Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-03-16

1 conf table, an everybody know feels
good law we orter had long time ago.
But it pears like people learn some
thin every day"
| One day 1 talked with a farmer, as
we toasted our shins around q stove
| in the back end of a store. This law"
| said the man, bundled up in his sheep
! lined duck coat, makes me feel good
and comf'table. When the bankers got
| tight 1 brought in my bale o. cotton,
and I couldn't get money enough to
buy side of bacon and a sack of
| flour. OF course, they were willing to
give me some of their scrip, but I
didn't know how good that was, and I'd
rather have the greenbacks any time
than this here scrip. Pears to me like
this is a powerful good law, and all
the people out my way likes it. We
have to borry little money every
year while we work our crops, and we
have got to put a plaster on every
thing We have to get it. If Mr.. Banker
comes and squeezes us we have to lose
lots more than we bargained for. And
then it pears to me like when man
has got something to sell that some
body else wants to buy, they orter be
money enough floating round to make
q swap"
The merchants I have met in Okla
homa, and have questioned hundreds
of them, to man are pleased with
Oklahomas new law One Of them,
speaking practically for all, had this
to say: "Most merchants, twice a
year at least, need to borrow money
to discount their bills. Ordinarily VIZ
can borrow money for from eight to
ten per cent per annum, and by dis
counting our bills make from two to
!! three times this rate Of interest. In
fact, the discount that a retail mer-
chant takes is a big part of his net
profit. If we can borrow from our home
banker and discount with the whole
sale man in Kansas City, or st. Louis,
or Chicago, or New York, this
strengthens our credit. Credit helps us
to extend our capital, and to make
more money than if we depended upon
our capital alone"
The busy bees of misunderstanding
men-are now thick in Oklahoma, They
all report business good
AS the Bankers See It.
Before talking with Governor Haskell
had also talked with many bankers
turnout Oklahoma.
I had found that what Governor
Haskell had said in relation to how
the bankers liked the new law was
correct. Nearly all of the state banks
like the law. Many Of the nationa,
banks in Oklahoma like the law Many
of the bankers think that instead of
an assessment of a straight one per
cent of their average daily deposits
right hot off the bat, they should be
compelled to put in Gas is now the
law in Kansas) only one-fifth of one
per cent each year. Still, most of the
bankers in Oklahoma on whom called
would rather have the present guaran-
tee law whereby they must pay out one
cent Of their average annual deposits,
instead of having no guarantee law
whatsoever. One bankers opinion
which is practically the opinion of
many bankers, is that this is the best
banking law in the United States to-
day; it practically provides for the
bankers what the big insurance COM
panies provide for the merchant-in-
surance. If the people feel that the
banks are secure they will put their
money in the banks instead Of keeping
it in their pockets. Our deposits will
be much larger. We can, Furthermore.
loan with safety a heavier percentage
of our deposits because we need not be
afraid of a. run The amount of in
terest that we can make from addi-
tional loans. that we can make with
greater safety. will many times over
pay this tax which We pay for insur
ance."
In a nutshell, the people OF Okla !
homa who are not bankers are pleased !,
with their new banking law: those who !
have state banks for the most part are
pleased with it. and they are the ones i
who must pay the tax. Many of the I
national banks are kicking about the
law. but. as Governor Haskell says, |
"thcy will have to come in" /