The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1907-12-05

properly saienuarde9 Mad held or leno
Tied subject ta the order oi Che t
Banhin board lor the purpose
~
~ aer py 81
n R9 n
paying the depositors 0f any such bank
mar may become insQlyent' Qr unable fol
pay It's depo4lors.
After the collection Of said one per
cent, and fori the purpose Of maintain
ing said Deposltors' Guaranty Fund at a
sum equal To- said original collection of
ons per cert after the liquidation OF the
liabilities to heppsitpHsFef any defauH
ing bank sdId ii Atat Bankti sliaakd
shall be dhtHorized and required from
time to tlmel to Levy .aind icoglett bueh
additional assfssmehts as may ne feces-
sary 70 inainEain. said fund unimpared
SO that the sanfe5 shah 1T Ply tipea1 be
equal. to, one per cent 81 the totaIlde-
posits IN an banks which mayf De en-
titled to the beneaf eof said, fEn4
in the event Of the payment out Of
said fund to the depositursgofe any de-
faulting or iHsolvent bank The State
sfalt hatena first lien for the benefit
81 said Depositors' Guaranty Fund, to
the extent % such payment upon all
the assets of said bank all statutory ilia-
blllties OF stockholders and directors Of
insolyent banks may likewise be en-
forced by the State for the benefit Of
said fund,
The provisions Of this section shall
apply to all banks organized or exist
Ing under the laws of this State, and
to National banks which may voluntar-
/ ly apply IN writing to, and be approved
by said Barking hoard for the benefit OF
/ fleir depositofs Of the provisions OF this
Section, and contract to pay such gssess-
ments for the purposes afbfesaid as may
be levied upon them under the proyis-
ous hereof, eft
Provided, however, that wherein any
OF the provisions Of the banking laws
of this State Gs to examination, reserve
fund. liquidation, on other FpFoyisieus,
shall teonlitt With the laws of the United
states as to National banks, that In
such case the National banks shan be
deeindd 10 have compiled fFlta the pro-
visions Of the laws OF this State upon
their, compliance with the laws Of the
United states. V4l9W1t
Banks organized after the passage and
labpf0yal| oli this law should be required
10 pay into The DepOsit0rs' Guaranty
Fund one per cent Of their paid Up cap
ltal; provided however, that such pay
ment should mot be required OF new
banks organized BY the consolidation soi
reorganization OF existing banks. which
have previously complied with this law
The Bank conAnis onerA should de.
lliver to each bank that has compiled
with the provislona of this sgcHon, Ger.
tihcate Ia writing eontainlhg the nam'
Of said bank and certifying that 1t hal
complied with the provisions Of the lawl
Of this state FOR the protection Of banl
depositors, which certificates shall be
kept BY said bank displayed IN a public
tplace IN its banking room.
Bank Officers and Directors.
Any director or other officer Of am
bank. may be removable from office 10
incompetency, dishonesty or violatIoi
Of tie banking laws OF this state O
Recommendation OF the Bank C0mmis
sloner approved By the State Bankinl
board
Tho loaning Of flinds Of a bank tc an,
stockhoder. director or other offleei
IN excess Of the limit authorized By las
should constitute crime under the law
II 1ttf7fqslHtates On the part Of the borrnwe
ana oi the officer authorizing the loal
ana 81 punishable as IN case OF larcen
= of a like amount
Directors Qualifications and Liability
No person should be qualified 70 az
as director of any bank In this stat
( unless he Is the bona iide owneg Of 9
least fye hundred dollars par value g
fully paid stock q such bank, and Ia
directors liability should be the sam
+ as that OF directors of National banks
Inspections.
recommend at least two inspection
each year instead Of one.
Cash Reserve.
The reserve required under the pres
Fl ent law, I recommend. should be IN
: creased IN all cases where the deposit
Z exceed double the amount Of cash cap
tai and surplus Of the bank That thi
q Increase should be an additional ten ps
cent on all such excess OF deposits.
Reserve Agents.
No deposit of any bank operati@g ur
der the laws Of this state. should
3 counted as reserve unless held By q r.
+ serve agency. approved By the Ban
+ Commissioner and state Banking Boar
Emergency.
In view Of the abnormal condition
existing, I recommend that an enel
Z eency be declared requiring this act
become effective Immediately upon +
= passage and approval
Revenue and Taxation.
The conditions Is 10 Tie icvying as
u collecting OF taxes throughout the. sta
q are peculiar. and win require iegish
q tion 10 place them upon a uniform ar
II equitable basis. particularly the Sta
= levy. IL appears that there may be Il
E, Justice IN the collection Of a State ie'
/ from the taxpayers Ia the portion ef -
state formerly known as Oklahoma Te
ls rltory. there being no provision Tor
J. simultaneous collection In the remninif
y portion Of the slate' likewise 20 rroFil
a Tor a State levy In the Indian Territo
~ part OF the new State upon a valaatil
u az the full market value OF property
10 required by the Constitution waald
unjust upon that portion Of the State
1t order 70 avoid injustice TO any part
81 the State aud n case q q fpund IL
D these above conditions would be an j
l. Justice upon the people. Of either 20
tion OF the State, ! recommend iegisl
s. tion providing for the early valuation
10 tax purposes. Of all taxable proper
throughout the state. to the end ia
N each and every part OF the State may
"a under tho sans valuation and at t
ir same time be called upon for the pa
= ment ~ state taxes, and N taxing pro
erty, especially can your eftention
i Il the provision Of the Constitution viii
III AUTHORIZES the llevy of e tax on income
Il franchises, production and inheritance
r Tifecoinlhena that ail ihcones r. exec