The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-11-28
A COLD-BLOODED PROPOSITION
(From Daily Ardmoreite)

Fred c. Dennis, state bank COM
missioner, has addressed a letter 10
the officers of state banks Of Okla
homa. which will find its place in
the archives Of the financial history
of this state as one of the most cold
blooded documents ever conceived by
the brain of man. 1t will remain
for years a blot upon the fair name
of every banking institution n a
slur and a reflection against the
human hearts and the moral integrity
of every banker in the state.
In the face Of the fact that the
Federal Reserve Act was passed by
the federal legislature for the sole
purpose of making money more elas-
tic. of providing IN enabling clause
to the nations laws, as they already
existed, whereby emergencies in the
financial world might be met and
panics in commercial and producing
circles avoided, Mr.. Dennis. in u
letter addressed to state bankers.
in one place said:
"The fact that you have to confine
your operations in the future to the
volume of your own business Is very
apparent. The present necessity is
10 pay your borrowed obligations,
which / must insist that you do.
= = Il For the last eighteen months
the banks in Oklahoma have redis-
counted heavily 10 meet demands
made on them by their customers.
This has brought about a like condi-
ton with banks in reserve cities,
as well as with the Federal Reserve
Bank. 4 = = The farmers have re-
ceived the aid they asked for in
raising this crop, and h relief was
obtained in your borrowing the funds
to loan them. They promised to pay
you when they matured this crop, and
you promised to pay your correspond
ent at the same time. and each and
every one interested has looked for
ward to this time for the relief it
would bring r " a You annot expect
"a renewal of this obligation, so as
to make good the deficit which has
been created In our national financial
affairs, you must make good on your
promise. To do this you must collect
from the individual who promised
to pay on the maturity OF this crop,
and this you must do. = fully
appreciate the shrinkage in prices
and the discomfort IL has caused, but
that is a matter over which . have
no control. Your part In the work
is to relieve the situation according,
to your promise, and the only way
you can do this is TO collect your
loans"
when the architect who shall, in
the course OF time. remodel the ma
tiunal capital at Washington, adds
to the fancy scroyy and filIgree
work, he may possibly provide inches
for statues of those who have done
famous deeds.
In event he does. We opine, he will
provide places. side by side, for Nero.
who fiddled while Rome burned, and
for Pharuah who smiled. no doubt.
when the decree to slay the first-born
In every lsraclitic home, was carried
out, while, In a higher. loftier niche.
overlooking these masters OF heart
~lcssncss. will be- afforded a place for
the statue of the most cold-blooded
and hcartless OF all Gods creatures
the man without a human impulse.
The mar who strikes at the struc-
turc of our commercial strength. aims
a blow at the financial world and
at the institutions which 10 to up
build and maintain the prosperity of
our business Institutions. such indi-
vlduals are found manipulating the
stock markets and gerrymandering
the corners IN different commodities.
AS "a class the market manipulators
are dangerous TO society and detrl-
mental u progress. But they. taken
collectively, do not constitute the
menace which may he found In the
man who aims "a blow at the pro-
ate the raw material. "a blow at the
men whose labors. whose efforts.
whose energies feed the world.
Mr.. Dennis says, "The farmers have
received the aid they asked FOR In
raising this crop. and the relief was
obtained In your borrowing the funds
to loan them. They promised to pay
you when they matured this crop
e . you can expect a renewal of
vour obligation e . e YOU must make
good your promise. To do this YOU
must collect from the individual who
promised to pay on the maturity OF
this crop. You mus, collect
from the individual who promised TO
pay on the maturity Of this crop,
aud this you must do"
No half way grounds here. no mid
die course available. No thought vi
the Intervention of Providence which
broughi The boll-Morm. the bollweevll