Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1920-09-24
serve BANK
IS A DICTATOR

IL "A DNAHAVS
u,rEp POWER OVER MA.
Ias.s FINANCES CAUSING
yy LOSSES TO FARMERS
,rs ,1 ARpMoRE BANKER.
.,,,ovinc taken from the Ard
Dc 'v ss,. forth a condition which
rl's rls.sr,inr sr, the country that is
Ol,'V ~. r;,b serious consequences
pe'' .,o,n. i, found to check it.
IS ,;us I,S Of almost unlimited fin
p'a.~e "ower in the hands of a few
pVh dangerous thing, for be those
!s,m the power is intrusted ever
a.a',. ay'' thcy are human, and being
'ne,t, ,tsy are liable to err, and then
" ..nresert , the big business Of
..,ntry ,rr and whatever their in
s.s",r: g.. NAV be they will be, uncon-
'1s s'r mel rerhaps. swayed by their
n.y. '!;,n herewith. Rightly d.
% ,be Federal Reserve Bank is
y, an anchor to the nation in times
',srrial storm, but it can also
..' us q source of the gravest dan
4 = 'mjsdirct,ed through ignorance
nm II, selfish motives:
vs. article from the Ardmoreite
husine,. men should write to
hsukers. their various civic Or
atoms their congressman and
,rs and the Federal Reserve
setting forth the injury that
.sn done to their particular line
r.iness by the over-curtailment
.dits. and request them to remove
Of their restrictions, is the ad-
4 Harold Wallace, cashier Of
National Bank. Ardmore, and
If the best informed men in
mixing world.
Iofiteer Primarily to Blame.
sking in detail with reference
tightening conditions of credit
he financial condition of the
States Mr.. Wallace said:
my opinion. this condition was
N about by the feeling of un- ,
i the close of our world war
he inclination on the port of !
rofiteers to make undue profit, !
desire of a lot of our people |
less work and get more money. ,
he inclination of the people to- !.
speculation.
Banks Power Increased :
April 18th. 1920 the congress
United States outlined and in
\ the powers of the Federal
re banks. On April 18th the
Reserve bank began to re- !
credit along the lines called
aentias.' They first restricted
pbie paper and paper where the
was to he used for speculation.
this move on the part of the
Reserve Banks was timely
ebably good move as it SEEM
be the time to call a check, as
rblc was living beyond its
blying stocks and bonds of
ess nature, etc. and, in lots
|es, borrowing money to meet
obligations the Federal Re-
Banks have gradually tightened
and curtailed credits to such
lent that the legitimate opera
hOlesaler, or retailer, is not
secure line Of credit, even
he remains within conserva-
hsiness methods. The Federal
|s Bank alone is the judge as
paper is speculative and all
ustries are being handicapped
drastic action along the lines
he'd.
"Non'E>>tntial" Industry.
Instance. One of our largest
ss in this state and nation is
ndustry-and oil mems paper
'ded as "non-essential" and is
pble for discount at the Fed
serve Banks although they use !
aey in drilling proven proper
De oil industry is however very |,
as it is now our greatest
ol fuel and is used in all man. |,
transportation and is, there
necessity. 1t should have the
cement Of the financial insti-
Of this country. !
sFaising industry Crippled |
markets on wool, cattle and
.re very uncertain and it is
llIy impossible for these men
N credit and as this business
ea On ny extensions of credit
me various banks, they are
'0selI on a lower market, their
oe'ng untitled and their grass
'hem no return or profits.
instance: | have one friend
several hundred thousand
VI wool sold at So cents; the
W contracted for this wool is
!" carry out his obligation
financial conditions-and has
ae grower is now offered 10
:. pound for this wool