Bankers Organize Opposition to Public Power Bill
Investment firms in Spokane declare war on the proposed Bone public power legislation.
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SPOKANE—War on the Bone public power bill was officially declared here by the Pacific Northwest Division of the Investment Bankers of American by adoption of a resolution which declared the bill 'not in the best interest of the state.' Passage of the resolution came in the closing session of the annual spring convention over which R. H. McMichael of Seattle presided. The action followed the reading of a letter from William Hatch Davis of the Washington State Bankers’ Association. Mr. McMichael said: 'A similar bill was defeated in California, largely because of the opposition of the investment bankers. The Bone Erickson bill is as bad as the California bill.' A. S. Blum of Spokane offered the resolution opposing the bill, supplementing his remarks with a statement that the association had opposed the Erickson bill. McMichael’s suggestions that members of the organization write letters for statewide circulation on the bill, and throw their mailing lists open to circulation of such letters, met with the approval of the bankers.
“A similar bill was defeated in California, largely because of the opposition of the investment bankers.”
The struggle for control over public versus private power utilities has shaped the infrastructure of the Pacific Northwest for a century. This early mobilization mirrors ongoing debates about grid management and energy autonomy in Washington today.
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