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

At the time when Bryan
sprung hos remedy for the re-
cent panic and for all other panics,
he, as every one else, figured that the
United States government would have
to take the first step and that the
states would follow. Briefly, the Bry-
an plan was this:
The United States government was
to collect from all national banks a
tax of not more than one-tenth of l
per cent on the daily average deposits
in such banks. This money was to be
fund from which to pay depositors
who would otherwise lose their money
in the event of the failure of a nation
al bank. In word, the United States
government was to insure every man
who puts his money into national
bank, so that he shall get his money
back at once if that bank fails.
Mr.. Bryan figured that the states
would follow the lead of the nation.
But the states are taking action first.
On December H. Governor Haskell, of
Oklahoma, signed a bill whereby the
state of Oklahoma is to guarantee de-
positors. This, in brief is the Okla
homa law:
On February 16, sixty days after the
in Oklahoma shall pay to the state
treasurer 1 per cent of it's average daily
deposits, less the deposits of state
funds properly secured, for the year
previous. This money shall be a fund
to pay at once depositors in state
bank when that bank closes it's doors
less the amount necessary to pay
bank commissioners, whose business
shall be to supervise the business of
the state banks. If banks fail and
there is a call upon this fund. the
state shall levy an assessment upon
all state banks to keep the fund up
to / per cent of the average annual
deposits in the state banks. Many
seem to think that the law is to coll
lect 1 per cent of the average daily
deposits each year. This is a mistake
After the per cent has once been
collected only enough will be collected
in following years to keep the fund up
to per cent OF the daily average de-
posts. Another feature of the Okla
homa law is that the managing Off
GERS of state bank shall not loan
money to themselves: if they do the
offense is larceny to the extent of the
amount they loan themselves. Banks
in towns under $500 inhabitants must
keep on hand 20 per cent of their de-
posts; in towns of over $500 inhabi-
tants must keep on hand % per cent
of their deposits. One-third of this
shall be actual cash, two-thirds may
be balance due from other banks. No
more than 20 per cent of the capital
not of the deposits-shall be loaned
to any one individual or corporation.
Under the Oklahoma law national
banks may come in on the same terms
as state banks, if the national banks
wish to.
The Squirming of the National Banks.
Governor C. n. Haskell, who was the
first to put the guarantee plan at work,
says of the attitude of the people Of
the state to the law: Farmers and
people who work with their muscle for
a living, and merchants to a man, are
pleased with the law. State banks in
Oklahoma, with the exception of two,
favor the measure. Up to January %
forty-seven national banks had made
application to have their banks ex-
amined that they may come in under
the law. To draw a line; all banks
with a capital of less than fifty thou
sand dollars want this law. Most banks
of over fifty thousand dollars capital
stock want no law at ALL
But" the governor was asked, what
are these national banks that don't
want to come in going to do?"
Come in" The governors sawlike
voice struck the center of the knot.
They'll have to-"
With this the governor picked up a
circular letter and printed sheet
headed: Constitution and Bylaws Of
The National Banks Depositors Insur-
ance Company"
The big national banks are trying
to squirm around our proposition con-
tinued the governor. They met the
other day and sent out a circular let
ter to all national banks stating that