The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1908-06-06
DepOsitOrs Made Secure.

Among all the things that have been made especi-
ally conspicuous by their absence, there has been
nothing in the experience of the recent past to COM
pare with republican editorial comment on the op-
Grafton of the Oklahoma law by which depositors in
state banks are guaranteed against loss through the
insolvency of banks.
In the entire volumnous of suggestions
in congress and out of congress-by the nations
long trusted experts finance since the panic of last
October, but one idea has bazed its way into the
satisfied comprehension of the people, and that idea
not the product of a financial" mind
Mr.. Bryan originated it. 1t is true that he or
iginated it some fifteen years ago, when he was
member of congress, though he could not then OBJ
tain an audience Reproducing it in the hour of
caamitous national visitation that prostrated the
industries of the country, it received with I'M
mediate favorable attention and it still stands as
the only public suggestion that will mitigate the
severity of panicky conditions and save the money
of the people, if put in force.
Mr. Bryan said let the government of the nation
guarantee the payment of the money deposited IN
banks, the government preserving itself from loss
through small tax the banks. But the gov
ernment would not adopt the ldea because the
government is republican and Mr.. Bryan is demo-
cratic and leader of democrats and there is
strong probability that he will change the govern
the nation are encouraged in their tendency to ad-
mire his craftsmanship.
So the party of the government silently repud1ated
the only genuinely valuable idea that has been be-
slowed upon the country for the promotion OF Its
business interests since the collapse OF last tal
But Mr. Bryan found that the newly born demo-
cratic state of Oklahoma free enough from the
wiles of the demagogue to accept valuable sug-
gestion and at his instance law was enacted by the
legislature of that state under which depostors IN
state banks insured against the possibility OF loss
week or so ago there was given practical Illus
trated of the effectiveness of the Bryan idea
through the failure of bank at Guthrie and 1t is
about that failure and the immunity of the banks
depositors from loss that republican newspapers are
maintaining profound silence.
In the story of the collapse of the Guthrie bank
is related that the bank commissioner of the state
took immediate possession of the establishment and
that within an hour thereafter, all the money that
belonged to the depositors was subject to check.
Thirty-eight thousand dollars was due the banks
depositors and there but $4,000 IN cash ana
ST. 900 due from other banks with which to meet
the obligation For the balance, the commissioner
drew checks upon the state guarantee fund and they
were Immediately honored and every depos1tor Sc
cured his cash and went away whole.
This guarantee fund is created by tax OF one
Der cent on the average annual deposits IN the banks
of the state and the banks of Oklahoma can well
afford to pay it. The fund protected the other banks
of Guthrie and banks in other cities from runs that
would have been inevitable under the old banking
method 1t prevented depositors from removing
their money from the banks at time when 1t was
most needed and retiring it from circulation
Could anything have more effectively maintained
confidence than the assurance that every deposor III
the banks of Guthrie and Oklahoma was aDso-