The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1910-10-31
BUILDING
A STATE
WHAT WAS DONE, WHY, AND
WHAT 1T COSTS.
CHAPTER u
State Credit and State Dept.

thS tiiut ti-iN ~
debts of the state to the amount II
three million dollars.
say that the State Of Oklahoma
has never failed to realize one hun
dred cents on the dollar out Of every
current expense warrant that the
state has ever issued. and that no
other state admitted to the union
since the year eighteen hundred sixty
Except Oklahoma) has ever kept Its
state warrants at par through the first
three years OF state government, and
In connection with this 1t is fair for
the people to realize that maintaining
the state credit has been a difficult
Job, requiring the most constant at
tention on the part of the Governor
and often requiring emphatic and Wig
orous action. | believe that every
honest man, Democrat, Republican or
Socialist, will agree that the Cover
nor of the state had the right to ex-
pect that every loyal citizen would
be patriotic enough to use every pos
sible effort to aid the Governor in
maintaining the credit and GOOD name
Of the state, and we are pleased to
say that many Republicans as well as
Democrats have proven their good cit
izenship by assisting the Governor
on many such occasions, but N3 re-
gret to say that Joe w. McNeal has
not proven himself worthy Of the
rank of good citizenship as the fol
lowing instance will plainly show
State government was proclaimed
November sixteenth, nineteen hun
dred seven. The Legislature assem-
bled about two weeks later. The first
appropriation of money for state pur-
poses was made by the legislature
couple OF days before the adjourn
ment for the Christmas and New
Years holidays. The state warrants
would be prepared under this appro
priation the following day and the
next day the warrants would be- dis
tributed to the members of the legls-
lature, state officers and others who
had served the state or furnished 1t
supplies or material. About one hun
dred thousand dollars would be the
total amount of the warrants Issued
under that appropriation. Knowing
that in Territorial days the warrant
buyers combination had at times
driven the price of warrants down as
low as siXty-seven cents on the dollar
| deemed It my duty as Governor to
be watchful and use every effort to
preserve the credit Of this state paper
at par value. l learned during the
day the warrants were being pre-
pared for issue that the Guthrie bank
ers had agreed among themselves that
none should pay over ninety-fve cents
| on the dollar for these warrants. |
Immediately called one OF the bank
ers on the telephone and learned from
| him that the report was true, and
when | asked for a meeting with all
the bankers | was told that a com
mittee Of three had been selected
which would represent the bankers
on this question. | then had the com
mittee invited to my office, and while
awaiting their arrival ! called on the
State Treasurer and the Secretary
OF the School Land Board to furnish
me a statement of how much public
building money and state schooi
money there was being kept ordlnar'
lily in each of the three banks from
which the three members or thls
committee came, and having obtained
this information ! awaited the arrival
of the committee which soon ap-
peared and Joe w. McNeal came as
spokesman. ! stated to him what /
] had lCArDpO dS W lHt SOlhDlhuNipiA "a
trust or whatever they might call 1t,
agreement to cut the state warrants
down to ninety-five cents on the dol
/ lar. He said, yes, that is correct, ana
we see no reason why the Governor
should butt into this matter as the
! Governor has no duty to perform In
connection with the issue and sale OF
such state warrants. Why, said Joe
] l. CD
7 was a boy and we always expect to
make a profit out OF the warrants IN
reply TO which / said to him these
state warrants bear six per cent in
! terest and are good collateral for
your banks to deposit to secure the
deposit of other permanent state
funds like public building money and
school money in your banks and upon
which deposits you only pay the state
three per cent. / said the difference
hetveen six per cent on the state war
rants and the three per cent you pay
on these deposits is a sufficient Profit
for YOU. McNeal again repeated, you
have no official duty to perform, why
do YOU butt into these matters, &c
which I replied the Constitution OF
Oklahoma makes It the duty Of the
: Governor IO sec lhat OIL -
state are enforced and to conduct the
business OF the state as a business
man should to the best interest of the
taxpayers. Some further protest by
Joe w. McNeal 80 angered me that
thought the conversation might JUS
as we'll terminate right then ant
there. hence took the slip OF papel
showing their bank deposits and said
Mr.. McNeal, your bank is favored b,
the state with about one hundred
thirty.four thousand dollars Of state
deposits; to another member of the
committee, your bank is similarly ia
yored to the amount Of about sixty-si'
thousand dollars; to the third mem
Der. yours about twenty-five thou
sand dollars, and "if your banks buy
state warrants at a single penny
discount I will have every dollar o
state money you hold drawn out with
In thirty minutes. Good day, gentle
men" They left. Being uncertain
as to what policy they might pursue
requested Lieutenant Governor Geo
w pellamy 10 take the hrs; trail