The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-02-27
THE HOUSE

MI sorts ~ ancuIaents Mefe plo
posed. but only few Of them ear
ried. Workman was IN the chair
shre The committee d the whole
considered the hnl
Section contains schedule pro-
fidlng for toe amount OF capital stock
n towns and cities OF various psp-
ulaiiuns IN cllias Of more than "
900 the capital stock must he az
least S50,a00. Putnam put through ~
amendment cutting out the remaild'
er OF the section The latter portion
provided that the stock must be S5o,'
l00 IN cities between 6.000 and 10,
l0U Inhabitants. auj 100000 IN
owns OF more than $4,000.
aoquiYed Amount Reduced
The bin as a came IRON tho sem
ate provided that IN lowns cl lsVu
.nhahhanls ~ less the capital stock
should NJ $4,000. l'nder the com.
nlttce amendment the population lls.
res was cui to 1000 and the require
nent for capital stock TO $4,000
Earle spoke briefly for the coni'
nittee proposition. stating hat the
rlgnal bin would cut cut 100 many
1anks IN The small tosns ~ ihe west
arm portion Of lhe state, Some one
noyed ID table the committee amend
nent, but when the motion waa pul
here WIS not one single yoto ~
ayor OF tahllne.
McCalla desired 10 change lhe hE'
res So that IN towns Of less thhh
100 the capital stock should be yl0,'
100 and $4,000 IN towns OF more
han ihat Ills amendment was lap-
ed al xas also thai BY Rogefs pro-
.osiag IA cut Oul Section 2 entirely,
section 3 X amended 20 as % leVy
Il ssessment against the capllai
iock OF banks for the creation cf
deposltors guaranty fund fhe as
essment is TO he ave per cent OF
ho average daily deposits.
THE closing paragraph OF ihe sec
lon provided that az least o9 Per
enl oT the funds 50 collected should
81 hela in cash dn O safety aeppsl'
gaull by ihe nla1 banking board
Is remainder tS hesinvested Tor lle
,eneat of the fund IN such securities
other state funds unst now pc ln'
vested.
6snv Amendments offered
Under committee amendment %
Il, cent OF this tpnl WIS 20 remain
n deposit n the hanks usallisl
hlth sae assessment wss mals'
ariee offered an amendment simply
,utting out the last portion % ine
cotton. Maxey wanted 70 cut thls
.ut and insert provise that banking
,oard shsuld collect two per cenl
interest on 6ll deposits Of this FUND
hal was placed In any bank. Price
noyed to make this four per cent.
More dlscusslan followed and ihe
parliamentary status Of The question
,ecame sonlewhat confused Fualls
II amendments were tabled cxcep
i'd committed amendment
McCalla offered substitute proyio
ng that seveniyTive per cent OF lhe
warranty fund shsuld be invested ioi
he benefit of The fund IN such secnr
ties as ether state funds must now
Is Involved
leap Rla Talk fess
The McCalla provision waa aiopteu
iAt moi before lhe lnllleiiou oi long
fawn cut symposium on banks ane
lnkIne panics AMI other hnGncla
questions, IN which Jones Clarke
amnson, Auth. nt aHell Loyelaee
icCsla and others lupl part
J0nas wanted ta strike out ETY. 81
ne bnl but ihe anaeUng cause
Ale i.ovelace repeatedly moved Y
.oslnone indchntel Fhpse motions
.ere an tabled,
Section proYisea thAi any pan.
.hich has complied with the poyl
slans OF this act shsll Be eligible Z
sel as o depository for state iunds
4. without being required to giyl
additional security inc committee
recommended thar this section q
lut, but minority report asked u
retention. Reeee, Workman and ether
spoke tor tAe minority reptrl bH
81 a vote they were defeated An
au section was cut ont.
Smith 81 Grant
Ii was on ibis debsie when es
eryboay was taking shot at The a.
gument and opinions pro and cor
e4 being 0h1ed that Smith, q
Grant. took the floor. and made il
best speech on ilnaHeal matters eve
4f.arpd on the llpor Of an 0klahont
legislative aall 'fhls plain spoke
aaslness man. hardheaaea 10 use
common term. aud Intensely prActil
Il III an things. led The banking DC
gade through The narfs8 s AMI stralsA
path OF actual Illustration, wlnnln
Ills point on each seeli IL nd nal
ng the BIN as tIgai a5 atty aiiolne
could hone % do.
Smiths contention was w kssp
fourth 81 The deposit fund N cls
Tor emergencies. al The balance
be invested III state aeeurillea whle
4 are worth per, 81 leeat. ID any STA.
md for which al men would pay on
anndred cents on the dollar
Another proposition advanced
Smith was that lhe taking on lh
securities Tor state deposits woul
mitigate against the staie, 40 eac
hank then would BE- free q enter \
70 fn agreement Whefahy tho nrlce
warrants would be ST the mercy
tho banks
Smith stated he denoslt gnaranie
law WAS madc for the aeppsllo ns
fr Che state Ct Iha hsnkef and ia'
II .lhe state We're. secured for v
lrnds ~ a hfoken bank those secu
/ HES w6bld be ulIlizti af ohc ar
tue den0sllurs would drsw on q
guarantee law fund and BE- NE easl'
secured
Tillolson aimiifasI ha had heel