The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-01-08


Of It IN -the constitutional convention
and during the campaign we talked
about It. and was one Of the cAndi.
dates IN that campaign
Defends Low interest Rate.
am glad. indeed that the legisla.
tire OF Oklahoma and the Governor
agreed that the money should be
loaned as five per cent Why, a man
came 10 me and said, Haskell. yon
can just as easily get seven per cent
as FIVE. said we did not want seven
Der cent, but said conndentally n
ON trying 10 work a scheme on the
farmers OF Oklahoma and the scheme
is this: We have got to keep them
busy We have to keep them work
ing Whenever they quit the rest Of
us will have to move away from here,
there will be no business. but If they
can borrow a little money to help
with the development of the farm
and put heir acres under cultivation,
but a little more sock to sat up the
rough food, If they can get money at
low rate of interest they will be
able to raise one half more crop than
they now rlise an,- when they do
that the merchants will be selling
Ono.hglf more LooCs and the lews
papers viii hS ehaf more sub
scriptions 'ou seo Il rs a priva,e
scheme CT mine % not ct.'e about
your little one per cent more which
we might squeeze tut Of him, for that
scnool money Is not going to belefit
the state by he IouIt of interest
which it draws, but by tho .essening
it will make in the farm mortgages
Farmers ~. 81 y.
You and 7 know that FIVE million
dollars will not supply more than one
fourth of tho rloney that the farmers
could use ~ a gJoL advantage. If they
could get it at low -ate of interest;
but five million dollars is good start
eI and at a low rae of interest will
he a basis ior other money lenders
] remember while living in Ohio that
the rate Of interest on farm loans was
exceedingly high, until a company
} from Connecticut came into CIR locali-
y in northwestern Ohio. They stated
the first crack out of the box, that
II you wanted a small sum, q think
H. eiimit was three thousand dolars),
II would cost you six per cent. If you
wanted three thousand, or more. it
would cost you FIVE per cent. The
George William Ballou Company,
which had been one of the old opera
tors there. quit the field. but the life
Insurance companies stayed with the
field. and reduced their rates. and you
people may think I am joking. but /
nm not. when ! SAY that We felt bet
ter in paying ninety-six dollars a year
tia none hundred aud sixty dohars
interest per year Don't think the
farmers can't figure, for they can, and
have TO, or go hungry
What Makes state Rich?
! am jest trying TO give reasons
why believe that this school fund viii
do the state more good as a guide to
money lenders, than from the amount
o. interest We can get on it, We
raised one hundred million dollars
worth OF farm products last year.
When we can show that we have
raised one hundred and fifty million
dollars worth. the state is going to be
so rich that 1t won't mind II Haskell
and this senate got one per cent inter
est less for farm mortgages than they
could have made the farmers pay.
Now. my friends, Just remember this
They say they want our state to be
rich. Alright we all agree. but right
here Is where we split What makes
state rich? There is where we
divide. What rakes it rich? To
have Treasurer Menefee's safety vault
50 filed with dollars that We cannot
shut the door and as a result of the
greed of the state have the tax pay
ers and farmers over the state be in
such a condition that they have no
doors TO shut Why, my friends, such
is the condition of Russia You Just
| remember few years ago, when some
of our gray haired fellows were boys
when Russia was considered the
strongest financial government in the
world Russia could sell her bonds
a. the lowest rate of interest OF any
civilized government. Russia was all
powerful in the finance of the world
| Her plan WAS to make the treasury
az st. Petersburg strong II does not
make any difference whether the
serfs on the plains of Russia have
food TO eat. Just 80 the national treas
ury is full. Now, my friends, ] say
they are taking the wrong course
Now. would not feel badly ii | went
into Treasurer Menefees office and
he would say TO me u cannot pay yot
your salary this month for we haven't
any money. If realized that the peo
~ Of this state are well 10 do al
home and able TO put up a littlemOneS
IL the state needs IT, The state Is
rich In the sense that its people arr
prosperous. contented and happy
Addr Is by 2, rfoN's.
AT the recess OF ,he senate Tues
day afternoon, Senator Campbell Rus
sell was presiding, md introduced
Doctor Samuel J. Barrows to the as
sembled guests and senator's.
The distinguished STUDENT of prison
reform was at his best and warned
the senators chat more criminals wer'
made by reason of officials not dis
eliminating than by any oti,es meth
cd
His plea for a reformatory preside,
over by skilled men in the art O
handling the fallen making each con
yicted meu earn his bread aud a wa,
to provide for existence. was really
able and lar above the expected