The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1916-03-31
OSORY law
|SHARMF Ill
DAN HOGAN, PRESIDENT OF TIE
FARMERS NATIONAL BANK IN
OKLAHOMA CITY, SAYS MANY
BANKS WILL QUIT.

Oklahoma City, March 30.-That
many small Oklahoma banks will be
forced into liquidation and the 1916
crop will suffer from the effects of
the anti-usury law, Dan Hogan, presi-
dent of the Farmers National bank,
told members of the Credit Mems as
sociation at their monthly meeting
Thursday evening. Mr. Hogan was
the principal speaker, his subject
being 'lnterest Laws AS Applied to
State and National Banks Follow
ing his address the new law, which
goes into force in May, was discussed
by Harry Bagby, secretary of the
Oklahoma state Bankers association;
T. p. Martin Jr., president of the
| Stockyards National bank, and others.
Ever since the time of the Bible,
began Mr.. Hogan, "the subject of ill.,
terest has been a matter of conten-
ton Since the foundation of govern
ments various legislatures have tried
TO control interest; these efforts have
failed because money is commod-
itv and regulated by the law of sup
ply and demand.
How Conditions Differ.
"Can YOU make a law on interest
that will apply in Alfalfa county, IN
Jackson county and other sections OF
the state Just the same as 1t does III
! Oklahoma county? 1t wouldn't be
fair to think such thing possible.
We are confronted by condition, not
a theory In Oklahoma we have three
political parties-the democrats, re-
publicans and socialists and the men
in charge of these parties want to rep
resent their constituents and serve
them we'll 1t was the intention OF
the legislature to do a good thlng
when it passed the anti-usury law
"If the anti-usury law is a good
thing. we want to keep it, even IL
500 or 100 bankers are not pleased
with it. if it is bad thing let us
have it repealed or amended so as
to get the most good out of it. the
question under discussion is this law
that is considered drastic. | am not
going TO say it is drastic, but if after
hearing this law read, you don't think
il good one. use your influence TO
have it changed"
Before reading what he termed the
most drastic section of the new law
Mr.. Hogan declared that If 1t stoou
il would mean the diminishing of
number of banks and that nothing
, could be done by the legislature tc
! controvene the constitution of the
state which fixed the rates of interest
, THE weak were protected con
, tinued the speaker, "because all they
5 had to do was to go TO the banker
, and show they were being charged
! usurv and return the original amount
r borrowed. There was nothing else
for the banker to do but accept II
!. because they didn't have to pay usur!
, unless they wanted to. Not one ou
1 of thousand objected to the ole
!; charge
: Mr.. Hogan explained his familiar
ity with the new law by the fac
J. that his brother was a member o
the state senate which passed II.
, "The large banks" resumed Mr
Hogan. "wiu not be affected by thi
law. Oklahoma City banks will O'
benefited. because it will make tn
; large larger and the small smaller
And there is a serious question o
= whether or not it will affect nauona
: banks. some of our best lawyers sa
| II will not Under the provisions er
| acted don't see how it Will be po'
sih,a for the state banks to max
l small loans-they must either liqul'
ate or continue in business until IN
legislature meets again so they ca
| decide whether they want the la
| changed
| rs it better for a town of 700
| 600 TO have two banks or one
| This is a question you must dete
mine in deciding upon this law.
| think two banks are better, out
! this law stands We will be forced
- reduce to one. There have been n
y merous consultations since the Ia
/ was passed. and others are serious
/ considering the adyisability Of so c
I ing"
l Mr.. Hogan explained the need
...nn fnrrnnrs dnrinC the CrC