The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1910-01-17
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COMMUNICATIONS
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Kingdshe, okla, Jan Ii -Edi-
tor Leader: As there is On cXul
season OF the leslsaluge called that
there viii ce soule Amendments 10
lhe guaranty banking law or pro.
p, ed at leas,, rs one who firmly be-
liCVes m The law as Il nov stAnes.
ANA tLil il Al has anything doue To
IL vs. should maks It moro strongly
n llyC' ut tho depositor The bank
pyard should be composed en-
tirely of business men and farmers.
$3.50 = q a.so business men. The
haAk examiner shuNd DC mHn Mli0
is an expert accountant, vino Is fam
liar With the banking business. This
r,r ses l.t spd to prUttct the de-
posilor. Tue banks made the bank
ate eamc forward anu gave rs tho
guaranty Law to protect the depos-
..s, ..ld ,nen the banks all over
the s,ate and the United States for
tnd mater went ino eonniptiOn fits
floul It and said II would never do,
tlat II Was crazy ldaa, thai IL
inGd cLcCMGge wildcat banking,
eAat we eGuid not maintain il, and al
Ibis time are down on their knees
hoping and p aging that the courts
VIII declare il unconstitutional or
that some other misfortune will oy.
cttaAe il for they see that the people
are for Il In This state, that il has
sp.e4d TO three other safes already.
tAat II left alone The idea taat orig.
mated down here in the minds OF
e. Is geological garden Of cranks Is
liable to keep rlgh ON spreading I'M
II II becomes 50 contagious thai it
viii each every state in the unlon,
even the empire of Wall street can
not escape this awful disease that
has gotten hold Of the people here
mlless some mighty powerful pre-
venlive serum can be discovered or
patented through the Federal courts
that will stop HE spread OF this bank
guaranty disease that has gotten hold
Of the people Every prlDlic Official
who handles any public money, state,
county city, township or school dis
rlct treasure should be compelled
by law to deposit same IN state guai.
antv banks only and then National
banks could not fail with any of the
state funds or the funds Of state
banks, which the guaranty fund is
now compelled by law to make good
Under this procedure no National
bank could fail with any Of The states
money tied up in them for which we
would be compelled to make good
out Of the guaranty fund. The state
banks ought TO receive from the state
ont Of It's public funds up to The
amount Of their capital stock without
guaranty fund, for we say TO the In.
diyidlsl deposto' 60, put your
money In the state fundd you are
protected by the guaranty fund, and
In case OF failure Of the state bank
You will be paid out Of said fund :"
Now, think that the state ought to
show by It's clwn acts that II has the
confidence in the guaranty system
and will only ask 10 be placed on an
equality with its citizens. Should
there be placed in any state bank
more of the state money than It's
ceDlal stock (Which ought not to be
done) we ought to have an A-one
bank. Again, would leave the guar
anty fund with the banks off OF which
1t is collected by them putting mp
security that could be converted into
cash at once, whenever II is wanted
by the banking board
Of course this Is legislation that
Ia favorable to the state banks and
should we not encourage them by
such legislation when every depoS
itor who deposits with them has lhc
assurance that he will get his money
on demand ih Ongb the good business
sense ard Judgment Of the bank
backed up by the state guaranty
( fund?
While he has no such security 1t
the National bank each one Of then
stands alone with no protection i(
the depcsltor, and when the wind'
come and the storm Of adversii'
/ overakes them. as II did IN 1907
when thev virtually closed their donrl
only paying s. TO $40 per week, the
next time, and Il will come some tlm'
In the future to part Of them II no
, all they may close and never open
/ just the Capitol National at Guthrie
and the Farmers National at Tulsa
the First National al Mlneral Point
Wis, whose cashier committed sui
eide ON his mothers grave, hi
mctherinlaw fell dead when sh'
heard of It. He that proyideth no
for his own household first has de
MED the faith and IS worse than al
nfdel All of you protectlonist
come on and Join hands and we vii
protect ourselves FIRST BY protecting
all OF the deposltors at our own eS
pense as II does not cost any on
anything who does not participate 1
said fund by doing business with tn
qua anieed banks.
]. A. SMITH.