The Manchester Journal. (Manchester, Okla.), Vol. 15, No. 27, Ed. 1 Friday, December 6, 1907 Page: 1 of 4
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Jttattdifster Journal.
1 8^CCOm,ihhe.40^Xl^MDBWAL• f
MANCHESTER, GRANT COUNTY, OKLAHOMA, FRIDAY, DEC. 6 l<»07.
Volume 15, Number 27
TO PROTECT DEPOSITORS.
Governor Haskell Has Recommended to the State Legislature of
Oklahoma the Adoption of the Bryan Plan for the
Protection of Bank Depositors.
la his message to the first state leg-
islature, which convened at Guthrie
on Monday, Governor Haskell recom-
mends emergency legislation to meet
the present financial situation, as
follows:
The present banking laws should be
supplemented or amended to include
the following provisions, and exist-
ing laws in conflict therewith re-
pealed:
1 suggest the creation of an advisory
board called state banking board, to
be composed of the governor,
the lieutenant governor, the
president of the board of agricul-
ture, the state treasurer and the state
auditor with such supervisory powers
over the banking department and the
acts of the bank commission as may
not be in conflict with the provisions
of the constitution, the bank commis-
si mers to appoint all necessary assist-
ants, exainers and other necessary
employes and fix their compensation,
ail subject to the approval of the
state banking board.
The state banking board, within
thirty days after the passage and
approval of the necessary legislation
to levy an assessment upop each and
every bank subject to the provisions
of the banking laws of this state,
equivalent to 1 per cent of the de-
posits of such bank; the amount so
collected to constitute a reserve fund
to be known as the depositors’ guar-
anty fund, for the protection of bank
depositors in such of said banks as
may hereafter become insolvent.
After the colle^tien of said 1 per
cent, and for the purpose of main-
taining said depositors’ guaranty fund
at a sum equal to said original collec-
tion of 1 per cent after the iio.uidation
of any defaulting bank, said state
banking board shall be authorized and
collect such additional assessments as
may be necessary to maintain said
fund unimpaired, so that the same
shall at all times be equal to 1 per
cent of the total deposits in all banks
which may be entitled to the benefit
of said fund.
The provisions of this sections shall
apply to all banks organized or ex-
isting under the laws of this state,
and to national banks which may
voluntarily apply in writing to, and
be approved by said banking board.
Banks organized after the pas sage
aud approval of this law should be
required to pay into the depositor’s
guaranty fund 1 per cent of their paid
up capital.
The bank commission should deliv-
er to each bank that has complied
with the provisions of this section, a
certificate in writing, containing the
name of said bank, and certifying
that it has complied with the pro-
visions of the laws of this state for
the protection of bank depositors
which certificate shall be kept by said
bank displayed in public place in its
banking room.
Any director, or other officer of any
bank, may be removable from office
for incompetency, dishonesty or vio-
lation of the banking laws of this
state bn recommendation of the bank
commissioners approved by the state
banking board.
The loaning of funds of a bank to
any stockholder, director or other
officer, in excess of the limit author-
ized by law, should constitute a crime
under the laws of this state on the
part of the borrower and of the
officer authorizing the loan, and
punishable as in case of larceny of a
like amount.
No person should be qualified to act
as director of any bank in this state
until he is the bonafide owner of at
least $500 par value of fully paid stock
of such bank, and the directors
liability should be the same as that
of directors of national banks.
The reserve required under the
present law should be increased in all
cases where the deposits exceed
double the amount of cash capital and
surplus of the bank. This increase
should be an additional 10 per cent on
all such excess of deposits.
No deposits of any bank, operating
under the laws of this state, should
be counted as reserve unless held by
the reserve agency, approved by the
bank commissioner, and state bank-
ing board.
In view of the abnormal conditions
existing, I recommend that ah emer
gency be declared requiring this act
to become effective immediately
upon its passage and approval.
THE LEGISLATURE.
The state legislature convened at
Guthrie last Monday. Henry S. John-
son was made president of the Senate
and “Alfalfa” Bill Murray was chosen
as speaker of the house. These two
men, who together with Gov. Haskell
were among the most prominent men
in the constitutional convention, were
ever on the side of the people who
elected them to guide the ship under
statehood aud in the first legislature.
They are made of the right metal,
aud with a beastly Democratic ma-
jority in both branches of the legisla-
ture, their efforts to carry out their
campaign pledges to the people will
be an easy task, and the work will be
done to the satisfaction of all.
There is a slight sprinkling of Re-
publicans in both houses, but they
are not there in sufficient numbers
to obstruct to any extent the
plans that the Democrats have
mapped out. In the constitutional
convention the Republican members
were always referred to as the
"Twelve Apostles,” there being just
twelve of them, and in the legislature
they will be known as the "Grand
Jury." The decisions of the "grand
jury,” of course, will not amount to
anything, but their decisions, how-
ever, will be reported after the work
is done and the legislature adjourns.
One of the first things to come
before the different brandies was that
of a “Jim Crow” law, bills being in-
troduced in each house to compel the
railroads to provide separate cars and
separate waiting rooms for the negroes
of the state. The purpose of the
Democrats was to embody this fea-
ture In the constitution, but in the
fear that President Roosevelt would
deny the state admission by reason of
it. they left it out and pledged tlie
people that It would be made the law
at the earliest moment that the
party could get to it. It will go
through with a whoop just as soon as
a bill is agreed upon, and then the
nigger will know his place in society
in Oklahoma.
Many bills are being presented in
both houses, nearly all of which have
merit and are aimed for the protection
and to benefit the whole people of the
state. Lobbyists are to be shut
entirely out except where they have
permission to make their talks in
open session before the legislature.
This will be hard on the railroads and
other corporations, and especially the
Standard Oil Co. and the book trust,
who in most territorial legislatures
had things very much their own way.
One thing noticeable in the legis-
lature is, the absence of Henry Asp of
the Santa Fe, the man to whom the
Republicans pinned their faith in the
constitutional convention. It seems
that even the niggers of Guthrie tired
of Asp, and refused to send him
to the legislature. ’Tis well, but
they made a worse blunder when they
elected Bird McGuire to Congress.
Asp could have done the railroads no
good in the legislature, but in Con-
gress McGuire’s aid may be worth
much to the corporations.
The disposition on the part of each
Democrat elected to the legislature
or the state senate appears to be to
want to carry out the party campaign
pledges to the letter, and there is not
the least doubt but that they will do
it. And when the legislature ad-
journs, the people of the great new
state will be so strongly wrapped up
in the work that the Democratic
party did that in the next election
they will give it the stamp of approval
by an even greater majority than
they did on Sept. 17,1907.
DECEPTIVE AND MISLEADING
That the word “national” as ap-
plied to our national banks is decep-
tive and misleading, all who are at all
posted are well aware. The purport
of the name, “national bank," would
lead the Individual to believe that the
general government is back of these
institutions, when in truth and in
fact the government is behind them
only to the extent of the government
bonds whichthB institutions hold—no
more and no less.
Then with these facts before us, we
must conclude that our national bank-
ing system is not what it purports to
be and that the general government
Is a party to the deceptive and mis-
leading name under which these insti-
tutions are permitted to do business.
These facts, of course have long been
patent to the mind of the public, but
they present themselves more forcibly
to mind at the present time becau se
of the money panic through which the
country is now passing, and this de-
ception, along with the lack of confi-
dence that the general public seems
to have in our banking institutions
in general, appears to make it all the
more important that the system
should be changed.
There never was and never will be a
man so wealthy but what he could so
abuse his ability to pay that the pn'o-
lic would lose confidence in him, and
so it is with our present banki g
system. And when confidence is lost,
then it is that hoarding gold, silver
and currency steps in, removes our
circulating medium from the chan-
nels in which it should flow and a
money panic is on until such time as
confidence is restored and the safety
deposits yield up their treasures to
the pressing need of the business tt^t
has been blocked for want of money
with which to carry it on.
The plan of Mr. Bryan to make of
the national bank what its name im
plies—a depository for the funds of
the people wherein the government
itself is behind the depositors—is a
plan which appeals to the Journal as
the safest, most conservative and best
system that has ever been presented
to the public mind, and we hope to
see the day come when this plan, or
some better one, will take the place of
our present banking system. By this
means the government itself would
not only be responsible, but it would
see the importance of more stringent
laws governing the banking business
aud would keep far closer tab on the
business than it does today.
It would remove all doubt in the
mind of the depositor as to the bank’s
ability to pay back the money de-
posited therein, aud when this is done
and not until then, will the country
be subject to a lack of confidence now
and then that is bound to breed hoard-
ing and its attendant depression in
all lines of business.
Mr. Bryan’s plan would give to the
state banks the same security by the
states that the national banks would
have from the general government, so
that the transformation of our present
inadequate banking system iuto a
system that would carry with it a
confidence that could never be shaken
would work no hardship upon either.
The Journal is in favor of doing
away with the deceptive and mislead-
ing name under which our “national”
banks are now run, and give the peo-
ple the genuine article in its stead.
DIRECTORY
Of the Business Men ^nd Firms
of Manchester Who Ask for
and Appreciate your
Patronage.
MANCHESTER.
E. L. Smith & Co., general merchandise.
Citizens State Hank, general 'bunking
business.
Hedger Lumber co.. lumber and hardware.
—T. W. Peter, agent.
8. B. Fling, hardware. Implements, harness.
Star Restaurant—Mis i Sadie Singleton and
Mrs. Weiss, proprietors.
Uurchflel & Warnock, live stock dealers.
J. W. Smith, law loans, reul estate.
Rock Island Lumber Co. lumber and hard-
ware—Luther Heck, agent.
Palace Barber shop Tommy Patterson
1‘rop'r.
Slaughter & Tuttle, Auctioneer.
Vardy Rllliard Hall. F. A. Vardy nrop'r.
City Meat Market. VV. A. Pollock i’rop'r.
Lucas Drug Co., W. M. Lucas. Proprietor.
Mort Canfield Carpenter.
R. S. Emory. Carpenter.
G. J. Roach, Veterinary Surgeon.
I)r. Smedley, practicing physician.
WAKITA.
W. T. Tucker, undertaker and funeral
director.
C. W, Strong, the land man.
GIBBON.
Badger Lumber Co., Lumber and hardware
O. A. Clasen. agent.
Post mercantile Co., General merchandise
CRISP AND NEW.
The Journal got hold of one of
those new five dollar bills the other
day—not the kind that the Green-
backers back in the 80’s wanted the
Government to issue in order to in
crease the circulating medium—but
the kind that the Kansas City Clear-
ing House is now sending out in lieu
of the money that they owe the banks
throughout this part of the country,
which they say on the bill (or certifi-
cate) that "This certificate is protect-
ed by securities deposited with the
Kansas City Clearing House Associa-
tion and is payable only through
clearing house.” The thing says it
is good for five dollars, and we suppose
it Is, for we took it for that amount
and have not had occasion to spend
it yet. But then if it’s good for five
dollars with “securities” back of it
deposited with the Kansas City
Clearing House, why would not a like
five dollar bill with the stamp of the
Government back of it be equally as
good or better?”
It’s a deuce of a pretty mess that
these Republican officials and finan-
ciers have gotten the country into in
their manipulations of money matters
for the benefit of the wealthy inter-
ests of the country, but it shows
one thing to both Republicans
and Democrats alike, and that
is that our monetary system,
as controlled by the Republican
party down at Washington, is by no
means what it purports to be and
needs complete overhauling.
Don't you think we had better put
W. J. Bryan in the chair down at
Washington and let him get things
straightened out once more? Teddy’s
efforts have proven a failure both
financially and in the matter of cur-
tailing the power of trusts. He has
hounded the corporations to some
extent, 'tis true, but his hounding
has done no good— only resulted in
some big fines that the corporations
have taxed up to the people to pay
and the people are being taxed to
raise the money for these fines every
time they buy a manufactured article
of whatsoever kind.
—Herschel Madden received his
household goods and when hi*
sisters arrive from EIReno will occupy
the house now occupied G. T. Trice,
next to the central office. Mr.
Price is making arrangements to move
into the Bacon property, which he
puachased a short time ago.
—Levi Wilson, formerly of this
vicinity but now of Lexington, Clark
county, Kansas, was here a few days
looking after business matters and
visiting with his many friends. We
had only a short talk with him. He
reports his family well and every-
thing looking well out in that
country.
WHERE IT IS DRIFTING.
It’s an easy matter to see where the
railroad problem is drifting.
The desire of the railroad magnate
has been to make his road pay a divl
dend both on legitimate and watered
stock, and just us fast as the water is
squeezed out and the roads are forced
to a legitimate earning capacity on
legitimate stock alone, just that
moment will the railroad magnates
begin to lose interest in their hold-
ings and commence to cast about for
something better.
The most natural thing for them to
do will be to step up to Uncle Sam
and in a fervent and sympathetic
manner say to him, “You have
curtailed the power of the railroad
interests of the country to that ex-
tent that we can no longer earn divi-
dends on highly watered stock In
addition to the legitimate stock
which we now hold, and in view of
the fact that the people are demand-
ing and securing laws whereby we are
forced to give them legitimate
passenger and freight schedules, we
have come to the conclusion that the
day for earning millions in a short
period of time in the railroad busi-
ness has passed, and we are willing,
yea ready and anxious, that you issue
to us Interest bearing bonds of the
United States, payable at your own
option and in such demoninations as
you may desire, covering the actual
cash value of our stocks and take the
roads into your own control and
management.”
The Journal would not favor con-
fiscating the property nor would it
favor pinching the roads down to a
point where they cannot earn an
honest living, but it certainly would
favor siftiog the matter down to a
legitimate earning basis and see
that it is kept there without the
slightest discrimination, until such
time as the roads themselves would
be willing to let go.
As it stands today the man who
buys a ticket and boards a passenger
train on any of the railroads in this
country is placing his own life in
jeopardy. You ask, why? Simply
from the fact that the eagerness of
the railroad corporations to show
large dividends has induced the man-
agement to allow their tracks and
rolling stock to run down to that point
where it is dangerous to travel over
the railroads.
The roads want something for just
as near nothing as they can put up,
and this Is one of the reasons that
the people have become indignant and
are all the while demanding greater
concessions from them.
In the mind of the Journal it is
plain to see the direction in which the
railroad problem is drifting, and it is
free to state that it believes the soon-
er the roads ars forced to knock at the
door of Uncle Sam to step in and take
the load off their shoulders, the better
it will be for the whole people.
—Jim Vardy informs us that he
butchered a hog about two weeks ago
and that the other day when he went
to get some meat to fry he found that
the last piece had taken legs and
walked off. He has no idea who got
It
MORE THAN PLEASED.
With this issue the Journal Is start-
ing out on the second month since It
changed to an all home print paper,
cutting out the stale patent that no-
body cared to see.
The results are more than p'easlng
to the management. Not a single
subscriber has discontinued his sub-
scription by reason of the change,
while a number of new names have
been added, and in addition to this
several have voluntarily told us that
they llkq the paper far better than
they did before. To them it Is no
more a deception and a fraud, reck-
oned from the standpoint of a “home
paper,” and when they look Into it,8
pages they are not disappointed by
finding a batch of old stale general
news matter that they read a week or
two before in some of the daily papers.
With our present postal facilities
where the dally papers are delivered
to the farmers’ door often the same
day they are printed, and scarcely
ever more than a day old, we have
passed the stage wherein it is neces-
sary, or even possible, fora country
weekly to try to supply its readers with
both the home and the foreign news
through a combined home-print and
patent inside newspaper, and instead
of the farmer recognizing the patent
side of his home paper as a necessary
adjunct in his home, he looks upon it
as a huge joke that the country edi-
tor is trying to palm off on him in
order to make a “showing.”
The Journal has learned that it
is not “show” that the reader of the
home paper wants, nor does he care
to have it forced upon him at a high
price, as many of the country
publishers are now trying to do by
raising their subscription rates.
There are some papers, of course,'
that would look awfully slim without
the patent inside, but to those of
them that amount to anything at all
the patent is an expensive and non-
sensical prefix that they will some
day learn to cut out.
The Old Reliable Journal will con-
tinue a home-print paper (the first
and only one in Grant county at the
present time) and the subscription
price will remain at one dollar per
year. And as the business increases,
which it has never failed to do in a
single year of the many years It
has been in the field, the paper will
increase in interest along with it.
NEED A SUNDAY TRAIN.
There is a pressing need of a Sunday
passenger train on the H. & S. Branch
of the Santa Te, and steps should be
taken all along the line to secure it.
Except on this line, nearly all the
other railroad towns in the countiy
have Sunday trains, but here the
people are not only deprived from,
going away or coming home by rail on
Sundays, but must be content with-
out any mail privileges from Satur-
day until Monday.
The Journal has no doubt but that
if the matter were properly presented
to the corporations commissioners of
Oklahoma, they would order the com-
pany to put ou a Sunday train.
Who will volunteer to circulate a
petition to the corporation commiss-
ioners asking for the much needed
train?
—The meetings that have been
going on for nearly three weeks at the
opera house in Manchester, conducted
by Rev. White of the Christian de-
nomination, are to be continued for
some time yet, from all appearances*
Quite an interest Is being manifested
and a number of conversions have
been made, mostly of young people,
seven of whom were baptised at the
Manchester lake last Sunday after-
noon.
—Chickens for sale.—I have for sale
41 dozen pure bred white Leghorn
pullets. If all sold in a bunch, will
put iu half a dozen pure bred white
Leghorn cockerels free. Also have a
fresh milch cow for sale. Phone or
write me at Manchester. Okla.
L. G. Lacy.
|DR. ERDMANf
# Will be in Manchester &
J Tuesday, Wednesday and Thursday, §
Dec. 10, II, and 12.
Be Sure to See Him About
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YOUR TEETH
Your last chance before the Holidays.
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Simmons, J. Mason. The Manchester Journal. (Manchester, Okla.), Vol. 15, No. 27, Ed. 1 Friday, December 6, 1907, newspaper, December 6, 1907; (https://gateway.okhistory.org/ark:/67531/metadc497030/m1/1/: accessed April 19, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.