The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-03-14

BY Charles n. Crcwdson in Saturday Evening Post

AT the time when Bryan sprung
hih remedy for the recent panic and
1or ~ otherpanics. De, as every one
else, figured that the United states
government would have 10 take Che
lirst step and That tie stntes wotld
follow. Briefly. the Biyan plan was
This:
Tho United States government was
10 collect from ala national banks
lax of not more oneientn OF one
yer cent on the dailp average de-
posits ia snh banks This money
was 10 be a fund from which 40 pay
depozitors who would otherwise lose
their money 10 the event of the fail
ure % q national bank IN q wori,
lhe United States government was TO
insure every man who puts Ids
money into a national bank SO that
he shall yet his mosey back at once
* thai bank fails
Mr.. Bryan figured thai The states
would follow the lead Of the nation.
b,it the States are taking action
FIRST on December ~, Governor
Haakell. OF OAah0ma. aligned a bili
whereby the state Of Oklahoma is
10 guarantee depoaitors This, in
briei, IS the Oklahoma law;
ON February l6. sixty days after
she yaasage OF the bill. every state
bank in OHlaloma shall pay to the
state Treasurer one per cent OF its
average daily deposits less The de
posits Of state funds properly se-
cured. for the year previous This
money shall be fund to pay at
pnce Gcpositors Ia a stale hank when
That bank closes It's dOOrs--less the
amount necessary TO pay bank COM
nnisaioners. whose business shall be
10 supervise The business OF the state
banks. II banks fail, and there is
call upon this fund.- the state shall
levy an assessment upon all state
bnniks TO Keep the fund up to one
per cSnt on the daily average de-
puslss ia the state banks Many seem
Is think that the law IS to collect
one per cent OF the daily average
TAKE. After the one per cent has
once been collected only enough will
be collected in following years to
keep the fund up to one per cent of
the daily average deposits. Another
feature Of the Oklahor{a law Is that
the managing officers o. a state bank
shall not loan money to themselves;
~ they do the offense Is larceny to
The extent Of the amount they loan
themselves Banks in towns OF un-
der twenty-five hundred Inhabitants
must Keep ON hand twenty per cent
of their deposits in towns OF over
twenty-five hundred inhabitants must
keep on hand twenty-five per cent Of
their deposits. Onethird OF this
ekall be actual cash, twO-thirds may
be balance due from other banks
No more than twenty per cent OF
the capital--not OF the deposits
shall be loaned to asy one Individual
or corporation.
Under the Oklahoma law national
bnnks may come IN on tho same terms
as state banks. II the national banks
wish TO-
The squIrming Of the National Banks.
Governor G. n. Haskell, Nho was
ihe first to put the guarantee plan
az work says of the attitude OF the
pfople OF the 7tate to the law.
"Farmefs and people who work with
their muscle for a living. and mer-
"NNnh| ~ a man. ~ Et"Aft'NA W-N'
The law state banks in Oklahoma,
with the exception OF two. favor the
mcaaare tlp to January 2S forysey
en national banks had made applica
ton to have their banks examined
itat they may come IN under the
law. 10 DRAW a lire An banks With
a capital of less than s5O0o0 want
this law Most banks OF over Sbe,oo0
capita stock want no law at an.
Bui,e the governor was asked.
what are these national hanks that
don't want 10 come IN going to do =
Ctene ini" Tho governors SAW
ike kice struck the center Of the
knot "Theyll have to-"
WIZ this the governor picked up
e eir& lar ;etter sad a printed sheet
headS "consutution ana Bylaws
~ lhY -,..,5,,-...l .I,-.-.las ilepositors IN
Rnrance Company
.The big national banks are trying
10 HQnlfm aropnd om proposition
continued the governor "rhey met