The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-12-14
TULSA EDITOR AYERS BANNERS
FACE RUIN.
Editorial Declares Politicians Will
Be Unable TO Fool Business
Men.
MANY ARE DROPPING OUT.

months the sign, 'Depositors In tnls
bank are guaranteed by the state OF
lOklahoma,' will be washed from the
Windows Of scores of institutions in
this state, because the bankers can
not longer afford to participate in a
pool that may put them out of bust
mess"
| This is the editrial declaration
made in the Tulsa Daily World by
Tom Latta, Editor, one of the best
known newspaper men in the oil sec
ton of Oklahma. Cntinuing, Mr..
Latta says in regard to the bankers
and the guarantee law:
The politicians over the state are
whooping 1t up for the guarantee law
bat In so doing are claiming greater
financial ability and acumen for
themselves than for men who have
spent years in the banking business.
The purpose is plain. To arouse in
the popular mind prejudice against
the banker In order that the political
end of the guarantee law may -four
ish and prosper.
II is the mature judgment of the
World that there is not a banker in
the state of Oklahoma or elsewhere
that honestly believes the guarantee
law as at present in force in Okla
lhoma Is sound.
Banks Dropping Signs.
But the law was not made for
Itha ho Iar o1fh1.- racnAnlc ba
politician. But If 1t does not contem-
plate conserving the interest of the
banker In a legitimate manner then
1t is not sound for the depositor. 1t
has been pointed out that the peo-
ple got their money from the Column
bia Bank and Trust company on de-
mand. The small deposition was paid
on demand, but the state bankers,
Iwho were the heaviest depositors, did
not get their money on demand.
Their demands were protested.
"The result of the recent call for
a statement by state banks brings TO
light some significant features. For
instance, one Tulsa bank, a state in
lstitution, has dropped the line, De
posts guaranteed by the state guar
antee law Instead, it carries on
1 Its statement. and other advertising
matter. 'Depositors are guaranteed by
safe and conservative banking
Another bank, but not located in
Tulsa, abolishes. its line about depos-
itors being guaranteed by the state
law. and prominently displays this
one: This bank is able to pay all
Its debts
Numerous other instances have
been cited where the state bankers
have abandoned the supposed fetish
of the depositors' guarantee law.
They know. as at present constitut-
ed and enforced, the law is unsound
and dangerous; that 1t Is liable to
pull them all down, once II gets GO
ing. Nor are the bankers Of Okla
homa opposed to the guarantee idea (;
they favor it. They are willing ana
anxious that some law should be de-
yised whereby depositors may be in
sured against loss. But they under-
stand that the present scheme, car
ried into other lines OF business,
would make all grocers contribute to
pay the debts of a fellow-groc all
business men contribute to pay the
| fire losses of habitual fire bug.
The honest banker who knows how
is not going to fail. To make that
man put up for the dishonest bank
Ter, who goes into the business in Or
der to milk his own institution, is 4
scheme utterly lacking all elements
of justice. equity or sound businc-s.
Banks Are Renationalizing.
when the state banking board
was trying to stralghten out the af-
fairs OF the Columbia Bank and
Trust company the World forecasted
THAT the ensuing months would wit
Iness almost as rapid renationaliza-
ltion by the state banks as the former
period had witnessed a denationallz-
alton by the national banks.
"And daily events are proving the
wisdom of that forecast. Already,
leven before the people had been per-
nlltltQ 10 itdTH tne ldClS III tOHueC-
tion with the Columbia liquidation.
three state banks have surrendered
their charters and gone under the ma
tional bank act. Numerous others
are known to be arranging for identi-
cal action. while new banks being or
ganized are adopting the national
[, instead of the state law. Scores Of
state banks have dropped from their
advertising all mention of the guar
antee law, substituting therefor some
statement as to the Institutions con-
servatism Of financial ability.
All this is extremely significant. 1t
means just this: The bankers of the
state know the guarantee law as at
present constituted is not only worth
less as a safety device, but Is dan
gerous to those participating in It.,
liable to bring long train of wreck
and ruin at any moment. The bank
ers have found from careful investi-
CATION that men OF Affairs with mon
ey to deposit are in sympathy with
them"
! The hull OF cotton is used in Chinq
for fertilizing purposes. farmers pay