The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-10-14
(Joplin Globe.1


being all the wealth YOU possessed
and fear entered your heart as TO the
solvency Of thai institution, would
you wait for the guaranty fund, or
would you withdraw your deposit?n
This suppositious proposition Is
taken from the paper read by Festus
J. Wade bef5~ The convention OF ID
American Bankers Association az DeH
YER We have selected this. not be-.
cause IL is especially easy 70 answe
bur because It is fair illustration OF
the shallowness, sophistry and banali-
~ of Mr. Wades entire reasoning
Erom beginning TO end his paper is .t-
terly wanting in breadth OF view and
depth OF research II lacks thought,
this paper of Mr. Wade. II Is supts
fetal; it is vapid.
But let us take Festus j Wade 8
Hypothetical deposit of $1,000 If w
was the entire wealth of the depOsitor,
| let us set Mr. Wade's dubiety al rest
/ by assuring him that under such cir.
cumstances the deposition would do
just what Festus j. Wade would do
withdraw that money He would nps
wait for the guaranty law to reimburse
him,
But suppose a depositor had all his
money deposited in bank about the
solyency Of which no fear entered his
soul and suppose he awoke some
morning to learn that the bank had
1 failed. Don't YOU imagine II would bc
vastly consoling TO that depositor TO
know that his money was not lost .
him. that under the banS-guaranty law
provision had been made 10 meet Just
I this kind of case and that wllhou,
/ burtheuing anybody or any institution
this otherwise fatal loss to him has
been avoided? Imagine, IL YOU can.
the sense of security and confidence
such an experience must create am0ne
the deposil0rs of the bank that ldilod
| No one, of course, leaves money IN
1 4 bank of doubtful character The
failure of bank Is always the meN.
pocted to the deposiiors of that bank.
But we doubt If the failure OF bank
Is ever wholly unexpected to the other
banks in that community.
We have had a bank lNlure la jop.
| lin Some of the depositors in that
Ibank lost their all Fear of it's snN
ancy had not entered their souls.
! Therefore. they did not Withdraw their
| deposits And there was no guaranty
law to make good those losses
| Now. we all know our banks in this
,ity are sound They are prosperous.
| Under their able conservative manage
ment they go on from year to year
| steady and solid and safe. And every
1no Of MS is glad that this is so, aud
| every one wishes the banks conlinu-
Gus and ever-increasing prosperity.
But DO YOU suppose there is any com
'ort to the deposition, who lost every
dollar be had In the bank in this city
that failed, to learn that all the other
banks are all right? Does this fact
restore one cent TO the people who had
/ their money In the bank that faiial
and to many of whom the loss vas a
weary cross--the cross of cold hlaclT
1 hopeless poverty?
Perhaps we grow sentimental And
ne are aware that Sentiment talks t1
an empty house when il addresses .
convention of bankers. And ,fet This
/ question Of guaranteeing bank deposits
being altogether righteous, carries ,he
,Olor OF humanitarianism. II Is not TO
be disposed OF In the dead. drab terms
If your accademician We assume 10
! inform Festus J Wade that this pro
position happens to be puislug with a
living human interest, that ID is aom'
mandmg the attention Of the papple
today IN the tempo OF millions OF hear.
beats
Reverting TO our own bank faiare
J Tor the purpose Of argument The
depositors OF that bank did not know
| its condition But the other hanks IN
this city, every one of them. lid know
that banks condition They snew IL
because Il was their business know
lit. and moreover. they had the meaps
OF knowing it--means infinitely super.
1 'or to any within the avail OF the avNr
/ age depositor And what has hat got
o do with lt? Well simply this: F4s-
: ius J Wade SAYS this hank guaranty
law will invite the reckless and un-
serum ops hlrSei ir'c the hi1ress
| That Is lallacy which Yc are pre-.
sunp. uous 10 hclNne, W. san demon
| S uate to iilslt an Of tuy air'
/ minded .ersel. Slpp1st for cNanndn
when tho lollin Savings bank was i1t
ferlng on the verge OF insolvency, q
hank guaranty law had boon la elfec' :
10 you imaginc the other banks would
have quietly awaited the crash. doing
lmolh.ng excepting 10 stock their vaulis
/ with money as against the possible
stampede which Nigh. have eventual
ed ip p run upon e,e cry bank in ihe
lcity? DO YOU think they would have
done that? Don't you know, as q ma
ter oi common sense that had any re-
sponsiblhty devolyed upon them, thoss
other banks would have taken mnch
more active precautionary measures
You bel tli'y would And 4 will hs
one OF the RESULTS OF the bank gueran
lty law that the wildcat banker will
have rougher shedding than be has
ever had before because iT WILL BIZ
! TO THE INTEREST OF ALL BANKS
THAT No BANK FAILS
! Il Is, Of course, essential that the
lreople have confderce IN the banks