The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1910-10-29
BUILDING
A STATE
WHAT WAS DONE, WHY, AND
WHAT 1T COSTS.
CHAPTER II
State Credit and state Dept.


he dollar and that there is funded
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 We 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 hum
dred seven. The legislature assem-
bled about two weeks later. The first
appropriation of money for state pur-
poses was made by the legislature a
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 legis-
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 an
low as sixty-seven cents on the dollar
deemed 1t my duty as Governor to
| be watchful and use every effort to
preserve the credit OF this state paper
| at par value. | learned during the
day the warrants we're being pre-
pared for issue that the Guthrie bank
ers had agreed among themselves that
none should pay over ninety-hve 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, anc
| when asked for a meeting with al
the bankers | was told that 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 l called on th'
State Treasurer and the Secretary
OF the School Land Board to furnish
me a statement of how much public
building money and state schoo
money there was being kept ordinar
lily in each of the three banks from
which the three members OF thiI
committee came, and having obtaines
this information | awaited the arriva
of the committee which soon ap
peared and Joe w. McNeaI came 81
spokesman. / stated to him what
had learned as to the combination O.
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, ant
xrffU W the NnXaFnn
should butt into this matter as tn
Governor has no duty to perform u
connection with the issue and sale o
such state warrants. Why, said Joe
1 have lived in new state0 ever sine
was boy and we always expect t
make a profit out of the warrants, Il
reply to which / said to him thes'
state warrants bear six per cent in
terest and are good collateral 70
your banks to deposit to secure tn
deposit of other permanent stat
funds like public building money AM
school money in your banks and up0i
which deposits you only pay the stat
three per cent. | said the differenc
between six per cent on the state wal
rants and the three per cent you pa
on these deposits is a sufficient rrofi
for you. McNeal again repeated. yo
have nc official duty to perform. VII
do you butt into these matters, I
which replied the Constitution Q
Oklahoma makes 1t the duty Of th
Governor to see that all laws OF III
/ state are enforced and to conduct th
business of the state as a busines
man should to the best interest Ut tn
taxpayers. Some further protest b
Joe w. McNeal so angered me that
thought the conversation might iuf
AZ well terminate right then an
there. hence took the slip OF pape
showing their bank deposits and sai'
Mr.. McNeal, your bank is favored b
the state with about one hundre
thirty-four thousand dollars Of stat
deposits; to another member OF tn
4 committee, your bank is similarly 4
vored to the amount Of about sixty-si
thousand dollars: to the third men
her. yours about twenty-five thol
sand dollars, and "lf your banks bu
state warrants at 4 single penny
discount | will have every dollar
state money you hold drawn out will
In thirty minutes. Good day. Gentl
msn.n They left. Being uncertai
as to what policy they might pursue.