Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-03-16
Guaranteeing Deposits in Oklahoma.

5. N. CreWdSon In 5 saturday Evening
| they would have to try to do business
without protection, or become state
banks, or organize an insurance COM
pany. The committee came to me and
asked me what l thought about It.
Their plan was to put up interest
drawing municipal securities to the ex-
tent of one per cent of their deposits
not plain, straight money. l told
them that they We're trying to buy a
sealskin sacque at a bargain counter
for quarter. The truth is the peo-
pie will have more faith in the rich
acres of the whole Of Oklahoma than
they will in an insurance company
composed of part of the people. They
the national bankers, say in their con-
stitutton: In case any bank so insured
becomes insolvent this corporation
may. arrange thru the stockholders, or
with the comptroller of the currency
to open said bank and restore the i'm
paired capital, or may take over the
assets and pay the depositors.' Their
plan is may, with municipal bonds
to fall back on. Our plan is must
with the real coin on hand. Now, what
do you think the people are going to
do? Put their money in guaranteed
national bank, or put it in secure
state bank?"
Being Courteous to tho Comptroller.
But, governor" the interviewer re-
marked, National Comptroller of the
Currency Ridgely will not let the ma
tional banks of Oklahoma come in on
your plan"
That's a litrle kink I'm trying to
straighten out today" answered the
governor. Section of our law states
that national banks may come in the
same as state banks. provided the
comptroller of the currency gives his
consent. We thought we would ex-
tend a little courtesy to the comptrol-
Ter, but if he doesn't want to take it
we will cut that out and go ahead any
how. Here is IL telegram sent to our
United States senator, Owen, at Wash
ington. In this telegram I have told
the senator that we would cut out that
part of the law requiring the comp
troller's consent, and that we would
limit the amount of interest that
banks could pay for deposits to 8 per
cent, and not allow banks to accept as
amount OF their capital stock without
increasing their capital. We will chop
off any possibility of wildcat banking
Senator Owen has wired back that he
thought this would go thru with these
estrictions-that the suggestion would
be acceptable. A vote of the stock
holders of any national bank would
give complete justification for the pur
pose of insurance under the state plan.
This will arrange matters so that the.
national banks can take advantage of
the Oklahoma state bank law.
Draws From Other States.
Down here in Oklahoma we feel
that the banking business is a semi
public business, and above all things
else that the people who put their
money in bank should feel that what
they put in they can get out. You
would be surprised to see the number
OF letters that have come in from peo-
pie in surrounding states who say they
are going to withdraw their money
from their banks which are not guar
anteed and put it into Oklahoma state
banks which are guaranteed. This will
make the other states get busy and
today passed laws guaranteeing de-
positors. Oklahoma is the middle of
the pond in which the pebble has been
cast. What we have done here will
spread all over the United States, and
spread fast"
People Are Pleased.
Before calling on the governor I
had, during the previous four weeks,
been over a large section of Oklahoma
and talked with many people, includ
ing bankers, about the Oklahoma
banking law. | asked livery man
who was driving me how he liked it,
We'll, I'll tell you, pardner,' an
swered my driver. when things was
a -poppin' round here l felt kind O jul
berous about tie little wad | had in
the bank, an if l could "a got her out
I'd "a stuck mine in my jeans and took
chances on some feller's getting 1T |
away from ME; but now I'm feelin'