The Globe-republican., 1908-01-23

fact shat our sister state Of Oklaho-
ma has enacted depositors'. guar
anty law, to take effect in a few
weeks, jeopardizing the deposits OF
many of our border banks ana IN
deed many Of our interior banks.
Some plausible and sincere objec-
tions are urged to this proposed law,
but I must be pardoned for believing
that none Of them will stand the test
If a careful analysis. The chief con-
;ention Is that guaranteeing deposits
will put poor bankers and good bank
ers upon common level and make
the good responsible for the bad;
that it will multiply wildcat bankers
and contribute to loose banking meth
DDS. | think it would do the very re-
verse of this. The good bankers OF
ten know when bad methods are be-
ing employed by other banks, ana
would see to 1t that these practices
were stopped by promptly informing
the comptroller or bank commits
sioner.
This new attitude Of the bankers
themselves, which would be brought
about by the law, would in itself be
strong safeguard against any Wild
cat banking. But, in addition to this,
further safeguard has been sug-
gested, which seems to me eminent
| ly wise, by providing in the law that
all deposits drawing over three per
cent interest-6r any other fixed per
cent which you may think wise
should not be protected by this guar.
anty fund. This limitation would
| prevent the wildcat banker from taxi
ing interest-bearing deposits away
from his competitor by offering q
higher rate of interest than his con
servative competitor would give.
The urgent demand for this law
and for the calling Of this special
session to enact 1t has come to me
from every part Of the state and rep
resents every business interest.
The people want this law, and to
fail to pass 1t at this time Is by nc
means to settle the subject. II
would only prolong 0the controversy
beg you to pass this law for tne
benefit of depositors, bankers and all
forms of business alike.
The Railroad Problem.
Perhaps no state in the Union has
nut upon its statute books In the last
three years as many laws In the IN
terest of the people in their relation
to transportation companies as has
the state of Kansas. The enactment
of the anti-pass law by the last legis
lature the material strengthening o.
the railroad law by that body the en-
largement of the powers of the boart
of railroad commissioners, the liberia
appropriation made for the enforce
ment of its mandates, the putting In
to effect of a two-cent passenger rat'
since the adjournment of the legisia
ture and the preparation by the boar'
of railroad commissioners of care
fully considered freight rate sche
dule seems to have satisfied the pee
ple that the administration means t
do everything possible to protec
them against corporate injustice AM
greed. The Importance of this freigh
rate subject cannot be overestimatec
The elaborate schedule of freigh
. rates prepared with the air Of expert
is now ready for the judicial hearin
, contemplated by law and this heal
ing is soon to occur. The new boar
of railroad commissioners has rapit
ly grown in popular favor | doub
the wisdom of projecting this matte
requiring time and great care 70
equitable consideration = into tn
t hasty councils of an extra session G
: the legislature.
: The schedule of freight rates refel
: red to above has been preparedby tn
/ board with great care, and yet eve
t the board is not sure that 1t Is abs
Y lutely Just in all of its items. A
] these matters must be heard and d
| cided by the board before the sch'
dule is complete, and all this intens
fies my belief that it Is not pract
$ cable to attempt to pass Upon a
S these questions at this brief speci'
:. session, when these other and MOI
: pressing matters demand attention
4 Since the adjournment of the reg
e lar session a two-cent passenger fal
n has been secured upon all the RAJ
5 roads in this state. Counsel for II
J. corporations contend that the boal
n of railroad commissioners had no |
= gal right to change a statutory pa
s senger rate and this proposition vi
v no doubt be seriously argued by the
5 in the courts. This question shou
J. be settled upon Its merits and n
S upon technicality. While ha'
l. no doubt myself Of the legality OF Il
;. order of the board, nevertheless
" recommend that you remove tn
phase of the question from contr
s. versy by the enactment of straig
e. two-cent passenger fare law and
n cidentally the repeal Of the mica
lr book law.
e Law Enforcement.
IS Prohibition of the liquor trait
N which has been the policy of II
IS state for twenty-seven years, gro
IL in favor not only here but evel
X where.
lg Experience, however, has demo
ID strated the need Of a few addition
re provisions of law on the subject, a
IS these will be submitted to you in
e. bill carefully prepared by the LEI
IS department Of the state.
We Conclusion.