The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1911-11-03

Oklahoma City, Nov 2.-Is there an
organized effort being made on the
part of the leading banks of Oklahoma
City to compel Governor Lee Cruce to
call an extra session of the legisla-
ture; Wednesday was pay day" for
state employees and the warrants were
issued just the same as usual. The
trouble commenced, however, when at
tempts were made to cash them, for
the nothing doing sign was hung
out at the leading banks of the city.
Some of the banks took care of their
customers, but there were still many
warrants uncashed when night fell
and many were disappointed.
Bankers say that they are overload
ed with state warrants and that they
do not know when they can get any
money on them. State Treasurer Rob
ert Dunlop says that he has done all
in his power to relieve the situation
and that the only way out that he can
see is to have special session of the
| Legislature called, all back warrants
funded after having been adjudicated
before a competent court, and to give
| the state fresh start
Governor Lee Cruce says, that in his
| opinion, the banks of the state can be
compelled to handle these present war
rants if State Treasurer Dunlop will
insist that the banks of the state carry
the present warrants for the privilege
of handling the states money.
Governor Cruce and State Treasurer
Dunlop agree that all warrants issued
since July I, 1911, will be paid in the
immediate future.
"By the first of February" is Gov
ernor Cruces guess and within six
and a half months of the time of regis
trationp is State Treasurer Dunlop's.
But the fact remains that the banks
are unwilling to handle them and that
many of this months warrants have
been been and will be discounted at
5 per cent by private individuals who
are willing to back their money against
the states credit for par according to
Governor Cruces opinion, and it sim
ply means that some men and women
who are working for the state will be
forced to lose goodly portion of their
salaries, because of the banks refusal
to accept the warrants at par.
A number of Oklahoma City banks
were visited Wednesday by a repre-.
sentative of The Daily Oklahoma for
the report that the warrants could not
be cashed at par AS not one visited
could a warrant be cashed by any
person except he be "a good, regular
customer" of the bank in question
Several of them stated that they knew
of private individuals who would dis
count warrants at per cent.
when Oklahoma was admitted tc
statehood, it had $5,OOO,O0O cash OF
hand and not an outstanding warrant,
said State Treasurer Robert Dunlop
''It was easy then to say to the banks
You cash state warrants at par: but
the conditions now are vastly differ
ent The $5,0OO000 given to the state
by the federal government is in the
hands of the state school land commits
sioners, and is all invested in frs
mortgages on real estate and similar
securities. None of it has been used
by them in taking up these old war
rants. although it was in their power
to do so, had they SO desired"
Unexpected contingencies arose
during the first state administration
all Of which called for money the re
suit being that we now have almos
$4,000, 900 outstanding in warrants fol
which we have no cash, nor prospect
of any. z have done all in my power
to remedy the situation, and have gone
to the banks and succeeded in gettine
them to unload all the city, TOWNSHIP
anu county WdIIduIS anu replace IneIl
with state warrants, but even at that
they are all overloaded at present
Street corner politicians may say WHY
doesn't the state treasurer make the
banks take the warrants at ror?' bu
believe they have done all f at coult
be asked and there is no d0ubt thai
many of them are overloade7 now.
"Of course, I could go t. The banks
who have carried warrants so far anC
take what state money is deposited
with them, transfer the money to otheI