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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 2, 1908)
THE 3I0RXIXG OKEGOXIAX, MONDAY, NOVEMBER 2, 1909. 6 )$ (DrE0OTiiim PORTLAND. OREGON. Entered at Portland. Ontw. Foatofflca hcoad -C lass Matter. gnbscriptioa Rates Invariably la Advance. (By Mall.) Daily. Sunday lneludd. ens year $ ? Bai.y. Sunday Included, all months Iajiy. t-unday Included. thra moniha.. I-aliy. Funday Included, ona month...-. Ua:iy. without Sunday, ona year J"; L'H.y. without Sunday, alx montha -ij Iai:y. without Sunday, thraa months.. - Caiiy. without Sunday, ona month -J" Weakly, ona yaar i ? Sunday, ona year f r", S-inlr and Werklr. ona yaar s.u By Carrier. Dally. Sunday Included, ona year at:y. Sunday Included, ona month n Haw l Urmlt Send postofftcs money erdar. express order or personal check on your local bank. Stamps, coin or currency are at the aelider'a risk- Give postpfflcs ad draaa In full. Including county mad state. Footage Raise 10 to 14 pagee. X oent; 18 to IS nazea. 2 cents; ! to 44 paaea, S eanta. 4 to eu pages, 4 canta. Foreign postage doubla ratea. (asters Basin OfTI The 8. C. Beek wtth Special Agency New York, rocmj 44 SO Tribune building. Chicago, rooma oiu-on Tribune building. . PORTLAND. MONDAY. ' NOV. . . I HERE IS THK PARAMOCXT ISSUE." It la not merely on questions- of to day, but on the long duel of more than fifty years between the political parties as constituted today." that the contest which .will culminate on Tues day Is pitched; for neither party can cut Itself off from Its past, nor act except In accord with Its own charac ter, which through time long past has been formed and esta-bliahed. During more than fifty years the country has not wanted the Demo . craiic party. Indeed within that time it has elected one man only, nominally of that party, to the Presidency; who, however, was soon repudiated by his party because he was a Republican and a Hamiltonlan. rather than a JefTersonlan and a Democrat. The Re publican party has never tried nor wished to fly from Its record; the Democratic party during more than fifty years has repeatedly done dr tried to do so. and at this very time Is as anxious to have forgotten the "para mount issues" on which its candidate made his former campaigns as It for merly was to get rid of its pro-slavery and secession history, of Its record of opposition to the war for restoration of the Union and of Hs long-continued support of the greenback heresy and virtual repudiation of the National debt. Its orators and newspapers even now fly into a rage when re minded . of their party's recent de votion to the silver folly, or of their candidate's declaration for govern ment ownership of the railroads. Substituted for these are fictitious Issues and Inventions about Insurance of bank deposits and attempts to establish the doctrine that the right to do business Is not a personal right, nor the right of the business to pro tection from attempts to destroy it a property right: both of which Inven tions this party hereafter will as sorely be ashamed of, as It Is of other records of Its past. For even If It should win this election It would qulrkly encounter the impossibility of currying out purposes so impracti cable. though probably a good deal of disorder to business, and losses In many ways, would result from projects so crude and so contrary to the settled usages of business and law. It ts not to be forgotten that the success of the Democratic party on former occasions, when Bryan was Its candidate, would have shaken the eco nomic and business fabric of the Nation to its foundation. Just as Its tri umph In former times would have re sulted first in the nationalization of slavery and again in the permanent disruption of the Union, and still again In the greenback and other financial heresies against which the country was forced to fight during many years. For all these things this party is on trial still: and the character of Bryan as an agitator, projecter and sophister accords closely with the general tend encies of his party through Its his torical career. These are the rea sons why the contest of today Is not merely on the questions of today, but on the whole course and history and tendencies of the principal parties, and especially of the Democratic party, which is still as aggressive as when It contended in time past for other erroneous and more dangerous poli cies which the country, for its safety, was forced to reject again and again. Buc apart from merely political and party considerations, the business world does not forget, nor can It af ford to forget, Mr. Bryan's record. That also, as well as the history of parties. Is an Issue before the country today; and It constitutes the reason, or the main reason, why an immense preponderance of the business people 'of the country of those in all lines who feel the responsibility of main taining sound conditions of business and industry are against him. They think of him as a walking delegate of financial and business disorder; and In view of his past brain-storms, as well as his new cloud-bursts of politi cal proposal. It is not possible to think of him otherwise. From ample ex perience the country kn'ows what Brian's party Is. and from sufficiently abundant observation It knows that Bryan is the representative of his party. ' MERELV A LOCAL ILLUSTRATION.. One Democratic paper, which has ' had much to say about the alleged ad vantages of the Bryan bank deposit guaranty plan, prints a laudatory edi torial regarding a farmers' warehouse - company in Idaho. The editorial re lates that "At a small point In that : state, named Greer, a few farmers or ganized, and on a capital of $2200 de clared dividends the first year amount ing to 12000." This was certainly an excellent showing, and It was made at a time when another Farmers' Warehouse-Company, operating at Albany and at Lebanon, Oregon, was being o woefully mismanaged that it is doubtful whether or not the creditors will receive as much per dollar as will be paid the sufferers by the La Grande ' bank failure. It would seem like a difficult matter to convince the Wll- .lamette Valley farmer who lost his ' wheat by the mismanagement of the warehouseman that he is not as much entitled to reimbursement by the Gov ernment or the state as the Eastern Oregon farmer who lost his money In the bank, through the same kind of mismanagement'. If It is right to tax the honest, care ' fill banker in order to pay the losses occasioned by. the dishonest, careless banker, it must certainly be right to tax the careful warehouse managers for a fund from which to pay the losses of the 'wildcatters" who wreck the business Intrusted to their care. In other words, a law should be passed to compel the Idaho warehousemen to "dig up" a portion of their profits from their carefully managed business, snd send it down to the Willamette Valley for distribution among those who lost their wheat which is about the same as money through bad management on the part of the valley warehouseman. SOMETHING MORE. LATER. After the Presidential election there Is likely to be something more to say about the election of Senator in Ore gon. What course will be taken will depend much on the result of the Presidential election. Oregon has en acted a law Intended to compel mem bers of the Legislature to vote for the man for Senator who may have re ceived the popular plurality in the preceding general election. The law is an act In open violation of the Consti tution of the United States. It follows that no elector or body of electors has the right to exact a promise to ooey it from any candidate for the Legisla ture, and no candidate for the Legis lature has a right to give, such prom ise. The Supreme Court of the State of North Dakota leads the way in pro nouncing a proceeding of 'this kind unconstitutional and void. No court anywhere could possibly decide other wise. Every member of a Legislature Is as free to act on his Judgment as if no such law had ever been enacted, and to repudiate, if he chooses, a promise which never should have been exacted or give,n, because con trary alike to public policy and to the member's constitutional duty. After the Presidential election this matter is likely to receive further ex amination, in the light of conditions found to exist after that event. It will then be Judged whether It is worth while to pursue the subject further at this time, or not. THE VOTE OF OREGON. Since the campaign in Oregon was fairly opened and the political parties got down to business. The Oregonian has believed It certain that Oregon would vote for Taft. It doesn't pre tend to know by Just what pluraUty, and doesn't pitch Its guess as high as some do. But It will say what It now thinks. The vote of the state will be about 114.000. Of these, minor parties will take from $000 to 10,000 votes, leav ing about 105.000 more rather than less to be shared between Taft and Bryan. Of 105.000 to 106,000, to be divided between Taft and Bryan, the plurality for Taft will not be less than 10 per cent of the whole. The Oregonian's figure for Taft, therefore. Is 10.000 to 15,000 plurality. Most of those who have participated in the Republican canvass expect more. Last June the poll on Senator gave Chamberlain 52.421; Cake, 50.8K9. Taft will get every vote Cake got. for every one of them Is an Immovable Republican: and some thousands more, who, for various (and often op posite) reasons, voted for Chamber lain. And there is some additional vote aince June. Bryan will not receive as many votes as Chamberlain obtained. Taft will receive thousands more than Cake. The Roosevelt plurality In 1904 was enormously greater than the normal Republican majority of the state. It was due chiefly to refusal of Demo crats to vote for Parker. We think the normal Republican majority in Oregon never has much exceeded 15,000. THE WONDERS Or FIG PRES. Greatly obliged are we all to the Associated Press for furnishing to the world of readers on Sunday morning Chairman Mack's estimate of the vote for Bryan and Kern. In addition to the Solid South Mr. Mack gives those candidates these few states, to wit: Colorado 5, Connecticut 7, New Tork 39, Kansas 10. New Jersey 12, North Dakota 4, Oregon 4. Rhode Island 4, West Virginia 7, Wisconsin 13, Wyom ing 3, Indiana 15, Idaho 3, Montana 3, Ohio 23. Nebraska 8, South Dakota 4. Total 164. But has the reader no doubts? Why really this vote, added to that of the Solid South, would nearly elect Bryan! The total would be 313. A few states, however, are left to Taft. Yet one can hardly see why. For the man who claims Oregon, Connecticut, Wis consin, New Jersey. Ohio, New York, Kansas and so many more for Bryan has no excuse whatever for leaving out Massachusetts. Illinois, Iowa and the rest. Out this way Bryan's supporters claim Washington, Utah and Cali fornia, as well as Oregon and Idaho. Colonel Robert A. Miller, who has been campaigning for Bryan through out Oregon, reports that immense multitudes of Republicans, Including those who have Taft pictures In their windows, have been telling him and other Democratic canvassers that they intend to vote for Bryan. Colonel Bob therefore thinks the vote for Bryan will be practically unanimous. Yet Secretary Ryan, of the Democratic committee, claims' only 2050 majority for Bryan. In all Oregon. Now of course, when he shall come to think of it. he will be astounded at his own moderation. NATIONAL CONTROL Or SALMON. Foreign powers threaten to Inter vene for preservation of the waning salmon Industry of Puget Sound and the Columbia River. The aggressors are the National Government at Puget Sound and the State of Oregon on the Columbia River. Could the National Government put its hand on the Co lumbia River, to the exclusion of the two states. It would do, that, too. By a treaty between the United States and the British govern ment signed by plenipotentiaries of the two governments In Washington April 11, 1908, International regula tions will rule Puget Sound fish eries and others along the In ternational boundary to the At lantic Coast, thus taking away authority, from the State of Wash ington and other states by means of the supreme power of the President and .the Senate to make treaties. On the Columbia River the Oregon laws are so much In conflict with the Washington statutes that no laws can be enforced at all and fishing is wholly without restraint. This ridiculous situation, together with failure of the two states to enact laws In the past for adequate protection of salmcn, causes many persons to call for Fed eral authority on the Columbia River by means of - constitutional amend ment. As for the international fisheries, probably no constitutional amendment Is needed to take control of Puget Sound salmon from the State of Washington. The President and the Senate have power to make treaties, which shall be the supreme law of the United States. Article 6 of the National Constitution says: "All treaties made or which shall be made under the authority of the United States shall be the supreme law of the land; and the Judges In each state shall be bound thereby, ,anythlng in the Constitution or the laws of any state to the contrary notwithstand ing." This method of ending farce legislation In the several states has the recommendation of as tote lawyers, among them Secretary Root, and the best fish experts. Local legislation, as exemplified by the state laws for the Columbia River, protects not salmon, but special Interests, in their effort to grab more than their share of fish. The conflict between Oregon and Washington Is ridiculous. It imitates the petty wrangles of principalities which so often in the world's affairs have had to be stopped by superior power. It seems certain tnat ine salmon of the Columbia River and Tr.r sound would be better protected by the National laws. State rivalry has ruined numerous fisheries in this country, all because the Constitution fail to a-ive control of this Inter state matter to the Federal Govern ment. PROSPERITY'S MENACE. Portland made amagnlncent record for business during the month of Oc tober, and rounded out the year fol lowing the panic with highly flatter ing statistics in all lines. Wheat ship ments were the heaviest on record for the month, building permits ran far ahead of the same month last- year, and real estate transfers and bank clearings have climbed back to the normal condition' from which they were shaken a year ago. This pleasing state of affairs la the culmination of an early movement of the wheat crop at high prices, and of an attendant indus trial movement which began before the heat of the Presidential campaign was felt, but for more than a fort night there has been a noticeable ten dency on the part of all Investors to slacken their pace. The upward movement was carried through October by the Impetus gen eral business received In August and September, and with favorable condi tions there would be no slackening at this time. But there Is a slackening, and It is due to one great and over shadowing influence that has perme ated every avenue of trade and In dustry. The Oregonian yesterday printed half a page of short Interviews with leading business men in Portland. There were merchants and manufac turers, bankers and builders, contrac tors and capitalists, architects, lum bermen and many other lines of in dustry represented In that commer cial symposium, and the universal sen timent throughout the list of inter views was that immediate continuation of our prosperity would, be impossible In the event of Bryan's success. These various opinions were not based on partisanship, but were logical deduc tions from actual experiences with buyers and sellers of practically every commodity known in trade. From these experiences, and they could be continued indefinitely, it is difficult to form any other opinion than that of a prominent contractor who, 1n an Interview, said: "If the election of Mr. Bryan will not produce business stagnation, why is it that many large projects, even when con trolled by Democrats, are held up until after election?" There is no answer, because the palpable fact that so many large projects are held up for no other reason than uncertainty over the possible election of Bryan makes the argument unanswerable. A large percentage of the recent contracts for lease or sale of real estate, and con struction of buildings, financing of en terprises large and small, and even ad vertising in Democratic papers, has been made with a saving clause at tached which permits cancellation "in the event of Bryan's election." These provisional contracts have been made and business all over the country is being held up not by par tisan politicians, but by calm, calcu lating, -hard-headed business men, who regard the matter in neither a senti mental nor a political light. The tim idity of capital is proverbial, and It would require some time for it to re cover from the fright that It would re ceive in event of Bryan's election. The Pacific Northwest, with half a dozen great railroad enterprises well on to ward consummation, with thousands of new people rushing into the long neglected and undeveloped portions of the country, with wealth-producing re sources of boundless extent, is stand ing today on the threshold of a greater prosperity than It has ever known. With Bryan's election, we shall con tinue "standing," or possibly take a few steps backward: but with Taft's election and the assurance that there is to be no wild upheaval of our finan cial and social system, we shall move rapidly on with a wave of industrial and commercial expansion greater than we have ever known. The vigorous language of the first county grand Jury, which a few weeks ago called attention to the mismanage ment of Kelly Butte and the refusal of the County Court to co-operate with the Sheriff, has apparently had no efteot in Improving conditions. The second grand Jury, which made its final report Saturday, was even more emphatic than Its predecessor in its condemnation of existing conditions at Kelly Butte, and of the refusal of the County Court to work In harmony with the Sheriff. Meanwhile the County Jail is full to overflowing with prison ers who should be at the Butte break ing rock and building roads instead of lying Idle in Jail at the expense of the taxpayers. County officials who as sume authority sufficient to set aside the will of the people as expressed by law, and reaffirmed by referendum, may be sowing the wind, and in the future will be reasonably certain to reap the crop that Is said to follow. Taxpayers, as a rule, are long suffer ing and slow to act, but, when they do act, the results are not always pleas ant for those who have been disobey ing the law. The last week of a political 'cam paign Is always a week of roorbacks. Thia time It is the humbug announce ment of Rockefeller for. Taft. Rocke feller of course Is for Bryan, and has taken the method he supposes best calculated to help him against Taft. What the Standard Oil man wants Is revenge. He knows he has been hurt by a Republican administration more than he ever would by a Democratic one. The American battleship fleet ar rived at Amoy Friday, and for the first time since it steamed away from the Atlantic station. Its presence was Ignored by the people of the port vis ited. Some explanation Is offered by the fact that the visit was coincident with the birthday of the Empress De-wager. The Chinese are a queer race, and at' heart have considerable contempt for all other races: but there is a time coming in the not far distant future when an American fleet in Chi nese ports may look so good to China that she will forget all about the Em press Dowager in a desire to do hom age to the Stars and Stripes. The land of Confucius Is not yet out of the woods that abound with international "varmints" which may yet dismember the empire, and a right good friend like Uncle Sam Is well worth culti Airships of various styles and build figured In the first page news yester day. At Rome an airship from the military balloon house". 26 miles away, circled over the Eternal City at an al titude of 2000 feet. At Lemans, France, Wilbur Wright made a ten minute flight carrying as a passenger a member of the Chamber of Deputies. At Mourmeton, France, Henry Far man won the height prize for aero planes by soaring over the tops of captive balloons, and at Chartres. France, M. Blelrot made a nine-mile flight in his monoplane. Here we have three successful, flights by as many different types of aerial craft, and. with the abounding Interest in the topic, and inventors hard at work perfecting their machines, it would be hazardous to predict much short of ultimate success for aerial naviga tion. Of course, if Rockefeller wanted Taft President he wouldn't say any thing about it. He knows better. For that reason, he doesn't tell the truth that he wants Bryan President. He would fare far better under Bryan, since, in the Inevitable conflict between the President and Congress, Bryan could do little or nothing to curb the trusts. The "interests" are not affrighted, by the probable return of Roosevelt to the Presidency, four years hence, should Bryan be elected now; they will take chances on some thing better at the end of that period. Bryan is the logical candidate of the trusts and the big corporations, though he is far more radical than Taft, and revolutionary. The San Francisco vegetarian who began abstaining from meat In 1828, and now, at the age of 112 years, is obliged to apply for charity, presents a strong argument in favor of the simple diet which seems to be grow ing in favor. The head of the house who is obliged to settle the meat bills In these twentieth-century days, will wonder how this aged vegetarian be came a pauper, after eighty years without meat. At present prices, the saving on that one Item alone would be sufficient to amount to an enormous sum in 80 years. Perhaps, however, vegetarianism and economy are not synonymous. Not until Oregon has fought Rocke feller and Harrlman and Hill.and Mor gan to a finish wiUOregon get time to produce poultry and pigs, potatoes and hay enough for her own consump tion. Meantime we shall be compelled to pay the railroads of Rockefeller, Morgan, Harrlman and Hill to haul what we want from Missouri,' Kansas and Iowa. ' According to the Democratic ex pense sheet, printed by the State Cen tral Committee, the entertainment of Hobson in Portland cost 34.35. Con sidering that Hobson while shouting for a larger Navy was urging election of a President who stands for cur tailment of Navy expenses, the $34.35 disbursement was larger than Hobson was worth. Senator Gearin on Saturday night told Republicans he was not advising them to quit their party; he was only asking them to vote for Bryan and to become Democratic partisans. But this nonpartisan argument Is not orig inal with Mr. Gearin. It has been worked" for Governor Chamberlain a long time. "Blind partisanship," be it observed now as many times before, is a fault charged against Republicans only by Democrats. Of course the Democrats overlook their own blind partisanship, as In the South they boast that every Democrat is voting for Bryan. Mr. Rockefeller should have saved his prank for Hallowe'en. It would then have been appropriate. It was sufficiently childish to be associated with such tricks as taking away gates and stringing wires across the side walk. It's a wonder the Democrats did not empty a can of kerosene on Taft's doorstep, and then point it out as con clusive evidence of his friendliness to Rockefeller. It would be as smart a trick as the Rockefeller announce ment. It Is Insisted by Democratic orators that Republicans ought to vote for Bryan. That, one may suppose, is asked as a tribute to the honorable and patriotic career of the Democratic party these fifty years. The Democratic state secretary says (but doesn't believe) that Bryan will win Oregon by 2050 plurality. That's too close. Even when Chamberlain was running, no Democrat ever made so low an estimate. If it should rain on election day, of course the farmer won't wish to plow or -sow, and if It should sunshine, that's his opportunity to go to the polls. The vote will be big in either event. Billy Bristol is supporting Bryan. Be 1t remembered, as General Kill feather tells us, that "Bristle Is the fellow what Heney had fired," after he and Roosevelt fell out. Of course Rockefeller knew that anything he might say pretendedly in favor of Taft could not possibly help Taft, but would be likely to injure him. That's the reason why he spoke. There are laws guaranteeing that bank wreckers shall go to the peni tentiary which if enforced a few times would vastly insure the safety of bank deposits. Mr. Rockefeller must be pleased to find what kind of political influence he has. . . If a man does not want prosperity, of course he won't vote for it. This is the month of Republican turkey and Democratic crow. The only safe topic of conversation tomorrow will be the weather. Mr. Bryan's daily horror-scope; John 'D. supporting Taft. WHAT WILL VNION LABOR DOT H'tikan Will Merely Divide Om Party Line am Usual. This from the Hlllsboro Independent is by its editor. S. C. Killen. who until he bought it was forman of a Portland paper. It goes to show that about all union printers who get into business for thernselves repudiate Gompers and his delivery of the union vote. The Independent has been aaked if It does not believe the organized labor vote will be antagonistic to Taft and will affect the result. It thinks not. The man who works and belongs to a laror onion Is very much Ilka any other elliaen and usually does his own political thinking, and expe rience has proven It Is extremely difficult to herd him to the polls. The great bug bear of the unions has always, been the fear that their leader would attempt to deliver their votes and in moat of them politics Is a tabooed subject. Instances innumerable can be cited when attempts to unite the vote In cases where It was clearly to their Interest to lend support nave failed because of this fear of being "herded." or sold out. In the case of Mr. Taft he will likely be either supported or opposed by the ma jority of labor union men just as he will be supported or opposed by their fellow citizens who do not happen -to be affiliated with the union. The pclnclplea he stands for will be considered and not what he did or might not have done when on the bench. Granting Mr. Gompers' claim that the injunctions Issued by Judge Taft were a blow at union labor, the Intelligent union let realizes that their Issuance was a legal duty the Judge could not have evaded If ht would, and he la likely to cast his vote uninfluenced. His less Intelligent brother who might seek revenge at the polls will be deterred hy that fear of voting as ordered hereto fore mentioned. For these reasons the Inde pendent believea the union labor man must be considered precisely as any other citizen must be considered Individually and not aa a unit. SOW YORK BANKS THAT VAILED. Depositors Will Not Lose a Dollar, There Is No Guaranty. Utica (N. Y.) Press. -It is interesting to note the final out come with reference to the 15 New York financial concerns that failed. Of these three were National banks, eight were state banks and four trust companies. There was due to about 100,000 depositors the immense sum of 186,160,000. The Knickerbocker Trust Company closed Its doors Ootober 22, with $49,000,000 due the depositors. Other banks closed at various times subsequently and there was a rreat deal of worry and uneasiness and a great many people were positively certain that they were going to lose all their money. The leaders of business in the metropolis took counsel with the Secretary of the Treasury and the State Superintendent of Banking, and . the situation was bravely met. There were troublous times, it is true, but as it turned out none of the de positors have lost anything but perhaps a little sleep. A statement is made on what appears to be good authority that every one of the 15 financial Institutions which failed within a year In New York City, has paid up every dollar due the depositors and they are going along doing business prosperously as before and on a. great deal safer foundation. There was no guaranty of bank deposits, no chance for a general panic, no making good banks pay for the mistakes of poor ones, and yet under the existing laws over $96,000,000 of deposits were made absolutely safe and sure and not one among the custom ers of these banks lost a penny. LIFE IN THE OREGON COUNTRY. Some Daws;. Corvallls Republican. The Ray boys of Airlle, have a noted "varment" dog. He has captured and killed 120 coons, two bears, three coyotes, a number of foxes, and bob and house cats without number. This noted dog an swers to the name of "Colie," and Is a fighter of no mean reputation. They Will Vote sua Father Shot. Newberg Graphic. James Fisher, who was one of the "so Jer boys" during the war, will make a pretty strong line-up for , big William Taft on next Tuesday. His vote with that of his six sons and two sons-in-law will make nine for the Ohloan, and it will be no straw vote either. . Bridal Tour on a Speeder. Pendleton Tribune. At the Methodist parsonage yesterday noon Harry W. Lyons, section foreman residing near horseshoe curve about 10 miles below the city, was married to Miss Amelia Gerle. As soon as the young cou ple had been made happy by taking the marriage vows they took their little three- wheel speeder and struck oft at a rapid rate for their pretty home near Isolln. One Way to Get Help. Newberg Graphic. On account of the Increasing heavy work at the Southern Pacific station, Clarence Crow, assistant to Mr. James, turned in his resignation to the company a xfew days ago, he having decided that life was -too short to be thrown away for a grasping railroad company. This brought an additional helper and those who have business to transact at the station are glad to know that Mr. Crow will remain. Hushes' Bettors Giving- Odds. New York Special to Chicago Tribune, October 26. Chanler money, has become scarcer In the financial district in the last few days, although little money has been placed at any time. For the first time holders of Hughes money have been obliged to give odds, the larger sums being placed at 10 to 9, small bets at even money. What is eaid to be the first big election bet made between stock exchange mem bers this season was the one made to day, $6000 on Hughes against $4500 on Chanler. There was more betting on the curb to day than at any time since the campaign started. One bet of $1000 on Hughes to $900 on Chanler wu made, and a holder of Hughes money announced he had $20, 000 more to bet on the Republican candi date if he could get even money or better. This Republican money is said by curb men to have been sent from the Republican Club, To make sure of not running foul of the new state betting law bettors of big amounts are now resorting to various pretexts when the money is posted. The Early Military Band. London Tit-Bits. A little more than seventy years ago there was no such thing as a brass band in existence. The very first band entirely of brass dates, in fact, no fur ther back than 1836. Prior to that time even our military music was produced almost entirely from Instruments of wood, and as recently as 1878 a full regimental band consisted of two obbes, two clarinets, two horns and two bas soons. As showing the Important part played by the "sounding brass" in our bands today It is sufficient to mention that in an up-to-date first-class band of, say, forty-two pieces, tnere would probably be found from eighteen to twenty horns, to say nothing of saxo phones, which are partly clarinets and partly horns. - A Peep at Prayer Time. Atchison Globe. It's a boy's opinion that when the preacher offers thanks at the table, be has a perfect right to peep to see if there is anything on the table worth giving thanks for. Dab of Nose Powder. Atchison Globe. Soma women should explain why a woman thinks her toilet isn't complete unless she has a dab of powder on her A nose,. FRUITS OF BANK GUARANTEE IN OKLAHOMA Wildcat Institutions Crow Villages, Vnder the Bryan Scheme. Offering- Blaj Interest" to Time Depositors Extraordinary Era of Frenzied Finance Now Voder Way. IT MAY not be worth while now to deal further with the fallacy of in surance of bank deposits: for it was invented merely as an expedient for an election, and never will be heard of again. Nevertheless, it serves a pur pose now, before the subject Is wholly forgotten, to present an account of what is going on In Oklahoma, the state now most completely devoted to Bryanistlc Populist ideas. The follow ing article Is the result of an investi gation by a special representative of the Chicago Tribune: GUTHRIE, Okla., Oct. 27. According to O. E. Grecian, president of the First National Bank of McCloud, Okla., the political economists who have dis cussed the bank-guaranty plan from a theoretical standpoint, have made inad equate forecasts of the bad features which the scheme has actually devel oped in the course of its short trial In this state. "Our so-called state guaranty law," declares Mr. Grecian, "Is. in my opin ion, the most vicious ever enacted by a State Legislature. One of the worst effects conspicuously apparent is the fact that new state banks are being chartered at an alarming rate, and we all know that there are already en tirely too many banks in the state. "More than 50 new banks have been started in Oklahoma since January 1, 1908, and many of them, to my personal knowledge, will be managed by Inex perienced, incompetent, would-be bank ers, wholmagine that under th sruaraa ty law banklmc will be simply a "snap." "There Is . bo denying that. In the eyes of the average depositor, right at the present, .moment; the guaranty scheme looks good; it Is popular with depositors, for the depositor feels he is relieved of all responsibility in se lecting his banker. What is the in evitable result . That - the would-be banker has the advantage over the substantial, the conservative banker, who has spent the best years of his life building up a solid institution. Two Banks in a Hamlet. "Of course, '.he Oklahoma Democrat will immediately reply that all this Is the mere statement of Individual opin ion and that facts are what count. Very well: let us go In for a few facts: "The little village of ' Harrah, five miles from here, with a population of something like 150 people all it is likely to have for some years to come now has two banks, with total local deposits of less than $15,000. One of these banks was recently organized under the guaranty law and may legit imately be regarded as a child of that enactment. "Right here I might state that last Fall the older of the twe banks was hard pushed and that I came to Its res cue and ateleast helped to keep It go ing. But now they are guaranteed and In the eyes of many depositors they, are perhaps stronger than my bank. The fact Is they have been pay lng 6 per cent on time deposits and paying that as a normal rate to some of our own customers. "I cite this Instance of the situation in the little town of Harrah. with Its 150 Inhabitants and Its two banks, not because of any personal feeling I have In the matter, but simply because it shows definitely and conclusively the extent to which the Oklahoma guaran ty law Is hatching more banks than the state has any earthly need of or use for, and also because It puts clear ly before the eyes of every fair man the fact that the law Is actually stlmu latins; the payment of absurd nnd im possible rates of Interest la .order ts attract deposits. Absurd to Pay- Per Cent On Deposits. If you think that any bank can afford to pay 6 per cent Interest on time deposits without taking; rash and Indefensible chances with the money of the depositors, then refer the proposi tion to any banker or set of hankers anywhere in America outside of Okla noma. You will get but one answer! and that Is that the proposition is absurd and Impossible. "Not far from here Is another town of about 1000 inhabitants, which has four banks two of which have been organized since the enactment of the guaranty law. That a town of only 1000 inhabitants can maintain more than two -healthy banks is an absurd ity on the face of It, but this absurdity Is emphasized by the fact that the total deposits of the four banks altogether are less than $100,000. It Is not too much to say that this kind of thing is going on all over the state, and that, plainly by reason of the guaranty law, Oklahoma Is being overbanked at an alarming rate." In this connection the fact should not be overlooked that there are pointed evidences of alarm on this score In the minds of the men who composed the state administration, or at least those members of the administration having directly to do with the application of the state "guaranty law" and its pro visions. Judge Houston, of the Distrlot Court of Logan County, when the parties who had been denied a charter brought a mandamus proceeding, decided that the state banking authorities were powerless to exercise their discretion In denying banking charters to those who made application and were able to show that they had fully complied with the law. In other words, this Illuminating In cident not only demonstrates that the friends of the law and those delegated with authority for carrying out Its provisions are alarmed at the furor for starting banks which is sweeping tbs state like a prairie Are, but that they are also powerless to curb or check this tendency, and that applicants for charters all "look alike" to the eye of the law, just as ail banks operating under that law nook alike" to deposi tors. Case of the Sallsaw Bank. Still another incident suggests that the banking authorities feel the situa Mother's First Vacation. Atchison Globe. A very tired woman realized that she was about to die. The fruit was not all put up, there waa the Fall house-cleaning to do, and the children's clothes to be made for school and o many other things needing" attention that she felt It was nothing short of shlftlessness for her to lie down and die, and leave so much undone. But the doctors told her she was going; there was no help for it and was there a last word she wanted -to say? "Tell them." she said, thinking of the sewing, cooking, clean ing, etc., "to put on my tombstone Just these words: "Mother Has Gone on Her First Vacation." " The Wedding Present Habit. London Echo. We see that at a recent wedding at Kingston there were no presents, "by request." We hope this is to be the beginning of a new era. The wedding present nuisance is nearly as bad as the tipping nuisance. Like all customs of Its kind It has grown too much of a tax. One does not object to parting with a doubloon or two to show one's affec tion for an Intimate friend on his or her wedding day, but nowadays everybody tion needs a restraining hand. And by the same token, it as clearly demon strates the fact that the authorities are without the power to control the situa tion or even to moderate it In any de gree, i The Sallsaw Bank & Trust Company, of Sallsaw, Okla., openly advertised It would pay a rate of interest on de posits nearly or Quite double the limit designated by the Bank Commissioner. The result was that the management of this institution was promptly called over the carpet by that officer. . Immediately after receiving this rep rimand the management of the bank openly advertised that while the bank had been informed it could not, under the rules and regulations of the Bank- ng Board, pay a higher rate of Interest on deposits than 4 per cent, the presi dent of the bank would himself, per sonally, pay an additional premium or discount which would give to the de positor as high a rate of interest as that designated In the previous adver tisement of the bank. While I do not assume to give the precise wording of the advertisement referred to, it was in substance and in purpose as I have Just stated. Banks operatlner under the gsaraaty law make no bones about paying their de positors a much h Ik her rate of Interest than 4 per cent, thus ah out In a that the banking authorities are powerless to prevent violations of the restrictions holding the rale of Interest to be of fered down to 4 per cent Rats Set by Need of Task. How much a bank will pay for de posits here in Oklahoma Is merely a Question of how keenly the banker desires the money which in most cases where an abnormal rate of in terest Is paid means how much he hopes to realize from the use of the depositors' money In speculative in vestments which promise, to his mind, a fantastic margin of profit. The recent closing of the Interna tional Bank of Colgate, Okla., Is a matter of present Interest, from the fact that Its president Is now proclaim ing that his Institution was slaughtered for exhibition purposes, and that the Bank Commissioner's act war, unjusti fied on any grounds excepting those of political expediency. However right or wrong may be this .contention, two pertinent facts stand out clearly. The bank went under and Its depositors suffered the usual and normal spasms of anxiety; second, the grand Jury of that county has returned an Indictment against, the Bank Com missioner. Politicians Ride on Bankers. To the average and unbiased ob server, this Incident Indicates that banks under the occult protection of the guaranty law can close their doors, leaving anxious depositors to speculate upon how long they are going to be kept waiting for their money; and it also indicates that, to take the other horn of the dilemma, the political saddle- on the back of a state's banking institutions is going to be straddled by politicians and ridden into ,the political race. The reader may take his choice of these two ways of looking at thia Incident but be certainly must choose one of them. It has not required more than one experience to demonstrate to the people that even under the beneficent and oc cult action of the guaranty law deposi tors of a closed bank cannot get their money off hand at the moment its doors are shut. It takes time for even a Democratic administration in Okla homa, with a guaranty fund behind It, to settle the claims of the depositors of a bank and pay them back their coin. And it should be remembered that If this bank had been a big one instead of a little one and had owed its deposi tors a good round sum Instead of only V3A.000, the banks doing business la Oklahoma under the Kuaranty law would have had to turn over to the guaranty fund an amount equal to a heavy percentage of their deposits and large enough in many rases to wipe out the surplus aad Impair the capital of many. Takes Out 7 Per Cent of Deposits. For example, when the Capital Na tional Bank of Guthrie failed some time ago, with deposits of nearly $900. 000, It carried down other banks doing business with it whose deposits, to gether with Its own, aggregated $1, 300,000, or about 7 per cent of the de posits of all the state banks at that time. But a bank does not pay Its assess ments from deposits; It must pay them from its own surplus or capital. If a bank of $50,000 capital and $300,000 de posits was assessed 7 per cent on its deposits, the amount to be paid from Its capital would be $21,000, or nearly one-half, and more than its probable earnings for years. Such an assess ment would wipe out the surplus In many cases and render the bank in solvent. The credit of every bank In the sys tem would be affected and depositors who understood the risk would want to a-et their money out of the state. For depositors will hustle around to get their money just about as promptly it they think It is likely to be tied up for several years as If threatened with its loss. The total amount In the guaranty fund at the present time is only about $135,000. Oklahoma already has trav eled far enough on the blind path to know that bank failures still can occur, and that disposes of the theory that depositors never more will make a run for their money. What other lessons are to be learned cannot surely be foretold, but the symptoms Indicate that serious ones are forthcoming. It will be the part of prudence for people of other slates to stand by and wait until the returns are all in before adopting the Oklahoma plan. Even if it Is successful here when it Is fully tried out, there will be amendments In plenty; and It will be time enough after all this for the country at large to follow suit. who has the slightest acquaintance with one expects a gift. Comparative strangers In India invite one to their daughter's wedding at Simla or Quetta, or somewhere equally get-at-able, and then sit with their tongues out waiting for the present Mora misery is caused by the wedding present convention than bv almost any of the lesser evils of life. Apart from the expense of It there Is the worry. However much a man may disapprove of the practice of giving wedding presents, he probably wants to do the thing well. The things hs would like to give he knows a dozen other people will have chosen. His aristic soul revolts at the thought of fish slices and napkin rings. What he wants is something bizarre, startling and effective, at about ten shillings, looking as If It had cost $26. That is why so many men one meets in the streets have the Worried Look and the Glassy Stare. A True Friend. Chicago News. Him By the way, do. you happen to know Miss Overton? Her Yes, indeed. She is my most inti mate friend. Him Ah! Then perhaps you can tell me bow old she Is? Her Oh, no; we are' not quite so inti mate as that.
