The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-04-13
JOINS THE LOBBY
Eastern Bond Brokers Impose
on Governor Stanley.
He Is Drawn. Into a Fight
Against COnnecticut's
SAVINGS BANK LAW.
Claim Iss Made That the Pend
ing Law
Is Designed Against Kansas
Securities.
THIS IS AN ERROR
According to the Information
Which Comes
From Newspapers Published In
the East.

Governor Stanley and w. V. Church,
superintendent of insurance, seem to be
working in conjunction with a lobby
composed of bond brokers in various
parts of the United States to defeat a
bill to protect depositors in savings
banks now pending before the Connec-
ticut legislature.
The governor was drawn into this lob
by by the following telegram from Spit
zer & Co, bond brokers at Toledo, O.:
Law pending before Connecticut leg
islature prohibiting savings banks from
investing in bonds of your state. Should
take immediate action to prevent it's
passage and protect the states credit"
This telegram fell like a bombshell in
the executive office late Wednesday af-
ternoon. 1t created a sensation and the
governor Immediately sent the follow
ing message in reply:
kansas will resent unfrendly legis-
lation by any other state.''
Governor Stanley summoned w. V.
Church to the executive office and the
conference, it is said, discussed the ad-
visibility of threatening to revoke the
licenses of all insurance companies hav-
ing headquarters in Connecticut and
doing business in Kansas in the event
such a law is passed. The governor was
indignant and declared:
Kansas is a bigger state than Con-
necticut but Connecticut doesn't know
it. Why we raise more corn in a year
in Kansas than Connecticut's nutmegs
will bring in 80 years.
Governor Stanley and Mr.. Church
like the officials of adjoining states have
been deceived. The law according to
the Connecticut papers, now pending in
the legislature is designed solely to pro-
tect the employees of shoe and wooden
and cotton goods factories and other
classes of laboring men who deposit
their earnings in savings banks. The
law does not contain a single reference
to Kansas or any other western state.
1t is not designed as unfriendly legiSla-
tion to other states. 1t is simply a pro-
tective measure which reaches and cuts
off some of the revenues of bond deal
ers. The bond dealers are responsible
for this excitement. They have con-
strued the bill to be inimical to the fin
ancial interests of other states and have
aroused the officials to a fight on the
bill. Just why bond firm in Toledo a
town which is no more than awake half
the time, should be SO interested in the
welfare of Kansas is also inexplicable.
The whole matter, seems to be, a gi-
gantic joke. The governors and asso-
ciate officers of western states are bonn
harding the Connecticut legislature with
protests which are not understood.
Kansas attempted to enact laws to pro-
tect the interests of depositOrs in banks
but bond firm interpreted such a
law to be unfriendly to other states. The
pest lnIorIndtIoil oplalildple touay lnol-
Gates that there is no cause for such eX-
traordinary measures as the revoking
of insurance company licenses.
Other states have been drawn into
this controversy and conservative men
today say that the Kansas officials have
been deceived into helping the eastern
bond dealers lobby in defeating a bill
designed to protect laboring people.
Kansas securities are begging for
purchasers on no market in the world.
Kansas money is being loaned in the
east. Kansas bonds are worth 100 cents
on the dollar and are as good as gov
ernment bonds. A man who knows any
thing about financial affairs in the
United States knows this to be fact
consequently there is no reason why
Connecticut should consider the enact
ment of such a law as the telegram to
Governor Stanley indicates, and the
Connecticut well as other eastern
papers refer to the law as measure
to protect depositors in savings banks"