The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1911-09-29
the record he made in his old position

A wise step was taken by f II. Bax-
ter, state superintendent of banks and
banking. when he decided to eradicate
the professional bank promoter De.
positors, heretofore. have been feeced
of thousands of dollars annually by
these promoters
Baxter has issued notice that here.
after it will be impossible for any
professionally promoted bank to oh.
tain certificate of authority to begin
busineess, and that the professional
bank promoter need not expect any
consideration at the hands of the de.
partment. In fact, hereafter, when
ever it appears to the department that
an application for a certificate to be.
gin business is made by professional
bank promoter, the application will
be Immediately refused without furth.
er investigation.
In almost all cases these banks are
organized in places too small to sup
port a bank or else in locality in
which the banking field is already
crowded. The new law gives full au.
thority to the state superintendent to
withhold his approval of an applica-
gusiness, and this, in the future, will
be closely followed by the depart
ment. There are a number of these
banks in the state which are strug-
Cling to exist, and the state depart
ment in the past has been doing all in
it's power to get them in better condi-
new law, it is believed to be time that
the banks should be able to stand
alone, and they will be held strictly
to the law.
In places where the field is over
crowded with banks efforts will be di-
rected toward consultations, and If
no consultations can be made, the
banks which show an utter lack of
earning power and are a menace to
the financial situation will be urged
to go into voluntary liquidation. No
obstacles will be placed in the way
of the organizers of bank where one
is needed, but all efforts of the de.
partment will be given toward the as
sistance of the men who are behind
it, but in the case of the professional
bank promoter, the department will
set it's face against all his efforts and
will strive to undo the harm he has
done to the financial situation in nu-
merous localities in Ohio.
Six months ago Republican papers
were printing story sent out from
Columbus to the effect that "in prac-
tically all the cities of the state, the
peoples pride. the free common school
system, is feeling the heavy hand OF
the blighting Harmon Democracy
The alleged mistake of Governor Har-
mon in obtaining the passage of the
one per cent tax rate law was given
as reason.
Now, that the low rate law is prov
| ing success, the same Republican
papers that, six months ago, were de
nouncing the law are attempting to
give the Republican party credit fol
the enactment of it. These papers
point to the Republican platform plank
which demands limiting the tax rate
for. all purposes to ten mills" The
records disclose that Republican leg
islators never considered that theil
party platform imposed any obliga
tions on them, for they ususally dis
regard the pledges. The Republican
legislature, of 1910 had an opportunity
to pass the one per cent law but 1t re
fused. The change in the attitude o
Republican papers demonstrates tina
the Democrats acted wisely when they
enacted the 1 per cent tax bill.