The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-02-11
HAVE HOT SESSION.
CONTINUED from Page one.)

| new banks cannot be denied charters
Some of the banks, he declared, are ad-
Vert1sing to pay per cent on deposits.
| notwithstanding the law allows them to
pay but per cent. The banker gets
| around that by agreeing to pay the
other per cent individually. The
speaker mentioned that none of the
| bankers wanted the guaranty law.
Governor Stubs Takes Hand.
| Governor Stubs interrupted at this
| point to ask Mr.. Hogan a question:
| You say the bankers do not want a
| guaranty law. How do the depositors
| safe?'
Quick as flash Mr.. Hogan fired back
| the answer: It don't believe the de-
positors are making any clamor at all
| for this law; it is the politicians who
are making the cIamor."
This reply was greeted by the OPP
ponents of the bill with loud and pro-
longed applause. Governor Stubs sat
down.
Continuing Mr. Hogan declared that
the Oklahoma law is working in effect
similar to that of an old New York
guaranty law; the number of charters
far exceed any prudent estimate prior
to its adoption. Mr.. Hogan then dis
played to the members of the commit
tee advertisements of bankers offering
per cent interest. In the case of one
banker the state bank commissioner re-
buked the banker for advertising more
than per cent interest on guaranteed
deposits. The next day this banker
had an advertisement in the paper
stating the action of the commission
er. and adding THE bank will pay
per cent on deposits and I, the presi-
dent, individually will pay the other
per cent. have been banker for
many years. I own considerable prop
erty and stand well in the community
and am a member of the Masonic Or
der, the Odd Fellows, knights of
Pythias. Eastern Star and Rebekahs. .
On motion of the committee Mr..
Hogan was granted additional time to
present clippings of bank ads. and an
swer questions. While showing the
clippings to the committee Mr.. Hogan
remarked that the guaranty law is a
bad thing,
DO you mean the Oklahoma law is
bad?'' asked Representative Watson of
the committee.
ANY guaranty bank law is bad re-
I'VE agree the Oklahoma law is bad"
said Mr.. Watson.
Your law is just like it in principle"
retorted Hogan.
I'VE don't think So said Watson.
Some of us do" declared Repre-
sentative Snyder of the committee.
A number of gentlemen present asked
Mr.. Hogan questions concerning the
One gentleman asked: Mr.. Hogan,
you stated this law was enacted in
Oklahoma to try out a Bryan idea. Do
you know the Republicans of Kansas
from the governor down are stealing
Mr.. Bryan's thunder?"
II won't deny that" answered Mr..
Hogan.
Favors the Bill.
Mr. J. T. Jones of Whitewater. Kan. |
was heartily in favor of the bill. He
said he heard a prominent national
to kill the guaranty BILL He told of
conditions in Oklahoma from the 9TH |
er side. He said the wad of greenbacks |
the farmer formerly carried In his
pocket is now a deposit in d guaranteed |
bank. He opposed eliminating the in |
terest clause and while he suggested |
some changes he said he would be con-
tent with the law just as 1T is rather |
than no law. Mr.. Jones talked quite |
rapidly and for considerable time and |
occasioned an outburst Of laughter
when. preliminary to starting into an
other line of argument he paused and
said: Il only want to make few
more remarks, because 1 am sick and /
want to get back to the hotel"
No one would undertake to estimate
what Mr.. Jones could do in the way |
of extended argument when he is feel
ing real well.
Mr.. Bergman Speaks.
The audience called for Mr.. ]. w. /
Bergman, a banker who it is said has
been conducting the attack of the OPP
position.
"a
that the guaranty idea is wrong in /
he said. Here we are
confronted with the situation that
both political parties have pledged /
themselves to some kind of a guar
anty law. As bankers we felt it was
no use to protest against the legisla-
ton because some kind of guaran-
ty law would surely be passed. How
ever, we want to discuss the PROPOSE
ton and protest against certain pro-
visions"
Mr. Bergman thought the bill Of
fered by Senator Quincy is fairer than
interest bearing deposits in
the guarantee. He thought that feat
ure would open the way for bad bank
ing and bad practices. The law pro-
posed he said, will wipe out all indiv-
duality of the banks and honor. abil-
ity and integrity of the bankers and
banks will stand for nothing in a bust
ness way. The bill he thought would /,
be less Objectionable if the interest
clause were eliminated.
senator Fowler Favors Measure.
Senator Fowler spoke briefly in IA
vor of the bill and Senator Cambern,
who presided, read a telegram from a
banker favoring the bill.
why don't you read the pocketful
of kilograms opposing the bill % asked
Senator Lower.
Judge Chas. E. Lobden state
banker of Larned, who has also been /
opSeiNeU very frequently dTou1Au the
senate and house recently. was called
upon. He said the interests of the de-
positors and bankers are similar and l.
not inimicable, and that the bankers
want to do all they can to safeguard |
depositors. The speaker appeared to |
have we'll defined crouch against the
public prints to which he referred /
several times. The sovereign power
of the state at the election settled the |
question of whether or not we should
have guaranty law, he said, and he
realizes it must come. The present
bill gives bankers no voice as 70 the |