The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1911-11-10
BANKS NOW PAY PAR VALUE
FOR STATE SALARY WARRANTS

SIX q L1e zEL0L o. me board 81 state
sc1ool land commissioners early Thurs
car morning il directing The secre-
tarT John 2 Williams. 70 deposit the
$50 9 in is hands in banks that
wo1d accept current Oklahoma war
rants Il par. 10 trouble was experienc-
q Thursday afternoon in getting one
hundred cents On The dollar IL gold
to- every salary warrant held ii Okla
hona City.
A. least three banks il Oklahoma
City. the Tradesmens state. the state
Exchange and tie Guaranty bank. were
paying cash for ali current warrants
presented Thursday. and II fact. the
officials Of the State Exchange bank
.1elep1o1ed 70 q large number OF the
state oHces that more state warrants
wer desired The relief is not only
Temporary. for arrangements have been
made 50 that the succeeding issues
viii have immediate market al par.
The board Of state school land CON
uissioners. consisting Of Governor lee
Cruee. President G. T. Bryan Of the
state board of agriculture. Secretary
of State Ben 2. Harrison. and State
Auditor Leo Meyers. met fl the COVER
nor's oafce early Thursday morning.
State Superintendent Of Public Irstruc-
ton R. H. Wilson. who is ont Of the
city, being the only absentee. A short
discussion ensued after which the
board adopted the following resolution:
Be II resolved that the secretary of
the board. until otherwise ordered by
this board. be directed TO accept as
security for deposits for funds under
the control Of this department. only
state warrants. and that so far as it
may De necessary 10 protect the credit
Of the state and keep warrants issued
for the current years expenses at par.
| that he be authorized 70 give prefer
lence 10 warrants drawn for the fiscal
year Of 1911, and that banks which
are now holding funds secured by
surety bonds be notified Of this &C.
ton. and that money in such banks will
be first drawn upon unless they sub
stitute the security required BY this
resolution
After the resolution had been adopt
ed State Treasurer Robert Dunlop was
called in and apprised Of the boards
action He stated that he thought It
was good thing. but that he could not
see his way clear TO make any change
in the manner Of handling the funds
in his hands. Incidentally. the ques-
tion Of whether the state treasurer or
the board Of school land commission
ers should handle the school funds is
now before the supreme court for de-
cisiOn
The credit Of the state will be taken
care Of without calling on the state
treasurer" said Governor Lee Cruce.
Thursday The action of the board
was unanimous and it was the opinion
Of the members Of the board that it is
the duty Of the state officials to look
after the interests Of the people. aheaI
Of the interests Of the banks"
This apparent effort TO force the
calling Of special session has not
strengthened the cause Of those who
have been requesting it one particle. i"
Considerable indignation was ex-
pressed in state circles on account of
the action Of those banks that refused
ito accept current state warrants We'd
'nesday According to State Auditor
Leo Meyer the monthly payroll of the
state is in the neighborhood of s100.-
00o The first half of the state taxes is
already being paid in many places. and
it is estimated that 60 per cent Of it
viii be turned in by the first of the
year That will mean that the state
win have nearly 100000 in cash on
hand by the time these warrants come
due
Most or the state institutions are
getting along with no trouble what
ever It was stated Thursday after
noon by one of the members OF the
state board of agriculture that the
board has $500 to be used for ev-
penses of the \. & NJ. college at Still
water and that all of the institutions
under the charge of the boar dof agri-
culture have sufficient funds to get
along all right.
"The action of the school land com
missioners will afford temporary helD."
said State Treasurer Robert Durion.
Thursday, but it looks to me like the
might have taken it sooner than they
did. have not changed my mind as
to my duty at all since YESTERDAY. and
still believe that conditions will not no
what they should be until those SO
100000 of old warrants have been fund
ed Neither would I even consider de
posting the money in NV control ont
oF tba ctato The hopt-s have stood ~.