Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1915-12-17

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before depositors begin to lose. Il
cannot be fairly said either that SUI
Pelvision Is Ia any way for the bene-
fit Of the borrower. who. In that ca
pacity can take care OF himself. hav-
ing no concern whatever In the SOL
vency OF the bank whose funds he
uses.
We're no one involved except the
stockholder and the borrower the
government. il seems to me, would
exercise no more control over the af-
fairs Of bank than Il does over
wholesale dry goods establishment
or cotton seed oil mill. The depos-
itor. whose interest in the solvency
Of bank is vital and abiding. can
not have the privilege OF determining
fer himself as to the banks condi-
tion. because OF the prisate nature
OF the concerns business. and even
II he had the opportunity. in most
cases his experience would not quail
ify him TO do the work intelligently;
hence the government supervises and
examines banks for his benefit.
Banks Profits Comparatively Small
Perfection does not exist among
the bankers Of this country. II never
will. Neither does it prevail among
lawlers. merchants and those indi-
vlduals pursuing the other vocatfons.
bankers have been guilty OF extor-
tion. So have landlords. merchants.
doctors. and persons in other walks
OF life. not excepting farmers II the
Comptroller had access to the books
cf all the merchants throughout the
country he could find cases where
they were making greater percent
age OF profit on goods sold to the
''washerwoman" thaE the bankers
made off the funds they loaned In the
cases he is citing. II he supervised
the affairs Of the legal fraternity
ike he does those OF the bank and
opened their books to the public,
many revelations would be made Of
charges (and against poor folk. too
which would make the interest rate
charged by the national bank pale
into insignificance. II he could make
4 critical analysis OF the medical fees
which are now prevailing in the coun-
try he would find many cases oil
excessive charges which would make
ou- Oklahoma interest rates look
like a donation. The poorer classes
o. the community patronize the drug
store more than any other people.
compared to their income. and yet
there are druggists who make from
tvV hundred TO five hundred per
cent upon prescriptions and proprle-
tary medicines which they sell. Why
not regulate themy
Common Interest Rate Impractical
n common interest rate should not
in all fairness prevail throughout the
nor upon loans OF different
hazard and different amounts in the
same community. IL is also true that
Of all the charges made for services
rendered or accommodations granted
ncthing responds so quickly 10
changed conditions as the interest
rate. when az Seattle attending the
American Bankers Association the
otkeg day talked with banker
from Michigan who inquired what
rcrt OF interest rates we charge IN
CkiEAcma. told him as best could.
lie said that when he first engaged
In the banking business In his state
he seldom made a loan for less than
one per cent month. Now ne rarely
gets rate equal TO over half that.
He states that when he opened his
banks his deposits were small. the
demand on him was heavy because
the country was rapidly expanding.
and there was no accumulation OIL
wealth In the community. Now his
deposits are eight or ten times the
amount Of his capital stock and sur
pins and be Is able TO make more
money charging ak per cent per anil
mum than he was In the pioneer daysI