The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1907-12-26

Your governor reports important |
doings OF the first session Of the |
first legislature. extending from De.
cember End to December 2lst, in
elusive
Five Million Dollar Transfer.
The first act passed by tie legis-
lature was one to transfer the five
million dollars OF school fund from
Washington to this state.
The constitution provides that this
money shall be invested as rapidly
as there is application for Il; first
preference being given to farm mort.
cages.
The United States treasurer. of
course. would not pay small checks
or drafts. hence 1t was necessary
for the governor to have Senator
owen arrange for the smallest in
stallment that the treasurer would
pay, which he fixed at hafmillion
dollars. and therefore this act pro
I Nlufu lldN Nlt lAlSA hAdAA WI " hoh7
ington should be for half million
dollars out Of the five million dol
lars total, and directed that this
money should be brought to the
state, deposited in such banks as
were prepared to give the collateral
security for the safety of the de.
post and that 1t should be distribut-
ed over the state as much as pos.
sible.
Additional drafts will be made
from time to time in the same way.
| as rapidly as the investments seem
to require. This money should be
actually in the state by the end
of this week. There are. perhaps
, one hundred and fifty applications in
, letter form for farm mortgage loans
already, and these will receive at
tention in the order in which they
. are received, but there will be
. very little time required to close
3 any loan where the abstract shows
= clear title.
Each bank. as long as It holds any
. of this money. is required to pay ia
. terest on the deposit, so that al
. soon as this money reaches the sat
. its presence will be vastly beneficial
= to the commerce of the state.
= The maximum rate of interest oi
= farm mortgage is fixed at five pc
= cent per annum.
= Banking Bill.
= The banking bill. providing for tn
= guarantee Of deposits and for stric
= inspection of banks and giving tn
= state authorities power to remov
= dishonest, reckless or incompeten
= bank officers. is pronounced by a
+ fair-minded men as the best banl
= ing law in any state in the unior
= Among thousands of favorabl
= opinions that might be quoted,
= We had space to print them. "
quote the opinion of Hon. w.
= Bryan. as expressed at Guthrie las
y Saturday, wherein he said:
, Oklahoma has taken the righ
course on the banking bill. You hav
" passed law that will protect tn
people, and make Oklahoma bank
safer for depositors than those G
o, any state in the union"
gs Expense Of Legislature.
w The first appropriation bill wa
LII for the sum One Hundred Thousan
We Dollars. TO pay the mileage and pc
=, diem of the legislature, thee lerk
and other incidental expenses. Thi
Appropriation Will not only cover tn
first session up to the holiday r,
n cess, but a considerable part of tn
u next session.
"a Permanent School Fund Act.
y House Bill Number Eight Is a
ie act in pursuance of the constitution
of providing details OF the control {
III the deposits and investment of tn
4. school funds and the different kin
In of securities that banks may give I
r. secure the deposits. OF course, thi
lr depositing in the banks is a ten
m porary keeping of the money Will
b, it is being loaned in smale
I. amounts on the farm mortgages, O
p, county or school district bonds. {
ar otherwise as the constitution direct
IN farm mortgages having the first pre-
nt erence In all cases.
r; Separate Coaches.
.. This act provides for separat
IS coaches and waiting rooms for pc
Is sons of African descent. but car
VI has been taken in the drawing {
z. this law that such separate accon
AZ modations must be convenient an