IMMIGRANT INSTITUTIONS 117
ATTEMPTS AT REGULATION
Massachusetts, New Jersey, New York, and Ohio
have attempted special legislation regulating immi
grant banks. The entrance into or carrying on of
the business described is in these States made con
tingent upon the filing of a bond. The bond is con
ditioned upon the faithful holding, transmission, or
repayment of the money received. In Ohio it is fur
ther conditioned upon the selling of genuine and valid
steamship or railroad tickets. A most admirable
feature of the Massachusetts law is the authority
given the bank commissioner to fix the amount of the
bond according to the amount of business carried on
by each individual concern. The law enacted by the
legislature of New York in 1910 is most compre
hensive and its vigorous enforcement has proved effec
tive. In 1912 253 private bank inspections were made
and numerous violations of the law were promptly cor
rected and abuses stopt.* It might well serve as a
model for other States. This law prohibits the
receipt for deposit of sums less than $500, or the
receipt of money for transmission in amounts less
than $500, except by banks or trust companies in
corporated under the existing banking law; provided,
however, that incorporation should not be necessary
where a bond in the penal sum of $100,000 had been
filed, or securities for a like amount, in lieu thereof,
been deposited, with the banking department. It pro
vides further (a) that the banker shall have assets
amounting to at least $25,000 in excess of liabilities;
(b) the issuance of a license dependent upon capital,
character, and reputations; (c) the deposit by the
* Second Annual Report of the New York Bureau of Industries and Immi
gration, p, i4 >