infinential get out his money. It is not alone the
"When a bank goes out of business,
The people do not wish to harm the bankers saw in this plan that the ad• small depositor who starts a panic or
railroads; they concede the railroads a vantage they now have over their te run. What started the run in our the reserve fund paid in, and also that
reasonable income on the actual cost smaller competitor would be lost. This last panic? Not the small depositor, not used of the one mill insurance tax,
to be returned to such bank. As most
of their properties, say, a net rate of
I admit is true. But there are now Insur- Lut the millionaire depositors on their every bank has many times the bonds
seven per cent; but they want to know
tilionaires' banks; they were the first
If this seven per cent is on watered ance companies insuring deposits in banks that got scared, first to run, pulling tequired, as above, on hand, it might
stock, in which case it might be three in a small way charging 5( per cent. pre- cut a million at a time, and draining more safely have these deposited with
times seven, or twenty-one per cent, on mium, and others are being organized; to one bank dry in less than twenty-four the government. If this snould be done
insure bank deposits broadcast. Then the
at the present date, the insurance rethe actual cost value of the property.
bout's. These depositors started and
reason smaller banks will insure their deposits in set the pace in our last tiurry—not the serve fund on about six billion dollars
To this all object. This is one
such companies. Will not the stronger
deposits, at one per cent, would be $00,why these investigations to ascertain banks do the same?
small depositors, as the postal savings 000,000, and the insurance tax of onethe facts, were made. Thereupon
In such a case the cost would at least be banks depositor would be. This, then, tenth per cent, $6,000,000; total, $66,three times that of the government plan, shows that postal savings banks will
Money Became Frightened.
and would not inspire that confidence with not prevent panics, like insurance of
" . insurance fund would inspire
"TH
0Tis
depositors as the insurance under the gov- deposit will.
When the foreign investors who have
unbounded confidence.
The losses,
So the large banks can
large holdings in railroad stocks and ernment control.
based on the experience of the past
National Banking Act.
bonds, and our home capitalists, heard not escape the tqualitv of safety in any
.forty-three years,. would be only $4,of these proceedings, they became event, and aside from thi's would it not be
Whoever drew our national banking 800.000, so there would be a surplus,
alarmed. "We must keep in mind that more pleasant, more heroic, honorable act must have been as able, experi- the first year, of $1.200,000 from the
the price of most of our railroad and and patriotic to compete with one on enced, and far seeing financially, as the one mill tax insurance fund. As we
other stocks is based on the dividends the same level? I remember when boys men who drew our constitution were must expect that all bank deposits
paid, and the bonds on the interest were called cowards if they attempted politically. It was not created by the would enter the national system, these
they draw. If these have been met to wrestle with one below their size. influence of bankers, most of whom figures would soon be more than doupromptly when due, and regularly for Aside from this, it would help to cre- strongly opposed it, claiming that it bled. There is no question that everyU number of years (as in sonic eases ate a banking system excelling any on Was a flagrant interference of sacred one of your depositors will highly apover twenty and thirty years), the earth. prevent recurring panics, and state rights. It was Secretary Chase preciate the insurance, and the good
holder of these investments does not ingratiate the bankers in the hearts of who strongly recommended the act to will of your depositors is worth many
bother himself much to investigate a whole nation.
President Lincoln, who in turn pro- times the little tax you will be reSecondly, that all state savings and posed it in his message to congress in quired to pay. I have reviewed the
what the real value of the property is.
which secures; his bonds and stocks. private banks would lose their depos- 1862. whieh passed it in the spring of different plans from all sides, and find
But now, since the investigations are its, because the insurance would apply 1363. The act had thrown safeguards that deposit insurance is the only perin progress, for the first time they get only to the national banks. This can around, under which no bank can fail manent cure, and I hope you will put
It confines itself strictly within its no obstacle in the way of its accoma bit nervous. They ask themselves: easily be arranged by an amendment to
"What do we really know, or not know. the national bank act, under which real provisions.
plishment."
tanner ()mere(' to strengt 11011 the gold
reserve by the sale of twu Imodrod and
sixty-two million dollars of bonds, to
drive away the silver hoard and scare.
and by these maneuvers gold again regained courage—came out of hiding-confidence was restored, and the panic
subsided. This, then, shows that the
volume of money does not prevent panics.
Comptroller Eckels' Report.
Controller E(.kels reported to congress
after the panic of 1893, on page 24:
"No system, no matter how elastic, nor
volume of currency, however large,
could afford relief, fis long as confiddeuce is destroyed. and credit wanting.
Money hoarding will go on. and additional issues will but add ro the hoarding." So 11111(.11 for the !mule of 1893.
Now to the present crisis.




Ut uonwlence. Anil as 50011 21S this oecurs, till will get tired of hoarding. and
the money %%All appear again in the
sunlight as rapidly as it disappeared.
Now let me give you a remedy which.
if adopted, will eliminate all bank panics in the future.

Greeting For The Year
3tpliF-1908----1k!k>
4

We wish you a happy new year
And hope before its end draws near
That all deposits will he insured
And all financial ills he cured.




Manitowoc Savings Bank

1




PLAN FOR AN ELASTIC
NATIONAki, I tANII: CURREN(

Y.

The plan given below is an attempt to show the general lines
'upon which legislation should be based to provide the element of
elasticity so clearly lacking in our currency. It possesses the great
It combines the best features of the present
National Banking System, the German Imperial Bank and the Can
National Banking system. in general •it •is based on ideas ad-

merit of simplicity.

Henry Nelson 1.oud, who has studied this question for several years. It is submitted in the hope of assisting to relieve the present distressing financial conditions and of preventing a repetition of
v:iied

them in the future.

Friendly criticism will he appreciated.
11\1:v KIMBALL Lot 1),
\u

Sable, Nlichii4au

Nuvcmhcr W., 1907..

I. BASIS.
Issue bank notes upon the basis of securities satisfactory to a
National Banking Commission and under their regulation and valuation, in accordance with general powers to be given to the Commission by Congress. This basis includes United States bonds but abolishes the provisions making them the exclusive security for National
Bank notes. These new securities should be limited to approved
state, county and municipal bonds and should have a valuation of upwards of 75 per cent of the circulation taken out.
11. AMOUNT AND FI„ASTICITY.
The banks may issue iwtes up to the following percentages of
:
their uninipz;i:,d paid-up capital, subject to a U. S. Government tax
--as follows:
75 per cent of capital, taxed 1 per cent per annum.
25 per cent additional " 6 percent " "(Emergency Issue).
" " (Panic Issue).
50 " "further
These taxes take the place of all other U. S. Government taxes
and fees. Banks to pay 1 per cent per annum on a minimum of 25
per cent. of capital. Section 5197, forbidding banks to charge
more than 7 per cent. per annum, to be suspended on loans of
Emergency or Panic Issue, the banks to charge not more than 1 per
cent. per month on Emergency Issue and 2 per cent. per month on
PA 1 11C 15C11C.




III. REDEMPTION AND SECURITY.
ption fund,
Follow the present law closely---S per cent. redem first lien on
to have
double liability of stock holders, the government above under 1.
assets of hanks which fail, etc. Also as Provided

COMMENT.
lthe of C. S.
ctn. the exclusk
1 ty abolishing tip. prcscat provision
s possible to establish
tion, it become
at'. a basis for National Bank circula
develops. There will always be an un •
banks of issue as the need for them
other than U. S. lisnds, which should
limited supply of securities available
take care of the changing conditions
be retired as fast as possible. This will
from year to year.
upwards of 75 per cent of the
The plan requires securities valued at
100 per cent as at present. With these secirculation taken out, instead of
redemption fund, there will be
curities immediately available, as well as the
remembering that there w ould also be a
a mple security for the circulation,
liability of stockholders. In this
first lien on the assets of banks and double
explicit in regard to double liability.
connection the law should be made very
liability on the par value of the
it should mean nothing else t ban double
away with what is at times a
stock. This requirement of 75 per cent does
they are
the present system; that is, when
hardship to the banks under
order to obtain cira premium in
compelled to buy United States bonds at
them to pay I per cent :in
culation. It would also make it no hardship for
1 per cent.
tion instead of the present tax of one hair of
their ordinary circula
tax on circulation will take care
The second provision for a graduated
will do this quietly, without
of the daily and monthly changes in demand. it
public. As the pressure for
disturbing business or alarming the general
increases accordingly. As the demand decurrency increase the supply
brings contraction of the
creases the supply contracts. Our present system
of stress like the present one (Nosupply instead of expansion during times
banks to protect themvt_mber, 1907). This arises from the desire of the
of depositors to 'hoard currency.
selves against runs and from the tendency
issue and the percentages of taxation
Regarding the percentages of
are the result of considergiven in the second division of the plan, these
File main
not suitable, they can be ehangeil
ii bit, to study, but if they are
these
have a provision for elasticity and an arrangement along
Idea is to
quality to our currency. One per cent
lines should bring this much desired
the banks
,to be issued l
Per annum on the ordinary amount of currency
ered that they will bk. no longer
would not be a hardship when it is consid
order to obtain circulation.
compelled to buy U. S. bonds at a premium in
tion, examiners'
will also be freed front the burden of the, cost of redemp
They
new plates. The 6 per cent tax on the 1.!:mergtoicy
fees and half the cost of
that the ReiehsIssue would not seem to be excessive when it is remembered
cent. The 12 per cent tax on the Panic Issue
bank of Germany charges 5 per
it would be used only on
is of course very high and is intended to be so, as
do away with the remarkable rates
very extraordinary occasions. R would
within bounds
of interest charged on call money and keep the money market
for call money awl it could
at. all times. (Recently 125 per cent was offered
ed ,the supply of currency
nut be obtained.) As soon as the panic subsid
to Emergency Issue
would contract very rapidly and bring the supply back
and then to normal again.
expansion, would
This .proposed system, with its simple provision for
panics almost impossible. It is probable that
make currency famines and
the mere fact of its being
the "Panic Issue" would ;never be required, as
world that confidence which it now loses
available would give the business
periodically, with resulting ,panic and depression.
tion is used in a hunThe principle of automatic expansion and contrac
, perhaps the best example being the automatic govdred ways mechanically
ic sense in the steel trade
ernor on a steam engine. It is used in an econom
y, where sliding scales of wages are agreed
rind the coal mining industr
varying with the market changes.
upon between employers and employes,
the best example of the application of this prinIn banking% probably
(Reiehbank) of Germany, thought it.
ciple is offered by the Imperial Bank
degree of refinement as in this plan. Accordis not, carried out to such a
History of Banking" (1597 Edition), the Iming go Dunbar's "Theory and
is allowed to
Bank with a capital of 120 million marks ($30,000,000),
perial
bank notes not covered by oash, except for the genIssue 286% millions of
the cash held shall always be equal to oneeral provision requiring that
tion, and that the other two-thirds shall be proteeted
third of the total circula
The bank can
than three months to run.
by discounted paper having less
.of notes covered by cash, including under this
issue an unlimited amount




head German coin, gold bullion, foreign gold, Imperial treasury notes ant
the notes of other banks. These two provisions are similar to those under
which currency is issued by the Bank of England, the Bank of France, an'i
the United States Government. In addition to this, however, there is what
Dunbar calls "The Elastic Limit."
By this is meant that If any notes are issued beyond the limit and not
owered by cash, a tax must be paid on them at the rate of 5 ,per cent per
annum. The bank must report its condition at four fixed dates each month
and any excess above the allowed limit is taxed 5-1s Of one per cent (5 per
per annum.)
It is obvious that the important provision in this system, by which any
e7ce55 of notos above the ii'iovered limit, not offset by cash in hand, is
taxed, is Intended to produce the general effect of a prohibition under mild
The law
ukelaity, which admits some relaxation in case .of urgent need.
ieskes clear the general design of the law-making power, to secure the protection of all issues beyond a certain point of cash, and the tax of 5 per cent
is sufficient under ordinary circumstances to effect this object, by taking
away the inducement for carrying the issues beyond the line at which taxation begins. But the law has at the same time krt. 'open the possibility of an
extension of circulation beyond chi! line thus indicated, whenever the reasons for such extension are strong enough to outweigh the tax. In the
familiar case then of a commercial pressure, when the demand for loans is
I mperative and the market rate is high, it is possible for a bank, under this
regulation, to meet the necessities of borrowers rind thus to relieve the public
apprehension, although It is practically forbidden to reap any important
profit from this action. In the absence of a!ly such pressure it is tolerably
'certain that the issues will be kept within the line and that the business of
.
iqsning notes as gold accumulates, and of paying out gold as notes come in
for redemp.tion, will go on naturally and automatically." (Dunbar, p. 193.)
It is a refinement of this provision for an "Elastic Limit" that it is proposed to add to the present system of issuing National Bank notes.
This .plan is in general along lines similar to the plan recommended
Is/ the Comptroller of the Currency in his last report of 1906 except that
he wishes the circulation te remain upon the same basis as at present; that
is, exclusively U. S. bends. There is a large .number of students and financiers who favor the addition of other approved securities to the basis. It 14
certainly strange that a country as prosperous and wealthy as the United
:tates is and has been for so many years, should be compelled by a system
,of banking to issue bonds in time of, peace. '1.'111. bonds .of the United States
should be paid and the country should be cleared of debt as fast as possible.
The Comptroller wishes currency issues to be placed on the same standing as deposits. It should always be remembered that this 'power of issuink
seirrency is a Government function delegated to the banks and concerns the
people in general, whereas deposits concern mainly the banks and the depositors. The currency is the more important.
Referring to the proposed change in the basis of the National Bank
-notes, the Canadian system offers a successful and instructive example of
National Bank notes issued upon assets, the banks being allowed to issue
notes up to the full pakl-up unimpaired capital. The notes constitute a
first lien on the assets and shareholders are doubly liable on their stock. A
redemption fund of 5 per cent of the circulation is deposited in the Treasury.
The Bank of England offers a cirsulation based on government securities to the amount of 16% million pounds sterling ($E0,000,000) and an unlimited issue above this amount based upon gold, pound for pound(Sterling).
That is, for every five-pound note issued there must be an equivalent sinount
of gold coin or bullion paid to and 'held by the bank. The latter inflexible
October
provision has been set aside, or "suspended" on three occasions,
12, 1857, and May 12, 1866. The bank then issued
25, 1847, November
were
additional notes based on securities only. The actual amounts issued
of quieting the ,public's fears.
rot large but it had the effect
Something very similar has recently taken place in this country when
for the
the Treasury Department decided that there might be substituted
bonds, deposited to secure National Bank deposits, other seLnited States
and
curities a pprw -ed by the taws of Massachusetts, New York, Connecicut
investments for savings bank funds, so that the released bonds
New Jerscy :vs
the National
could be m 1 .as security for the issuance of more currency to
Banks.
a case of special
The use of Clearing House Certificates during panics is
A large amount is circumiscellaneous securities.
bank currency based on
lating at present.
the present circulaThe adoption of this plan would tend to increase
-quarter. From February, 1903, to September. 1906, the
tion by at least one
has gradually risen from
rereentage of National Bank circulation to capital
cent. Under the new plan the circulation would tend
45.8 per cent to 62 per
capital, bringing the increase
to approach 75 per cent of the 'authorized
be organized, bringing a further increase, which is
stated. Other banks would
to circulation issued under the tax
certainly needed. The above refers
and Panic Issues Were added, the present Naof 1 per cent. If the Emergency
This should provide actual curtional Bank circulation would be doubled.




reney enough for any contingency. It ‘‘ould mean in millions of dollars:—
With
With
Ain't of CirPattie
issue. Emergency
75 Per C ie
culation
Issue.
Issue.
Sept. 1, 1906.
1252.6
626.::
835.1
548.8
...0
703.S
1 nerease
286.3
128.2 Pet.
14.1 Pct.
It. or Increase
:,2.2 Pct.
0.0 Pet.
Per cent of
total money
1:0.9 Pct.
33.2 Pct.
'24.9 Pct.
16.6 Pct.
In U. S.
Total money
3069.9
3773.7
in U. s
Per cent of increase
in total money
9.3 Pct.
22.9 Pet.
2.5 Pct.
0.0 Pct.
in U. s
In making the last figures the amount of money in United States is
taken at 3069.9 millions. (Report of Comptroller of the Currency for 1906.
rage 145.) The increase due to the different issues is added to this amOunt.
The capital of the banks is given in the report as 835.1 millions.
It is commonly held that one dollar of currency makes possible four
dollars of miscellaneous credits such as notes, lines of credit, etc. Our present system contracts the available supply of currency during times of stress
with an enormously greater contraction of credits. This plan will make an
expansion of currency and credits possible, though credits will automatically
increase in price.
In regard to reports of circulation from the National Banks, it is suggested that they report on the first and fifteenth of each month. The German Reichsbaiik reports four times per month but this seems unnecessary.
It is suggested that the taxes reeeived from the National Banks be disPosed of as follows:
A redemption fund of 5 per cent of the total possible issue by the banks
should be held by the government, using these taxes for that purpose, instead
uf deposits from the banks, as at present. This means 7 1h per cent of the
capitalization of the banks. The banks should be charged only for notes
actually redeemed. The cost of redemption should be borne by the government. Also the Examiners' salaries and the expenses of the National
Banking Commission. If there is any remainder over this it should be applied upon the retirement of United States bonds. It is suggested that the
eust of new plates for printing notes should be paid, half by the government
and half by the banks for which they are made. The reason for having the
examiners' salaries paid by the government is based on the theory that the
government delegates this power of issuing currency to the banks and the
examiners represent the government. that is, the people, in seeing that tne
banks are in proper condition to perform this function.
This plan gives a monopoly of currency issue to the National
outside of what is directly issued by the government. It seems best to ke,.)
the system as near its present condition as possible, making only
what
changes are necessary to secure the proper amount of currency. The plait
of a Central Bank of Issue has many good precedent., !n other countrif,s;
but, our own experience has been unfortunate. It may be found adviai,:i.!
later on to organize a Central Bank to deal wily with banks and to handle
the government monies, but it hardly seems necessary at this time In genera l the National Banking system is well organized and efficient.
Regarding the National Banking Commission whicih is made a part of
this plan, it is suggested that it, be organized somewhat, similar to the Interstate Commerce Commission. The Commission should be a small one of not
le, s than five 'members nor more than seven, and the members should be
,
appointed by the President for a term of ten years. Vacancies should be
filled by appointment, of the President upon recommendation of the Comm!ssion and the Secretary of the Treasury. The Comptroller of the Currency
should be a member of the Commission and Chairman ex-officio.
In general, this plan provides for a National Bank Currency based upon
securities which can always be obtained in any desired amount and it does
not imply a perpetual national debt. It provides elasticity by a graded tax
upon the increased issues. It provides currency enough, for any contingencies which can be forseen for some time to come and It can be easily adapted
to changing conditions by slight changes in the percentages, etc. A study
of the table will show that there is no danger of inflation. It k quadruply
secured by a redemption fund in the Treasury at Waqhin,rlon hy securit.
held in the Treasury, by first lien on the assets of .the hanks and by double
liability of the stockholders. It has practileally all the advantages a Contral lilnk of Issue without any of its disadvantages. The Natlonal Banks
are spread over the entire United states rind each bank cant ake care of the
local conditions, the entire system lwing under the ef.Mtrol Of the National
Ilanking Commission at Washington. Finally, it offers a plan which will not
disturb the present National Banking system but makes only slight changet
in the manner of issuing currency. Its adoption, therefore, would not dr;tnrb business and It can be put into operation in the immediate future. rslieving the present extraordinary situation, which bids fair to continue for
at log-1 71 yell- unless meaqures are taken at once to remedy it.

ift.A Very Queer Complaint."
The subjoined excerpt from an editorial article
which appeared in THE BROOKLYN(N.Y.) DAILY EAGLE,
January 23, 1908, under the caption, "A Very Queer
Complaint," is worthy of special notice as a iecord of
historical facts.
Lack of space necessitates the omission of a large
part of the notable editorial referred to. A few explanatory words (indicated by brackets) have been added.
We quote as follows:
"Too much money is a queer complaint to be coining from
banks so soon after the recent panic. Six weeks ago every
bank was working to corner all the currency in the country.
Now the same banks are making a plaintive outcry against an
excess of the same currency they strove so hard to obtain. In
the height of the panic a man who owned 1,000 one dollar bills
could sell them for $1,050 --a rate of 5 per cent. premium [and
receive in payment certified check drawn upon the strongest of
the National Banks -but 'payable ONLY through the Clearing-House '1* * * * *
"The prevailing premium on small bills was above 4 per
cent. After the partial restoration of confidence there was a
swift drop from high premiums to an actual discount. The
bank that was glad to pay $40 premium for $1,000 in small
bills a few weeks ago, makes a charge of $2.50 now for taking
the small currency in exchange for large bills." [This statement, in regard to discount on small bills, applies to the notes
of National Banks when much worn and badly soiled.]
•• This glut of small bills following so quickly upon a
money panic points out a problem in our currency system.''* * * *

For the National Government to furnish the people
of the realm with sound, honest currency (and there is
no other instrumentality) whereby the Currency Needs of
Commerce shall be fully met, in "every nook and corner''
of the United States, and the recurrence of such untoward
conditions as referred to by THE BROOKLYN DAILY EAGLE
shall be averted, is a very simple matter. Let ordinary
common sense be honestly applied by the Congress and
the important work will be accomplished.
Kindly consider the papers enclosed herewith and
promptly urge the testing of the simplest of simple
remedies set forth. It will surely solve the Currency
Question most satisfactorily and permanently—with very
great benefit to ALL the people.




1".A Very Queer Complaint."
The subjoined excerpt from an editorial article
which appeared in THE BROOKLYN (N.Y.)DAILY EAGLE,
January 23, 1908, under the caption, "A Very Queer
Complaint," is worthy of special notice as a tecord of
historical facts.
Lack of space necessitates the omission of a large
part of the notable editorial referred to. A few explanatory words (indicated by brackets) have been added.
We quote as follows :
"Too much money is a queer complaint to be coining from
banks so soon after the recent panic. Six weeks ago every
bank was working to corner all the currency in the country.
Now the same banks are making a plaintive outcry against an
excess of the same currency they strove so hard to obtain. In
the height of the panic a man who owned 1,000 one dollar bills
could sell them for $1,050—a rate of 5 per cent. premium [and
receive in payment certified check drawn upon the strongest of
the National Banks—but 'payable ONLY through the Clearing-House']* * * * *
"The prevailing premium on small bills was above 4 per
cent. After the partial restoration of confidence there was a
swift drop from high premiums to an actual discount. The
bank that was glad to pay $40 premium for $1,000 in small
bills a few weeks ago, makes a charge of $2.50 now for taking
the small currency in exchange for large bills." [This statement, in regard to discount on stnall bills, applies to the notes
of National Banks- when much worn and badly soiled.]
This glut of small bills following so quickly upon a
money panic points out a problem in our currency system."** * *

For the National Government to furnish the people
of the realm with sound, honest currency (and there is
no other instrumentality) whereby the Currency Needs of
Commerce shall be/idly met, in "every nook and corner"
of the United States, and the recurrence of such untoward
conditions as referred to by THE BROOKLYN DAILY EAGLE
shall be averted, is a very simple matter. Let ordinary
common sense be honestly applied by the Congress and
the important work will be accomplished.
Kindly consider the papers enclosed herewith and
promptly urge the testing of the simplest of simple
remedies set forth. It will surely solve the Currency
Question most satisfactorily and permanently—with very
great benefit to ALL the people.




yountililoolailil1111111111=1.111111111=11111111111N
Hon. G. E. Waldo
t House of Representatives.
Washington. D. C.
Dear Mr. Waldo-1 greatly regret my
i tabilit y to at end the meet lug of your
°Intuit tee, more eseecially because I
cOnVinced t hat the Aldrich Curren •y 1)1 1!
is not a sat 'stile' ory meistire. It purport a t 0 provide for a pract!cal entergency clrent a on —a pro mnt I 11 e ref!St, of
he currency for use during the '•rottmoving season and monet arv patties. a nil
ret iremeet
an equally prompt , fultoma
Ns a
hereof when I he crisis is over.
of :lie
matter of fact it does not
kind.
The bill provides in subst auee t ha t.
in addi 1 ion to government bonds, ;.ert a in
prescribed bonds of states. intin icipall I it's
and ra ilroads may be accepted by the
secretary of the t reasury from flat lona I
banks as securit y for t he issue by I hem
of emergency
not es to the maximum
amount of $500,000.1100. The ret i remen
of t hese not es Ict supposed to be auf ()mat Ica Ily insured by means of a semiannual tax of one-fourth of I per :ami.
on currency secured by 2 per cent. government bonds, it tax of' one-half of I
per cent. On government's paying a higher rate, and on the currency secured by
licipal and railt he prescribed state, nle,
road se( ri ties, a mo I lily i ax of onehalf of l per cent. The seeretary is to
del ermine when an etnergen:lr exists.
how great and widespread it is. what i he
amount of i he emerge!'-y issue shall be
by which banks it shall be issued and
in what- proportion, and how st ri : t Iv i hi
Provisions as to the availability of the
bonds shall be construed.
This is tilt irely 100 11111.11 ha wee t
Mare in tlw hands of any one Ma n. The
secretary is rarely an experienced bank or. His term is short. The Presiden t
is his chief. lie is extweied to work in
svm pa t by with the o,1 1 icy of I he ey eat!lye and his Dart y. No mat er how honest or able t he secretary nilght be, the
itymos-d mum him
huge resoonsibili t
by this bill would he too mo.11 for him.
In times of panic the colleetive wisdom
of elelring-hoose bankers is usually fully
employed in taking care of the sit lei i
in their own eit y. withent attetunt ing I a
solve the correttev orovoema of fart v-s:v
,
elates. In acting ('or the best interese
of the whole cowl rv—and ottieklr, teethe secretary wonbi necessarily have t o
depend upon, a lei woo Id be awe' ved bv
• he experience a nd advice of 1 he banker •
nearest to hand ;. and vet let him m.ke
;Olt hp
mistake. and he consttomtn:ats
disast rolls and t'ar-renching.
His (1..oe
eh st a iv, muai
visi on as in
railroad hands shall be aeceot
wonld, of emirs°, te-/ vwhich reieeted
an import ant erfeet upon their market
Va

II has lrea OV been 'mint ml out on 1, t
half of I he railroads that becatcw
slatnary discrimination the botigN et
only t wo Southern railr,mds woold le
accent able as a basis for circolat Joe ;tett
.
that the securities of at leost 1 011)4
ot her large railroad consolidat ions wool
be wet ya tIa bk. The s'a dolls stales And
have not vet
nmnicion 1 11 les concerned
been heard from. but it may be safely
assnmed that they would lea ye no st nee
tint tinted in endeavoring to secure I he
secretary's a pprova 1 or I heir home
wh
curl t
would be inevi I ably locesed 111)011 I be
crit
unfortunate secretary. and t
misrenresent III ion and sill manner of WI ter at 1 tick to which he would be subJect ed. however fair ate! mart Ial be
mieht be, is not plea aant o cant emnla
Flirt liertror,,. otir0 lei a given sect ion ho
hersunded I hat its home securit It's ha ve
ro:i 1 od aruti 10 t
beim unfq
1 ;Igo fit' hrwo
oo:t.,11 howl'It 141 11011,
1
, ,
,
the ovi•hn MI n PI v of s111,41 hoW
might be seriously jeopardized and at
crucial time.
:knot her vital obieet ion is I hat there
Is no !tower vest *al in any one to ennynd
, _
the retirement of this emertzencv eke'
I ion except by means of t he tax. Thi..
tax is purely theory t teal and exnerimenta I. It has never been aunlied ender
If it
any (quoit ry.
like eondit ions
should prove I a he too high. then 1
banks would find it unorofit able to issee
tmrrency—',s they do now. If it aboeld
Prove to be too low, then t hey would find
ret ire their circola II profit able not I
The secret a ry
I ion—as they do now.
could pot votunel a bati! to inereaae its
reula 11011 nor to decrease it , as n ) one
cnn now.
Nor does 1 he bill provide for
ill
ional redernot ion
he long need ml
agencies whereby circulation may he convenient ly, quickly and ('hen ply redeemed.
Bonds are not at beat the wisest it vestments for national banks. To what
extent t he average bank holds the class
of securit It's specified in t his bill is orob_
Ionia 11(81. But if this measure is to be
A•ould be n ores made a pra ct ical
sary for the banks to buy these securit
ill normal t hues and when they can sup ta‘
he cash so as to hold them ready for
oronm1 use in an pm ergen ev. The erice
ra
of government bonds has a 1, vs been rih heeling(' of their time flu.
• inelally
currency humps. and it. ifn mike Drobolde




that the
•4,1

price

of these state. niiinteltml




(111081 time.
Another vital obiection is that there
is HO power vested in any one to OM"ei
the retirement of this etnergency
I ion excent by means of the tax. This
tax is purely theoretical and exne,
•imental. It has never been unlined ender
like conditions ", any country.
If it
ahould prove ta be too high. then the
banks would flnd It unnrofitahle to issue
currency—fts they do now. If it ahoeld
'wove to be too low, then they would find
it profitable not ta retire their cirenlaion—as they do now.
The secretary
could not compel a bank to increase its
circulation nor to decrease it, as n one
can now. Nor does the bill provide for
the long needed additional redemnt on
ageneiest whereby circulation may he conveniently, quickly and cheanly redeemed.
Bonds are not at best the \Owes! investments for national banks. To what
extent the average bank holds the (.1a...,;
of securities specified in this bill is nrohlematical. But if this measure is to be
made a practical one, it would be nevessary for the banks to buy these Hecurities
In normal times and when they can soa,
.c
the cash so as to hold them ready for
prompt use in an emergeney. The !Tice
of government bonds has al,
vays beep artificially .rrolh beektuble of their use rm.
currency issues, and it ip (mite urobahle
that the price of these state. munleinai
and railroad securities would also
come artificially raised, and thus make
their nurehase for circulation purposes
unprofitable.
In short, this bill entirely fails to remedy a single defect of the existing system. The total volume of currency has
always been sufficient for the normal
needs of business. But the trouble is
that there has neVer been enough of it
(luring the crop moving season or
panic, and there has always been too
much of it after the emergency has
passed. This is because there are too
many issuers-6,544 scattered national
banks. Scarcely three months ovo ihe
call money rate in New York reached
per cent. and currency was at a premium
of 4 to 5 per cent. That this should be
possible is a travesty upon a great nation's monetary system. Now the rate
2
/
has dronned to 11 per cent.. and money
is rapidly piling up in the bank vaults.
The business men of the country want
no more legislative patching of our national bank act. They demand a scientific monetary system. For example. a
central bank of issue to be owned by the
banks and with the government represented in the board of direct ars.
The central banks of Europe have established a long record of usefulneas and
financial solidarity. An American central bank would establish and maintain
a sound, uniform and elastic current.
carrying at. all times sgOlit
reserve. It. would redir•count for other
banks and dovelon a profit a We field now
neglected. It would benefit trade and
Its ettIongelicV circillat ion
eommerce.
WOnla be a scioniiii4. 'banking
,
Ono ha set) ni on colif.1( acmets, whir.11 a re
alwn vs on hand—avid sueh cirenla ion
would be promntly issued and promptly
retired at the proper time and in tironer
amounts. because it would be controlled
by a single institution. representing net
only the government, but all the banks
and the business interests of the country. Moreover, with such a hank it would
not he necessary for national banks in
the three centr:11 reserve (It lea to carry
•0,
a 25 per cent. , :erve again-U. their deposits, Fifteen Per cent, would be ample.
National bank denosit a in the eentral reserve iii lea amonnted in 1906 to about
0011.600, and the reserve earried was
or
,
$2S5,774.000, or 25.31 ' cent. k 15 nor
cent. reserve would be only $169.000.000.
thus unlocking for commercial use lawful money—not paiiwial hank notes—to
the amount of about $127.000.000, the in '
en which alofie would nay a goo,
dividend on the stock of the central
bank. Another imnortant result won Iii
be that the Clearing House Ast,oviation
of the 'various cities could then be devoted solely to the 'Ironer nurnoses
their organization. which are to facilitate
exchanges between banking institntions.
and not to issue emergency certificates
nor to compel the maintenance of reserves. Why should state institntions.
which have no power to isPue circulation.
be compelled to (10nend nnon their national bank depositaries fn v• currency at
the very time when the individual Pligtomers of snch denositaries are calling
mum them for eash? (Ince rmblie confidence is shaken. withdrawals of earl)
from all banking institutions are ineytto_
ble. and, as the hoardinp increases.
criais is intensified. In brief. the Prent
and Droved advantsve of a central bank
of issue is that it if; always ready to
supply the conntry with all the ettrroner
it needs, and. the (white being acianrfa0
thfq, there is no incentive for withdrawals
of (lenoalts In comh. a premium upon currency is forever eliminated the motivfor hoarding disannenrs. and a monetary
panic becomps a thing of tho twat.
pTI,TAN

.
A yvtr,RTT,T)

Presitiont Kings C ply Trust Company.
Brooklyn, N. Y. ebru

.
j

361111E1in of

Assuriation itt Nrui tark

ZI

"Wu foster tile Irak anti turlfare of Nein ilork"
,
OFFICERS
CLARENCE WHITMAN, PRESIDENT
WM. A. MARBLE, 3RD VICE-PRES.
GUSTAV H. SCHWAB, 1ST VICE-PpEs.
S. C. MEAD, SECRETARY
HENRY R. TOWNE, 2ND VICE-PRES.
FREDERICK B. DE BERARD 8TATISTiciA0
JOHN W. GRIGGS, COUNSEL

DIRECTORS
NATHAN BIJUR
FRANK R. CHAMBERS; RooERe PEET & Co.
J. HAMPDEN DOUGHERTY • DOuGHERTy, 01.corr & TENNEY
HARRY DOWIE ; DE WINTER & CO.
THOMAS H. DOWN HG • R. F. DOwNiNG & CO.
PROF. JOSEPH F. JOHNSON ; DEAN, SCHOOL OF COMMERCE,
FINANCE AND ACCOUNTS, NEW YORK UNIVERSITY
WALTER C. KERR ; PUS. WESTINGHOUSE, CHURCH, KERR
& CO.

J. H. KILLOUGH ; J. H. KILLOuGH & Co.
CHARLES R. LAMB ; J. & R. LAMS
WM. A. MARBLE ; VICE-PpEs. R. & G. CORSET CO.
MARCUS M. MARKS ; DAVID MARKS & 80Ns
DANIEL P. MORSE; PRES. MORSE & ROGERS
WM. H. McCORD ; POST & McCoRD
J. CRAWFORD McCREERY ; THE JAMES MCCREERY
REALTY CORP.
ROBERT C. OGDEN

EDWIN H. SAYRE ; R. C. WILLIAMS & Co.
WM. J. SCHIEFFELIN ; SCHIEFFELIN & CO.
GUSTAV H. SCHWAB; OELRICHS & CO.
HENRY R. TOWNE; PRES. YALE & TOWNE MFG.
GEORGE FRED•K VIETOR ; FRED,K VIETOR & ACHELos
GUSTAV VINTSCHGER ; PREs. MARKT & CO., Lb.
SILAS D. WEBB ; PRES. CHINA & JAPAN TRAD.NG CO.
CLARENCE WHITMAN; CLARENCE WHITMAN & CO.
F. W. WOOLWORTH ; PritS. GUARDIAN TRUST CO.

FEBRUARY 11

No. 42

1908

In Opposition to tbe
Elbricb lEmergencv Currency Vitt
To

TIIE MERCHANTS AND MANUFACTURERS
OF THE UNITED STATES.

GENTLEMEN:

W E ask

your prompt and earnest consideration of the Report of our

Committee on Bankruptcy and Commercial Law, herein embodied, in condemnation of
the so-called Aldrich Emergency Currency Bill, Senate No. 3023, now before the Senate.

THE Board of Directors of this Association, by a unanimous vote, accepted
and approved the Report,instructing that it be brought to the attention of the mercantile
interests throughout the entire country, with a view to their strongly opposing the
measure.




IN our opinion, this Bill, if enacted into law, would not only tie up part of the
eposits of the banks in securities which ought not to be owned by them, but would be a
7 'r




direct encouragement to speculation in the security markets. If your views agree with
the conclusions of our committee, we urge that you at once take the following action in
opposition to the measure:
1.

Write to your Congressman and the United States Senators representing
your State, to work and vote against the Bill.

2.

Communicate immediately with Hon. Charles N. Fowler, Chairman of the
House of Representatives Committee on Banking and Currency, calling upon
him and his fellow-members to hold the Aldrich Bill in Committee, in the
event of its being passed by the Senate.

3.

Request Hon. Joseph G. Cannon, Speaker of the House of Representatives,
to use his powerful influence to prevent the passage of the Bill by the House
of Representatives.

THE Report on the Aldrich Bill by our Committee on

Bankruptcy and

Commercial Law is as follows:
To THE BOARD OF DIRECTORS OF THE MERCHANTS' ASSOCIATION OF NEW YORK.
GENTLEMEN :—Your Committee on Bankruptcy and Commercial Law, to which was referred the
subject of the reform of the currency laws, begs leave to report as follows :
As the result of our deliberations, we present the following resolution, which has been unanimously adopted:
"Resolved, That this Committee on Bankruptcy and Commercial Law disapproves Senate Bill
No. 3023, entitled 'A Bill to Amend the National Banking Laws,' introduced by Senator Aldrich, for
the following reasons:
"1. They regard as essentially unsound the principle embodied therein, that a currency should
be based upon fixed securities of any description. The note issues as well as the deposits of a bank

/i

are obligations payable on demand, and the bank should hold as security against such liabilities
nothing but quick assets, such as actual cash, secured notes payable on demand, or commercial paper
liquidating itself at par at the end of a short period of months.
2

It is no safe function for a hank of




i deposit or issue to invest assets held against demand obligations in long-terna notes, bonds or
mortgages, the conversion of which into cash in times of stringency can only be accomplished at
The policy which might reasonably create an artificial market
for the national obligations in time of civil war cannot excuse an extension of the same favor to
sacrifice of the principal, if at all.

State or municipal bonds and railroad mortgages in time of peace.
"2. The high tax which this bill proposes to levy upon the issue of emergency currency, and
which in the last analysis would be paid by the borrower to the banks, when increased as it would
be in practice at least one-third by reserve requirements, is not only unnecessary but oppressive ; and
in this and other States would provoke an immediate disregard of the statutes against usury. It
is not becoming that a great nation should fill its coffers from the necessities of borrowers ; and
it is manifestly improper to pass one law which offers inducements to the violation of another."
It is the unanimous opinion of your Committee, as evidenced by the signatures hereto, that rather
than accept legislation of the character of the Aldrich bill, which we feel in its ultimate results would
be most disastrous to the commercial interests of the country, it would be preferable to have no legislation at all, in spite of the manifest necessity of some relief to the present intolerable situation.
We, therefore, in accordance with this resolution, recommend that the Association disapprove Senate Bill 3023, known as the Aldrich Bill, and that it take steps actively to oppose the enactment into
law of this or any bi.11 passed upon these principles.
Your Committee, which is continuing consideration and study of other measures, will render an
additional report in the very near future.
Respectfully submitted,
COMMITTEE ON BANKRUPTCY AND COMMERCIAL LAW,
D. PAGE, Chairman.
M. MARKS,

EDWARD

IRviNG T. BUSH
THOMAS W. ORNIISTON,
H. R. KUNHARDT,
G. E. ARMSTRONG,

MARCUS

J. H. KILLOUGH,
E. A. DILLENBECK,
ABRAHAM BIJUR,

TO make our campaign for the defeat of this legislation the more effective,
kindly favor us with copies of letters written by you along the lines suggested above.
Very truly yours,
THE MERCHANTS' ASSOCIATION OF NEW YORK,
By CLARENCE WHITMAN,
PreSacid.
By order of the Executive Committee.
CLARENCE WHITMAN,
HENRV R. TOWN!,
WILLIAM A. MARBLE,
ExeCUthic Corn miltee.




ir

• OL.ARILNOIC JON111111 CO.
IRANKICRIS
(AA1111111AU OTRIBIZT
ROLM/ YORK

WHAT IS THE TROVBLE WITH BANKING ? ? ?
Within four months twelve banking institutions in New York City having combined capital of about
$10,000,000, combined surplus of about $11,000,000, with possibly 50,000 individual depositors, have closed their
doors, thereby jeopardizing depositors' money to the extent of over $100,000,000.
Q. Why?
A. It is said because certain of their directors have loaded them with "gold bricks, and the New York World
says: "Because of gambling with trust funds by faithless officers."
Q. Why do persons buy stock for control of banks or a chain of banks and become directors?
A. Generally to get money not otherwise obtainable on schemes.
Q. How can this be prevented?
A.
1. By prohibiting directors borrowing directly or indirectly from their banks or trust companies.
2. By limiting the same person to a directorship in only one bank or trust company at the
same time.
3. By removing the Statute of Limitations for misdemeanors as applied to bank directors.
4. By restricting banks to lending money, and not allowing them to buy securities or go into
underwritings.
5. By publicity of accounts, making detailed semi-annual reports available to the stockholders or
depositors on request, and not keeping them as at present, inaccessible to all but the Banking Department,
which has little power to correct most of the abuses, even if it discovers them.
Publicity will do more than examinations.
If you are a stockholder, just try to get data on any vital point that is less than a year old, and see what
you get. Bank examinations seem almost a farce in view of the fact that so many bank failures occur after
recent examinations.
6. By forbidding banks and trust companies to buy securities directly or indirectly from their directors,
which is virtually "trading with themselves"; loans have been made by sales to a bank, the seller agreeing
within a certain time to repurchase the securities at a profit, which amounts to getting a time loan.
Q. Why should a director want the right to borrow from his own bank ? ? ?
A. The reason why he wants to do so, is just the reason why he should be prohibited from doing it. He
wants to borrow on security that is generally not good enough to pass on its merits in any bank where he has no power.
It is a matter of gossip that in some banks many of the loans are made to "inside interests,- and a legitimate customer
often cannot get accommodation.
Q. Why should the Statute of Limitations be removed?
A. Because two years is too short a time for discovery—all the means of concealment are in the power of the
guilty directors.
Q. Why should investments in stocks and bonds be limited?
A. Because the proper function of a bank is taking deposits and loaning them on satisfactory security, not
investing them speculatively.
A certain bank reported on December 3rd, 1907, deposits of about $94,000,000. Deducting 25 reserve,
say, $23,000,000, there would have been about $71,000,000 available for lending. Of this $71,000,000 over
$55,000,000 was invested in stocks and bonds "other than United States Bonds, with the result that this bank had
but about $16,000,000 in addition to its capital and surplus that it could possibly lend to customers.
If this were generally done, what would happen to banking? Would it not lead to speculations where depositors cannot win, and may possibly lose ? ? ?
Although not perhaps in the same proportion, but still on the same lines, other institutions are said to be conducted.
Banks should not be allowed to invest in Stocks and Bonds; they should keep their money for their customers
and the borrowing public.
It is a matter of gossip that during the recent panic, when Stocks were at the lowest, brokers could not borrow
and consequently could not buy for customers on margin, some banks took their collaterals to the Clearing House,
got Clearing-House money on them, and, it has been said, bought stocks and bonds themselves.
I am making this fight because most people who understand the evils and recognize the need of reforms are
afraid to come out for fear that banking interests might curtail their credits.
I can gain nothing personally by it, but I consider it in the interests of the public, and trust you will help the
good cause along.
These reforms have been presented squarely to the Legislature in four Bills, numbered 238, 239, 240, 241,
introduced by Mr. Gates in the Senate, and 400, 401, 403, 404, introduced by Mr. Bennett in the Assembly, and
it is now "up to the Legislature" to ameliorate this condition.
Pass these Bills and Banking will be more stable.
Pass these Bills and there will be plenty of money for the legitimate borrower who cannot now often get it
because the "insiders need it.Feby. 15, 1908.

E. CLARENCE JONES.

•

EX-SECRETARY GAGE AND HORACE WHITE ON CURRENCY.
The two following letters from Hon. Lyman J. Gage and Horace White should be
read and reread before voting upon any financial measure:
(Reprinted from The Journal of Commerce and Commercial Bulletin of March 12.)

FORMER SECRETARY GAGE
ENDORSES FOWLER BILL
TIME MOST FAVORABLE FOR SECURING PUBLIC ATTENTION.
Mr. tiatwe

Deelarem

Once

Removes; the

Our

tioi ern uncut

nrinLzs
Touch

the

at
iii

.
Finn 11( 1•4

Banking

%%Mt

Measure

WeaLness

the

ii

IlusifieS4

Iiintlredi

nut
iii

Interes(s,

Lyman J. Gage, ex-Secretary of the
Treasury, in the following letter to Representative Fowler unequivocally endorses
the latter's currency bill. Mr. Gage sumnutriz !s some of the practical benefits
that the measure is calculated to secure,
if co-operated in by the banks of the country. The letter in full follows:
"Honorable Charles II. Fowler, House of
Representatives, Washington, D. C.:
'Dear Sir—I want to congratulate you
upon the report of your bill to the House
by so strong a vote in the committee. Your
labors are, however, I fear, but just begun.
It is probable, on the other hand, that thia
period of time is, in all respects, most favorable to secure attention to the compreheneive measures which your bill includes. The
usual inertia of the public mind on the supposed recondite subjects of finances, banking and currency is broken. Every intelligent man is now disposed to 'sit up' and
think, and there is a consensus of opinion
tilat 'something ought to be done,' and that
that something sliculd be fundamentally
curative of the evils experienced and so
well established on sound principles as to
give effective guarantees that we shall
not. be exposed to similar ills in the future.
"As I expect to return at once to my
home In California, I shall be quite 'out
cf the running,' and I see no 'practical way
in which I Can aid, as I would 'be glad
to do, the great public work you have undertaken.
"The more I study the bill reported by the
House Committee the more comprehensive
and complete it seems to be. It at once removes the 'weakness in our Government
finances and brings the banking business
into safe and natural relations toward
those interests which it is the primary
Impose of the bank to promote and serve.
These interests are production, manufacturing and exchange.
"I just menticned the weakness in our
Government finances. We are so accustomed to the situation that we are unconscious of it. This 'would come to our attention, 'however, with painful emphasis
were we under present conditions to face
a war involving perhaps an expenditure
by our nation • of a thousand million a
year—that is, three millions a day—a modest estimate, as the thoughtful must admit.
"In my statement before the House I
enumerated these weaknesses as, first, the
present demand obligations outstanding
against the Treasury under the name of
legal tender notes—$346,000,000; second, the
Government guarantee on $700,000,000 of
bank notes.
"To be sure, the Treasury holds as security for this undertaking a similar
amount of its own bonds, but every one
knows that by this artificial contrivance
the bonds so held are overvalued when put
to the test in a free market by twenty to
twenty-five per cent. The issue of millions
of new bonds to meet the costs of war
would strip the mask which now conceals
the tact, and expose the weakness at the
moment when greatest strength would be
requited. Thus nature revenges herself on
the unwise and the imprudent.
"The bill in question ought, then, to
commend itself to the public mind in this;




it provides a way without cost to the people which will in a comparatively short
period of time discharge the liability of the
$346,000,000 first noted, and convert every
'greenback' into a gold certificate, behind
which will be a good gold coin, dollar for
dollar. Is not this a consummation to be
wished? Does it not replace weakness by'
strength?
"Scarcely less important, it eliminates
entirely the unnatural guaranty of the
Government to the bank notes and wipes
out that liability, whatever may be the
measure of responsibility therein involved.
Further, by impounding, as it will if it
have full operation, nearly the present sum
total of the public debt into a fund provided by the banks, which shall effectively
serve as a guaranty for bank creditors,
whether as depositors or noteholders, it
substantially removes the present bonded
debt from any competition with the new.
Government issue, if made necessary in
the contingency of war.
"Lastly, looked at from the Government
side, it reduces to a minimum the burden of
maintaining at a parity with gold $600.000,000
of silver, the commercial value of which, in
the world's markets, is less than $300,000,000.
it accomplishes this by giving full priority
in the field where money circulates from
hand to hand to silver certificates through
denominations so small that they cannot
be released from active use.
"All those things the bill, if it becomes a
law anti is co-operated in by the ,banks of
the country, will secure.
"Will it be co-operated in by the banks,
and so made uniform and effective? That
such co-operation is to the banks an advantage I am certain, but being an exbanker myself I anticipate you will hear
many objections from some who will conceive that the 'guaranty fund' for deposits
will be inimical to their present prestige
and future superiority as compared to their
neighbors or rivals. They will not go so
far as to argue that the public should
continuously endure afflicting losses from
weak and unworthy methods of banking in
order that their superior methods may gain
prestige and prefit, but they will argue
against the theoretical equality which, it
seems to them, the guaranty fund tends
to establish. To these objections you aril
those who aid you in argument for the bill
will have to point out that in the health
and prosperity of all the real and lasting
welfare of each is concerned. You will
have to show that under the new regime
character, capital and ability will win as
elsewhere they do win their appropriate
reward. Fortunately, too, you can show
that what the bill proposes in that direction is directly in the line of evolution,
for it is to be observed that certain large
cities are voluntarily adopting the principle
of neutrality for which the bill contends.
"The city of Chicago furnishes at the
moment a striking and wise example. Surprised some time since that one of their
banks—the Chicago Nationale-with liabilities aggregating some $27,000.000, was in an
insolvent condition, the 'Clearing HOUSE)
banks at a known large hazard to themselves took over the assets of the Chicago
National bodily, assumed and paid offhand
Its liabilities. Not again to be, surprised
in similar fashion they agreed by common
consent among themselves to have an
agency of their own quite outside of the
Government's official agency to keep close
Inspection and tab upon the methods, doings and financial practices of each and
every member of their organization and
upon any other bank or banker in the city,
for whom one of their number shall act
as a Clearing House agency with power
substantially to close the doors to any
member by suspending that member from
the Clearing HOUSE'. The power of control
in the Clearing House Association is thus
complete and absolute.
"To be sure they have not entered into
legal ebligation for losses to the public
through a weak or failing member, but
with the power of examination and control thus assumed goes the duty to guardianship and protection. If they fail to
administer and allow failure, always the
results of vicious methods, to occur in a
fellow member, can they escape wonout
dishonor the moral obligation to prctect
the public from the results of their laxity
or neglect? Their action in the case of the
Chicago National establishes a precedent.
It is to be remembered that it was established when they did not possess the preent power of intimate knowledge and control. This gives a good warrant for the
belief that now, under the conditions above
Indicated, they cannot and will not depart from the method which precect-mt ieoes
to establish. I RM informed that both
Kansae City and St. Louis are taking
steps in harmony with those taken in Chicago. It will be to their advantage to do
so since the public will not be slow to
give preference to those cities which adopt
tOe cons,rvative method described.
"What is thus or may be accomplished
by voluntary action here and there in'
Clearing House cities, the bill in question
makes effective over the country through
the twenty redemption districts proposed.
"I have written too much already, but
as this Is probably my last word on the

4

subject you will make due allowance if I
have been guilty of verbosity. With good
wishes, I remain, yours very truly,
"LYMAN J. GAGE."

HORACE WHITE ON CURRENCY.
Writes

Ills

Endorsienient

Fowler

of

(lit'

Il111.

Congressman Fowler has received the
following strong endorsement of his currency bill from Mr. Horace White, former editor of the "Evening Post":
NEW YORK, March 10, 1908.
My Dear Mr. Fowler.—Yours of the 9th
Inst. is received. When this session of
Congress began I considered it unwise to
attempt to amend our currency system by
a single comprehensive measure. I did not
then think that the public mind was ripe
for it, although the discussion has been
going on, in a limited circle, for nearly fifteen years. ,So for the sake of brevity, I
preferred the bill proposed by the American Bankers' Association, except that I did
not favor a special tax on a particular
part of the circulation.
If, however, the people are prepared, as
they seem to be, to take into consideration a root-and-branch measure of reform
like that of House bill No. 12,677, I shall
contribute such aid to its passage as I can.
It is a great merit that the bill reaffirms
the principle that gold, not Government
debt, is the true basis of a proper currency. It proposes to take away all soft
money cushions and false props of our
monetary system which might fail us in a
time of trouble.
When the Civil War came on a large part
of our currency, based upon State bonds,
fell to a discount ranging from 10 to 50
per cent. Before the wee ended our Government bonds and greenbacks fell to a
still lower price, and the greenbacks remained below par for more than sixteen
years.
Why should we continue to expose ourselves to such chances even though the
risk of war or internal convulsion now
seems to be slight? if it is worth
to build a great navy In anticipation of
conflict with foreign powers, is it not the
part of prudence to put our Government
finances and currency on a sure foundation, especially when it can be done with- •
out expense?
The plan proposed in your bill is feasible
and will accomplish the end sought without any disturbance or contraction whatever. Moreover, the gold needed is within
easy reach.
The next most important feature of the
bill is that which provides for central redemption agencies, and a supervision of
the banks by each other. Most bank failures are caused by speculation with the
funds of the bank by improvident loans to
the officers and their friends and favorites,
in violation of law. Put a stop to such
loans and you practically insure the depositors, noteholders and shareholders against
loss.
I hear that the banks )f Chicago, St.
Louis and Kansas City are taking steps
voluntarily for such mutual examination
and supervision. This is a wise extension
of the powers of the Clearing House Associations. Far better is frequent examination by one's neighbors and rivals in business than a diagnosis by the Comptroller
after disease has set in.
With this practice established by law
the mutual insurance of both deposits and
circulation by means of a common guaranty fund deposited in the Treasury will be
a very simple matter. Such coinsurance
cannot be considered either paternalism or
socialism. The Government does nothing
but hold the money contributed by the
banks themselves, and pays it to those entitled to receive it.
The small banks are not put on an
equality with the large ones as regards
capital or earning capacity, but their liability to failure is minimized, and this is
an advantage to the whole banking fraternity, and to society in general.
To avoid ambiguity it would be well to
add to the seventeenth section of the bill a
proviso that the Government shall not
incur any liability in respect of the guaranty fund, except for its safe keeping and
disbursement according to law.
It is the A B C of banking science that
circulation, notes and deposits are alike
potential demands on the bank's cash reserve, and that the banker cannot determine which of the two forms his liabilities 811[13 assume, and that it is a matter
of indifference to him which form they do
assume.
It is most desirable, however, to the
community which he serves that his customers shall have the privilege of exercising their right to draw upon the bank in
the form which they prerer. A considerable argument might be written on this
test, but I forbear.
I concur in general with the report of the
Merchants' Association of New York in
favor of your bill dated February 21, 1908,
and I remain, your sincere friend and well
wisher, (Signed)
HORACE WHITE.

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY.
Division of Loans and Currency.

Form 1028.
-Mar.2-08-2,600.

CIRCULATION STATEMENT
GENERAL STOCK OF MONEY IN THE
UNITED STATES.
February 1, 1908.

Gold coin (including bullion in Treasury)

*$1,628,600,555

March 2, 1908.

$1,635,848,474

Treasury Notes of 1890
United States Notes
National Bank Notes
Total

IN TREASURY AS ASSETS
OF THE GOVERNMENT.

February 1, 1908.

March 2, 1908

MONEY IN CIRCULATIO
February 1, 1908.

March 2, 1908.

March 1, 1

562,930,982

$176,888, 590

$171, 997,548

$641,496,096

$633,804,057

$692,89

38,384, 970

769,629,359

791,661,899

601,45

8,588,890

19,347,757

89,557,092

86,539, 225

82, 91

11,290,360

562,849,982

tSilver Certificates
Subsidiary Silver

t HELD

40,586,510

tGold Certificates
Standard Silver Dollars

March 2, 1908.

10,852,631

453,413,640

446, 191, 369

464,62

141, 517,793

143,464,623

10,816,738

16,075,711

130,701,055

127,388,912

120,773

5,400,000

5, 319,000

7,516

10,499

5,392,484

5,308,501

6, 357

346,681,016

346, 681,016

7,509, 361

9,627, 701

339,171,655

337,053, 315

338,927

695, 402, 762

695,674,519

30,401,444

30,955,156

665,001,318

664,719, 363

582,758

3,380, 452,108

3, 389,918,614

286,089,409

297,251,973

3,094,362,699

3,092,666,641

2, 890, 721

Population of the United States March 2, 1908,
estimated at 87,021,000; circulation per capita,
* A revised estimate by the Director of the Mint of the stock of gold coin
was adopted in the statement for August 1, 1907. There was a reduction
of $135,000,000.
For redemption of outstanding certificates an exact equivalent in amount
of the appropriate kinds or money is held in the Treasury, and is not
included in the account of money held as assets of the Gov
This statement of money held in the Treasury as assets of the Govern
ment does not include deposits of public money in National Bank
Depositaries to the credit of the Treasurer of the United States, a
For a full statement of assets see Public Debt Statement.
§Includes $38,190,000 currency certificates, act of June 8,
1872.




CIRCULATION STATEMENT
GENERAL STOCK OF MONEY IN THE
UNITED STATES.
•
February 1, 1908.

March 2, 1908.

March 2, 1908.

t HELD IN TREASURY AS ASSETS
OF THE GOVERNMENT.
February 1, 1908.

March 2, 1908

MONEY IN CIRCULATION.
February 1, 1908.

March 2, 1908.

March 1, 1907.

January 1, 1879.

562,930,982

$171,997,548

$641,496,096

$633,804,057

$692,895,812

$96,262,850

38, 384,970

769,629,359

791,661,899

601,459,399

21,189,280

8,588,890

19,847,767

89,557,092

86,539, 225

82,917,781

5,790,721

11, 290,360

562,849, 982

$1,635,848,474

$176,888,590
40,586,510

easury)........ *$1,628,600,555

10,852,631

453,413,640

446, 191, 369

464,622,489

413,360
67,982,601

141, 517,793

143,464,623

10,816,738

16,075,711

130, 701,055

127, 388, 912

120,773,109

5,400,000

5, 319,000

7,516

10,499

5, 392,484

5,308,501

6,357,091

346,681,016

346, 681,016

7, 509, 361

9,627, 701

339, 171,655

337,053, 315

338,927,518

§310,288,511

695,402, 762

695,674,519

30,401,444

30,955, 156

665,001, 318

664, 719, 363

582,758,023

314,339,398

3, 380,452, 108

3, 389, 918,614

286,089,409

297, 251,973

3,094, 362,699

3,092,666,641

2,890,721,222

816,266,721

March 2, 1908, estimated at 87,021,000; circulation per capita,
the Mint of the stock of gold coin was adopted in the statement for August 1, 1907. There was a reduction of $135,000,000.
tes an exact equivalent in amount of the appropriate kinds of money is held in the Treasury, and is not included in the account of money held as assets of the Government.
reasury as assets of the Government does not include deposits of public money in National Bank Depositaries to the credit of the Treasurer of the United States, amounting to $219,543,719.13.
ublic Debt Statement.
tes, act of June 8, 1872.




0,
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY.
Division of Loans and Currency.
Form 1028.
-Mar.2-08-2,600.

CIRCULATION ST_A_TEM
GENERAL STOCK OF MONEY IN THE
UNITED STATES.
February 1, 1908.

Gold coin (including bullion in Treasury).

*$1,628,600,555

March 2, 1908.

$1,635,848,474

IN TREASURY AS ASSETS
OF THE GOVERNMENT.

February 1, 1908.

March 2, 1908.

MONEY IN CIR

February 1, 1908.

March 2, 1908.

562,930,982

$176,888,590

$171,997,548

$641, 496,096

$633,804,057

38, 384,970

769,629, 359

791,661,899

8,588,890

19, 347,757

89, 557,092

86,539, 225

11, 290,360

562,849,982

Silver Certificates
Subsidiary Silver

t HELD

40, 586,510

Gold Certificates
Standard Silver Dollars

T
March 2, 1908

10,852,631

453,413,640

446, 191, 369

141,517,793

143,464,623

10,816,738

16,075,711

130, 701,055

127, 388,912

5,400,000

5, 319,000

7, 516

10,499

5, 392,484

5, 308,501

United States Notes

346,681,016

346,681,016

7, 509, 361

9,627, 701

339, 171,655

337,053, 315

National Bank Notes

695,402,762

695,674,519

30,401,444

30, 955, 156

665,001, 318

664, 719, 363

3, 380, 452, 108

3, 389,918,614

286,089,409

297, 251, 973

3,094, 362,699

3,092, 666,641

Treasury Notes of 1890

Total

=

Population of the United States March 2, 1908, estimated at 87,021,000; circulation per capita, $35.54.
* A revised estimate by the Director of the Mint of the stock of gold coin was adopted in the statement for August 1, 1907. There was a reduction of $185,000,000.
f For redemption of outstanding certificates an exact equivalent in amount of the appropriate kinds of money is held in the Treasury, and is not included in the account of money held as assets
This statement of money held in the Treasury as assets of the Government does not include deposits of public money in
National Bank Depositaries to the credit of the Treasurer of the Unit
For a full statement of assets see Public Debt Statement.
§Includes $38,190,000 currency certificates, act of June 8, 1872.




4

/ 91'

0
4o c
T- March 2, 1908.

CIRCTJLATION STA_T EM
GENERAL STOCK OF MONEY IN THE
UNITED STATES.
February 1, 1908.

March 2, 1908.

*$1,628,600, 555

$1,635,848,474

t HELD IN TREASURY AS ASSETS
OF THE GOVERNMENT.
February 1, 1908.

March 2, 1908.

MONEY IN CIRCULATION.

February 1, 1908.

March 2, 1908.

March 1, 1907.

January 1, 1879.

562, 930,982

$171,997,548

$641, 496,096

$633,804,057

$692,895,812

$96, 262,850

38, 384, 970

769,629, 359

791, 661,899

601,459, 399

21, 189, 280

8, 588,890

19, 347, 757

89, 557,092

86, 539, 225

82, 917, 781

5, 790, 721

11, 290, 360

562,849,982

$176, 888, 590
40, 586, 510

ury).

10,852, 631

453, 413,640

446, 191, 369

464,622,489

413,360
67,982,601

141, 517, 793

143, 464,623

10, 816,738

16,075, 711

130, 701,055

127, 388, 912

120, 773, 109

5,400,000

5, 319,000

7, 516

10, 499

5, 392, 484

5, 308, 501

6, 367,091

346,681,016

346, 681,016

7, 509, 361

9, 627, 701

339, 171,655

337,053, 315

338,927,518

§310,288,511

695, 402, 762

695, 674,519

30,401,444

30, 955, 156

665,001, 318

664, 719, 363

582,758,023

314,339,398

3, 380,452, 108

3, 389, 918,614

'286, 089,409

297, 251, 973

3,094, 362,699

3,092,666,641

890,'721, 2,22

816,'266,721

C)
d,

March 2, 1908, estimated at 87,021,000; circulation per capita,
reduction of $135,000,000.
Mint of the stock of gold coin was adopted in the statement for August 1, 1907. There was a

is not included in the account of money held as assets of the Government.
an exact equivalent in amount of the appropriate kinds of money is held in the Trr asury, and
g to $219,543,719.13.
nal Bank Depositaries to the credit of the Treasurer of the United States, amountin
sury as assets of the Government does not include deposits of public money in Nati
ie Debt Statement.
act of Dino R, 1S72




00,

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY.
Division of Loans and Currency.
Form No. 1028.

CIRCULATION STATEMENT
GENERAL STOCK OF MONEY IN THE
UNITED STATES.

December 1, 190

t HELD

IN TREASURY AS ASSETS
OF THE GOVERNMENT.

MONEY IN CIRC

November 1, 1907.

Gold coin (including bullion in Treasury)

December 1, 1907.

November 1, 1907.

December 1, 1907.

November 1, 1907.

December 1, 1907.

*$1,489,742,845

$1, 561, 714,719

$166, 645, 890

$173,917,898

$574,459,086

$640,577,952

71,341,960

71,582,660

677,295,909

675,636,209

2,287,023

37,433

88,822,959

90,979, 549

7*, 177,432

2,733,880

464,349,568

468,953,120

Gold Certificates
Standard Silver Dollars

562,636,982

562,703,982

fSilver Certificates.
Subsidiary Silver

134,122,602

136,201,145

6,661, 373

:3, 221,533

127,461,229

132,979,612

5,613,000

5, 546,000

11,074

8,933

5,601,926

5,537,067

United States Notes

346,681,016

346,681,016

3,426,863

1,998,059

343,254,153

344,682,957

National Bank Notes.

609,980,466

656,218, 196

14, 856,600

7,323,079

595,123,866

648,895, 117

3,148,776,911

3,269,065,058

272,408, 215

260,823,475

2, 876,368,696

3,008,241,583

Treasury Notes of 1890

Total

Population of the United States December 1, 1907, estimated at 86,666,000; circulation per capita, $34.71.
*A revised estimate by the Director of the Mint of the stock of gold coin was adopted in the statement for August 1, 1907. There was a reduction of $135,000,000.
f For redemption of outstanding certificates an exact equivalent in amount of the appropriate kinds of money is held in the Treasury, and is not included in the account of money held as assets
.°
This statement of money held in the Treasury as assets of the Government does not include deposits ofe public money in National Bank Depositaries to the credit Of the Tr( asurer of the United
For a full statement of assets see Public Debt Statement.
Includes $38,190,000 currency certificates, act of June 8, 1872.
(Ed. Dec. 3-07-2,600.)

1



CIIRC HEAT'LOIN STATENVENT
GENERAL STOCK OF MONEY IN THE
UNITED STATES.

December 1, 1907.

t HELD IN TREASURY AS ASSETS
OF THE GOVERNMENT.

MONEY IN CIRCULATION.

November 1, 1907.

November 1, 1907.

December 1, 1907.

November 1, 1907.

December 1, 1907.

December 1, 1906.

*$1, 480, 742, 845

$1,561,714,719

$166,645,800

$173,917,898

$574, 459,086

$640, 577,952

$685, 974,422

$96, 262,850

71, 341,960

71, 582,660

677, 295, 909

675,636, 209

572,972, 119

21, 189, 280

2, 287,023

37,433

88,822, 959

90, 970,549

84, 211, 919

5, 790, 721

7; 177,432

sury)

December 1, 1907.

2, 733,880

464,349, 568

468, 953, 120

470, 118,583

413, 360
67, 982,601

562,636,982

562,703,982

January 1, 1879.

134, 122,602

136, 201, 145

6, 661,373

3,221, 533

127,461, 229

132, 979,612

122, 261, 710

5, 613,000

5,546,000

11,074

8,933

5,601, 926

5, 537,067

6, 811, 576

346,681,016

346, 681,016

3, 426,863

1, 998,059 ,

343, 254, 153

344,682, 957

343, 260, 322

§310, 288, 511

609, 980,466

656, 218, 196

14, 856,600

7, 323,079

595, 123,866

648', 895, 117

583, 463,604

314, 339, 308

3, 148, 776, 911

3, 269,065,058

272, 408, 215

'260, 823, 475

2, 876, 368, 696

3,008,'241, 583

2, 869,074, 255

816, 266, 721

December 1, 1907, estimated at 80,666,000 ; circulation per capita, $34.71.
Mint of the stock of gold coin ws lidupted in the statement for August 1, 1907. 'chyle WM a reduction of $135,000,000.
s an exact equivalent in amomit “1 the appropriate kinds of money is held in the Treasury, and i not included in the account of money held as assets'of the Government.
.
asury as assets of the Government does not include deposits ofpublic money in Nationall Bank Depositaries to the credit of the Treasurer of the United States, amounting to $2
lie Debt Statement.
s, act of June 8, 1872.

. 446




t4,tH .C6




Voston Cbamber of Commerce
efficero - 1908
BERNARD J. ROTHWELL,
JAMES J. STORROW,

Committee on Vanhing
President
JAMES J. STORROW, Chairman

First Vice-President

-

CHARLES H. FARNSWORTH,Second Vice-President

JEROME JONES

LEROY S. BROWN

DANIEL D. MORSS,

-

WILLIAM B. RICE

FRANK GAIR MACOMBER

HARRY J. WOOD,

-

ELWYN G. PRESTON

GEORGE ABBOT

-

Secretary
Treasurer

Vrotest against atoricb jeiti
[TO AMEND THE NATIONAL BANKING LAWS]

AT

a very fully attended

meeting of the

Boston Chamber of Commerce, held March 6, 1908,
and

specially called

for

the

consideration

of

currency legislation, the report of the Committee
on Banking recommending the following action
was accepted, and the resolution was unanimously
adopted:




ilesolution
IResolveb:

That the Boston Chamber of Commerce is opposed to the
passage of Senate Bill 3023 for the amendment of the national banking laws known
as "The Aldrich Bill," because

1.

It is makeshift legislation, which tends to perpetuate another piece of
makeshift legislation originally adopted as a war measure, and which had chiefly for
its object the creation of an artificial demand for Government bonds rather than a
scientific, elastic currency.

2. It provides for the subtraction of $500,000,000 of mercantile balances
from active trade.

3. It contemplates the investment of $500,000,000 of deposits payabl
e on
demand in long time obligations instead of in short time
and constantly maturing
obligations which constitute the proper and customary
method of employing bank
deposits.




T

HE acute strain on our national banks of the recent panic is now over, the

country is not under the stress of war, and the Boston Chamber of Commerce believes
that now is the proper time to set the house in order by a comprehensive, constructive
and scientific piece of currency legislation, and we have confidence that the
intelligence and patriotism of Congress can give us a currency system which will
equal in merit the best system in vogue in any other country.
The contemplated legislation should embody the following features:
1. An elastic currency which shall expand and contract not merely under
the crux of a great commercial crisis, but shall be sensitive to the seasonable and
other minor fluctuations of trade.
2. The currency should be guaranteed by the Government.

3. The Government should be amply protected in its guaranty by such
tax as shall serve to fully cover any possible loss under the guaranty.

4. The emergency currency should not be marked or labelled in any way
as emergency circulation, but should consist of a fluctuation in amount of the
currency normally in use.

5. If the currency is to be secured by the special pledge of collateral,
the banks should be permitted to deposit with the Government clearing house
certificates secured in turn by the deposit with the local clearing house of short
time mercantile paper.

A true copy of the action taken by the Boston Chamber of Commerce,
March 6, 1908.
DANIEL D. MORSS,

Secretary.

EMERGENCY CURRENCY.

SENATE BILL N.:;023, ENTITLED -A BILL TO AMEND
THE NATIONAL BANKING LAWS," INTROD[CED
BY SENATOR ALDRICH.

I El` I '11 I 0 N
FROM TI!Ii NEW YORK li( k1:1) ()i; 1'I:AD.14., AND

TRA NsronTATtoN.

Mai

NE‘‘ Y()uK l0AH1 oF TRADE AND TuANsrorruAl no.
`)0:t Broadway,

NEW

YoRK,

March nth, Dos.

To the Members of the Senate and House qf Representatires
of the United States (!, America, in Congress assembled:—
Your petitioners, the New York Board of Trade and Transportation, urgently, but respectfully, request that Senate Bill
No. 3023, entitled "A Bill to amend the National 13anking
Laws," introduced by Senator Aldrich, be not passed, for the
reasons set forth in the following report of the Board's Committee on Finance and Taxation, which was unanimously
adopted at the monthly meeting of the Board held this day.

REPORT Or THE commirrEE ON FINANCE
AND TAXATION.
At a meeting of the Finance Committee held on Wednesday
the 4th inst., thoughtful consideration was gi‘en to United
States Senate Bill No. 3023, entitled ‘•A kill to amend the
National Banking Laws," introduced by Senator Aldrich.




This bill provides for an emergency currency to be secured
by hilted States, State, County, Municipal and high grade
ii road bonds, to be issued only in times or emergency. To be
specific, the objectionable fenlitres of the bill are:
1st Its passage Nvould postpone for an indefinite time
further serious consideration of currency reform.
2nd It would a4141 one more unwise provision to our
already defective banking system, viz.: the inducement it offers to banks to invest in railroad, state,
county and municipal bonds.
3rd Under the provisions of the hill 1 he cost of takin(4.
out currency and putting it in circulation would
be so heavy that the bill would probably be inoperative.
It is the judgment of your (.4,111111ittee that the passage of
this bill should be opposed by this Association on the general
gronnd that it would bring no benefit whatever to our defective
currency system, but on the contrary would probably introduce
all element of weakness into our banking situation.
Conservative bankers agree that investment in bonds by commercial banks is not in the line of good banking, and that no
emergency currency measure should be adopted that would
encourage banks to buy bonds for future use, or that will make
necessary the purchase of bwels in an emergency in order to
obtain a currency supply. Everything a bank owes is payable
on demand, and its assets :it all times should be kept in the
most liquid state possible.
The experience of banks iii commercial centres, especially
in reserve cities, and more especially in New York, is that
once or twice each year there arises a condition in the money
market which makes it almost impossible for them to maintain
their lawful money reserve, and as a necessary precaution conservative bankers in midwinter, when harvest money returns,
buy sin in time paper maturing in the Spring, and in the
ii turner. when money is plentiful, paper maturing in the early
.1 at limn. The maturity of this paper enables them to a figment
I heir ro.serves during those seasons of the year when the
pressure for money is t he greatest, whilst any bond investment •
or other form of long time investment, would make it difficult.
2




if not impossible, at such times for them to easily maintain
their lawful money reserve.
If hank assets were kept in such lio1 111o1 form that at all
seasons of the year, without difficulty, Bank,could maintain
their proper reserve, the necessity for a n emergency cu rrency
would SE-'1110111 arise.
The provisions of the I lii 1 vould probably never be availed
or except in the direst extremity. For stringency in crop
moving periods they would, in our judgment, be inoperative.
The purchase of bonds with its attendant risk of loss, the
tax of 6 per cent., the locking up of probably from 15 to 25 per
cent, of the cost of the bonds, would make the interest charge
on the currency received so high that no banker could be
induced to take it out. Even in the face of approaching. panic
bankers would bestitate to pay so high a rate for money.
The risk of loss involved in the purchase of bowls for emergency purposes would be great, especially if bought during
panic when speculative prices prevail. If a 2 per cent. -United
states bond as security for circulation 5110111(1 be worth 1.11 4111
I 01 to I I 0 in time of panic, what would a 4 per cent. Municipal
bond, or a 4 or 5 per cent. Railroad bond, be worth for the same
purpose? And what would the same bonds be worth after the
I anic subsides, when the bonds were 110 longer in demand ?
Commercial hankers \\
have ill the past invested to any great
extent in railroad and municipal bonds will generally agree
that the loss on such investments, co\ ering any ten year
period, has been much greater than on commercial paper. and
that their bond investments 1i 1—tiles ol money pressure ha,
made it very difficult for them to) accommoolate their corm
inercial customers.
The purchase of bowls (luring a n emergency, as security for
circulation, would weaken the cash condition of banks unless at
the same time they were using Clearing ['wise Loan lerti licILtes
in settlement of balances between themselves, for tile limn/
required to purchase the bonds would lie one-third greater t han
I he a num nt of relief obtained, :Ind Nvould have to be paid for in
w rill money through the Clearing 1 louse.
For these reasons your commit tee recifinniend t hat the New
York Board of Trade and Transportatiom ..nt..1 its protest
against the passage by Congress of the bill presented by

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men in the country have a deeper interest in (;ommercial
conditions than the members Of the New York Clearing
I louse Association.
The1)anks took out loan certificates, paid 4; per cent.
for the privilege, and loaned to their customers at the
same rate. They spent large sums in the purchase of currency and the importation of gold in order to maintain
cash payments, which were maintained to a very htrge extent, notwithstanding reports to the contrary.
"1 now refer to these facts to show the country at large
that the New York bankers appreciated the responsibility
that was resting upon them, and acted promptly, intelligently and conscientiously.
"If we fail at this time to adopt a currency system that
will work automatically, and expand and contract in accordance with the demands of the country, it will be found
that the issuance of Clearing House Certificates will be the
only thing than can be used to save the country when the
next acute crisis comes.
"No bond secured currency system will give the needed
relief. I say this on my judgment as a business man and
banker of long experience, and I will add as my belief
that it would be better to have no legislation at all, at
this time, than to pass the Aldrich bill.
Now a word in regard to the Fowler bill. 1 have given
very thoughtful attention to the pro'visions of the measure.
At first I felt that I must, oppose it, but careful study of
its various provisions has sufficed to remove my opposition
to a very great extent. The bill has grown upon me and
the more I investigate the more it continues to grow. It
aims to remove so many objectionable features of our
present currency system that 1 am very much interested in
having it perfected.
"It seems to me that with very few and very slight
changes it can be made practicable and workable.—




REPORT AND RESOLUTIONS ADOPTED ON THE\
2nd DAY OF APRIL, 1908
BY THE

CHAMBER OF COMMERCE OF THE
CITY OF RICHMOND,
In the State

of Virginia.

IN OPPOSITION TO THE ALDRICH BILL, AND IN)
FAVOR OF THE FOWLER BILL.
TO THE BOARD OF DIRECTORS OF THE CHAMBER OF COMMERCE
OF THE CITY OF RICIIMOND, VIRGINIA.
GENTLEMEN:
Your Committee on Banks and Currency, to which was referred the subject of reform in
our Banking and Currency laws, and especially the two proposed schemes of reform known as
Abe Aldrich Bill and the Fowler Bill, reported the results of its deliberations on March 12th, 1908.
(
The resolutions embodying its views were adopted by the Chamber of Commerce. As the result
of further study of this momentous question, and of conferences and deliberations had by your
Comm:ttee, respecting these two measures, your Committee begs leave to present the following
'additional and supplemental resolutions and to earnestly request their adoption by the Chamber,
representing as it does the entire mercantile and manufacturing and professional interests of
th:s City:




\‘\

RESOLUTIONS.

WHEREAS, The

Chamber of Commerce of the City of Richmond in the State of Virginia,
did on the 12th day of March, 1908, adopt resolutions opposing the passage by Congress of
Senate Bill No. 3023, commonly known as the Aldrich Bill, and did, by like resolutions, approve
the general principles of House Bill No. 12677, commonly known as the Fowler Bill, with
the exception of the provision therein contained of co-insurance of deposits, which report and
resolutions are in the following words:




"BE IT RESOLVED, That this Committee on Banks and Currency disapproves Senate Bill No.
3023, entitled "A Bill to Amend the National Banking Laws," introduced by Senator Aldrich
for the following reasons.

I. They regard as essentially unsound the principle embodied therein, that a
currency should be based upon fixed securities of any description. The note issues
as well as the deposits of a bank are obl:gations payable on demand, and the bank
should hold as security against such liabilities nothing but quick assets, such as
actual cash, secured notes payable on demand, or commercial paper liquidating itself
at par at the end of a short period of months.
It is no safe function for a bank of deposit or issue to invest assets held against
demand obligations in long term notes and bonds, the conversion of which into
cash in times of stringency can only be accomplished at the sacrifice of the principal, if at all.
The policy which might have been reasonable in order to create an artificial
market for the national obligations in time of war, cannot excuse an extension of
the same privilege to State or municipal bonds in time of peace.
2. The high tax which this bill proposes to levy upon the issue of emergency
currency, and which in the last analysis would be paid by the borrower to the banks,
when increased, as it would be, in practice, at least one-third by reserve requirements, is not only unnecessary but oppressive; and in this and other States would
provoke an immediate disregard of the statutes against usury. It is not becoming
that a great nation should fill its coffers from the necessities of borrowers; and it is
manifestly improper to pass one law which offers inducements to the violation of
another.
It is the opinion of your Committee, as evidenced by the signatures hereto,
that rather than accept legislation of the character of the Aldrich bill, which we feel
in its ultimate results would be most disastrous to the commercial interests of the
country, it would be preferable to have no legislation at all, in spite of the manifest
necessity of some relief from the present intolerable situation.
We, therefore, in accordance with this resolution, recommend that this Chamber
condemn Senate Bill No. 3023, known as the Aldrich Bill, and that it take
steps
actively to oppose the enactment into law of this or any bill based upon
these
principles."

BE IT FURTHER RESOLVED, that we approve the general principles of
the
Fowler Bill, with the exception of the guarantee of deposits.

AND WHEREAS, the Richmond Chamber of Commerce feelshhat
the business and commerce
of this country require a speedy readjustment of our banking
and currency laws, which are not
now suited to the demands of trade in several of their mOst
essential features, and

WHEREAS THIS CHAMBER, after careful consideration of this and the former report
of its




Committee on Banks and Currency, is prepared to heartily endorse the
Fowler Bill, including
the co-insurance of deposits, PROVIDED SAID BILL IS AMEN
DED as hereinafter set forth,
and
WHEREAS, in its present shape, your Committee believes that the featur
e of the Fowler Bill
providing for the guaranteeing of deposits is not well guarded;
/NOW, THEREFORE, BE IT
RESOLVED, BY THE CHAMBER OF COMMERCE OF
THE CITY OF RICHTD, IN THE STATE OF VIRGINIA:
1. That it respectfully urges the distinguished author of the
bill bearing his name,
Honorable Chas. N. Fowler, to so amend the same as to give to the
Managers of each of the
Redemption Districts, therein provided for, the power and
authority to withdraw from any
National Bank the privilege of the co-insurance or guarantee of its
deposits so as not to permit
said guarantee to cover deposits made after notice of said withdrawal,
where, in the opinion of
said Managers, said bank is not conforming to prudent and conservative
banking and where the
abuses of which it is guilty do not make it fair and reasonable that its deposit
ors should thereafter
enjoy the advantage of the co-insurance or guarantee clause of the Fowler
Bill.
2. THAT WITH THIS POWER GIVEN TO THE BOARD OF
MANAGERS OF
EACH OF THE REDEMPTION DISTRICTS, WE HEARTILY FAVO
R THE IMMEDIATE PASSAGE BY THE CONGRESS OF THE UNITED STATES
OF HOUSE BILL
No. 12677, COMMONLY KNOWN AS THE FOWLER BILL.
//
/3. That this Chamber requests the Representative in Congress of
this District, the Honor,
/ able John Lamb, to secure the adoption of the above suggested amendment
to said Fowler Bill,
giving such absolute power to the Redemption District Managers as will
enable them readily and
promptly to enforce compLance with all the principles and practices of
conservative banking, and
providing at the same time for the protection of the outstanding circulation
of said bank.

1

4. When so amended, we earnestly urge upon our Congressional Repres
entative, not only to
vote for the passage of said bill, but to endeavor to secure the support of
the entire delegation
from the State of Virginia in Congress and particularly the support of
the Honorable Carter
Glass, the Virginia member of the Committee on Banking and Currency.
5. This Chamber hereby reaffirms its opposition to the Aldrich Bill for
the reasons given
in its former report, and again herein set forth, and, although the
Aldrich Bill has been
amended in the Senate in some particulars since our former report, this body
is still of the
opinion that the Aldrich Bill is essentially unsound in the fundamental
ve
principle upon which it
is based ; that its adoption will delay the enactment of laws effectuating perman
ent and mucheded reforms ; and that no amendment can prevent its increasing the evils and
magnifying the
dangers of our present banking and currency system.

BE IT FURTHER REsoLvEn, That these Resolutions be printed and that the Secretary of this
Chamber be directed to send copies of said Resolutions to each tnember of the Senate and House
f Representatives of the Congress of the United States, and to the Chambers of Commerce,
Boards of Trade and other like bodies of each of the cities of the United States, with the
request that each of the said bodies adopt similar resolutions at meetings to be called at once,
\ and send copies of the Resolutions so adopted to each member of the House of Representatives
\ and the Senate of the United States.

io
1




Respectfully submitted,
JOHN M. MILLER, JR., Chairman,
0. J. SANDS,
W. M. HABLISTON,
Committee on Banks and Currency.
The foregoing resolutions were adopted at a meeting of the Board of Directors of the
Chamber of Commerce of the City of Richmond, in the State of Virginia, at a meeting held
the 2nd day of Auril, 19o8
R. A. DUNLOP,

Secretary.

ST. Louis, Mo., April 6, 1908.

At a meeting of authoriz
sentatives of all the National
Banks of the City of St. Louis the following statement
a Aldrich Bill
respect'
Was unanimously adopted as the sense of the meeting, and copies thereof directed to be sent to the President
of the United States, the Vice-President, and Speaker of the House of Representatives, and to each member of
the Senate and the House:
The undersigned representatives of all the National Banks of the City of St. Louis have carefully considered the Aldrich Bill in the form in which it has passed the Senate, and beg to call attention to the following reasons why the bill, in their judgment, should not become a law:
The provision in Section eight of the bill, requiring banks outside of reserve or central reserve cities
to hold in their own vaults four-fifths of the reserve required, either in lawful money or in the bonds specified
in Section two of the bill, would work great evil to the commercial and financial interests of the country, by
locking up from $150,000,000 to $200,000,000 now available for active business purposes. The country bank
is without adequate protection against burglary and robbery, and the danger of loss from these would be greatly
increased with the increased temptation resulting from the larger hoard. As matters now stand, the country
bank practically carries only counter money at home, and has its large reserve stored, without expense to itself,
in the larger cities, in secure vaults and under ample police protection.
Furthermore, by keeping balances in the larger cities, the banks outside the reserve or central reserve
cities establish a credit with their reserve or central reserve correspondents, and by reason of that credit are
able to get aid from these correspondents when needed for crop moving or other business purposes. It is not
to be expected, however, that a correspondent would so readily furnish money to an outside bank keeping
practically no balance with it.
Section eleven of the bill provides, under severe penalties, that "no national banking association shall
invest any part of its funds or deposits in the stocks or other securities of any corporation or association any
of the officers of which are officers or directors of such banking association." The word "invest," while it
usually suggests the idea of purchase or acquisition by exchange for permanent purposes, has also, and frequently, been held to include a loan. In its comprehensive sense it signifies the laying out of money in such
manner as to produce revenue, whether the method be by loan or by purchase of stocks or other property.
23d Cyclopedia of Law and Procedure 348 and 349, and the cases there cited under the head of "Invest" and
"Investment." The word "Securities" has been held to include promissory notes and bills of exchange
within its meaning. 25th AM. and Eng. Enc. of Law 180. Giving to the words "invest" and "securities"
the significance pointed out, and which they so readily bear, and the effect of the provision quoted is to
forbid alike a loan to any company in which a director of the bank may be a director, and a loan to such
director with the securities of his company as collateral.
So far as this prohibition relates to the officers of banks, there is no objection to it, but there is serious
objection to it as including directors. It would radically change the structure of our banking system, and
restrict the conduct and supervision of it to men engaged in no other business. The Directors of our National
Banks are today in greater part the active and leading merchants and manufacturers of the country, and if
they may not borrow from the banks in whose boards they are rendering gratuitous service, money for the
legitimate uses of their regular business, they must necessarily withdraw from these boards. Such a change
in the system would not enhance either its safety or efficiency. We appreciate the evil the bill designed to
remedy by this prohibition, but the provision is sweeping in its effects far beyond the requirements of the
remedy. In the absence of State enactments imposing like limitations upon the conduct of State Banks and
Trust Companies, the National Banks would be placed at a great disadvantage. But we deny the wisdom of
the regulation, even if made universal. The intimate blending of banking with all the other business interests
of the country resulting under the present system is, we believe, more conducive to the general welfare than
will be the establishment of a distinctive money-lending class.
It has been suggested that the Aldrich Bill is intended to be but a temporary measure, preliminary to
the formation of a comprehensive and final system of currency. For this very reason it should be conservative, and not make radical innovations upon methods and usages that have the sanction of forty years
of experience. It is better to do nothing at present than to risk doubtful expedients, even though they are
not long to be persisted in, for harm can be done more readily than undone, and its effects may continue after
the cause has been removed.

The Mechanics-American National Bank,
By WALKER HILL, President.

The National Bank of Commerce,
By JOHN NICKERSON, Vice-President.

The Third National Bank,
By C. H. HUTTIG, President.

The Central National Bank,




By H. A. FORMAN. President.

The State National Bank,
By 0. A. WILSON, Vice-President.

The City National Bank,
By H. R. REHME, Cashier.

The Washington National Bank,
By F. P. JONES, Cashier.

The Merchants-Laclede National Bank,
By W. H. LEE, President.

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THE NEWS OFFICE
FRANKLIN FORD. DIRECTOR

TELEPHONE 956 FRANKLIN
LEGAL OR GOVERNMENT NEWS DIVISION

N Ew YORK LIFE BUILDING. 346 BROADWAY

Legal News Bulletin
NEW YORK. APRIL 20, 1910

THE PUBLIC NECESSITY OF ORGANIZING SOVEREIGNTY THROUGH CREDIT
AUTHORITY-DISCOVERY OF NEW LAW AND
NEW CENTRES OF CONTROL.
THE SOCIAL SOLUTION—THE BANK CLEARING HOUSE IS A NEW POLITICAL INSTITU
TION -IT IS A GOVERNING
ORGAN IN THE STATE, HAVING THE CREDIT-MAKING POWER WITH COMPLETE
JURISDICTION-THE NATIONAL MONETARY COMMISSION IS FACING THE PAST—THE PROJECTED
CENTRAL BANKING SYSTEM IS ALREADY IN PLACE IT IS
THE CHAIN OF CLEARING HOUSES

HE State-necessity of the time is to extend our knowledge of Law. Because of the progressive alteration
in the social environment and the consequent rapid increase in new trade usages or customs, the need has existed
for long, but a development in legal science has now become
imperative inasmuch as the fundamental changes indicated
have reached the culminating point. The necessity is to set
forth the facts for public guidance as means to warding off
a political re-adjustment through violence.

T

THE NEW SOCIAL SANCTION.
Any clear departure in law involves at least a new application of the old social sanction, which extends, whenever
necessary, to the physical control of the person, even to the
imposition of the death penalty. But the social change we
now have to deal with, or report, is so radical or far-reaching that a new ORDER or KIND of sanction is presenting
itself, namely, the POWER OVER CREDIT through the
banking organ, which comprehends the direction or control of
mei/'s action.
Law does not become positive or effective without an adequate sanction or mode of punishment for violation of rules.
New institutions of expression are at times required, as
witness the gradual splitting off of the courts of England
from the Curia Regis, the single organ or council of the
mediaeval king. Indeed, it was just recently that the need
of a change in application of the old sanction, i. e. through
control of the person, led to a new organ in the Children's
Court, the purpose being to modify or soften the old rules.
A new governing organ came to clear or legal recognition
England at the close of the seventeenth century in the
in
fully developed Parliament, which superseded in authority
the King's Council. Charles I. was unable to perceive the
oncoming force and dignity of Parliament, and this blindness
cost him his head.
JOINT FUNCTION OF THE NEWS SYSTEM
THE BANK.

AND

But, as stated above, we are now face to face with a new
order or kind of sanction. The new governing instrument is
the power over credit, and its organ of expression on the ex-




ecutive side is the Bank. It thus appears that a new order
of sanction requires a new kind of organ, the credit-power
being seen as distinctly a NEW SANCTION. On the side
of the directing Fact, or that of 'expert testimony,' the
News System has been rising into place and power. Acting
in direct working relation with each other, the joint function
of the News System and the Bank is the application and enforcement of the rules of the Credit System, as witness a fine
of $5,000 imposed in recent years on a New York City bank
by the Clearing House for violating one of its rules, and the
frequent minor fines by way of punishing the misconduct of
bank clerks at the Clearing House.
We see the Banking System, more particularly in America, passing through much the same changes as those which
took place in the English Exchequer in the early development
of positive law. This implies of course that the existing
bank or credit organization is in its infancy, but all the
same it is becoming a universal instrument of adjudication,
since it is to rule on the values of all commodities and services. "The Exchequer, says Mr. Holdsworth in his His'
tory of English Law, 'by its system of audit and account,
exercised a general supervision over the local government of
the country. Twice a year * * * the sheriff and other
persons who had received money on behalf of the crown appeared before the board. A general view of the whole machinery of local government was thus obtained.' Again, he
continues, 'It is clear that the Exchequer is both the Treasury and the law court of later days. It both collects the
taxes and tries eases.'
THE SOCIAL BODY AND ITS LAWS.
This advanced juristic view as to the social function of
News and that of the Bank is coming home to us in these days
owing to the appearance of the Corpus Socialc, or the political organism, as a new and clearly defined object in space,
having spatial relations of infinite variety and extent. The
science of law, or, what is the same thing, of society, is rising
before us as the result of the elimination of distance by
modern transportation and the electric wire. In short, the
telephone has much the same relation to the appearance of
social science as the telescope bore to the development of
astronomy, the effect of each being to place the observer in

command of all the facts at one time. The disclosure means,
among other things, that the conduct of men is subject to
the effective jurisdiction which the Banking System is to
exercise. Offenders are not locked up by the Bank Clearing
House; they are locked out.
In the light of this discovery, for it is a discovery, the
Cormis Juris, or body of law, of which so much has been
heard in past times, is a retreating category; that is, a new
OBJECT-IN-SPACE takes the place in the mind of the
world of the old juristic SUBJECT. The legal development
which the News Office has in hand consists of a concrete or
descriptive account of the new organs, of their functions and
working relations in the social body. The metaphor (i. e
Corpus Juris) may still be used if need be, but never without a clear understanding that it is only a metaphor. Properly understood, the business of working over the merely
analytical or subjective jurisprudence is now at an end. We
are able to read things forward as well as backward. The
customary book definition of law is as useless for the purpose of social control as would be an abstract definition of
health as means to exorcising disease in the human body.
In sharp contrast, we have now attained to a knowledge of
the physiology of the State, and in the face of it the received
metaphor of the Corpus Juris passes to the limbo of
'old, forgotton, far-off things and battles long ago.' We
have realized the social Objective, and the consequent new
discipline. We are conscious of the end in view.
The fact that men have been led to frame merely subjective definitions of Law and of Sovereignty is proof that
they had not become aware of the objective existence of the
political organism. The myth precedes the fact. Only
vanity and vexation can result from attempts to reconstruct
the Corpus .Turis from the inherited viewpoint. The effort
will be hopeless so long as the old State-centre is regarded as
'the fountain of all legal right.' This fiction must be given
up in the interest of political progress. Legal fictions have
had their place and use in the course of civilization; in fact
they have helped in critical times to hold empires together,
but to prolong them after their work is done is to breed confusion and threaten disaster.
Sir Frederick Pollock of Cambridge University, England,
in his 'First Book of .Jurisprudence' refrains from answering the question, What is Law? And he tells us that 'a
complete answer * * * is not possible unless and until
we have a complete theory of the nature and functions of
human society.' This new knowledge is the message of
America to a waiting world. The discovery that the power
over credit is a universal instrument of social regulation
is the one far-reaching advance in the science of law since
the invention of gunpowder.
OLD ORGANS GIVING PLACE TO NEW.
Sir Henry Maine wrote in 1861 : 'Except in a small section of the world there has been nothing like the gradual
amelioration of a legal system. There has been
material
civilization, but, instead of civilization expanding the
law,
the law has limited civilization.' The reports of the
News
Office on the state of commerce will reconcile the new usages
of trade with the essential ideas of law, and so clear the
way
for the infinite advance in social co-operation which the
new
conditions permit and compel. These reports marl; nut the
extent to which new organs are displacing old in the
structure
of the State.
The News Office has achieved the science of law or politics as a necessary basis for organizing the news business.
What was impossible in the time of Montesquieu is
comparatively an easy matter now. Strange as it may appear
the science of astronomy was not acquired from the books;
it was learned from the stars.




A NEW CENTRE IN THE CREDIT OFFICE.
As an example of the new organs, The Credit Office in
the New York Life Building is noted. It has been slowly
gaining recognition as a clearing centre for credit-news in
order that both merchant and banker may have something
to go by; that is, that they may have sufficient or legal warrant for their action. The 1?, al Estate Record and Guide of
!
New York is an organic centre of credit information.
LEGAL ADVANCES THROUGH GROWTH IN
ACCURACY.
From all this, we prceive that any valid credit-report
is to be regarded as a legal adjudication; the true nature of
a credit-making fact can not be grasped until it is understood on the legal plane. A credit-report by the chemist at
the Assay Office in Wall Street is in point. An analysis submitted by him to an officer of the Mint as to the amount of
pure metal in a bag of gold-dust is legal (i. e. it has legal
force and effect), but this only because the report is accurate
or scientific. The time of day, as given by the astronomer,
is legal because it is true, and for no other reason. To sum
up, all advances in legality are one and the same thing as the
growth and acceptance in society of scientific method. A
judgment of the New York Supreme Court is LEGAL for
the reason that, in theory at least, it is exact justice.
We have now to recognize the universality and legitimacy
of the 'Money Power;' it permeates and controls all social
life the livelong day. Sir Courtenay Ilbert, in his recent
essay on Mon tesquieu, wrote that the power of 'high
finance' is 'the most potent, subtle, and ubiquitous of
modern political forces.' The old saw, 'money makes the
mare go,' has resolved itself into a new thought or concept
in statecraft. The Banking System is transforming itself
into a public function under the control of its clearing centres,
and the cumulative facts may be read by everybody. And,
by a natural process of evolution, the Washington government
has lost control of the money system, never to be regained.
In these opening days of Modern Times the need is to take
serious account of the new and gigantic economic influences
which steam and electricity have evoked.
THE ORGANIZATION OF SOVEREIGNTY.
The social forces of the time are contending with a legal
mechanism inherited from the sixteenth century. No way
was provided in the American Constitution of 1789, that is
now practicable, for the peaceful evolution of the State. It
has long been impossible to recall the King, as was done by
our English forbears in 1660. The alternative, and the only
one, is the organization of sovereignty by means of a systematic News System, which will extend authority to every
hole and corner of life. Sovereignty —the idea of social control—is the one universal juristic or political concept.
Nothing in this paper should be construed as an argument
against the continuing necessity of the Police Power
as
factor in social regulation. Under any and all forms a
of
association, so far as at present conceivable, the occasiona
l
need of the physical arm must be counted on, but
the fact
remains that to e.caggerate the place of the billy and
the
bayonet is to promote anarchy. It is worth remarkin
that actual physical restraint is required but rarely just g
because it is so overwhelmingly present if needed. The
intent
of the paper is to bring out and emphasize the
soldiers or policemen cannot run railroads, nor fact that
handle the
mails satisfactorily, nor manage a telephone centre,
not to
mention the need of scientific experts at the News
Centre.
I distinguish four modes of selection,
in society: (1) the primitive method ofelection, or choice
a fight
numerical majority or count of noses, represen ; (2) the
ballot-box; (3) through the count of dollars orted by the
shares of
stock in a corporation, which has risen to
in the last fifty years; and (4) the method great prominence
pert inquiry. The News Office will make of science or exa
report on the extent to which Science now hascomprehensive
means of social control. The necessity of acceptance as
morrow is to extend the reign of science to-day and tothrough an organized News System.
The inherited legislature is everywhere
not too much to say that it remains as the in decay. It is
'vermiform appendix' of the social body, or a cause of endless
irritation.
GROWING RESPONSIBILITY OF THE
COURTS.
It is only necessary to read the Washingt
municipal news of the day to see that we on, Albany and
are in a state of

comparative anarchy. The conduct of public affairs in
America has come to be in much the same condition as was
the English nation in the seventeenth century prior to the
revolution of 16'iS, which resulted in the ascendancy of Parliament. With us, the primacy has been passing to the
Courts, but the judges are now contending with superficial
or false opinions on one side and incorrect reporting of the
facts on the other, the difficulty being that the judiciary
cannot outrun to any extent the temper of the public mind.
The imperious need of the hour is to publish the whole
truth concerning the Bank and Corporation questions in order
that both Congress and the Courts may be helped to do right.
Both have to be told of the enlarged constitution of the State,
that the principle of Contract or association has come full
circle, and that the further organization of democracy is proceeding through the Corporation. The late Professor Maitland of Cambridge University, England, did well to tell us
that the old State-centre and the Corporation-group are of
the same genus. Above all, it must be made clear that arbitrary power cannot stay the constant advance in social integration. The customary definition of a Corporation, as a
creature of the old State-centre, was well enough in the
time of Blackstone, or even in America at the hands of Chief
Justice Marshall when it was still necessary to exalt the inherited or unitary State, but it will not do now. The attempt
to perpetuate it is an invitation to anarchy.
THE RAILWAY TRAFFIC ASSOCIATION IS AN ORGAN
OF GOVERNMENT IN ITS OWN RIGHT.
Political power cannot be divided up by a convention of
lawyers as one might slice a cherry pie. In and out of
Congress men are gravely discussing as to whether the railroads of the country should be under 'federal' or state'
control, while the answer is that neither should pretend to the
last word. The immediate or effective controlling institution
has appeared in the Railway Traffic Association whose function is to clear the facts as means to scientific guidance.
From the governmental viewpoint, the locomotive has wiped
out the old state lines, and new political maps of the country
are making. The need is not for 'less government,' but
instead for an original and far-extended development in
social regulation to meet and provide for the vastly increased
complexity of the industrial system.
The assertion that the transportation business of the United
States, with all its vast complexity, can be regulated from
Washington by a group of officials standing outside the
system, is about the limit in point of political folly. The
theoretical omnipotence of the technical lawyer can hardly be
carried further. The nearest thing to it perhaps, in the
history of artificial law-making, was the attempt of the State
in the seventeenth century to control all forms of printing,
along with the rising traffic in news, through a central
licensing system. The social necessity will compel the Washington government to retreat from its extreme pretension
as to the regulation of commerce. The work will be turned
over to the new centres of control, which are in organic relation with the action. In a moving world, a particular
social development is at its highest point in the very moment
of its decline.
The Trusts, of which we are hearing so much, are new
governing unities in the organization of commerce, their real
fault being that they are not completed ; this done the outcome will be welcomed by the whole people.
AN ORGANIC CENTRE FOR THE NEWS SYSTEM.
The principle of the numerical majority—the count of
noses—has reached its limit as a positive instrument of
government. Happily, the men of science are certain to gain
control of the new machinery of government, or what is the
same thing to get possession of the News System, which may
now be brought to the highest efficiency through a centralizing movement. The work of the News Office is to provide a
main centre through which all parts of the News System
can co-operate or trade together for mutual advantage or
profit. Without such a trading centre the news business
cannot advance.
THE MONETARY COMMISSION IS FACING THE PAST.
The general executive organ of the Industrial State -the
flank c:innot progress further without responsible organization of the directing Fact, or the system of credit-news.
Moreover, the impending unparalleled advance in social cooperation is directly dependent on an all-round development
in banking. Yet such is the prevailing darkness that the




Monetary Commission has just given out a long list of forthcoming publications without a single reference to the state
of credit-news reporting, on whose integrity all sound creditmaking must turn. Senator Aldrich and his associates are
facing the past. They have not caught up with the fact
that the deposit-and-check mode of banking is revolutionary.
The world of business is niakiny its own money In other
words, the money of American commerce is issued by the
Individual through his check-book, subject to the control of
clearing centres.
THE CENTRAL BANK ALREADY IN PLACE.
The National Monetary Commission is struggling with the
notion of a new-fangled 'Central Bank."rhe demand for
a new institution of the sort takes little or no account of the
actual position of the Credit System. The aim of course is
to attain to a more effective instrument of regulation for the
deposit-and-check development. It is not ordinarily perceived that the controlling organs or centres are already in
place in the form of the bank clearing houses operating under the principle of Contract, and they cannot be dislodged.
The head organ or centre of the existing system of control
is the New York Bank Clearing House. The need is to develop
the systemto the highest efficiency. It should not be neccessary to state that the deposit-and-check system cannot be
carried on on a great scale without a complete chain of central
banks, or clearing centres, whose function is to set limits to
authority. It is a matter of plain fact that every bank in the
country is subject to control at the hands of a near-by centre.
Thus, the small village bank gets authority at times for
larger discounts through a relatively more important commercial bank in the neighborhood. An extended list of
southern banks re-discount commercial paper, say, through
the Hanover National Bank at New York, while, in turn, the
operations of bankers like J. P. Morgan & Company are
subject to control by the Associated Banks of the metropolis.
In October-November, 1907, the New York Banks re-discounted some $75,000,000 of commercial paper at the Clearing
House.
Apparently it has not occurred to Senator Aldrich that
the customary use of the word '
credit is not true to the
'
facts as regards the normal movement of exchange in the
modern banking system, which is always and everywhere a
transfer of equivalents. Thus, there is no eredit involved in
the sense of 'borrowing money' in a purchase, say, by
Marshall Field & Company of Chicago of a bill of gloves at
New York in payment of which a ten or thirty day draft is
authorized. To all intents and purposes, the transaction is
closed by the draft, since it is as good as any certificate of
credit can possibly be, not excepting gold coin from the
Mint. Debts are paid by setting off credits against them,
and there is no other way.
THE MINT A CREDIT INSTITUTION.
It has ever to be borne in mind that our inherited language in this field has come down to us from the early days
of the Credit System, when as a rule the applicants for
credit were people in distress. A clarifying thing in the
premises is to see the Mint in its true character as a credit
institution at which one commodity—gold—has an absolute
market. Wherever the Standard Oil pipe-lines run the market for crude petroleum is as absolute as that for gold at the
Mint. The goal of the Banking System is to provide an
absolute market for all commodities and services, which will
of necessity follow upon the perfect organization of Exchange. The duty of the banks is to register and certify all
valid credit claims.
Money, whatever its form, is the instrument for transferring credit, varying of course as to its universality. This
definition, as with all true definitions, is both inclusive and
exclusive; it takes account of all the facts and disagrees
with none. It could not be reached save as a phase of the
science of law or politics. The remark is heard that money
is a medium of exchange,' but that this is a mere scholium
will he seen when the fact is noted that a clock or a wheelbarrow is also a medium of exchange.
The popular notion of Credit, and that of the pedants
also, is the moral idea of faith between men, and it includes in its sweep the entire development in society of the
principle of Contract. There is no necessity of dwelling
upon that aspect of the matter in defining and setting out
the commercial institution of the Credit System, which is
coming to recognition in front of us in its organic relations.
The language-need was simply to pick up and universalize
the terms of the bookkeeper. The accountant knows the
meaning of a credit—it is something to charge against.

THE CREDIT SYSTEM AN ORGAN IN THE STATE.
The modern Credit System is seen as a universal organ in
the social or political body, a valid or certified credit being a
charge against the entire commercial organization, and running in favor of the holder of the certificate. By means of
our definition the complementary ideas of Money and Credit
are brought into their true relation, and a common language
results for registering and co-ordinating the facts of the
banking world. Save in small particulars or in special directions, the inherited nomenclature cannot be used for conveying intelligence to the people. In the light afforded by this
organic or ultimate definition of money, the countless books
on money which fill the alcoves of the libraries become only
a chapter in the history of opinion.
THE SCIENTIFIC WORK OF THE NEWS OFFICE.
In providing a single tongue for reporting the facts of the
banking or exchange system, the News Office has done for
the science of law a public service corresponding to that
wrought out, toward the close of the eighteenth century, by
the Frenchman, Lavoisier, for the science of chemistry.
'
The Britannica writer states that 'the reform of language effected by Lavoisier * * * was an indispensable
prelude to the reform of thought.' 'It was the glory of
Lavoisier,' wrote Humphry Davy in 1814, 'to lay the
foundation of a sound logic in chemistry,' and the like may
be said for the work of the News Office in relation to a scientific account of the money or banking system.
NEWS ORGANIZATION A NECESSITY TO THE BANK
The further bank development in America which is now
possible, and in fact compulsory, is directly and entirely dependent on an advance in news organization which will carry
the system to the positive or scientific stage. The authority
required for such enlarged action cannot otherwise be obtained. As the Bank has come to be so far organic that all
the important monetary transactions of commerce are in the
way of being re-entered in bank ledgers, it follows that the
registration of news—the compelling Fact—whether it be
economic news touching the larger question of bank regulation or only routine credit-news, must be equally universal.
The day is near when the banks of the United States, under
a solidarity of interest, will clear their credit-making facts
as freely as they now exchange checks, but it will have to
be done through a centre of the News System, having direct
connection with every phase of the moving intelligence. All
news may at any moment have a credit rendering. In fact,
credit-news is the butt-end of news organization, or its
economic base.
The monetary need of the time is a universal paper certificate of credit, but it must emerge under and through the
authority of the Bank Clearing HouJe. It is foreshadowed
in the certified cheek. It is a certainty of the near future.
This universal certificate of credit will be the American
Bank-check for which the entire credit system will stand
when brought, as it surely will be, to a working unity under
the centralizing influence of modern Communication. The
Washington government may hinder but cannot prevent this
development. The check can only operate in connection
with business transactions over the bank counter; with these
transactions the old governing centre cannot get into practical touch. Save for minor uses, the future money of commerce is the bank-check. Its convenience is such that no
other form of money can compete with it; it makes its own
change.
As now, everybody is trying to ' ' a bank; but with
own
one bank for all, this corrupting influence will disappear. The
telephone is doing for the entire banking connection in
America what the locomotive did for the post office; that is,
the new centralizing influence is compelling a single, unified credit organization. The post office, as we know it, was
the product of the locomotive. In other words, a uniform
and trivial rate of postage could not have been without the
railroad.
It is not possible in this short paper to speak of the
effect of a Universal Bank on the rate of interest, nor of the
future of the received stock-and-bond structure, the outcome for the life insurance business, the increase in the
security of property, and kindred matters.
TO CONTROL EXCHANGE IS TO GOVERN
PRODUCTION.
The Banking or Credit System is a new legal institution.
The political function of the organic bank is to regulate




Exchange, and through this to govern production. The
threads of accounting running through the bank touch or
connect with every activity in the organism which involves or
necessitates a money-credit. On a superficial view, it might
appear that the regulation of Exchange falls short of the direction and control of production, but it so happens that the
Bank throughout the whole extent of its ramifications is
charged with the appraisal of values, and this with respect
to all the paper representatives of commodities and services.
In other words, the Bank, by virtue of the fact that all values
must be determined before they can be registered as credit,
becomes the arbiter of exchange and, thereby, the governing
centre for the whole field of production. The operations of
the Assay Office at the Mint are again in point; the exact
value of the impure gold offered must be fixed before new
coin (or a bank-check, as is now the custom) can be given in
exchange. An application for a discount or credit is for a
permit to do hnsiness And further, as already indicated, a
valid credit-report, whether on the basis of a bag of golddust or cotton warehouse certficates, is a legal adjudication.
The conduct of exchanges through the intervention of
money and progress in division of labor have moved parallel
with each other, the one being everywhere necessary to the
other. In fact, progress in freedom of exchange and social
co-operation through division of labor are but two readings
of the one social movement. Again, in modern society production never outruns facilities of exchange, while on the
other hand, a breakdown in the exchange system, as in the
panic of 1907, halts all progress on the side of the producing
interests. Free exchange and the mobility of property are
one and the same thing. A denial of credit is social death.
THE BANKERS AND TRADE ACTIVITY.
And thus we are brought, finally, to the disclosure that with
regard to the all-important question of trade prosperity the
masters of banking, controlling as they do the facilities of
exchange, have become responsible for any lack of business
activity. The Bank News Bulletins of The Credit Office issued
during the summer of 1907 recited the arbitrary reduction of
legitimate demands on the banks, and so foretold the inevitable panic of October-November. The periods of '
prosperity are seen to be the intervals of free activity, when ex'
change is not hindered by the intrusion of the outworn idea
of convertibility into so-called legal money. The necessity is
for the Banking System to work entirely clear of this mediaeval inheritance. The new test for good money, or cash, is
anything that will go through the Clearing House.
The situation demands the appearance of a leader among
American bankers who can rise to the statecraft of the business, and so open the way to permanent trade prosperity.
With the Bank Clearing House in undisputed control of the
credit system panics will be a thing of the past. This leader
is certain to appear, and with modern ideas in control the
Banker will become the steward of the human race.
FRANKLIN FORD.

THE DEPOSIT-AND-CHECK SYSTEM IN
ENGLISH BANKING.
As a help to understanding the profound alteration which
has taken place in the exchange system, the following extract from an address by G. H. Pownall before the London
Institute of Bankers as far back as 1881 is in point. Since
then, both in England and in America, the check has moved
forward with rapid strides. After depicting the wonderful
clearing house development Mr. Pownall said:
"There is a certain grim satire in these figures (of clearing) when one thinks of the libraries filled with blue books
full of weighty arguments, all curiously wrought out to help
in the settlement of the great note question. IT IS CLEAR
THAT THE CHEQUE AND THE CLEARING SYSTEM
ARE THE MAIN LINES UPON WHICH BANKING IS
DESTINED TO RUN. Dead theories respecting notes and
the right of issue belong to the generation to which they
were living verities. TO US THE LIVING FACT IS THE
SUBSTITUTION OF A NEW INSTRUMENT OF CREDIT.
For the present generation the improvement of the cheque
and the clearing system, the mechanical details of office
organization, those details of bookkeeping which save time,
are from the enormous number of documents passing through
the hands of a banker of more weight than the most learned
treatise on notes and note makers."



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TO THE EDITOR:
The attached article is forwarded for
your use December 29, 1907.
JOHN SCHUETTE,
President of Manitowoc Savings Bank,

NO CHARGE.




Manitowoc, Wisconsin.

The Cause of Financial Panics
Not Lack of Money

t her the banker's own capital, his d,m- ten law, construed by the first comphie liability, nor his reputation and troller, real estate mortgage loans were
honor, are insured. These he would be not allowed, and this has been adliable to lose in either ease, and be- hered to ever since, excepting that a
sides. the examination would be strict- few years ago the act was amended so
er than it has been, which would guard that a small amount, twenty-five per
cent of the capital of a bank. may be
against reckless banking.
Fourthly, that the banks ‘vould so invested.
Has Worked Wonders.
greatly multiply, thus giving the bankAside from the tariff the national
er keener competition. This I admit,
but in case deposits are not insured, bank system has done more for the
we will have to compote with the pos- prosiierity of our country than any
tal savings banks sooner or later, other one measure. Before the advent
which will be a far stronger competi- of the national bank note, I experitor than any additional banks can be. enced all the cussedness of the state
bank system, under which wild eat
As a safeguard against a multiplication notes were issued. This was
our only
of undesirabie banks, lies in the powers of circulating
medium. All were afraid
who can refuse a charter,
the comptroller,
they would break while in their pockin case he finds already sufficient banking
Written by John Schuette, President Savings Bank, Manitowoc, Wis. facilities, in a place where a new bank is ets, and the consequence was that they
proposed, and also may refuse a charter circulated like a cyclone. It was an
when he has reasons to beleive, that the ideal elastic currency. No one dared
(Syndicite Matter to be released December 29th.)
personal of a new bank is not responsible. to hoard it. The quicker one got rid
Therefore, we may be assured, that the of it, the more secure he felt. These
Since the financial horizon has again hundred million dollars, and on thk banks will be on the alert, to inform the doubtful notes caused more panics than
settled down and cleared we have more amount has paid regular dividends and comptroller, of all the objections to a flew did the deposits hi banks. Then the
lie
time to investigate and discuss how interests? In such a case, it would
government, with a stroke of the pen,
bank.
the so-called panic came about. I have three times pion. than the government
bank- taxed these panic-breeding notes to
Fifth, the opposition of those
heard some say they could find the would allow as a fair rate, and would
themselves above the death. and behold, what a revelation.
cause of the panic of 1s93. Then we cut the di vidends and interest down in ers who consider
and do not pro- Never a note panic again. All the inhad hard times in eomparison with proportion. How do We know whether I ossibility of failure,
that pose to pay for their neighbors' incom- convenience and the worry of a nation
now. In our last flurry. everything our stocks and bonds are not of
rascality. To ii 11(51 by a little legislation. All hailed
and everybody were in a most pros- class? And if so, what are my stocks •petence, misfortune, or
answer. is, that all of us, the ad\('lit of the new-born child with
these my
perous condition. factories busy and and bonds worth?"
joy.
From that time on for over a year more or less, have contributed our mite
prosperous, farm pr•Klucts reached high
An Object Lesson.
we will continue to
Prices, laborers were employed, but the there was a regular procession of these to this class, and
This, then, is an object lesson. The
selling their stocks and bonds do so to the end (of thole.
cause could not be found, unless it was investors
Sixth, the word "tax." The objec- unsafe state bank notes precipitated
owing to a great business expansion. in the New York market, which, owing
panIcs. As soon as the government cre'ed offerings, sagged tors never stopped to investigate furthis to these conthr
which required more money, b
plan, unseen, ated another kind, and required that
lowel, so that many were ther, and condemned the
WaS 110t VIIIlal to the lucre; .ed de- lower and
their unheard, and without thought or con- they be insured against loss, we never
mand. so they attributed the laic to sold for les,4 than, fifty ptr cent of
have had a panic from that source.
cost. The reason again was fear of sid(q.ation.
the lack of sufficient money. Aik
This leads to the conclusion that if
more loss if the securities were held. Asset Currency—Deposit Insurance.
Cause of Panic of 1893. ‘,...
InAsset currency inereases indebted- deposits were insured, all financial
From ISIto to 1S9:1 the goveritnent This drained our money supply.
stead or selling our railroad and other ness, breeds mistrust, just the same as panics would cease.
was diligently coin in g silver (1, liars
The national bank law, during its
into
under the Sherman Silver Act. It had corporation stocks and bonds abroad, an individual who goes deeper
vhncIi a few years ago could be readily debt will ultimately lose his credit. existence of over forty-three years, has
already over five hundred milion silbeen reasonably and conscientiously
ver dollars stored. against NVIlit'll it 11:111 done on a three to four per cent inter- Asset currency, in a money crisis, Vill obeyed, except this year, when for the
basis, they were placed upon the not create more money, nor will it conIssued silver certificates. Then 'the est
first time, by a stress of circumstances,
polith inns agitated for a double stand- home market, and even those held tract when the crisis is over, because by a concerted action, most of the
sent back here to be sold. all that could be issued under the proard, which meant, if adopted, tlw les- abroad were
posed law would be issued at once, and banks violated their contract and disEr-barrassed Our Railroads.
ser valued silver dollar would be our
thin', when the remain out as long as national bank credited the national bank act. The
Espeeially so at this
legal tender standard. and it would
government and the people most amic'
follow that the government. and all enormous expansion of traffic required notes, which, it is claimed, are not ably bore these drastic measures and
and equip- elastic.
other debtors, eould pay their debts large extensions of lines
Asset currency is only the means by excused them, because all knew that
centracted an the gold basis, upon ment. Being unable to raise money
It was done with the good intention of
the silver basis, or with a silver dol- by the sale of stocks and bonds. the which the national banks can increase preventing the havoc of a threatening
railroads sought relief toy offering their deposits. creating a larger liabilI;tr Whil'll at that time NV:1': Nvorth lifty
storm. It was accepted as an act of
vents. This \vas practically the same equipment bonds and mortgaging their ity. Why should banks retire this cur- self preservation.
stoek. When this proved not rency, on which they pay two and oneas if an assignment was threatened rolling
A Propitious Time.
under which a creditor would receive sufficient, they went to the last extrem- half per cent interest, when most hanks
Now is a propitious time for the govity last summer, by offering (something pay from three to four per cent interfifty per (pnt on his claim.
never heard of before) what is called est on time deposits? There is no ernment to step in, as it did in 1863,
Fear Is Contagious.
and secure the people's deposits in
this might happen short time railroad notes, bearing an elasticity in it whatever.
The fear that
attractively high rate of interest, some
It will only add to credit money banks as it did then on its notes.
caused the foreigners, who hold large
I without adding to the gold reserve to
A Lecture by Uncle Sam.
investments in our country, to liqui- as high as eight per cent, of which,
"I must remind the bankers of that
dol- sustain it. Our paper money is already
date their IThited States investments, am told, over four hundred million
too large for safety, in comparison part of the constitution which declares
before it might be too late. They of- lars worth were sold.
Suspicion Aroused.
with nearly every other country. There that it will insure domestic transquilfered and sold in New York markets
This high rate or interest, offered by Is a limit to issuing credit currency by ity, promote the general welface, etc.
stocks
a large amount of their railroad
railroads, aroused the government to keep it free from And it is my duty to make you live up
and bonds. This started Our capitalist some of the strongest
the suspicion of bankers, capitalists suspicion. In brief, asset currency will to it. The joeriodical panies violate
to follow suit, and this drained our
the inquiry add to mistrust and only incite panics. these declarations, as they are a mengold reserve to an alarming extent. By and depositors, so that
ace to our constitutional tranquility
started: "What's up? The banks can't
this time the people began to get nervAbout Deposit Insurance.
and welfare. The resulting nervous
a few banks failed, the have much money to spare, if they alous, and after
Deposit insurance will not create an- shocks are paralyzing our prosperity,
low the railroads to hawk these notes
panic broke loose. It was not the lack
bring and sapping the constitutional health
I had better other dollar of liability. It will
of money, in this instance, that caused on the market. Guess
into circulation at least four times as of our people. -You have often told
hedge a little." While I was at the
the panic, but the fear of loss.
out of hoarding as your depositors that the hoarding of
Bankers' Convention I was frequently much money from
More Money, More Mistrust.
asset currency could produce at the full money is foolish, and have shown them
west? Is
While the panic was at its height. asked : "How is money out
limit, which is estimated to be about
mill was it tight? Will we have a panic?" I two hundred million dollars. By de- the bad effects of it, and now you are
the government's mining
you
doing the very thing yourselves. Of
stamping silver dollars by the million. answered : "Of course we will if
posit insurance the reserve now held
the keep on asking this question. I am get- in banks, preparatory for a run, which course, you will plead it is in selfThe more silver dollars produced,
defense. Yes, but why not amend the
am here,
more they were mistrusted : they ting scared myself since I
come tomorrow or not for twenty national bank laws, so you will never
although it never entered my mind be- may
threatened to overwlielni the more valyears, this immense idle, !Hoarded again have (occasion to fear a panic in
uable 'old dollar and finally drove it fore."
amount, about one thousand million your whole life. how soothing this
So the crisis grew by stages, was
Into hiding. This drained the gold
could be reduced to one-half, w•ould lop to your nerves and to all
helped along by suggestion and suspi- dollars,
and more.
reserve more
which would put five hundred million (others.
Then some of the same financiers cion. and when Heinze's copper corner more into the 'channels (-of trade.
the closing
"You have allowed the speculators ani
who had urged the coinage of silver 'ousted, carrying in its trail
By deposit insurance we would not gamblers to wildly ezpand their voration,
Knickerbocker Trust Co., the
dollars as a financial panacia, realized of the
flurSo we see be subject to recurring financial
in spite of sad experiences- and every time
their mistake. Tbry implored Presi- panic Nviis on in full force.
and paralyze every they were on the briqk of being w,
,rsted,
panic was not caused by a rii‘s, which disturb
dent Cleveland to desist, saying: "For our late
branch of our commercial, industrial
"he ndll, or pile coun- lack ,if money, as was the one of 1893. and agricultural interests. Deposit in- applied to me to come to the rescue. I,
God's sake, stop
But Orolor said : The) money is all here. But it has been, surance would, aside frdm the mone- as an obliging faille-4 have complied, once
try will go to ry'
and again, and so often that you depend on
N
am only the hired through fear, taken out of circulation
"I can't, you see
and stimulate the my assista-ce, I have had to keep about
awaiting the restoration tary benefits, create
man, and the boss gave inc orders to and hoarded,
In- hit ot saving, which without it, and 5200,000,000 idle in my vault, just to be
keep the mill going; and I won't stop of confidence. Mod as soon as this oc- the W:lat of absolute safety. will not he prepared to save ycka from getting hurt.
of boarding, and
curs, all will get tired
till he orders me to quit."
encouraged. It would also remove the In the last flurry I have loaned you $209,Thereupon congress was hurriedly the money will appear again in the continual fear of loss from the minds 000,000, without a cent of interest, and
convened in extraordinary session. The sunlight as rapidly as it disappeared.
nation.
still you are not satisfied! Is it not foolish
Now let me give you a remedy which, of a whole
hired man was ordered to stop the
to keep this immense hoard waiting for your
pamile-breeding silver machine, it was if adopted, will eliminate all bank pan- Postal Savings Banks—Deposit In- call, when you get into a pinch, to help you
surance.
further ordered to strengthen the go dol ics in the future.
out, when a little insurance fund of about
Insurance of Deposits.
reserve by the sale of two hundred and
The postal savings bank plan, as far S5 000,000 would better serve the purpose)
attention was
The first time my
sixty-two million dollars of bonds, to
as safety is concerned, would be ideal. I, and the people are getting tired of this
drive away the silver hoard and scare. drawn to this plan was while reading but it does not go far enough and kind of financering.
congress,
and by these maneuvers gold again re- comptroller Lacey's report to
wonld be class legislation. First, it
Some say: our currency is the worst on
out of hiding -- in MO, which shows, on page 8, that would apply only to the smiler deposi- earth, because not elastic, too rigid, will
gained courage—camp
national bankcontith'Ilee 'IV HM restored, and the panic doring the life of the
tor, and to limited small amounts. Sec- not expand in a crisis when needed, and
.., : 1,„1 ,ci,;,. ft.', oiwk,v..1 that the her '-stem. a period of twenty-nine
,,,,,no, et, ,insited 1u oostoffices u,in nett rnntrqrt "hen the f`r;sis is ewer —
,


Not Remedied By Asset Currency Nor Postal
Savings Bank But By
INSURANCE OF DEPOSITS AS ADVISED
BY UNCLE SAM



"I can't, you see ipar am only the hired
num. and the 101S4 gave me orders to
keep the mill going; and I won't stop
till he orders me to quit."
Thereupon congress was hurriedly
convened in extraordinary session. The
hired man was ordered to stop the
panic-breeding silver machine, it was
further ordered to strengthen the gold
reserve by the sale of two hundred and
sixty-two million dollars of bonds, to
drive away the silver hoard and scare.
and by these maneuvers gold again regained courage—came out of hiding—
confidence WI1S restored, and the pant(
subsided.* This, then, shows that the
volume of money does not prevent panics.
Comptroller Eckels' Report.
Controller Eckels reported to congress
after the panic of 1893, on page 24:
"No system, no matter how elastic, nor
volume of currency, however large,
could afford relief, Rs long as confiddence is destroyed. and credit wanting.
Money hoarding will go on, and additional issues will but add to the hoarding." So much for the pauic of 1893.
Now to the present crisis.
Crisis of 1907.
You will remember the big insurance
Investigation of about two years ago,
which disclosed extravagances, manipulations, and frenzied financiering;
amazed the people of this and other
countries, and caused them to sit up
and take notice. From then on they
not only continued to notice, but craved
to see and hear more about our financiers and investments generally.
The spark was fanned by a breeze
of investigation and legislation as to
railroads and all other corporations.
which became active everywhere, from
the national capital down to county
seats. Railroad rates were reduced in
many states from three to two cents
per mile, and rates of other corporations were threatened with a like reduction. But the measure moat alarming to railroad investors came wiien an
amendment was introduced in congress
by which a commission was to be appointed. which commission . Ihrold apits fair
praise all railroad
q—aid
be The
.
value. This was ri
-nit was
only method of determining
a fair mileage to charge so ai to give
the owners of railroads a re8sonable
dividend on the actual value (kf their
property. This method would seem
rea sonable.
Tlie people do not wish to harm the
railroads; they concede the railroads a
reasonable income on the actual cost
of their properties, say, a net rate of
seven per cent ; but they want to know
If this seven per cent is on watered
stock, in which case it might be three
times seven, or twenty-one per cent, on
the actual cost value of the property.
To this all object. This is one reason
why these investigations to ascertain
the facts were made. Thereupon
Money Became Frightened.
When the foreign investors who have
large holdings in railroad stocks and
bonds, and our home capitalists, heard
of these proceedings, they became
alarmed. "We must keep in mind that
the price of most of our railroad and
other stocks is based on the dividends
paid, and the bonds on the interest
they draw. If these have been met
promptly when due, and regularly for
a number of years (as in some cases
over twenty and thirty years), the
holder of these investments does not
bother hitn4elf much to investigate
what the real value of the property is,
which secures his bonds and stocks.
But now, since the investigations are
in progress, for the first time they get
a hit nervous. They ask themselves:
"What do we really know, or not know,
about the property represented by our
stocks and bonds? Suppose a commission is appointed, and appraises the
railroads which secure our investments
at say, two hundred milion dollars,
while it is stocked and bonded at six




through fear, taken out of circulation surance would, aside trom the mone- and again, ad so often that you depend on
and Inatrde(l. awaiting the restoration tary benefits, create and stimulate the my a-,.iista-ce. I have had to keep about
of confidence. And as soon as this oc- hr bit ot saving, which without it, and S200,000,000 idle in my vault, just to be
curs, all will get tired of boarding, and the want of absolute safety, will not be prepared to save you from getting hurt.
the money will appear again in the encouraged. It would also remove the in the last flurry I have loaned you $209,continual fear of loss from the minds 000,000, without a cent of
sunlight as rapidly as it disappeared.
interest, and
me give you a remedy which. of a whole nation.
Now let
still you are not satisfied! Is it not foolish
if adopted. will eliminate all bank pan- Postal Savings Banks—Deposit In- to keep this immense hoard waiting for your
ics in the future.
call, when you get into a pinch, to help you
surance.
out, when a little insurance fund of about
Insurance of Deposits.
The postal savings bank plan, as far $5 000,000 would
The first time my attention was
better serve the purpose?
safety is concerned, would he ideal, I, and the people
are getting tired of this
drawn to this plan was while reading as
not go far enough and kind of fina.ncering.
Comptroller Lacey's report to congress, but it does
be ('lass legislation. First, it
Some say: our currency is the worst on
In 1S91, which shows, on page 8, that would
apply only to the smaller deposi- earth, because not elastic, too
rigid, will
during the life of the national bank- would
and to limited small amounts. Sec- not expand in a crisis when needed, and
ing system, a period of twenty-nine tor,
ond, the money deposited in postoffices will not contract when the crisis is over,—
years, the losses to depositors had been
an average of is intended to be redeposited in na- and again some say: the sub treasury is all
only $15,459,000, or
tional banks only, in those nearest wrong because too elastic, it expands in a
$533,000 each year. The average of
where such postof!ices are located. crises when money is needed, and contracts
deposits for this period was $1,055,Hence the benefits would accrue only when the crises is over. ‘Vhat conflicting
000,000, indicating that the average
to a class of small depositors, and na- propositions!
loss on total deposits in national banks
tional banks which happen to get the
Others want me to get out and turn the
had only been one-twentieth of one
postoffice deposits. The business men sub treasury over to a central bank, under
per cent per annum. In other words,
and all other large depositors would the control of a set of bankers, which they
if all national banks had paid annually
not be protected, but would be left un- say could manage it so much better.
one-twentieth of one per cent tax on
They propose to deposit the U. S. Treaswhich is equiv- insured as now. This is not equality
their average deposits,
urys funds with the banks so it will be in
and therefore not commendable.
alent to fifty cents on each one thouAnother objection to postal savings the midst of trade all the time, never idle.
sand dollars), all depositors in naBy this plan you would have no elasticity
banks is that it reqiures complicated
tional banks which failed could have
financiering to get tne safe security at all, for in a crises, all your funds would
been paid in full.
from each bank for moneys deposited be out and no reserve to draw from. As
After reading these trustworthy offitherein, there being over six thousand you cannot agree what you want,
cial statistics, I wondered why some
banks.
All Banks Must Insure.
one had never brought out more promi'Now, I would propose that all naAnd another objection is that the
nently these facts, with the suggesgovernment would pay only two per tional banks insure their deposits by
tion to tax the banks this insignificant
interest, while the banks pay paying into the United States treasury
amount. thereby making the deposits cent
its bank from three to four per cent. On the the sum of one mill annually on every
in national banks as safe as
other hand, under the plan of insur- one thousand dollars of deposits. This
notes.
ance of deposits, all depositors in would be more than ample to pay all
Agitating from this Time
large or small amounts,would losses in national banks for each year,
I have been agitating since that banks, in
be insured all precisely alike. There as has been experienced in the past
time, deposit insurance in different
class legislation and no forty-three years of the national banks'
ways: at conventions, in the press, would be no
favoritism; no complicated, foolish existence. As this national banks insending to bankers several thousand
first receiving deposits, surance company would be under the
booklets, explaining the plan, with a financiering;
then redepositing them in hanks again, control of the comptroller, it would be
draft of the law required to carry it
the intricacy of seeing it well se- operated at little expense. I should
into effect. During such agitation I and
cured. The duplication of over six advise for your own benefit to make
have been forcibly reminded how hard
thousand banks seems ridiculous, espe- the insurance fund so large that the
it is to get out of a rut.
cially when the deposit insurance plan most timid will not entertain the least
Some Objections.
will serve one and all and can so much doubt as to the remotest possibility of
The main objections I encountered more easily and simply be inauguratto deposit insurance were: First, the ed than the postal savings banks.
"And for this purpose I would prolarger, stronge‘,and more inflnential
pose
los54. that the banks deposit with the
The Main Objection.
iadbankers saw in .1 is plan that the
rnited States treasury one per cent of
Lastly, the main objection to postal their average
w have over their
vantage., they
.s is: That it will not pre- equivalent to deposits. This would be
smaller eompeti r woula be lost. This saVings hank
ten dollar . n each one
vent hank panics. The banks do not thousand dollars
I admit is true. But there are now Insurdeposits. This would
much as stand
depositors as
i
as a reserve fund in case of temance companieirmsuring deposits in banks fear the small
by the
in a small way charging 4 per cent. pre- the big fellows, who draw out
porary need. But most likely it will
others ar? bing organized; to wagon load. It is not only the small never be touched. This one per cent
mium, and
insure bank deposits broadcast. Then the depositor who gets scared and runs to reserve fund might be paid in by the
smaller banks wi!i insure their deposits in get out his money. It is not alone the banks in municipal bonds the banks
such companies. Will not the stronger small depositor who starts a panic or may have on hand, the interest to be
a run. What started the run in our collected by the
banks do the same?
comptroller and remitIn such a case the cost would at least be last panic? Not the Sul II Ii depOSitor. ted to the bank owning it.
three times that of the government plan, but the millionaire depositors on their
"When a bank goes out of business,
and would not inspire that confluence with milionaires' banks ; they were the first the reserve fund paid in, and also that
depositors as the insurance under the gov- that got seared, first to run, pulling not used of the one mill insurance tax.
ernment control. So the large banks can out a million at a time, and draining to be returned to such bank. As most
not escape the Equality of safety in any one bank dry in less than twenty-four every bank has many times the bonds
event, and aside from this would it not be hours. These depositors started and required, as above, on hand, it
might
more pleasant, more heroic, honorable set the pace in our last flurry—not the more safely have these deposited with
and patriotic to compete with one on small depositors, as the postal savings the government. If this should be done
the same level? I remember when boys banks depositor would be. This, then, at the present date, the insurance rewere called cowards if they attempted shows that postal savings banks will serve fund on about six billion dollars
to wrestle with one below their size. not prevent panics. like insurance of deposits, at one per cent, would be $60.Aside from this, it would help.Vr cre- deposit will.
000,000, and the insurance tax of oneate a banking system excelling any on
National Banking Act.
tenth per cent, $6,000,000; total, $66,earth, prevent recurring panics, and
Whoever drew our national banking
ingratiate the bankers in the hearts of act must have been as able. experi- (" . insurance fund would inspire
"Tlris
a whole nation.
enced, and far seeing financially, as the unbounded confidence.
The losses,
Secondly, that all state savings and men who drew our constitution were based on the experience of the past
private banks would lose their depos- politically. It was not created by the forty-three years, would be only $4,its. because the insurance would apply Influence of bankers, most of whom S00.000, so there would be a surplus,
only to the national banks. This can strongly opposed it. claiming that it the first year, of $1,200,000 from the
easily be arranged by an amendment to was a flagrant interference of sacred one mill tax insurance fund. As we
the national bank act, under which real state rights. It was Secretary Chase must expect that all bank deposits
estate mortgage loans will be permit- who strongly recommended the act to would enter the national system, these
ted. If this is done, all can easily re- President Lincoln, who in turn pro- figures would soon he more than douorganize as national banks. As to posed it in his message to congress in bled. There is no question that everyPurely savings banks, these could be 1462. which passed it in the spring of one of your depositors will highly apallowed to continue to operate under 1863. The act had thrown safeguards preciate the insurance, and the good
the same safe rules as now, excepting around, under which no bank can fail will of your depositors is worth many
that they would have to organize un- if it confines itself strictly within its times the little tax you will he reder the national system and control, provisions.
quired to pay. I have reviewed the
and to be renamed national savings
The only objection to it is that real different plans from all sides, and find
banks.
estate mortgage loans are not permit- that deposit insurance is the only perThirdly, that bankers would be more ted. But this is not the fault of he manent cure, and I hope you will put
reckless and negligent if their deposits act itself, as there is not II word in it no obstacle in the way of its secomwere insured. I cannot see why. Nei- prohibiting them. But by an unwrit- plfshment."




'REEL
57
VIER
$13

Collection Title

Papers

OT ivefson
Aldrich
Series/Volume

Shelf/Accession Nc)
.





END


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102