The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-10-13
NJ NEAL.
DESIRES
CORRECTION.

Editor Of the Leader:
| desire your Indulgence once more
not for the sake OF getting the last
word but because think you would
| not knowingly have made as many mis-.
| statements as appear in your article
| Permit me to quote, The bankers
have been satisfied without regulating
laws for years" For more than tWen.
| ty-five years have been practically all
the time connected with some national
/ bank. The national banking system
went into operation June 3. 1864. more
than f1rty-four years ago Senator
owen. in his speech last February. in
the United states Senate. speaking OF
the losses in national banks. states.
| The report of the COmptr Her of the
Currency shows a net loss to creditors
of the insolvent banks. an average OF
about sS5.O0000, per annum. against
net deposits, August %, 1907 OF Sj256..
OOO,0000O. a ] IS TO the national bank
depositors 3f only about one dol in
s6O,0O000 per annum. mere never
vas in t-7 history OF man. a finer
acord OF integrity, pf Intelligence and
. So ~ nAnlllfoo Audil ID HilUW II w IulA
record of the natl nal banks" Senator
Owen ought to be fairly good authority
Gould this vast system have been carri-
ed on for more than forty.four years
II, as you say certainly no sensible
man would be reckless enough to main
tain there is a banking system In the
United States?'
II is true there have been a great
many bad boils N the system Some
very strong people, in the very best
of health, are troubled with sore spots
And so 1t is In the banking business
Occasionally boil viii break out and
give lots Of trouble. But in the grand
aggregate, the system has been a great
success and the losses In the aggregate
compared with the total amount = de.
posits have been trihing
Again you state that the State Guar
antee Act was passed for the benefit
of the great dcpositing public. those
bankers not caring to participate in
the workings OF the law do not have
to do so" You certainly would not
have made that statement had you read |
House Bill 6l5, in Secti3n ., of Article |
2, of said bill, where II says that the
assessment shall be On every organiz- |
ed and existing under the laws OF It's |
state Had the law been as you state. !
optional with the bankers. no great |
harm could have come from IT, as n
sound bank. who knew they could pay
their depositors. would have thought OF |
TO guarantee the payment |
of the depositors in banks, over which |
they have no control and of VIII Sc man
ttF hfntg g
law been as YOU state ii to be-. a very
snail per cent of the state banks OF
Oklahoma would have applied for ad
mission and they owuld have been the |
Why " uld a good bank. |
that knew II was able to pay It's dopos
! rs want 10 guarantee the payment
OF twenty million of some oth2r banks
dcpositors2 This law might very cas-.
lily render II unable tC pay ils own de-
positors, by eXhausting all OF IT'S as
sets in payment Of the deposit rs in
weak and badly managed banks.
II you think 1t IS equity that good,
solvent bankers should pay the debts OF
poor incompetent and dishonest bank.
ers why don't you take the subject
home to ycurseR? Y-u have very fire.
quently alleged in your paper that one
OF your competitors was in tde habit OF
giving out checks tlat were not paid
on presentation and have roasted them
good aud plenty for suCI work. Now,
these checks und ,ubtedly represented
a deposit Of a weeks or several weeks
labor. Certainly labor is entitled TO as
much pr lection as capital and when
money is deposited II represents cap
ital. When man works "a week or
month he fas put in labor Why not
aave the Legislature pass a law that
all newspapers In Oklahoma must be
subject to an assessment sufficient 20
pay the labor and material obligations
I everv other newspaper in Oklahoma
II would be as equitable as asking the
8. d banker TO 90 down in his pocket
fld pay the dCUls ot the poor Dau-
er. siaBHYM y
You could not have meant to b" tah-
en- literally when you said the truth Is
that when a bank OF 100000 capital
stock Gas deposits in excess to that
amount II is insolvent.' II that state
ment is true | do not now kncw OF a
single solvent bank in Oklahoma.
Neither is toe guaranty fund solvent
for the secretary has given il out that
AlilNf AbAi AAn VI hHb rAHA eAANNN A"iiN 49,
nov invested in state warrants. Your
theory must be that as soon as the
money goes ont and some f-rm OF pa
per comes in, 10 that extent the bank
Is rendered insolvent II that would
be- true the moment the Banking board
Invested q dollar Of the guarantee fund
in state warrants or any other class
of paper. the guaranty fund. TO that Ga
tent would be iusOlNent
10 you think it fair tJ deposiior5 NJ
safe bauks 20 take their money 10 pay
tho debts Of reckelss incompetent and
dishonest bankers Now, let us be-
sure that NE are right befare We make
any statements and be sure that we
are not adyooating a proposition pai
ternal in character. dangerous In prae'
tice and necessarily disastrous ulti.
to the dep0sitors themselves
Yours respectfully,
}. w McNEAL.
Would Mortgage the Farm.
A farmer on Rural Route ., Empirs
Isaa