Braggs Bugle (Newspaper) - February 13, 1913, Braggs, Oklahoma Heliotrope and Choctaw Floiir-Famous Oklahoma City Product-Just Arrived. Braggs Mercantile Co. �<He That tooteth Not His 0#n Horn, His Horn SImH Not Be Tooted.' [Successor To The Wainwright Enterprise.] VOL. 2. BRAGGS, OKLAHOMA, THURSDAY, FEB., 13, 1913. NO. 35 Laboring Mans Bank Such a Financial Institution Would Put The Money Sharks Out of Business. When bankers loan money, they require some kind of security. If a prospective borrower has no security to oflFer to guarantee that the loan will be paid, he has little chance of obtaining money from a bank. Sometimes character is an asset whicli will develop a loan. One of America's leading bankers has said that be would loan money to a man without security, if the borrower's character is high class. But usaally tangible security is demanded, not only by banks but by those who are engaged in making short time loans where the risk is considered to be large. la such cases high rates of interest are charged, 10 per cent a month being a favorite rate for emergency loans to persons who are compelled to have money in a hurry. Loan men who charge 10 per cent a month maintain that the cost of making short time loans is just as great as for making long-time ones; they claim that the element of risk enters largely into transactions where salaries are pledged by persons who are not, as a rule, thrifty in money matters. A bill now is before the legislature seeking to stop the high rates ot interest charged by the men who make short-time loans to those who are unable to borrow from banks, and are forced to go to some other place-to the 10 per cent loan man who takes risks, since his profits justify risks which banks would not consider. The legislative bill which seeks to regulate interest charges might go further and provide that cities could establish municipal banks and pawnshops for the purpose of ioai tng money in in small amounts to persons who need money in times of distress. Illinois has such a law* and its operations ha^e served to relieve thousands ef cases of distress. Character should enable worthy persons of Oklahoma to borrow reasonable amounts without paying 10 per cent a month. Since the loan men stoutly declare that their business cannot be operated at less than the interest rates charged; and since they declare that borrowers are willing to pay the high rates of interest, law or no law, provid- ing that such rates are usurious, about the only relief in sight for unfortunate persons to borrow money at reasonable rates of interest would appear to be in the establishment of a laboring man's bank operated by philanthropists under state regulation or by cities, and for the benefit of those persons who are entitled to some consideration in financial obligations, even though they be poor: At no time in the history of the world have the money lenders been absent. Legislation never has regulated interest rates and probably never will. Yet there remains a way to provide cheap money for those who deserve the use of it. Compe-tion will do it. If the state will authorize the establishment of a poor man*s bank^ on lines similar to those operated in other parts of the nation, the 10-per-cent-a-month lenders will be forced to meet the cbmpetrtion. The result will be a survival of the fit-t St, with character getting the recognition to which it is entitled. -Daily Oklahoman. ' Praise Worth While Gene Flowers Ao^uitted-Deputy Sheriff Gene Flowers killed Ex-Sheriff Luther Opry in self defense, so declared a jury of twelve in district court at Wagoner Monday, after a deliberation of fifty hours. This verdict was looked for bj the people generally. Gene Flowers will continue as one of Sheriff Long's deputies so we are inform^^^ A Leadioif Chiai�o Republican Editor Says Pleasant Thinp. One hi the hide bound republican papers in Chicago has the following to say editorially of the cabinet possibilities: Of the proposed Secretary of State it says: "He will t)e a man who has a prejudice in favor of honorable peace, and holds national rightedusness higher than dollar diplomacy." That sounds like William Jennings Bryan. For Secretary of the Treasury he makes this forecast: '*He will be an old fashioned man who retains the outwor,n idea that money in the United States treasury belongs to the American people, not to Wall street gamblers." Sounds good coming from that source. Of the attorney general it predicts: '*He will be a man who believes that guilt is personal, and that managers of criminal corporations should go to jail." And that, too, listens, well. This republiean paper does not claim to have exact information who these men will be, but it does daim to know what the country may expect from them. -Muskokee Times-Democrat. A general passenger fare of 2^ cents per mile on every railroad in Oklahpm will soon be effective if a bill passed by the senate Monday becomes a law and is ttpheid.