. .
If you care to apologize for your hasty remarks about bull mental
pain and anguish, you may address me as:
Respectfully,
The Bull
STAMP OUT SMALL BANKS?
June 3, 1933
Honorable Virginia Jenckes
Member of Congress
Washington, D.C.
My dear Madam:
I should appreciate your sending me a copy of H.B. #5661, (the
Steagell Bill) as re-written by the Senate. I am informed the
Senate struck everything out of this bill after the enacting
clause, and substituted a bill of their own--probably the Glass
Bill, with some amendments.
If the bill as passed by the Senate reads as I am informed it
does, I am very much opposed. . . It would drive all small
country banks out of business at least for the one reason that it
requires a capital of not less than $50,000. Small country banks
cannot stand a capitalization of $50,000 and pay dividends on any
such amount. Small banks have small ways, limited deposits,
limited territory--and consequently limited earning powers. . .
I desire to say I have been connected in one way or another with
a small country bank, the Russellville Bank, of Russellville,
Putnam County, Indiana, since childhood. I was sort of raised in
that bank. I own the majority stock in it.
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