The Peoples Voice (Norman, Okla.), Vol. 10, No. 25, Ed. 1 Friday, January 10, 1902 Page: 1 of 8
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Peoples Voice
VOLUME 10.
\THP AT A AT hl/T TT, v« . . T-.T,T^ . ,,
NORMAN, OKLAHOMA, FRIDAY, JANUARY 10,
190:
NUMBER iTi
Populist PrincipleB Vindicated.
Secretary of the Treasury Gage, in
order to show that he is somebody
and knows something, has exposed
the ways which are dark, whereby
the bankers bauiboo/.le the people
and rob them of their hard earnings.
The Secretary speaks the truth and
what he says will be believed by that
very large class of so-called intelli-
gent people who are incapable of
thinking for themselves, and who
form their opinions from those whom
they look up to as their superiors.
The Populists have always main-
tained that the present monetary
and banking system is insecure and
dangerous. Gage says:
"Admirable in many respects, ex-
perience shows that our banking
system is devised for fair weather,
not for storms. This can be clearly
shown."
We have contended, further, that
the banks are doing business and
making profits on a basis of nine-
tenths wind and confidence, and one-
tenth solid security. Gage admits
this. He says:
"At the period of their last report,
the national banks as a whole held
obligations against the public to an
liat money, or the mere credit of the
banks, and not on coin or paper re-
presenting coin. This, too, Gage ad-
mits in the following paragraphs:
"Now, loan of credit by the bank
is essentially a manufacture or crea-
tion of the medium of exchange.
Hanks do not primarily lend money;
they give credit. Credit so given
may indeed be availed by the borrow-
ers to secure money, either in the
form of coin or bank notes, but in
much the larger degree the credit
obtained is made the subject of tran-
fer from buyer to seller, to be re-
transferred again and again in the
course of trade."
Note, he says "manufacture" or
"creation" of currency.
We have, furthermore, contended
that there is not a bank in the
United States able to meet its obli-
gations, if half the just demands
were made upon them. This, too,
Gage is forced to admit. He says:
"There are, however, at least three
causes which operate to increase the
demand upon banks for these credit
facilities, and thus to augment the
total of loans, or bank credits A
rise in prices of commodities and
securities; an increase in the volume
amount in excess of ' f3,018,(100,000, I of these things; an enlarged activity
while the public enjoyed a total of
credits upon the books of the banks
to an amount in excess of $3,044,000,-
000. These credits on the banks'
books are called "deposits " It is a
convenient name, but it is a mis-
nomer if by its use it is intended to
represent deposits of actual money.
The truth is, that although money
forms an element in the daily de-
posits of the banks, in the daily
average receipts as a whole not over
10 per cent il in cash.
"The other 90 per cent consists of
checks, or, to speak more sipiply,
orders for the transfer of existing
bank credits from one person to
another. It is these orders for the
transfer of bank credits that trans-
act the business of the country, and
out of all comparison with coin or
paper money as to extent and
volume, they constitute the "curren-
cy" of which trade and commerce in
all large affairs make use. It is im-
portant that this be comprehended."
We have said and insisted that the
business of the country is done on the
in the sale and transfer of goods and
securities. On the other hand, there
is an influence which limits the
ability of the banks to continue in-
definitely expansion in their loans.
That influeuce is the cash reserves
held or controlled by them. A re-
sponsible duty assumed by the
banker is to be ready at all times to
redeem in cash any credit due from
him to the public. Failure to do
that means insolvency."
Putting this with what Mr. Gage
has said before, to-wit: On a schedule
of 1 to 10, that is, $1 of assests to $10
of debt owed by them, it follows ab-
solutely that there is not a solvent
bank in the country.
Again, we have asserted that the
present system was unstable and
the panic and ruin are constantly
impending and may fall at any
moment. Gage makes it clear that
this is the fact, in these words:
"It is a familiar fact in the past,
and it will be a recurrent fact in the
future, that unsettling influence
come in at unexpected periods to
VINCENT & SON.
()
(f)
¥
(I
SPECIAL SALE.
Of shoes, men's and boys' hats, outing flannel, flannel-
ette and canton flannel. Ladies', children and
mens' winter underwear.
We sell all the 1 Lues very close at regular retail
price, but we are f>oing to give you low prices for the
next TEN DAYS. Below are some prices.
25c Vest for ladies now . 19c
IOc Canton Flannel now. 8ic
8Jc Canton flannel now.. 7c
81c Canton flannel now.. 6k
IOc Outing flannel now . 8Jc
8ic Outing flannel now . . 7c
7ic Outing flannel now... 6}c
50c Men's heavy fleeced
underwear now 40c
50c Canton f I a n n e I
drawers 3 5c
50c Union suits for ladies
now 40c
25c Union suits for child-
ren now 19c
IIP
¥
ID
Our Slioes are all new stock and we are going to sell them
to you at following prices to Introduce them:
$2.50 Ladies Vici Kid extension sole Cuban heel now $2.19
2.00 " Dongoia " * " .... 1.83
1.50 " " " 1.29
1.50 Old lady comforts now 1.29
1.00 Child Dongola shoe now .. 89c
.50c Infants Kid sole very dresy now 43c
1.25 Boys satin calf shoe now 1.12
1.50 Boys satin calf shoe now 1.23
Many other such bargains in shoes.
Men and boys hats, this stock has just arrived and
is well assorted and latest styles.
$2.50 Mens fine hats now $2.19
2.00 " " 1.73
1.75 " " 1.43
.65 Boys " .46
.75 " •' .63
1.25 •' .89
We make these prices for ten days only to introduce
our brand of hats. We have a nice assortment of mens
collars and ties of latest styles. We have 1 * Henry Sears
brand razors each one warranted, we will close out at
at cost. We have a complete stock of Groceries, Queens
ware and Tinware that we sell at close margin.
GIVE US A TRIAL ORDER, IN ANDY BERRY BUILDING.
VINCENT & SON. _
t ruth is that "flat" money is already
doing nine-tenths of the basiness of
the country, and the bankers are
making all the profit. Take Hie
Explanation is to be | nat power from them and give it to
the government for the beuelit of
the people!- Mercury.
disturb finances and menace credit
operations: Some large financial
institution has been managed with
reckless disregard to its best interest;
a large commercial house becomes
insolvent: a political party espouses
doctrines injurious to public and pri-
vate credit; war is threatened;
harvest fails; a high range of prices
sends gold abroad for better bargains.
"Someone or more of these events
occurring in succession, or possibly
operating together, disturbs confi-
dence in the situation. Credit loses
in some degree its former power:
cash becomes relatively the more im-
portant: the moneyed reserves on
the banks tend downward; uncer-
tainty and fear supersede former
confidence and courage.
"These evil circumstances are not
peculiar to any one country; they are
common to all countries. The strik-
ing; contrast is found in the way in
which they are met and overcome,
and the comparison is wholly unfav-
orable to us.
found in our defective banking
system. No sooner do the symptoms
of financial and business trouble ap.
pear than the banks, under the rul-
ing principles of self-preservation,
suspend to the farthest limits possi-
ble their operations of loaning and
discounting. They cease to give
credit upon their books in exchange
for debt obligations from their
dealers.
"The daily creations of the neces-
sary medium of exchange, bank
credits, cease, or become entirely
inadequate to commercial require,
uients. The daily natural liquida-
tions of credits continues, resulting
in contraction. Business men, car-
rying goods on securities by the aid
of bank credit, are obliged to sell
with little regard to cost Contem-
plated enterprises are abandoned; or-
ders for future delivery of goous are
rescinded, and as these succssiye
steps mark the downward movement,
the banker becomes the more reluc-
tant to perform his important func-
tion of loaning his credit for com-
mercial and industrial uses."
Again we have said that the volume
of the currency is at the mercy of
the banks, who expand and contract
is as their own interests demand.
Gage confirms this in this declara-
tion:
"We thus perceive that tli
ing support which has promoted and
sustained business—progress - with-
out which, indeed, such progress
would have been impossible—is with-
drawn at the very moment when
support is most needful.
"What should be dene under such
circumstances, an orderly, conserva-
tive movement to more secure con-
ditions, becomes a disorderly flight,
an unreasonable panic, in which at
least the entire business public is
helplessly involved.
"We need not go far to see this well
illustrated. The so-called panic of
189,'i is a marked example. Within a
period of less than twelve months
bank credits (deposits) were contract-
ed at a total of more than 400 mill-
ions, while the actual cash hoMings
of the banks were increased by
nearly fifty millions: that is to say, a
volume of bank credits before avail-
able for transfer in the ordinary
channels of trade was suddenly di-
verted to the payments of preexisti
ing indebtedness from the public to
the banks. This is shown by the fact
that "loans and discounts" were re-
duced during the period to an amount
j substantially corresponding to the
inj j fall in deposits. Some of the liqui-
'k j dation was no doubt voluntary on the
j i part of the banu debtors, but much
the larger part was enforced, to the
disadvantage of the banks as well as
their debtors. Many bank failures
occurred and business bankruptcies
were numerous; factories and work
shops were closed and unemployed
labor suffered the pains of want. Nor
could these evil consequencies, under
the limitations of our banking
system, have been avoided."
In short, there is not a contention
on the money question that we have
ever made that is not yielded in this
"official" report of the Secretary of
the Treasury.
To sum up the whole matter, the
one simple, grand, and all-important
Money! Money ! Money I
YES—We have an unlimited
amount to loan on farms.
Time from Bix months to ten
years. Interest as low as the
lowest.
^ We Lead on Terms Others Follow
an?*m i
Oltiee Opera House Block. Attorney-At-Law.
Report of Auditing Committee of Norman
Building & Loan Association.
Norman, Okla., Jan. ti, 1902.
To the Stockholders and Board of Di-
rectors of the Norman Building &
Lonn Association:
Gentlemen: We. your committee
appointed to audit the accounts of the
Secretary and Treasurer of the Asso-
ciation for the year ending Dec. 31,
1901, beg to report that we have ex-
amined their books and accounts and
find them to be correct in accordance
with the following statements:
SKCKKTAUY'S CASH ACCOUNT.
•This item includes $6.50 dues paid in
advance for year 1902.
We have examined all pass hooks
tiled with tin- secretary and credit cil
dividends on same 14S shares were
issued during the year and 161 were
withdrawn leaving 799 shares in force
I Dec 31,1901, upon which date del. h-
quent dues and interest amounted to
less than $20.00, an excellent show-
ing.
I lie bills receivable, accompany} *ig
papers and insurance policies are
kept in a fire proof vault by the sec-
retary, and the hooks of the associa-
tion have been kept during the year
in his usual neat and accurate nii* li-
ner. Respectfully submitted,
D. l. Laksh,
W. s. Hamilton,
H. P. Doughty,
Auditing Committee.
RECEIPTS.
Dues
Interest
Fines
Membership fees
Tax certificates redeemed
Transfer charges
Loans paid
dishuhsemhnts
Paid to treasurer as per re-
ceipts Nos. :t03 to No*. 341
inclusive
$10,968 04
$10,908 04
TKKASUUICIVS ACC(HINT.
receipts
brae- Tocashon hand Jan. 1, 1901 $ 180S 56
Received from .-ecretary as
per vouchers Nos ;;0.'J to
341 inclusive 10,968 54
Wake Up.
$ o()2< .n The reformers in this county want
2089 (Ml | to wake up if they would see the r«-
—' i form movement grow. A good many
.18 00 | of the old time workers are showing
474 .1.) j signs of activity, but we want to see
them all arouse themselves froni
j their I ti p Van Winkle sleep. We
have received a few responses to our
request for a 1 i-1 of live names of
j good men in the neighborhood cf
\ sender, who are not receiving■ tlie
3 30
3305 96
$10,968 04
!
i
Sal. and com
Books and stationary.
Expense
Bills receivable
Tax certificates
In hands of treasurer
Dues, declared
Fines
1 nt- and dis
Transfer charges
Forfeitu res
Membership fees
Due individuals
Premiums
Contingent fund
$12,8:17 21
oisbdrsem ents.
Paid vouchers Nos. 414 to 530
inclusive, and $19.50 on
voucher No 411 $12,325 09
Cash on hand 12-3i-'Ol 512 12
$12,837 21
The following statement shows the
condition of the Association on Dec.
31, 1901 as per Secretary's books:
.$ 120 88
42 09
230 81
30,337 50
173 97
512 12
.23,121 01
$31,423 37
40 84
2145 (X)
3 30
137 58
37 50
52 95
. 5830 07
52 12
$31,42.1 2.3
After paying the expenses a divi-,
dend of 16 per cent can be declared
and in pursuance of an order of the
Board of Directors we prepare a table
for distribution of profits upon that
basis. After crediting dividends to ''^ley welcome
home.
Peoples Voice; but we want a lint
from every school District in the
cou nty.
We would alsq like to have some of
the workers take up our proposition
to furnish live yearly subscriptions to
this pa per for $3.50 and send us in a
club of five subscribers Who will
be the first to send us in a club <if
subscribers under this proposition?
We are anxious to publish names <•(
parties sending in club litts. lfsonie
one will take the matter up in his
neighborhood it will break the ice
and other neighborhoods in t)ic
county will be heard from iu short
order. Under proposition we maVte
we feel that we should secure iit
least 2000 subscribers in this count v,
and we will if only the Populists will
do a little missionary work for lis In
their respective neighborhoods.
In Memory of Alice Parr.
She's gone to the land of Klisian,
Where Je-us and Angels abide
-I
chil ly
i Sin- has crossed with the pale An
boatman
She has crossed over death'
tide.
We know she is no* safely landed,
Where snowy white robe? ever gleam
And the gates of the city are opetu d
To welcome to welcome her in
We now say adieu not forever
We soon shall behold her arrayed
On the throne of the great king of
glory,
All robed in the garments of white,
i behold her afar in my vision
Where Jesus and Angels abide
In that beaut ful land of Klisian
tbey welcome ht-1
stockholders the condition of the
ciation appears as follows:
RESOURCES.
Cash in hands of treasurer
Salary and com
Books and stationary
Bills receivable
Tax certificates
aaso-
Dues, div. declared*
Unearned premiums
Contingent fund
Dues indivduals
120 88
03 78
21 51
30,337 50
17:: 97
$31,108 S8
$20,423 06
. 4.570 32
62 56
52 05
$31 1 (IS N8
Send us in the names and postoftice
address of neighbors to wl;oui you
would like a -ample copy of lhi>
paper sent to. We will take it as a
favor. Also send us in short articles
and happenings in your neighborhood
you would like to see published Thi
busy part of the season is now ovt-r
and we are desirous of making th«■
Peoples Voice a much welcome ti
weekly messenger in every home i t
goes to and our subscribers ca n
materially assist u« in doing so an .
tills is why we call for the : assist-
ance.
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Allan, John S. The Peoples Voice (Norman, Okla.), Vol. 10, No. 25, Ed. 1 Friday, January 10, 1902, newspaper, January 10, 1902; Norman, Oklahoma Territory. (https://gateway.okhistory.org/ark:/67531/metadc117527/m1/1/: accessed April 19, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.