The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1916-05-17
Startling Statement Made by
P. W. GoebeI, Officer Of
National Body.
GOLD OR MONEY IN ANY
FORM NOT AN ESSENTIAL
Only Eight Percent Of Deposits
Stored Now in COun-
try'S Banks.

l. T. phillips, vice president o' me
Bsr,leNlle National bank. Bartle'sue.
wRs unanimously elected president ~ cNe
oklahoma psrker association shortly
sn,r o'clock th, afternoon. Mr.
philIlp. succeeds 7. v. o~ysr of
Chleka.ha The new president served
ss vie. PRESIDENT ~ the Rs'oflaton In
1915
y A mocsulsy Of sapuIpa. chairman
Of the executive committee of the sIso.
ela,Ion, wa, elected vice president 10
succeed Mr.. Phlllps Harry eaqby ~
otishors Cpy ws. p. elected secretary,
and Sid garrett o' Fort Gibson, treas
uref
Mr. Garrett succeeds a Nol, oi
Gage, Mr.. Baoby was appointed 70 me
position o' secretary following the re''1
nation of W n. HARRISON.
~ 20 percent OF all IN. gold In the
treasury OF tho United states ana 'he
banks of this country were 10 turn SUD
ufnlJ lN'O lFNNf UhNNVsN NNN'f
tlnued uninterrupted Tor ter years be
fore The people bsgsn 10 discover me
tran,mu,aton and b.eom, scared
4 murmur IT smNEemcnt followed h>
Wild applause. greeted Peter W Hn"hcl
Of Kansas Citv. Kan vice president oi
the American BANKERS hssociation. when
he made thl, statement IN IN" course of
an nddrcf. ON Credits" before tho mem
hers NJ Okl,homi Renkcrs' "asorloiion
thLs morning IN tRc Liberty th"nior
MI Gocbcl .vns the first spc,kcr on
the morning. program To-day was the
second and lsst day of the convention.
and officer. were elected lo'. In h"
morning
credit chle' Factor
- say msucts could T.. continued w
Interrupted continued Ne Gp'h'.. h'
cnutc gold OF ntun,, In 1000, form i uu
essential In the husin.fa world u' 7"
daN n H. % negligible quantity
Cred, Ia the factor that makes pos
slble IN, tremendous financial i'ansae
tiors between IrciVidual. states and ~
,lor. today. Credit I. the thing that
moves the earth.
Tho modrru banker ts not dealer
IN money. nor has hc been fnr several
ycats Ne is dealer In credit aud uses
money onl, incidentally EvcD currenr
panic this country ha, known IN tn" Va"
Nnv wear, has been htouChi abou, l.,
the mistaken public idcn that IN" people
have money In the banks The fact ut
mud 4 know
well that not percent ~ th' money
~ dcposiors b, stored iu tho hanks u'
the United Smtos"
illustrates Credit
Nj Go,hcl defined credit 1' SUI
Mus service rendered to the ,nmnuuI
Is" ", Illustrated hs definition N th"
transactions u cattle shipper make be-
fore the finished product reaches IN"
consumer IN the form ot meat
- cattle raiser ship CARLOAD ~
.ork ,o Oklahoma CiN nr some other
prcat packing center" said MI Gorhr'
lie turns the animals over to the rn'h
Ing plants. who In turn Nh and pack the
meat sell II to the Wholesaler and thence
10 the retailer IN nll ,hlt s,iing oi
transactions possihly not dollar changes
hands The cattle iaiscr BE- riycn ctciii
WI NV NNlN' ~ WIS iHN'W w Wv NNNN
with vhirh the packing plant docs ms
ness: this bank IN turn transfers ihs
crcdi, io the ono which the siurkmpn
natfonEcs. and when hc tpr example.
wishes tn purchase new shit lr trans.
fcu rortior NJ MS cr,dr to- th' ir.
tail merchant
judge Hayes Talks
S W liuycs of Oklahoma CIV. ior
NOR justice of the state supreme court
delivered an address on "Oklnhomn's
tsuty Law" after which n question hnN
was held and discussions participated IN
Nv delegates to the convention. which
adjourned shortly afternoon
The ladies NJ the visiting bankers were
entertained hy wives NJ local bankers ~
luncheon NJ otlork this afternoon
n, the Coun,r, club. aud after adjourn
mcnt the mcmhera NJ the association n.
spcctrh the new Word assembling plant
and the state capitol
This evening ~ sln o'rlnrk I'M, rnn
vsntlnn will ofncipl, close with t grand
bali ~ luvlld hall
Z