The producers news., 1926-07-23
The Wrecking of the
Valley County Banks

glove vas shown and their financial
difficulties were used to whip them
into line Country bankers were
seen to make sudden trips to Hell
ena. They invariably paid a visit
to their representative in the legis-
laturS Men sent to Helena to pass
some law for the protection of de-
pOsitOrs soon began to find ex-
cuses for the coming betrayal of
the people who sent them there.
Some were in favor of a code COM
mission to report back on the ques-
tiOn two years hence others
thought they should wait for con-
gress to move, some more said all
the banks that would fail had now
failed and only the safe ones were
left and that they would continue
in business and should not be ham
pered by such a bill.
RuffcOrn Served Bankers Well.
The Hon. William RuifcOrn was
one of cleverest disseminatOrs of
bankers delay" propaganda. In
his position as majority floor lead
er he proved an invaluable help to
the Bankers Association. The ma
jOrity of the Committee of Banks
and Banking, of which he was a
member, reported that the Bank
Guarantee Bill, do not pass. But
this attempt to strangle the bill in
committee, was frustrated by the
adoption of the minority report by
the legislature. When the final dis
position of the measure came up
before the house RuffcOrn got up
and moved that speeches on the
measures be limited to three min
utes for everyone but the intro
ducer of the bill, who was given
five.
The effect of tho adoption of
RuffcOrn's motion was to limit de-
bate so that the proponents of the
bill could not expose the robbery
of the people under Ineffective
banking laws. Then. members
primed in advance by the bankers
lobby, got up in various parts of
/ the house and lied about the bill
about bank guarantee laws in 9th.
er states and asked for the defeat
I of the one bill that was so sOrely
needed by the people of Montana
I Because of RuffcOrn' S motion the
friends of the bill had no time K
refute the law and adequately show
the advantages Of the bill. But one
member warned them that a day
of reckoning was coming and tha
the people would remember this
two years hence. They did no
like to hear this and some of then
threatened his member with expul
sion.
\ Discgraceful Scene.
Then the vote was cast and the
was enacted one of the most disgrac
full scenes ever staged in an electi'
body. Under the watchful eyes
tho members of the bankers lObh
representative after representati
cast his vote against a bill for G
protection of the people from pred
b tory bankers. As the clock toll
four the bill was defeated and
will of the people set at naught. T
, money changers were in power in {
peoples legislative chambers. T
members of the bankers lobby stro
ed out with broad smiles on th'
faces while a shadow cross
those of the OnlOOkers in the gale
and some of them uttered "revOl
tiOn."
Money Had Again Triumphed In
Legislative Halls.
And RuffcOrn was one of ii
cleverest of the generals who el
gineered the defeat of the bill th'
would save the depOsitOrs of Va
ley County the money they lost
the Banks.
IF RuffcOrn had used his pOsitiC
as majority floor leader the b
would have passed and the peOp
of Valley county would be pa
dollar for dollar of what they h;
in the closed banks.
Satisfied Big Biz
As far as the Grain dealers and
bankers and other big interests W
concerned ,RuffcOrn was entirely S
isfactOry to them in the last sessi
The little mainstreet legislators VIII
he led were so well behaved that
lobbyists took home many bottles
cOrked and turned back much Of th
expense money to their employ,
With such men as RuffcOrn IN d
tiOns of power in the legislative
sembly, the big interests would O..
need to send lObbies to Helena. TT
interests would be adequately prOt'
ed.