Jasper County Democrat, Volume 11, Number 30, Rensselaer, Jasper County, 12 August 1908 — OKLAHOMA WINKELRIED. [ARTICLE]

OKLAHOMA WINKELRIED.

Indianapolis News (Hep.). Oklahoma seems bound to be in the forefront of Democracy’s attack on Republicanism this year, and elected, like Arnold Winkelried, to gather all the fiTst-thrown spears into her breast. Less classically. Oklahoma may be termed “the fall guy in the fall campaign. The state may be confidently expected to remain in the limelight up to the very last, while the picturesquely

pugnacious Mr. Haskell remains as her Governor and the treasurer of the Democratic committee. Just now her bank guaranty law is under fire. Attorney-General Boneparte’s opinion that national banks can not place themselves under the law without risk of losing their charters, has been hailed in many quarters as line material for Democratic campaign speeches. Let its significance not be misunderstood. If such a restriction upon national banks exists in the law there-vfas no course open to Mr. Boneparte except to pronounce the necessity of obedience of his action. It was expected six months ago that antagonism between State and national laws would develop. Why the opinion was not rendered much earlier is interesting question. Mr. Cortelyou asked for it in March. During the interval fifty-seven 'of the one hundred odd national bankg of Oklahoma have availed themselves of the opportunity (It is optional) of contributing to the State guaranty fund. These fifty-seven banks must, presumably, now ask that their contributions be returned to them. Some will suffer loss of the

interest on these amounts. Nevertheless, this also is not the factor which is causing these banks and all the others the greatest irritation at the decision. Once passed and in operation, the guaranty law is mighty in its effect upon the minds of depositors. No bank without the backing of the guaranty fund can compete with banks whose depositors are absolutely secured against loss. This is not an argument of politicans, but the unamimous admission of bank officers themselves. The national banks of Oklahoma therefore are face to face with greater losses thftn those of the State funds. They will tlie money of private depositors slipping away from them. So it is likely that the Democrats will find oite of their novel planks carried higher in popular favor. The query of the Republican Secretary of the Treasury and the answer of the Republican AttorneyGeneral have forced the issue. Oklahoma's Governor welcomes the challenge, it is reported, and feels that the State is to be proud of its place in the forefront of battle.