Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1914-02-12
SENATORLFE M RUSSELL'S
.xxxWEEKIY LETTERxxx


I The Kyle Banking Bill is set
for hearing before the house
Tuesday, February 9Th. The
bankers vii. Dc there in big num-
hers to defeat that part Of the
bill requiring them 70 guarantee
depositors. The vote on the bill
will be close; the bankers may
bs able to defeat this feature Of
the bill. To my mind they ought
to let this alone; they demand
the hardest kind Of security, yet
they won't give any. just how
that IS fair they have never ex-
planned. The states that have
tried the law. bankers and all are
heartily in favor Of the bill.
There Is great misconcepiion re-
garding this bill. 1t costs the
banker very little after all to do
this. yer they don't want to do
so; that is many of them do not
want to. However. many very
hne bankers in the state ia
vor this law. There is one thing
/, sure; the public is becoming
alarmed at the many bank fall
ures. The banks had better quit
dallying with the public; IL they
don't like this method OF gusran-
teeipg depositors, they had better
get up one Of their own. II they
do not. capital Is not going to be
placed with them. The railroads
are made TO make rates as the
people want them; likewise the
telegraph, telephone, and other
public service corporations. ard,
while the banks are not public
service corporations per Sc. yet
they are such for all intents and
purposes; they are, in fact, COM
binations of capital that concern
the whole people. They make
money out Of other peoples mon
ey; they ought to be made to
secure them in sore way. of
course, each bank says "the
other bank" il bad; ours Is coed
and all that. yet this same good
bank" fails just like every one
else, now and then. So, what is
the public 20 do? 4 guarantee
Las 10 coming, il not now, soon,
and the sooner the better; IL the
banks don't do il. the legislature
will make them do it. So, il &C.
ours 70 ne il ought to De done
now; the banks sill prof: by it.
Ii - true the banks are good
things foe the whole people, but
9 must remember the banks are
not in the banking business SIM
ply 20 help the whole people
sIone they have some interest IN
II themselves. Take that from
then and they are not 80 philan-
thropie as they try u seem Ia DE
NJ times.
4 The crisis il On IN banking at
fairs in tins state. th- barss
should not make n mistake. T.
il better for them % actually lose
asmal part Of their profits. sac
rafce a s-<ll part Of their rights
, a they term them. rather than To
: see the money system IN this
state 20 to ruin and confidence n
banks forever destroyed La
a fayette county has had an ex-
: perience IN bank failure that viii
hurt the county for many years.
A guarantee Iax would have
saved every dollar 10 depositoss
= We trust they may yet get that
but they will be much bette
: satisfied when they do get il thar
= now. The EXPERIENCE they hav'
~ gone through has been anythin,
but pleasant
Iwant all the people OF Lafay
J. cite and adjoining counties c
q know that I an doing my beet q
"a kill the new drainage law. I a.
ie sure that you know that this Ia
= is to them a nightmare; not OEl
ne that, Is costing them hundreds {
=, dollars Of unnecessary money
III | want them - know thai Asssi
~ Percy and Rushing Shinault, I
- T. Markett ard DR.. Greer ha.
u been lobbying down here againl
oi the repeal of this law. Ofeour.
Il they are interested Every cIt
'iu zen knows Why they are intel
10 ested. Isay that the land ownei
On are practically unanimous again
~ drainage under this law ii
en- Law - vicious; il ought % De 70
u ever destroyed. There should
11e out one drainage an and that
% the chznesry court proeedIr
en- II the people. a majority Of q
. land owner in Lafayette eoun
" wanted this system. | would
60 the last nan 70 work against q
ne law. xn0~ you don'Ewznt IN
On system; Know you have spe
rs thousands of dollars Of unneee
We ssry money because OF this Ia
= have no feelings in this matte
Ga. have absolutely no interest
90 il. am doing that which | krc
ss' viii meet the unanimous endors
rlent OF the people concerned
fight IN the open; | don't va
IN other people IN this state to g
I've "stuLg" as | know our peoE
= have. an perfectly willing
- make any amendments to the c
law so as TO allow each Ian
rs owner 20 rule in every point, tn
II Is. to allow a majority to rule
to every proposition But
am this new system IS, very SIN
n pei cent is piling up costs d
on after day with no hope of ootai
old ing 1rainage under this syste
,sts and all the persons that are g
the ting anything IS the commissio
que ers, the engineer, the nswspap'
his and the lawyers-and all tbs
are getting this money from
hill large majority without their CO