DENMARK. 



the people and the fatherland can be counted 

 on, under the actual observance of that Consti- 

 tution which your Majesty and we have sworn 

 to recognize as the inviolable basis of the po- 

 litical liberties of the Danish people.' 1 The 

 Landsthing sent a counter-address, throwing 

 the blame on the Folkething. The King re- 

 ceived the deputations on March 31, and again 

 expressed his sorrow that nothing had been 

 done to improve the military defenses of the 

 country. He said that the ministry could not 

 be blamed because the two Things were un- 

 able to agree on the budget, and that if he dis- 

 missed the ministers as the condition of secur- 

 ing a vote of supplies, that would be a surrender 

 of his constitutional position as King. On the 

 1st of April a royal " law " was promulgated, 

 countersigned by all the ministers, which de- 

 creed a provisional budget for 1885-'86, em- 

 powering the Government to collect the exist- 

 ing taxes and to make the necessary expendi- 

 tures, not to exceed the sums set down in the 

 budget prepared by the Government and laid 

 before the chambers. 



Popular Agitation. On the 1st of April a dem- 

 onstration in Copenhagen was promptly sup- 

 pressed by the police. The movement for arm- 

 ing the people after the Norwegian example 

 was checked by a ministerial decree. A royal 

 proclamation was issued, suppressing the con- 

 stitutional right to bear arms, and forbidding 

 the sale of fire-arms except to persons having a 

 license from the police. Many citizens refused 

 to pay the taxes levied by royal decree, and 

 resisted their collection by force. 



Meeting of the Rigsdag. The session of 1885 

 was opened Oct. 5. Berg was re-elected Presi- 

 dent of the Folkething. The members of the 

 Left remained away on the opening day, and 

 the Prime Minister opened the chambers in- 

 stead of the King. The treasury accounts for 

 1884-'85 showed a total revenue of 56,977,800 

 kroner, exceeding the estimates by more than 

 3,300,000 kroner, and a total expenditure of 

 47,899,500 kroner, which was 3,333,000 less 

 than the estimates, leaving a surplus of over 

 9,000,000 kroner. The budget for 1886-'87 

 reckoned the receipts at 55,500,000 kroner and 

 the expenditures at 64,900,000 kroner. The 

 estimated expenditures included the sum of 

 27,878,000 kroner for the army and navy, made 

 up of 9,241,000 kroner of ordinary and 7,380,- 

 000 kroner of extraordinary military expendi- 

 tures, and 6,574,000 kroner of. ordinary and 

 4,683,000 kroner of extraordinary naval expen- 

 ditures. The extraordinary military expendi- 

 tures comprised sums for infantry weapons of a 

 new model, for guns for the projected fortifica- 

 tions of Copenhagen, and for beginning the 

 fortifications. This plan of fortification of the 

 capital had already been laid before the Folke- 

 thing eight times without success. For the 

 extension of the means of communication the 

 sum of 6,872,000 kroner was set down. On 

 Oct. 12 the Folkething adopted a resolution re- 

 fusing assent to the provisional financial law, 



DEPOSIT AND TRUST COMPANIES. 293 



which had been promulgated without consti- 

 tutional authority. The Prime Minister de- 

 clared that the action of one house alone had 

 no effect, and subsequently the Government 

 issued a declaration arguing that the ministry 

 alone is authorized to submit a provisory law 

 for the approval of the Rigsdug, and that it can 

 do so at any time during the following session. 

 On the 16th the Folkething decided not to pans 

 the next year's budget to the second reading. 

 Intense excitement prevailed in Copenhagen 

 and throughout the kingdom. Serious riots 

 and imposing demonstrations occurred in the 

 capital. The garrison was strengthened and 

 several political arrests were made. On the 

 21st an attempt was made to assassinate the 

 Prime Minister. The perpetrator was a type- 

 setter named Rasmussen, nineteen years of age. 

 On the 23d of October the King prorogued the 

 Rigsdag, on account of the political agitation, 

 until Dec. 18. The working - classes were 

 greatly excited. Theoretical socialism had 

 long found able expounders in Denmark ; but 

 the Social Democratic organization among the 

 laboring-men was a new growth. 



DEPOSIT AND TRUST COMPANIES, corporations 

 authorized by legislative enactment for the pur- 

 pose of receiving upon deposit, as bailee for 

 storage and safe-keeping, articles of value. As 

 there is a radical distinction between deposit 

 companies, usually styled safe-deposit compa- 

 nies, and trust companies as such, they must 

 be treated as the legal status of each requires. 

 Both derive their existence by charter from 

 State governments. Both are also required to 

 make semi-annual reports of their affairs and 

 condition to the Superintendent of the Bank- 

 ing Department, or other duly qualified official. 

 Also, once a year or oftener, an official exami- 

 nation is had, by State authority, as to the con- 

 duct of affairs, the action of the directors and 

 trustees, the safety and prudence of manage- 

 ment, the security afforded depositors, and 

 whether the requirements of the charter and 

 of law have been complied with. 



Trust Companies. These may with propriety 

 be termed American institutions. They had 

 their birth in this country, and are emphati- 

 cally a modern institution. In some respects 

 they are similar to banks ; in others they are 

 widely different. They receive deposits and 

 make loans, but they do not issue currency, 

 neither do they undertake the general collec- 

 tion of commercial paper. Their duty is to 

 accept and execute all kinds of trusts. They 

 act as registrars and agents for the transfer of 

 stocks and bonds; they become trustees for 

 corporations, and assume the responsibilities 

 of executors, administrators, guardians, and 

 receivers of money for courts in complicated 

 litigations; they make investment, collect in- 

 terest, protect property placed in custody, and 

 perform a variety of miscellaneous financial 

 business both for individuals, firms, and for cor- 

 porations. In making loans for any enterprise, 

 such as the building of a railroad or aiding in 



