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GUARANTEED BANKING IN OKLAHOMA
Commonor roaders who havo noticed In press
dispatches that sovoral Oklalioma state hanks
havo taken out national hank charters will bo
interested in tho following lotter written by a'
Gentleman having an intimate acquaintance witli
Oklahoma hanking business:
"When tho guaranty law went into effect,
there were 490 state hanks, with total deposits
approximately $18,000,000, and in our last call
report for January 7th, there were G05 banks re
ported, with total individual deposits of ?54,
000,000, showing an increase of $34,000,000 in
three years. At tho same time tho national
hanks showed an increase of about $8,000,000.
"This stato being now there has naturally
been a great deal of money coming into tho
state, and strangors not knowing any bankers
or any banking institutions, but having read of
tho guaranty law, havo naturally chosen stato
banks. , . . ,
"Tho banking law has been a subject of a
great deal of discussion, both within the state
and in other states. At the time it was passed
it was discussed pro and con, and the discussion
was merely based on tho opinion of individuals
as to what tho results would bo. When bank
failuros came, it was again discussed. Howoyer,
this discussion was only among the bankers and
not among the depositors. There has been ap
proximately $5,000,000 paid to depositors sinco
this enforcement who had thoir money in failed
banks. This money was paid on demand and
thero has never been a depositor that has lost
a cent or been delayed in getting his money.
"On account of failures tho hanking board was
forced, In 1909, to make a special assessment
of three-fourths of ono per cent. This was
caused by tho failure of tho Columbia Bank &
Trust Company and taking care of other in
stitutions which wore dominated by this bank.
"Whon tho present banking board took
charge of affairs, thoy did not feel that they had
sufficient funds to meet any crisis that might
ariso and they levied a 1 per cent special assess
ment. However, this is not needed for im
mediate use, but is to bo held in the treasury
so they will ho able to take caro of any condi
tions that might aTise.
"This special assessment has started another
discussion, and at tho present time there are
several stato banks that havo taken out national
charters, or are contemplating it. These are
some of the largest state banks in the state,
but, their taking out a national charter will in
no way cast any reflections on the law, or
weaken tho efficiency of the same, and taking
tho conditions as thoy are today, and the law
being held constitutional by the supremo court
of the United States, it is our opinion that the
guaranty law today is stronger than before, and
that the depositors are as amply protected and
are just as sure of receiving their money when
they desiro it as they havo been in the past."
Th Commoner.
not issue if no federal dispute of industry were
"Tho ' expanding organization of industry
makes it essential that thero should he no
abridgement of the right of wage earners and
producers to organize for the protection oi
wages and tho Improvement of labor conditions
to the end that such labor organizations and
thoir members should not be regarded as illegal
combinations in restraint of trade.
"We favor tho eight hour day on all govern
ment work. "
"We pledge the democratic party to the enact
ment of a law by congress as far as the federal
jurisdiction extends for general employers'
liability act covering injury to hody or loss of
lifo of employes.
"We pledge the democratic party to the enact
ment of a law creating a department of labor,
represented separately in the president's cabinet,
which department shall include tho subject of
mines and mining."
There was a direct issue between the two
parties on the labor question . and labor has
received, and can expect, but little from those
who are in control of the republican party.
THE DENVER PLATFORM
The Denver platform contained the following
plank on the labor question:
"The courts of justice are tho bulwark of
our liberties and we yield to none in our pur
pose to maintain their dignity. Our party has
given to the bench a long line of distinguished
judges who havo added to the respect and con
fidence in which this department must be jeal
ously maintained. We resent the attempt of
tho republican party to raise a false issue re
specting the judiciary. It is an unjust reflec
tion upon a great hody of our citizens to as
sume that they lack respect for the courts. It
is the function of tho courts to interpret tho
laws which the people create, and if the laws ap
pear to work economic, social or political in
justice, it is our duty to change them. The
only basis upon which the integrity of our courts
can stand is that of unswerving justice and pro
tection of life, personal liberty and property.
If judicial processes may bo abused, wo should
guard them against abuse.
"Experience has proven the necessity of a
modification of the present law, relating to in
junctions and wo reiterate the pledges of our
national platforms of 1896 and 1904 in favor
of the measure which passed the United States
Eenate in 1896, but which a republican con
gress haB ever since refused to enact, relating
to contempts in federal courts and providing for
trial by jury in cases of indirect contempt.
"Questions of judicial practice have arisen
especially in connection with industrial dis
putes, We deem that the parties to all judicial
proceedings should bo treated with rigid im
partiality and that injunctions should not he
issued in any cases in which injunctions would
THE MORAL REVOLUTION
In a recent issue of The Commoner, reference
was made to tho experience of Rudolph
Spreckles as a reformer. He is only one of
many the number is increasing whose soul
asserted itself in spite of environment. Tom
Johnson is another. His convictions became of
more importance to him than monkey-making,
and he has for a decade been devoting himself
unselfishly to public affairs. George Fred Wil
liams, of Massachusetts, was an early convert
to the doctrine of service. His heart was
touched by the injustice done by the predatory
interests to the masses and he was for years
like the voice "of one crying in the wilderness,"
but he has more company now. Louis Brandeis,
of Boston is a later accession to the ranks of
the converted. His experience with corporations
convinced him that there were abuses that
needed to be remedied and he proved a tower
of strength to the shippers in their fight against
an increase in freight rates.
Frederick Tpwnsend Martin, of-New York, is
the last to listen to his conscience. A little
more than a year ago he made a tour of the
country at his own expense in the interest of
homes for ambassadors a democratic measure
which has since received th.e endorsement of
congress. Later he wrote a series of articles
for Everybody's, taking as his subject, "The
Idle Rich." The New York papers now report
a speech which he made at a mission settle
ment. This speech shows how overpowering the
sense of brotherhood is when it takes possession
of a man. These are a few of the growing army
of rich reformers who have been brought to the
front by the moral revolution. The nation's
conscience is being stirred and there is nothing
that can withstand the conscience when it is
once aroused.
VOLUME 11, NUMBER 18
template, because it is almost Impossible to
resist
"Do wo not perceive, at this very moment, the
extraordinary and melancholy spectacle of less
than one hundred thousand capitalists, by
means of this unchallenged combination, exer
cising an absolute and despotic control over the
opinions of eight millions of free citizens and
the fortunes and destinies of ten millions?
"Sir, I will not anticipate or forebode evil.
I will not permit myself to believe that the
presidency of the United States will ever bo
bought and sold. But I must say that there are
certain quarters of this union in which, if the
candidates for the presidency should come for
ward with this Harrisburg tariff in his hand,
nothing could resist his pretentions if his ad
versary were opposed to this unjust system
of oppression."
"Indeed, sir, when I contemplate the extra
ordinary infatuation whicli a combination of
capitalists and politicians have had the heart
to diffuse over more than one-half of this union
when I see the very victims who are about
to be offered up to satiate the voracious appe
tite of this devouring Molodh, paying their
ardent and sincere devotions at his bloody
shrine, I confess I have been tempted to doubt
whether mankind was not doomed, even in its
most enlightened state, to be the dupe of some
form of imposture, and the victim of some form
of tyranny.
"Sir, in casting my eyes over the history of
human idolatry, I can find nothing, even in
the darkest ages of ignorance and superstitition,
which surpasses the infatuation, by which a con
federated priesthood of politicians and manu
facturers have bound the great body of the
people of the farming states of this union, as
if by a spell, to this mighty scheme of fraud
and delusion."
Bear in mind that this speech was made
in 1824.
Then look around you and see how propheti
cally Mr. McDuffie pictured the future.
Thomas Watson, in, the Jeffersonian.
AN OLD TIME TARIFF SPEECH
Did you know that to the almost forgotten
statesman, George McDuflle, belongs the distinc
tion of having made the most powerful and most
prophetic speech that was ever made in congress
against our damnable tariff system?
Well, it does. Such men as Nelson Dingley
and Joseph H. Walker were good judges in such
a matter, and they regarded McDuffle's argument
as the strongest ever made against the New
England scheme of enriching its capitalists by
plundering other sections. Dr. Goldwin Smith
should also be a competent judge, and you will
find that McDuffle's speech is the one he quotes
States blB "P0Htical Hi8tory of the United
Mr. McDuffle's great speech against the pro
tective system Is too long to be reproduced here
but in the concluding paragraphs he predicted
with such clearness of vision the reign of rotten
business and rotten politics which now afflicts
us that his words read like an inspired prophecy
Sir, when I consider, by a single bill like
the present, millions of dollars may be trans
ferred annually from one part of the community
to another; when I consider the disguise of dis
interested patriotism under which the basest
and most profligate ambition may perpetrate
such an act of injustice and political prostitu
tion, I cannot hesitate, for a moment, to pro
nounce this system tho most stupendous instru
ment of corruption over placed in the hands of
public functionaries; l
"It brings ambition and avarice and wealth
into a combination which U is fearful to con-
SENATOR CULBERSON ON ARIZONA
Senator Culberson presents the case in be
half of Arizona as follows:
"Some objections are urged to the constitution
which the people of Arizona adopted, but I
favored its admission upon the broad ground
that these internal affairs should be left to
the people of that territory free frc-m federal
dictation, for that is an attribute of their
sovereignty. The act of congress of 1910, which
provided for the admission of Arizona into tho
union, commonly called the enabling act, grants
the admission upon condition that the constitu
tion shall be republican in form and make no
distinction in civil or political right on
account of race or color, and shall not be re
pugnant to the constitution of the United States
and the principles of the Declaration of In
dependence. "The enabling act also declares that the con
stitutional convention of Arizona should make
nine certain provisions by ordinances which
should not be revocable except by consent of
congress. These are absolutely all the require
ments. "The constitution of Arizona complies with
the enabling act as being republican in form,
with no distinction in civil or political rights on
account of race or color, without repugnancy to
the federal constitution and the Declaration of
Independence, and the nine ordinances referred
to were provided for in proper form. Oklahoma
was admitted into the union in 1907, although
its constitution contained the initiative and
referendum."
This is tho democratic position. Whether ono
approves of all in the constitution or not be
must recognize tho right of the people to havo
what they want provided it does not conflict
with the federal constitution.
A GOOD SELECTION
It is reported that Champ Clark has selected
Judge Charles Crisp, of Georgia as parliamen
tary clerk. It is a good appointment. Judge
Crisp Is a sen of the late Speaker Crisp and
learned parliamentary law under' his father who
is remembered with affection and esteem by
the democrats who served with' him. The son,
however, 'does' not have to, rely upon his
father's name and fame; he' has merit of his
own and will vindicate Mr. Clark's wisdom in
appointing him.
' atHkJieMO,,
