THE 3I0RXIXG OKEGOXIAX, MONDAY, NOVEMBER 2, 1909.
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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.