The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-10-05
FAlseAooo,s MorHgR Loog

FALSEHoOD'S MOTHER LODE
1t did seem that misrepresentation
had achieved is highest pinnacle IN
several of 7he corporation newspaper
accounts D. the Columbia Bank and
Tn.si company failure but such was
not wholly rue II temuined tof q
Wall sfreeu concern. listed under the
lirm name Of 3 S. Bache & Co. Bans.
e-s New York to reach the mos
srhlime heights u MISREPRESENTATION
pure falsehood and total disregard oi
all fact.
seemmglg ignorant Of the iact ina
the Creates news gathering agency
fbe Associlled Press from it's New
York CTS office, sent statement g
All its thousands Of patrons to effect
tAe Oklahoma state bank commission
er was paying all depositors, the Bacht
concern gave utterance, under date
OF october. 2nd. 1909 to the following
THE first gun signifying dan
ge- has been fired In tn original
home OF the bank guaranty law
From Oklahoma City comes the
news Of the failure Of the colum-
bia Bank X Trust eompany The
state bank commit Aonef steps up
Nith alacriiy to SHOW how beaatl-
fully the bank guaranty law
works. but he finds that the de-
posits Of the failed bank amount
to ss,0OO.O00, while the whole
gosh darned total Of the guaranty
fund is only ss02, 900. and to make
matters worse, $4,000 of this
fund is on deposit with the brok-
en- bank. Here is complication
which Mr.. Bryan did not figure
upon II ia the irony Of fate or
the revenge of National Law up
on Mushroom Philosophy that
one-sixth of the protecting fund
that was to make millennium
for depositors is wiped out by the
first failure
The reference TO funds In the banl
was false; absolutely. no one eve
sent Bsche and his associates thi
statement. The Bache concern dar
not state the name Of a responsible
man who gave utterance to the state
ment, by letter, wire or orally.
Bache and colaborers could hav
spent thirty cents for telegraph an
ascertained the $4,000 was guarar
eed and the surety wired II the mon
ey Ners needed II 50, cash or draftg
eache and Company knew. or coul
nave known BY expendlns no mo.
than one dollar the bank had NOR
than sfAo0.Oao IL IT'S vaults when th
state took command Of the institution
II the New York concern. allege
TO be banking house, did not kno'
this to be true. 1t did not try to al
certain and therefore has no light /
print wilfull. malicious and coward
ly lie.
After stating that the state ban
guaianfee fund has been wiped ou
which is false and totally SO, and n
responsible individual or firm ful
nished The Bache house sucn infosmi
tion, the letter sent out adds.
The wiplng out OF the fund,
however, does not In the least dis.
ooncert the bank commissioner
any more than the discovery that
the faIsed banks deposits are
ten times greater than the fuhd
He Immediately calls upon all the
banks for a contribution OF 2 per
cent OF their total deposits. And
nov the worms turn The banks
rffpst to pay The assessment.
claiming thar the assets OF the
failed' bank must lFst be exhausl-
a This Is pretty WAY 10 treat
aeposilofs sho Thought that any
old bank or young bank was good
enough under the guaranty law
That was the argument used In
the campaign. The state of things
that every one who knew anything
about the subject predicted would
result. is coming about Popu-
listic fooling with economic law
Is sure TO tap the whirlwlnd"
Again falsehood'
No leNy on other banks Vas made
None was required TO meet obigi
tions
No bank refused to pay (none b.
ing asked.
No threat was made not TO pay: u
state banks wired the commissions
they were ready--the strongest an
largest "a tls altire statl l.aA!r
first inquiries.
Bache banking ethics my ailo'
lies: the people OF the Southwest r
member New York bankers back |
the days Of 1907, when ley had sper