The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-01-21
Gov. v.HOCH'S REPLY
Calls Banker C. @. Chandler to
Account.
D1sprOves His Statement About
Bankers Association.
ABOUT MR.. RIDGLEY.
Has Given Out Only kilograms
on This Question.
Gives Names of Prominent Firms
Asking for Depository Law.

'ourndi statement in reply
TO the interview printed in these col.
unns few days ago from c. Q. Chan
oier' the prominent Wichita banker, on
the subject of a guarantee deposit law.
Inc governors statement is no doubt
intended to influence the house and
senate to enact strict guaranty de-
poslt law. and it is as follows:
TO the Editor of the State Journal.
MT e. y. Chandler. a Wichita banker
mas given out through the columns of
your paper an interview which seems
10 require an answer. In this interview
MT. chandler charges that the banks
OF TINS state have been grossly mis-
lepIesehteo concerning their attitude in
reference to the depositors guaranty
proposition and cites the recent meet
ing OF the executive council of the Kan
sas BANKERS association as proof of
TINS 1act: Men were there" he SAYS,
from whom Governor Hoch claims to
have letters who absolutely deny ever
naVlng written the governor they were
Tor It,. Will Mr.. Chandler be good
enough to name these gentlemen? He
ought 70 do this or retract this imputa-
tlon. Mr Chandler says that at that
meeting there were present representa-
tives of 48 national banks and SO state
banks. and that every one of those
present absolutely and unequivocally
enactment of any guaranty law. Well,
have the names of the 21 gentlemen
who were present and / know that sew
erai Of them have expressed themselves
strongly in favor of the guaranty pro-
position. One of them has made a
speech before two bankers conventions
in the past year and that speech is In
pamphlet form It is great speech and
its arguments have never been answer
ed by Mr.. Chandler or any one else
By the way. how does it happen that 21
gentlemen represent III banks? And
in this connection Mr.. Chandler will
pardon me for saying that inasmuch as
he himself represents a dozen banks
in my judgment when we get a really
| ideal banking law in this state no one
| man will be permitted to organize and
control what is known as a chain of
banks such as Mr.. Chandler now owns
| and controls, ana in this opinion I be-
Heve the conservative bankers of the
! state agree with me- But what do the
depositors in these III banks think OF
| 81 gentlemen getting together and
solemnly resolving against guarantee
ing their national. state and county de-
posits, and how would these II gentle
| men like 1t If all the people who bor-
row money from their banks should get
together and solemnly resolve that the
bankers should not compel them to also
amply secure the money they borrow
from them? Why has not the borrower
in front of the counter as much right to
object to guaranty as the borrower
behind the counter? For be 1t remen-
bered that the banker borrows from his
depositor quite as surely as the busi-
ness borrower borrows from the bank
Why didn't these 81 bankers ask into their
council chamber some of the patrons
of their banks to mutually discuss this
mutual interest? 1t seems impossible
for gentlemen like Mr.. Chandler to un-
derstand that this is not wholly or even
primarily bankers proposition. 1t Is
x-il n
I will venture to say that nine out of
ten of the patrons of all of Mr.. Chan
dler's extensive chain of banks desire
this legislation.
About Mr.. RidgIey.
"The governor has represented from
time to time, as 1 understand it," says
Mr.. Chandler. that he has letter from
Comptroller Ridgley in which he states
that the national banks can come in
Now 1 have made no such representa-
tions and Mr. Chandler is cordially in
yited to produce any such statements.
1 have published several kilograms
from the governor of Oklahoma and
from the comptrollers Office direct and
that is all 1 have done in reference to
the matter. 1 have printed two tele-
grams from the comptroller's office, the
last one dated January 13. 1908. in
which it is expressly declared that
"the comptroller can express no opin-
ion on the subject until formal appli-
calling for official action. Question
will then be submitted to the depart
ment of justice for legal opinion" II
Mr. Ridgley has been misrepresented
in this matter, Mr.. Chandler says
he has it has been by some one else
and not by me. But suppose Mr.. Ridg-
ley has expressed an opinion against
this project. That is simply the opin-
ion of a very pleasant eastern banker
who happens to be comptroller of the
currency at this time, while on the
other hand 1 have a recent letter from
the able f1nancier and successful bank
er, Mr. Ridsley's predecessor. Hon.
Charles G. Dawes. favoring this guar
anty proposition. Indeed, Mr.. Dawes
wrote a book on the subject more than
a dozen years ago. His opinion, with
| out disparaging Mr. Ridgley, is as
good as Mr.. Ridgley's. But neither is
| conclusive nor will the opinion of the
attorney general, even, be conclusive,
whatever it may be. The courts would
have to finally decide against this pro-
| position to make it conclusive. But to
| me it seems absolutely ridiculous that
the national government will refuse the
200 national banks in Oklahoma par
| ticipation in law already enacted in
| that state Governor Haskell of Okla
| homa. and Senator Owen of that state.
1 the latter one of the most prominent
| national bankers in the new state. ridi-
! c1Ile the idea that the national banks
| will not be permitted to participate.
| that this whole agitation is sprung
here at this time for the purpose of de-
! feating this legislation at this extra
| session
Want a Guaranty Law.
! Mr.. Chandler picks out a few coun-
| ties where he says a majority of the
bankers are opposed to this proposition
|