The Washington herald., 1907-10-29

Gov. Frantz. Of Oklahoma, who is in
Washington in connection with the mat
ter Of the proclamation Of the Oklahoma
constitution by the President, was ad-
vised yesterday that the acting governor
of the Territory, Charles Filson. had pro-
claimed a legal holiday in that Territory.
extending from October 2S to November g.
This action was taken in order to pro
tect the banks Of the Territory, in view Of
their shortage Of actual cash and their
inability TO get money from their deposi-
tories in Kansas City. st. Louis. and Chi
cago According to adv;ces received here,
this course was adopted after consul
tation held by telephone by the leading
bankers of Oklahoma, Indian Territory,
and Northern Texas.
While Il is declared that all Of the
banks are solvent and no anxiety is felt
on that point yet in view OF the demand
for actual cash to move the cotton crop.
and FOR other purposes, it was agreed
the best way out Of the difficulty was TO
ask the acting governor to proclaim
legal holiday for the entire week after
which. it is believed. money will be forth
coming. and the repositories OF the coun-
try banks viii be able to furnish cash.
instead of the clearing house certificates.
which cannot DE used 10y the depositors
in the small banks. Acting Gov. Fnson's
proclamation follows.
Tex; Of Proclamation.
Whereas # appears to the undersigned,
acting governor of the Territory Of Okla
h0ma, that all OF the leading cities of th.
United States. through their clearing
house associations. have entered into an
agreement TO protect themselves against
conditions which they are apparently un-
able 20 control, and by such concerted
action are refusing 10 ship currency to
country banks which have deposits with
them, or to honor the bills Of lading
drawn upon the banks of such. or 10 paw
checks Of customsTs over the counters:
and
Whereas such action makes IL inn
possible for the banks Of Oklahoma 20
meet the immediate demands upon them
for currency 90 pay for the cotton and
other products of the Territory. and
w hereas our banks appear 10 be In a
solvent condition. therefore.
BE 1t ordained, that a legal holiday.
extending from October y six davs 10
November be proclaimed
CHARLES FILSON.
Acting Governor"
Gov, Frantz said last night that while
the contingency had arisen since he left
the Territory, and acting Gov. FHyon.
VINO Is the secretary OF the Territory. /
had been compelled to take this course /
during his absence, that he fully ap- /
proved what he had done.
Governor Ia Satisfied,
I am fully convinced" said Gov
Frantz, that every bank in the Terri I
tory is entirely solvent. and that there
IS no cause for alarm on this point. yet
these institutions are absolutely unable /
to get money which is 10 their credit /
and due them from the big banks in /
Kansas City. St Louis, and Chicago /
which are their repositories. Actual /
cash is much needed at this time 10 1
move the crops. and hence the best course
10 pursue and to prevent what might be /
a disaster was TO declare a legal holiday
for the entire week.
At the end OF that time / believe the
money situation will be relieved and
that our banks viii be able TO get money.
The action may work temporary hard |
ship, but it is the best course that could
be pursued in the emergency"