States Can Establish Their Own Banks
Reeeived Fridav, S.50 p.m. .MHHBOFRXE, .Mareh \2. If Ihe Ntales were dissatisfied willi the banking faeilities whieli the Bank ing Aet, 1947, woulil provide they eould estaldish as many of their own banks as they wished. J)r. Fvatt told the Hui] High Court today. Tt was in aecurate to say that* the Aet woukl •'•reate a banking monopoly. Theie would be a (.'ommonwealth bank, the existing .State banks and as many other banks as were direeted by the States. The States elaitned immiuiitv from the legislation but iniiimnity applied eipial ly io the Commonwealtii. If plaintiff'^ argument was right, eonstitutional immunitv must mean that neithar States nor the Commonwealth eonld terminate the rjght of anv banking business to do banking. This position was never conteiupluted in the Con Ptitution.*
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Chronicle (Levin), 13 March 1948, Page 5
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135States Can Establish Their Own Banks Chronicle (Levin), 13 March 1948, Page 5
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