City of Jackson v. Deposit Guaranty Bank & Trust Co.

Ethridge, J.,

delivered the dissenting opinion..

I dissent from the majority opinion with extreme reluctance and diffidence. I realize that the situation developed by the guaranteed deposit banking law called for legislation to remedy the situations, and I am in sympathy with the effort on the part of the Legislature by appropriate legislation to do what may be done consistent with the constitution to remedy the situation. In so far as exemption of the surplus required to be created • and invested in the security named in the statute no harm is done, as the property per se would be exempt from…