The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1910-04-19


money for ninety days only" After
the ninety days is up he goes to the
bank willing to extend that note at
the same rate, but is told by the len
der money is scarce, and we will
have to charge you "a or IS per cent
to extend IT, until fall Now, in the
first place, it was contract. lie
could have kept out but the under
standing that the note will be extend
ed. the second instance is not con
tract; it is a holdup. And thsre IS
where the law needs the strongest
penalty even criminal ii necessary,
that when such loan is made for the
privilege OF extension the party is
held up for a greater rate than The
rate originally agreed upon. say this
because every money lender knows
at the time he makes loan that in
most instances he himself expects to
extend the note, and should make
such rate in the beginning and not
inveigle the man in and hold him
up on an extension. This procedure
to held up, and this notwithstanding
fraud by agents In an eagerness 10
get large comission, are the two
things that have created sentiment
for stringent usury laws in Oklaho'
ma Bankers themselves are respon.
sible for It. Not all Of them, II Is true
but public sentiment operates against
all. You will observe the bank that
makes its loans and has the same uni
form rate never has troubles upon
the usury question in the courts.
have gone into this extended argu
ment and have made the investiga
tion covering the questions OF inter
est as much as anything else to show
the money lenders the fuel Of ther
own fires; men win not permit incl
lectual cunning, fraud or noldup to
continue, even in the name OF the
sacredness OF contract The fore
going are my reasons for favoring us
uary laws
The first duty of government is tc
protect rights-the rights of the citi
zen from fraud or force. whether ply
sical or OF mental cunning.
Draining The Vests Wealth.
In the discussion Of the trust ques
tion Illustrations are best made from
the story OF che federal government
Abnormal concentration of wealth
and Of population, are the two evils
that have heretofore existed in oul
goyernment-piing up immense wealth
by legal favoritism in the hands oil
the few and leaving poverty strick
en- others. In the United States, re
ference TO the statistical abstracts
and census, will show the growth oil
population in the cities. and this i:
shown greatest at times when there
Is Capitalization OF wealth; the drain
age of one section to make another
2
protection and the coinage or contro
OF money. The census OF 1880 shows
but four per cent of the entire popu
lation living in cities; the population
fifty years thereafter, or in 1850
IL 1-2 per cent while the population
for the next fifty years, or IN the
year 1900, shows an increase OF near
ly three times as great, or thirty
| three per cent. The rise in the crowd
ed population of cities increased with
the increase Of tariff duties and the
protection of manufactured interests
In 1850 we had the Walker tariff, and
in fact during the first half century
tariffs for the most part were made
upon revenue basis. while during
the last forty years of the past cen
tury they were based upon the prin
ciple OF protection. The statistical alb
stract of 1905 will further disclose
/ that in 1870 the farmers Of the Soutt
alone owned one half of the wealth
| of the United States; that in 1856
! they owned one half OF the wealth oi
the country From 1860 to this date
this wealth they produced has been
/ drained from their hands until they
now own but one sixth. That same
abstract shows where 1t went and II
will show its greatest increase during
the years OF the greatest protective
tariffs and when the money volume
! WAS reduced or controlled That same
abstract will show that the manutac
urer Of the country, for the most par
located in the six New England
states, in 1904 made net earning OF
more than 100000, 600, greater
sum of net earnings than was evel
made by the farmers in any one year
It will show that the steel manufac
turers for the same year made 500,
100000, over and above eight pei
I cent net profit. which is a greater
like net profit, according to the same
I abstract, than was ever made in one
year by all of the farmers OF the Re
public
DO you tell me,-does the banker
or professional man, does any man II
Oklahoma tell me that the constant
drain OF this great volume OF wealth
to one section OF the country bene
fits his busines any more than 4
does the farmers? Are not ALREADY t
admit that whatever will tend to I'M
/ prove the condition OF the farmar q