The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1909-10-10
HON. LEE CRUuCE DECLARES
GUARANTY BANK Law PRE-.
VENTED OKLA. CITY COLLAPSE.
A PARTISAN TO STATE COURTS
No Need Of Conflict Between State
and National Bsnks--In Times Of
Distress Both Are Benefited by the
Guaranty.

largest ard strongest financial institu.
tions in the state. said yesterday after
being asked 20 express his views on
the oklahoma guaranty bank law, IN
connection with The near-failure OF
the Columbia Bank at Oklahoma City.
and the reported efforts OF national
bankers 10 discnedit the new law.
Il know nothing OF the efforts OF the
national bankers 20 discredit the Bank
Guaranty Law of this state. know
that no such effort is being made by
the bankers Of Ardmorc Press re-
ports sent out from Oklahonl City
state that some Of the bankers of that
city are encouraging movement 10
bring about the repeal OF the guaranty
feature OF the law It is inconccivable
70 mo chat any banker, whether
state or national living in Oklahoma
City. could fail 10 appreciate the ben.
efcial results OF the law as oxempl-
fed during the suspension OF the Co
mmbia Bank & Trust Co Tha, bank
in relative importance was to Okla.
homa City what the National CITY
Bank is 10 New York City; or the
National Bank of Commerce to ST.
Louis. Should either OF these banks
fail under present conditions OF the
banking laws in the states whore
they are located il is hard 70 conceive
OF the havoc and ruin that would
follow. Withdrawal OF deposits from
other local banks would certainly fol.
low, and corresponding banks all over
the country would be cripped. II Is
making no extravaGant claim for the
| Oklahoma law, 20 state that but for
e paudomonus would have reigued
iu business circles In Oklahoma City
following the suspension OF the Co
! mnOia Fank G Trust Co Every bank
iu that city whether state or national
/ would have lost iu deposits. and In
some cases The Withdrawals might
/ have been embarassingly large. In
stead We are treated TO the unparallel-
/ led spectacle OF seeing the largest
bank, In point OF deposits, in the city
and state close its doors without en-
barrassing any other business institu-
/ tion in the state.
! The first severe test of -hc Law
| fully justifcs tho CLAIMS OF its ad.
/ yocatcs that il has brought 10 the
| banking world a faith and confidence
hitherto unknown, preventing runs
upon neiEhboring banks and fore.
/ stalling panic and financial distress.
Il is certainly to be dcplorcd that
/ in an effort 10 bring rcproach upon
the law recourse was had To the fed
cral courts. / confess that am a
. partisan to tho state courts. have
always believed that elective courts
are more in harmony with our sys.
,om of government than appointiye
courts know they are more In ac.
cord with tho principles OF the demo
cratic party The guaranty law Of
Oklahoma was enacted IN response TO
q demand from the people tina; some
thing Dee done. no, only 20 protect the
interests of the dcpositors I'm banks,
but also 10 protect the general busi-
ness interests against panic So far
cycy .i'or that has been made to
defeat it- operation has found the
avenue OF attack through the federal
courts Fur one. ! do not think this
condition iould exist, and the dem.
ocDlc party 81 oklahoma should sec
that It does not continue 80 exist.
The supreme coutr of the United
States IN It's decision N the Waters,