The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1905-01-11

3toHal administration which was on
the 10Th lay Of December, 1901 there
was deposited in tho Capitol National
bank The sum cf S376,9Co.75 in terri
torial funds.
About this hne. Clatter pant of
laoD there we~c additional sums de-
posted n his bank amounting in an
to S67%.12o4G This was money for
which the territorial ministration
was responsible, al-houeh it was not
territorial money j came INTO the
custody 1f the school land office from
applicants for school lands in The coun
lies which had been opened for set
uement during tie surmcr of 1901.
Each h.lder for school land was re-
quired 10 deposit the amount Of his
bid and rs there were frequently num-
erous applicants for the same tract OF
land The deposits were enormous Of
The SC72 19GA6 which had been depos-
ted during the connective bidding in
The fall If .9ei The sum or $476,2132.
was returned TO unsuccessful bidders
and the balance passed to the credit
Of the fmis q which tho lands be
longed The amcnnt OF money in
, cluding Territorial money and money
bid on school lands which was depos
tied in the Capitol Tatloral oa9k dur
, ing the latter port Of 1870! was enorn-
? ous. probably at one tine between
r eight ami nire frudrcd Thousand dol
lars. After the $47e.31a.22 had been
E returned To the unsuccessful bidders
and the balance had passed into the
custody Of territorial treasurer, it in
creased the territorial deposits until
ON the 3Oth day Of Afrll, 1907, there
was IN the depository he sum Of S6o2,
J. S9547 The CapitCl National bank
q contained all of this money having
. been DESIGNATED as the territorial de-
!. pository in April 1901 A. the e&pi.a
, ticn of the original depository contract
d il was not deemed best to keep suDf
t large amounts in one hant, consequent
Il ly additional contracts were made
5 with other hanks as depositories tbs
i Capitol Natiolal bank helms conunu
y ed as ore OF the repositories.
r At the time Of the expiration Of the
e contract with the Capitol Nationa
bank as sole depository many bank
E. over the territory became applicant
II to become repositories The rreasnr
al ar was confronted by a perplexini
e. proposition. There were TWO feature
r. of the situation TO consider. II man.
banks we're made repositories. Will
r. the amount in each would he less, tn
: lianillty of failure would be increased
Upon the oiher hand If a limited nun
ber of hanks were made depositoriel
+ while the liability Ct a failure migh
be lessened the amount in case ,
failure and loss would be greater. IN
treasurer has been Increasing the nun
Der Of repositories There arc no
seven Of them The deposits are a
secured Il is 5cll laycd that the secu
tics held hy the territorial treasure
would bring more upon the mark'
than the amounts of any loss h'
could possibly result from the failul
Of the depositories
The legislator who can devise a
absolutely safe depository Jaw an
ways and means 10 comply with
wonld be public benefactol not onl
to The territory tut tc me states 2
well. where this matter is stin an nj
solved problem. AT best Fl IS an q
pertinent attended by dangers.
surety bonds are taken and a loi
occurs, DE companies almost ioyf
iably resist pavIaeDt if The amount
the liability Is large
if territorial warrants cr the muni
{pal securities are taken there is ,
ways some danger Of the loss OF q
securities.
Bank Commissioner.
l-tions ale for h
th r D. e7n'n