New-State Tribune (Oklahoma City, Okla.), Vol. 17, No. 12, Ed. 1 Thursday, January 26, 1911 Page: 4 of 8
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PAGE FOUR
XKVV-STATi: TRini'XE, THURSDAY. JANUARY 26, 1911.
to#ii
roklisfeed every Thursday by the New-State Tribune, 217 223 North Harvey
Street Oklahoma City, Okla.
"Entered as second class matter July 22, 1909, at the postofflce at Okla
immbs Okla., under the act of March 3, 1879."
TERMS OF SUBSCRIPTION.
One Year In D. 8. and possessions and Mexico $1.00
•t* Months .50
Other Countries In Postal Union 2.00
▲4dr«BH all communications to New-State Tribune, Oklahoma City, Okluhoma.
CHAS. N. HASKELL Editor
WEN WATT Associate Editor and Manuger
treated as the best frieuds the people of our State can have. Of course, It is
• rily through such enterprises that the people of Oklahoma will secure addi-
tional railroad unless It be built by the State Itself and even then with all of
the encouragement which the State can possibly give these local roads, their
work of financing is exceedingly difficult and will be so as long as Trusts and
Combinations control the money market and defeat every competing enter
prise.
State Railroad.
I am asked whether in my opinion the State should cause the building of
a railroad with proper main line and branches; in my own opinion the answer
would be, yes, as u last resort and under proper conditions and regulations. It
will always be remembered that the wealth of a State does not depend on the
volume of assets in the State Treasury, but does depend on the individual
coucelvable way that the human mind could invent when bent on greedy pur-
poses at any cost.
They told you the law was unconstitutional.
The Supreme Court of the I'nited States forever silenced that objection.
They tell you the law is bad because banks become insolvent under it.
What an absurd statement!
STATE UNIVERSITY
APPROPRIATION
(Countlued from page 1)
duced and all other items approved and
Of course, banks become insolvent under every law that was ever passed jth,B acl is approved. (Signed!,
advertising department.
W. D. Ward, Eastern Representative 63 Tribune Bldg., New York
BTUtlT* CUc**° i line, to Interior point. In „„r own Sum
'• H' t-odbold, Teia. Bepre.enti.tlve... .612 813 Juanlta Hldg, Iialla., Te .,^ , , :(||y bul|| an(|
This cost would create ;i fair better road than the average and withl
m hotter equipment, and the system would be large enouj h to command respet
I:"1*1 l;"r 00opwntion "i h mm tine trunk lines, and tfce < iom proximity to the
!n"" iOuthwMit terminus would !"• such m to ttotire Independent conneo
railroad building—we need MORE RAILROADS—WHO WILL Hons If the trunk lines sought to discipline Oklahoma for its presumption in !
build them? protecting Its citizens from unreasonable rates or lack of accomodation.
While the history of railroad building in Oklahoma of the last three years) The PeoP'° In the interior and northwestern Oklahoma raise vast quanti
Oulf ports; the peopl
in the states or the nation, and knowing that there would be bank failures,
it was the purpose of the Oklahoma law to anticipate these failures, minimize
them as much as possible, and protect the individual and the public against
the disaster of bank failures.
The Oklahoma law never guaranteed there would be no bank failures. It
wealth and prosperity of the citizens of the State and therefore the Govern , simply guarantees that the depositor and the public would not suffer when a
ment which protects its people and promotes their convenience and prosperity ■ bank did fail.
where, the power of the Individual I. Incapable of affording these necessities They tell you one day lhat the guaranty fund I. so large that It unneees-
and opportunities I. .imply dl.charglng the duty of government. surlly hoard, the money and keep, a useless amount of east, on hand and to-
of tho Oklahoma CUy"Chamber of c" J' h' J°!"'8"n' Tr"®C Mana*er I n'orr w they tell you the amount of ea*h on hand 1. so small that it affords no
hi me oklahoma < Ity t hambcr of Commerce, whom I know to be a man 01 protection.
thoroughly practical ideas. I concur in his views. The trend of traffic in our , , . _
" 1 «hort. they lit Mr oHUdoaa to the condition!. If you hare a large
mount of cash they kick about it. If you have a small amount of cash they 11,1011 was sav©d. The Uovernor be-
throughout our own State to the County of McCurtain, where Texas'. Ark.n.u. I«° ,errib,y ! "????. ^ f> >'">«
1 Loul.l.n. all come near to the boundary of Oklahoma, and with MTMal " .'""lk Kll"n""-V fu,"l w nut have live thousand dollars of cash few children ever attend am/suve the
y twelve hundred miles . 1 l"u"}r' " would be probably i s great as in Nebraska, Kansas, or Texi> tax money Tor common schools' where
quipped at a • • at of not over $24,nun.00 pei " 1,6 ull"'_1-v Immaterial whether there was five thousand or one | «H the children go, and for Home
Btate Is between the Oulf porta and the northwest throughout our State, hence
a trunk line from tho extreme northwest In the County of Cimarron, southeast
C. N. HASKELL,
Governor.
Reader, you will see by economizing
and cutting corner, wherever possible
the Governor reduced the co.t of thl.
one institution the large sum of ninety,
four thou.and eight hundred dollars
and in reducing about thirty other bill.
In the Batne way the Governor at that
same time saved the taxpayers of the
state the grand total of over five hun-
dred and eleven thou.and dollars. We
give you u complete copy of all the
Item, bo you can see just how tho
mile.
Building. The State University Is
•howl a greater amount of now mileage than that built In nine-tenth, of ull 11,08 of Brain that must dud foreign market by the
tho other StateB In the Union, yet for our progressive hurry-up Oklahoma
citizenship we feel thut the rate of construction ha. not been fa.t enough,
and we .till .orely need more railway mileage notwithstanding we already
have six thousand miles of railroad In the State, which places ub ahead of
more than half of the States In the Union.
Who Have Been the Railroad Builders?
Go back a. many years or aB many generations as you like and you will
.oo that the great trunk lines ami men of great wealth do not create any con
slderable per cent of tho new railroad construction. Recall the experience In
the two Territories now forming our State: Front the year 11100 to tho begin
nlng of State Government In 1907 practically half of all our railroad mileage
wa« created, and outside of that built by the Frisco system under the leader-
elilp of 11 P. Yoakum, less than two hundred miles was built directly by all
tho other trunk line, combined.
To give my own experience: In 1901, under the name of the Muskogee
& Western Railroad, 1 chartered and built the Muskogee part of what Is now
tho Frisco line from Fayettevllle, Arkansns, to Okmulgee, Oklahoma; In the
fall of 1902, under the natno of tho Muskogee Southern Hallway, I chartered
mid built the Muskogee purt of what 1. now tho Midland Valley Itoute; In
1904, under the namo of the Muskogee Union Railroad, I chartered and built
tho first section of what Is now tho M. O. tc ti. Railway. Thus originating
every railroad which touches Muskogee except tho old M„ K. ft T. Railway
which was built during the seventies, having reached Muskogee about thirty
five years ago and even that was promoted by contractors like myself of very
moderate mean, and without the .lightest aid or encouragement from tho old
Trunk lino roads, bo thnt every railrond which touches MuskOgoo today was
the product of the genius and energy of contractors of very moderate means
and in no way aided or encouraged by corporations of men of great wealth
I point to the fact that with my limited means I have built tnoro miles of rail-
11)11(1 In the last twenty-four years than the several generations of Vanderbllts
nnd J. I'. Morgans combined hnve built In forty years. In Bliort, millionaires
acquire (often nt bargain counter prices) the enterprises thnt other men have
created. Millionaires ore not now as a rule, and never have been creators of
new thing, or developers of now countries. Somo detailed incidents will lllus
trato my point: In tho fall of 1901 when I was building the Muskogeo and
Western Ralroad from the Missouri Pacific connection at Fort Gibson, I
called on tho General Manager, (Mr. Russell Harding) at St. Louis, to Impress
en him that the Missouri Pacific could afford to aid In tho building of the
Muskogeo and WoBtern extending from Its line at Fort Gibson through Mtis
kogeo and Okmulgee to Shawnee. Mr. Harding conceded Iho mcrll. of the
proposition and the producing ability of the country and that the peoplo needed
a railroad, but he said "that he wus looking after the Interests of tho Missouri
Pacific, that the people would haul their freight to tho railroad even though
the dlBtanco was thirty or forty mile, and It waB foolish of tho Trunk lines
to compete with each other In building additional mileage." In tho spring of
1903 In the company of C. W. Turner and Tnms llixhy, we three being a Com-
mittee sent out by tho Muskogee Commercial Club, called on Mr. Ripley, Pres-
ident of the Santa Fe Railroad, at his oftico in Chicago. The Santa Fe then
operated Its line from up In Kuusas down to Owasso, a small village about
flrteen mile, northeast of tho City of Tulsa, and on behalf of Muskogee we
desired to aid and encourago an extension of tho line down through Muskogee
and tho Creek Nation. Mr. Ripley conceded the necessity of tho railroad
liom tho standpoint of the people and the abundance of business to support it
but turned ua down with tho statement thnt "the trunk lines would be foolish
to encourago the building of any moro railroads as tho people would come
to tho existing railroads," and I undertake to say that my operations and
experiences above recited were equalled and often exceeded by C. C. Jones
and other active developers of our new state to whom is reully due the credit
lor building practically all of the railroad construction of either Territory In
the last ten years excepting only the good work done by Mr. Yoakum. The
trunk lines and the men who control the few main lines would get all the bu i
ness and the people will wagon their freight forty miles or so to a station if
necessnry they control the railroads we have and care not how fur you wagon
your freight to them; certainly trunk lines have only Interested themselves in
branch lines when some contractor of moderate means has wholly or partlallj
constructed a small railroad which the trunk line might take In to prevent its
falling Into the hnnds of some other trunk line and In many eases the power
and influence of the grent corporation, has been concentrated ngolnst the small
man s railroad; to destroy its value, limit Its earning capacity, cripple Its
credit to the end that It might bo acquired at a small fraction of lis cost
Hence, reader, when the Oklahoma Trunk line President says that his Com-
pany has not built any new mileage in our State since the adoption of the State
Constitution because of the strict provisions of the Constitution, you can safelv
tell him In plain English thnt hi. reason for not building Is false. Such Colli
panics, with the exception of a single one, have built Just as much new mileage
under the three years of the State Constitution as they built during the seven
and it would be wholly
hundred thousand dollars. If necsslty required money for Immedlute us
under the law, two per cent could be drawn at once on flfty-flve million dollar. !t!m" institution, but a new state
nf dSpoolts, SO that one million one hundred thousand dollnrs of spot cash "ot "^1' Into debt too fast,
would bo available at once, and the very men who are making these complaints
simply expect to fool those who chance to bo without experience in the bank-
ing buaincsa.
Hut we «ay to you: "Beware of the Greek bearing gifts." Just remember
| that no state banker has any Btring tied to him In Oklahoma. He can nation-
northeastern Oklahoma are producing more oil annually than any other State'""2" h'8 '"Ulk u,,y d"-v ,ie prefers to do so The fact that he don't nationalize
in Iho Union. Their market has been restricted and prices rendered ruinous l'rov<,s ,hl" he 1. doing better us a state banker than he believes he can do as
for the want or transportation facilities not controlled by competitors In the
AjII business and while pipe line, are the better means, a disinterested railroad
system would vastly benefit tho oil industry. The lumber produc south-
eastern Oklahoma. In Texas, Arkansas and Louisiana is needed badly In every
town and on overy farm In our State. Present transportation rate, make the
lumber eo.t so excessive that the saving oil thl. commodity alone If trans-
ported at a fair rate would bo equal to tho Interest charge on all bonds that
the people of the State or Oklahoma would need to Issue In building twelve
hundred miles of main line and branches, In short, the State of Okluhoma
could build and own a system or about live hundred miles of main line from
the northwest,to the southeast and .even hundred miles of branch lines radi-
ating thererrom. The annual Interest charge thereon would not exceed about
twelve hundred thousand dollars and the people would hnve perfect assurance
that within one year after final completion tho earnings of the road at a reason
able rate would pay every dollar of Interest charge, also cost of maintenance
and operation and reimburse the principle of the State debt easily at a rate ,
" cent l,or annum. So that In llfly years the State of Oklahoma, If
a national banker, and therefore, he will continue to run a state bank, although
he may constantly kick about what he says it coBts him.
But reader, it don't co.t him a penny—the depositor, pay the bill. Re-
member that.
Their old clamor about the Columbia failure, which any experienced
banker familiar with the facts would pronounce as a most successful liquida-
tion, 1. still occasionally used by the enemies of the law. Ilut they have the
whole record long bIiicc filed In public places, and which Btamps as Insincere
every critic who uses the Columbia incident as an objection to the law, or to
its official administration.
Let us not be deceived when a little observation so clearly shows the line
of opposition and the men who promote the fight. They dare not tell you to
ti peal the law. They know the public would rise up in arms against them.
Hence, they must say:
Amend the law!
Constitution.
The Stato Constitution under which
the Governor reduced these expense
items reads as follows:
Sec. 12, Art. 6.
"Hvery bill passed by the Legisla-
ture making appropriations of money
embracing distinct items, shall beforo
It becomes a law, be presented to the
Governor; If ho disapprove the bill
or any Item or appropriation therelu
contained lie shall communicate such
disapproval with Ills reasons therefor
to the House in which the bill shall
have originated, but all items not dis-
approved shall have the force and
effect of law, according to the original
provisions of the bill. Any Item or
items so disapproved shall be void
unless repassed by a two-thirds vote,
according to the rules and limitations
prescribed In the preceding section
In reference to other bills.'1
Under this provision of the Consti-
tution the Governor believed then and
still believe
the Governor the opinion that such
action was proper and lawful. Beyond
question the Constitution intended to
afford this identical protection to the
taxpayers and we believe the Attorney
General was correct.
Nor does this decision of our Su-
preme Court cover the real question—
ho could lawfully reduce
We have no better answer to make to this than the following clipped from jtheso <'M>ense items, in whole or in
part. The question was submitted to
tJ1C ^ttorney General, who rendered
"The state bank guaranty law should not be butchered up just to
please a bunch of bankers. As it now stands it is a depositors' safe-
guard, and that is what it was created for "
We can think of no more effective answer.
The law has demonstrated that It protects the depositor.
The law has demonstrated that it protects the community.
The law has demonstrated that it protects the banker, and multiplies his t „„ Stn,„ -
business and his profits. this btate University bill had pecu-
,lar defects, which future legislatures
But where does the kick come from? can easily avoid. For example:
Chase it to its origin and you will invariably find that the kicking is in Section 1 made one lump yum ap-
spired by the national bankers. | propriatlon.
Why does the national banker kick? Soc- 2 designated the different pur-
He is usually a good, progressive citizen, and his bank is a desirable enter- J*0808 to. which specified portions of
prise in the community. total sum should be applied.
He simply kicks because a partisan national government, controlled by the aVmroirlMlo'n'and 'I?*'?,'S r T'
of the son, size and number of rivers and Xlt SffiT ZTL\° ZZST
retained ownership so long, would bwn what would be a more valuable rail rood fl:'" ^'ob'e County Sentinel, one of the home papers that Btudies the want, of
system than any now within our State, have the same absolutely freed of "'1' fi,mily and the fireside. In its recent issue we find the following-
debt, with no cost whatever to the State and without at any time having
charged shippers In the State unreasonable rates for the services rendered,
and, Reader, you can bet your last dollar that If the Stale showed Its dlspnsi
lion and Intent to develop Itself and accomodate Its people, the existing trunk
lines would Btop their slandering our Constitution, get busy and supply the
necessities of the people In every nook and corner of our State that was not
reached directly by the State road itself. Building great transportation sys-
tems has made many fabulous fortunes and never in a single Instance has the
acquisition or creation of a great transportation system lost money for Its
promoters where they were individual!, or a City or a State, just so long as
their financial strength was great enough to carry the enterprise to its ion-
elusion.
What It Costs.
There is much speculation about the detailed cost of railroad building
and, of course, there is a difference in many of the items in the construction
of any line of railroad, depending on the topography of tho country, character
$
80
100
3,000
500
1,200
4,550
910
new railroad complete that would bo much better than the average now con
structed, the following schedule of prices could be relied upon:
Estimates Averaged Per Mile Main Line
Engineering (preliminary)
Clearing and Grubbing
Grading, 20,000 Yards, at 15 Cents
Culverts nnd Trestles
Bridging
Rails, 80-pound
Angle Bars, Spikes, Nuts, Bolts
Ties, 3,000 at 60 Cents
Track Laying
Road Crossings
R. R. Crossings and Signal Plants
Ballasting 2,640 Yards, at 75 Cents
Fencing and Sign Posts
I olograph Line and Instruments
Water Station, Every 30 Miles
Engine, Repair and Tool Houses
Station Buildings
Engineering and Supervision During Construction...
Sido and Yard Tracks (Equal One-Fifth)
he state banks, many of the national bankers think It is their duty to them- Hary thing of expressing the
selves to keep on kicking
You ask us why we point out the national bankers who neglect their
business, and devote their time
— sum total
in a seperate section might lead our
J( Supreme Court to declare the act void
lusiness, and devote their time and money to criticising and fighting a state lay,ng down a 8trIct rule of law;
aw that neither limits the privilege nor controls the business of-tho national po!nted out it can easily be
ianker. avoided in future. Many appropria-
It is a wonder that they try to control their neighbor's business but they tion after secUon'- ellii' appro^riaSne
J"8t thc{ Bam®; a ,umP sum for a different institution
Here is an illustration: and then dividing it into many dif-
Shortly before the change of Governors, a crowd of bankers got together ferent Items. Some of which items
uid visited the new Governor at Ardmore to present their views of needed *'10 ^'ovornor may approve and some
soul, two-thirds of the whole crowd were i',e ^,overnor mfty object to, and there-
1,800 j bank legislation—but bless your
400 I national bankers. The same crowd came from Ardmore to the Capital" at f?FG Vet°' and the Lo&lslature has its
200 Oklahoma City with a cut and dried plan to demand an examination of the JwShlJa overruIe the r'°vernor if
two-thirds vote so desire, but the word
"Item" as used in the Constitution
Why, bless your soul, every ear they have been invited by the banking' meifiis the specific part of the 'total
board to conduct just as extensive examination as they saw fit; but this year *uin and not the whole sum appro-
of the
200 banking department, books, records and accounts,
1.980
— *•" """ "ui Wm jcai i ""■ « iu uol me wnoie sum appro-
300 they came to demand it. printed for the general subject under
20ii Yes, sir, u committee of live, and four of them were either national bank eonslderatlon.
3,0" ere or employee, of national banks—all good fellows, truly, but what were they If the Sul"'™ie Court finds the law
400 j worrying about the state banking laws or accounts for? il" J?,e d'®e™nt from the Attorney Gen-
30ii Take for example one of the men most active and persistent In promoting
1,500 | amendments to the state law and examining the state banking department, a
Mr. Phillips by name, of Bartlesville. A fine fellow, and a good banker—good
Five thousand not* mil r , $18,30" enough at least to get in out of the wet three years ago when our banking law
Hve thousand per mile for equipment would be ample for lirst-class use. was passed.
,h'heiab°r ,tatenients hastily dictated and the assurance that in Remember, now, the Phillips brothers have two bnnks
In*v" f)ai i'1 :,!.t 10y *ire 1 would, therefore, say that the highest T',e old one is a national bank. The new one is a state bank
... j ° a ,<nornm©nt is to protect its people and promote their welfare, conducted in the same room—separated by a railing only
If we cT'encoura^ Hint "'""TT 'i'"" "'e S,",e "K'y bo ™ ^ered rich Mr. Phillips Is cashier of both banks. If you take a deposit to his bank
motor in h.,iM i . * railroad, by giving greater freedom to the pro without specific directions, he puts it In his national bank, but If the depositor
does not i vJri "" J" ! "" d° W"h "le ,ull<>Bt («>edom which Pa>'s he wants a Btate bank, then Mr, Phillips has got a stato bank just across
loes not invade or destroy the power of the State to protect its people. If li the fence, in the same room.
cannot. >« don< so, then let the State, without fear or hesitation build for itsel! Mi*. Phillips was shrewd enough as
t Its people may require and do it now in the formatlv
Total Line, Per Mile
at Bartlesville.
They are both
oral's opinion and the Governor s prac-
tice and puts a different construction
on this section of our Constitution and
deprives the Governor of the right to
reduce or veto items, then let us know
tho worst and amend our Constitu-
tion, giving the Governor this power,
without delay—any other rule of law
would have cost our taxpayers over
one million dollars in the last three
years.
CITIZEN HASKELL.
business man to know in the begin Pormer Governor c
year, prior to the Constitution when there was practically no law "to reflate I "m0ng °Ur p®0ple " draln °" our ™r"i"«s "d a loss
South wnni «„f, . I.,, itive era of the great nlng that the peoplo wore entitled to and would favor the Oklahoma banking returned to' th.
Southwest. Safe, of Cover, An - -y secured a as a money catcher.
unity.
N. Haskell has
there has been much speculation in
several portions of the state as to
where Governor Haskell would make
his home and possibly no incident
from the
,ie has beon recuperating
- ,rV 18 ,he result- for ^w days after relinquishing tho
or limit and the trunk lines could easily build anywhere they saw fit and under 1 c recent statement, published over Mr. Phillips* signature, shows that strenuous duties of governor and will,
conditions of their own making. The true reasons why the trunk lines haw Let Oklahoma h im u Short. the old national bank is holding its own at five hundred and twenty-four thou- R ,8 understood, return homo t«>
not built new mileage in the last three years are: First,Wall Street has never on its bondl d * "th 8 3 8ystem and finance int0 the cost the interest sand dollars deposits, while the new state bank, which Mr. Phillips himself Muskogee in a few days.
yet recovered from the panic of October, 1907, hence monev has been «litn, i.i pverv olr.f ^ «"9 ° constructlon period and first year's operation, just never favors except on the positive command of his customer, has three hun- 'SlIlc? retirement from office
to secure for new enterprises; second, millionaires or gre-it* trunk lin.-s Hollar rf i " ''lanc,er would do and there is no probability that a single dred and fifty-two thousand dollars of deposits.
in rare instance, never have constructed compel Remember'^ n,'"/ ""T 'r°m ^ S,i"e Tr"SUry' ' *<>"• -sents ^ ™lllpi He Is In Oklahoma City now
will, for the reason expressed to the Muskogee Committee bv President Ripley public welfare reoulres a^" h.h °wner8hlp as a last resort' ar<l where' advising the Legislature how to amend a state banking law. • _
"People will haul their freight to the railroads they have and the trunk lino. But If that condition confront." ' ■ „u „ W® ',SSm "Klt he iS incomPetent r™B" of "is ^tense personal in- even in his offlciaT'SUr was more
object to having any more." The Constitution of Oklahoma would be blessed met with uerfert , ,° 0° now in 0klahoma " can be promptly j terest In tho national banking business to tell the Legislature how to write commented on.
by every trunk line road In the Slate if its only restriction was to limit new * ° state and 9"at benefit to the people. n state banking law for the public welfare. Governor Haskell Is a useful man In
railroad building. Trunk lines do not want another milo of new rniimurf in I respectfully, Mr. Phillips' policy does suggest that there might be one amendment to whatever capacity he ia placed and
C. N. HASKELL. the Oklahoma law with perfect propriety, and that would be an amendment with it: a11 he is endowed with more
~ ~ that prevents Mr Phillips or anybody else from being cashier of two or more common sense than some of the para-
. Guard the Banking Law banks of any kind at the same time. The Tribune favors that amendment graphers commenting on his ultimate
' '' N'Li,'nu'' the price of liberty, so is eternal vigilance The Oklahoma banking law has been in effect three years. No depositor iiV*V 11 8?em lo R'Ne him credit for.
eeessarv to pro ect the interests of the pee, gainst the assaults of those ha. lost a dollar, or waited an hour for his money. ' tUdl'iT nf"« c"°""CU0Ua
dollar '* ' 5 B,leclil1 privileges or combined strength of the greedy The volume of deposits has grown from seventeen million dollars to fifty- has left his Imprint "on Th^ brides
« * which this city has made during the
want another milo of new railroad In
Oklahoma and except for self-protection would not build another line within
the next fifty years under any kind of a State Constitution.
Shippers must use tho rallroadB we have until someone build, more rail-
r.d/,The queB,lon of Publlc convenience must appeal to the promoter of
limited means or to the Slate to .trike a responsive chord. Just as the Santa
he railroad manager tried to ride through on Mr. Carter's amendment, by addi-
tion. of some provisions to what Mr. Carter really needed that would have
given the Santa Fe Immunity from practically all of the regulation, that the
public were entitled to exercise. These great trunk really want lmtnu-
nity from just and equitable State regulations and to got this they try to im-
pres. on our people that there will be new branch lines w herever needed If the
Constitution 1. amended to Buit them. This statement Is not t
state and of every community in the state against the distress and depression
ihat has followed bank failures In every other .fate of the Union, anil particu
larly in new states and cities, and recognizing that the bank is not only a con-
to,,he arab,"on °f ''-'i-^^^wh^t^i^r'd^d: :z*z \::very ~z,iml ,hereforp',n view -f au
railroad, would gain everlasting immunity from reasonable regu
_ ^ five million dollars.
.. , >tars aR0, °k!.ihoma, realizing the necessity of protecting the indi The per cent of losses in Oklahoma is less than the per cent of losses
..??. .r_ag 8t l0SS' 0f protecting the business credit of the entire any other new community or state.
Search the official records and you will find these statements are true.
LET WELL ENOUGH ALONE.
Keep your hands off of the law as long as it does the business desired,
past few years. He has put his hand
to the plow In the work of making
Muskogee the great metropolis of Eas-
tern Oklahoma and Is one of the lead-
ers of ,1 band of community builder.
latlon or control by the State. This is not a new method, however. The same
thing wag tried 011 JeBus Christ nearly two thousand years ago, when He was
taken up on to a high mountain and offered ail the great things of the day In
exchange for the everlasting principle, of our Christianity.
Oklahoma does need some additional railroad but it must get these rail-
roads through the energy and genius of promoters of modest means. Just a.
^e have always done in Oklahoma and
making and administering departments of our
state government, we set about to enact a banking law that would
and produces the results the people want.
Tell this committee of good fellows, who
call themselves the Banker
• whose work has only just begun and
Uovernor Haskell, judging by the char.
p I _ o - "WU1U | I.vf,ieuiii.c vuillllliilbC, wvinpusiu Ul UHC D lea 11
* \e t le an or a fair Qhow for a living profit, and protection against wide-, 'o quit bothering the Oklahoma Legislature,
cad disaster that often follows the breaking of a single bank, and They are good fellows, and should be en
Legislative Committee, composed of one state banker and two national bankers, of '"a.Tngofforts"^^"^"^^'^.
any other of those whose interests are
gaged in something else. We sug- centered in the future of Muskogee
Ikaio anarrax * ~ laj...!— II fl (1 of Pnot/v.., Al. 1
(,i%e 'b° depositors and the people in general the protection that stability j gest that they go to Washington and devote their energy to inducing Congress and of Eastern Oklahoma"
'""ls to umiioss affairs. to 8hake off the dictations of Wall Street, and give the people of the whole Ttle phoenix does
rmiivvu enacted
the Union. Indeed, ju.t a. the ^'a'T"" °[' """t,''' r°8U"" th° bPBt cvldence of ,ho 'ruth of the.e a..ertlon.,
r;:rv p= ,o M frora Bcvenleen ra,mon *r
and the South; ju.t as the State of Illinois aided at d . acour'icedn"'h tun"' '("a del",sUor8 themselves, preferlng protection for their monies, have
of the Illinois Central Railroad and the State of Ge.,rBl-i i„ Its railroad t 1 mU°h '°W<,r """ °f lnt*'rC8t ,rom lhe bank#—In fact the bnnks of
to the great benefit of their people and con tan inTomc to the sTate T ? 7" T" ,U"y ,wlce " '"tores, bearing deposits a. they
and several other like instances. ® Treaaur>'' !mve >>nld ">« guaranty fund to produce the.e good result..
So *hen any one tells you that the banker pays the premium, you can
^.1 < y t« II him he Is mistaken. The depositor pays the premium for this
to shake off the dictations of Wall Street, and give the people of the whole, 1110 1',,°enix doe.s not have to re-
. . . .country as good a national banking law as the Oklahoma state law has proven 1>eat the Invl*ation which the city of
—?V . coniP,etelv Protected the public, has protected the banker! to be- Muskogee, through its Commercial
For three years Oklahoma has always been fair to the national banks. IUb' e^te"ded Governor Haskell to
They have had their full pro-rata share of deposits of state money, and their CTho ov° home*'
full pro-rata share of every other favor the state could show. If thov are communhiesT.li T^1' I"™ ^ °ther •
undertaking to get more than their share now, the Legislature could well con- l is citizenship will only '^enet'hen^I
Blder the propriety of saying to them: "You get the favor, from the national I impulse to renew his' effort, for ,>,!
trnvnrn m on ♦ in If n r\t t fti ^ 11, n * 41< i .« .. ., . 1 . ■ i ■ ■ ...
Our Constitution can safely be amended so a. to give .uch worthy enter-
prises as the Oklahoma Central, M. o. t G. Railroad and several others now
rrnr, T- 0f ,he rt'a8°";""" —agement necessary for them
tbey ,houid be *lven thoue>>t, consideration and encouragement and
Individual and public protection.
Ibis law has stood up against tho most persistent, Ingenious and deter-
mined assault, made through the newspapers, through the court., and In every
government, 1. it not true that the state banks are entitled to the favors from
the state government?"
Wo hope that there may be no necessity for class distinction In Oklahoma,
but If it ever doe. exist it will be brought on by the pernicious activity of a few
national bnnkers, who, perhaps, do not voice the sentiment of the National
Hankers' Associntion of our state. However, they must be measured by their
own actions, or lack of action.
upbuilding of his home city and inci-
dentally Increase his usefulness hero
when ho returns.
1 hat Jie will be accorded a hearty
welcome on his return goes without
saying and in the meantime he needs
all of the rest and recreation he can
get.—Muskogee Phoenix.
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Haskell, Charles N. New-State Tribune (Oklahoma City, Okla.), Vol. 17, No. 12, Ed. 1 Thursday, January 26, 1911, newspaper, January 26, 1911; Oklahoma City, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc97556/m1/4/: accessed March 28, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.