The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1916-02-23
Bankers and Borrowers Alike in Danger Of
Being Bitten, is Verdict Voiced Con-
cerning Measure Enacted by
Special Session
COMPLY WITH 1T TO
LETTER IS ADVICE
Harrison Declares Money Lenders Partly
10 Blame; Interest Too High; Revul-
sion Of Sentiment and Repeal
Of Act Predicted

Following the monday recess the
members Of Group Nc. OF the Okla
loma Bankers association reassembled
at the Sugg theater yesterday after
noon to complete the business of the
meeting.
Reports of committees were accept
cd and the committees discharged.
The @usury Law came in for a
share for the general discussion which
featured the afternoon session. Many
bankers present spoke upon the mat
Ter including tho newly elected Off.
GERS. The glst OF the remarks Of all
who addressed the meeting, and the
consensus of opinion Of all assembled
. seemed to be 10 take the medicine"
Different speakers, while claiming
that the recently adopted measure had
teeth u the sharpest kind, were free
TO admit that some members OF the
banking profession had been, TO great
extent. responsible for the measures
adopted.
Speaking along this lire the former
secretary OF the association, w. b.
Harrison. now OF ST Louis, said, "It
must be admitted that some bankers
Of Oklahoma lave had their sights
a little high in the matter Of interest
charges on small loans. Il is up t.
every banker OF Oklahoma to take his
medicine.
II the measure proves, as we think
It viii prove. detrimental TO the inter
ests Of the small borrower. the man
who needs se5, sSc. s75 or $iO0 fer
80 and go days, then the demands OF
the public will require the abolition
Of the measure by the next general
assembly Of Oklahoma.
Harry Bagby of Oklahoma City, the
new secretary, spoke along the same
lines. The speaker stated. briefly, that
there could be no question but there
were two sides to the proposition. The
small banks had. he feared in too MANY
instances, raised the sights for long
distance game in making short time
and small amount loans The bank
ers as a whole we're not bad fellows,
they believed that in loaning money
for reasonable compensation they
were aiding in the development of the
community in which they transacted
business, just the same as any one elss
might aid, in any other kind of busi-
ness or vocation. IN which devolp-
ment. The speaker urged the bank.
ers not Of the first division alone, but
of the entire state Of Oklahoma, to
see to it that the new law, when sign
ed by the governor and in fun force
and effect. should be respected and
complied with literally.
An Oklahoma city banker stated
that in his opinion the present measure
had been primarily introduced as
sand bag measure: that some one
had his hand out" and thought the
bankers of the state might possibly get
together and raise a means of de-
fense" against the measure; that he
had been approached" by at least one
member of the 'late lamented" special
legislature.
Judge f. A Walker of Oklahoma
City, stated that It was his candid
and honest opinion that many mem
hers of the recent extraordinary as
sembly did not know or realize the ma
ture Of the measure adopted.
c. H. Boardman ef Oklahoma City
urged all to observe the provisions of
the law He stated that while the
measure had teeth by which the bank
er might be bitten, at the same time
the same teeth would unfortunately
bite the small borrower.
{. w. Howard Of Frederick stated
that he had talked with bankers from
all sections of the state. particularly
the bankers who belong to group one
of the Oklahoma Bankers association,
and that he found the consensus of
opinion to be to abide by the meas
ures Of the usury law-to live up to
the letter Of the law. I'VE used to