The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1910-10-25

4 VIII not enter into discussion OF
the merits Of the banking law, which
the people have seen In operation for
over two and one-half years. and fully
appreciate its great beneft to the pub
/ lie. further than TO say
That banking Ia not private basi-
Dc is q public business. and therefore,
should be both regulated and protected.
The depoaitor and the general public
should pc protected against los sand Duai-
! ness depression.
Tile banker Is necessity ia avery
eomnHnaltS eopfs,naS aaa ssqqlo hass o,,rs ssT 9P
aud chance to make 4 fair pFoht on
bis capital and business.
law rnat does not cover both tne
I interests OF Tho public aud tns bsnker
When the Oklahoma banking law was
yssrs 400. tSs % state % sanks % sas @ less ' than Is
eighteen million dollars deposits.
The Nstlonai banks had thrty-sisht
4 total Of ftty,fivs million dollars.
/ Al the report date last month, tne
state hanks had forty five million dollars
I deposits, and tue national banks forty
4 one million collsra deposits
The comparat tive gain tells the story
for The state Banking Law
The total OF eiohty.sx milllSn dollars
! OF deposits, being a gain or thirty-one
million dollars, equal 70 sIxty per cent
gain ~ tWo and one-nalf years, teiis
] tie Story lOl UtlVHiAE TINS fhNt AbiihHN
OF addltional money into our state, and
/ into public circularion.
Some bankers may say they do not
! like the oklahoma la~. aud II is pos
i aible that experience might improve the
/ law by q slight amendment here and
/ there. II is only fool who claims ne
cannot heneht BY experience OF earn ey
Observation shows us that seven state
banks have nationaiized during This
period. and ninety-three national banks
4 nave converted into state hanks.
one beauty about lhe Oklahoma law is
II the state banker does not ike It, u is
pss'fa EVER ne Sees ss IL The fsct hst bs don [
4 aatlonali2e shows he thinks Wen OF the
state law.
been IN existence not single deposition
4 vi state bank has lost dollar, nor
has he failed to gst his money on d.
4 mand.
No other state IN the union can truth
fully make a similar 0lain
Results ia what the people want, snd
III Oklahoma you ger you essi when
let is ilinstrate our stale and the na-
iional banking laws by home illustrS-
STATE BANKS
IN May. sos, the international stare
! Rank Of Coalgate faiieu. the bank CON-
1 missioner paid an debts IN forty eight
hours collected the assets. reimbursed
/ the guaranty fund WITHIN six weeks,
The next state bank failure was nearly
N
September 29fh 1908, when the Coium-
4 bla Banls or Oldahoma city failed
This Was the largest bank in ne
4 state, with iiAbilitles of Thras million
4 two hundred and ninety four thousand
dollars. OF which one million, two nun
4 drsd and eiahty-two Thousand dollars
Was balances due TO one hundred and
Twelve OF the smaller banks scattered IN
the various towns throughout the state
II can readily he seer that u immedi-
ate payment OF tlle debts Of ne Gonln-
hia 80 provided in onr state banking
law 'tss not neen mhds. thar disaster
Wonld not Ave been limited 70 OkiS
into every one OF the other one hundred
and, twelve towns IN the stale, whose
banks would have been embarrassed py
their funds being lost IN the Colunols'
and OKLAHOMA would nave lad stste-
1 Vide panic &nd loss OF credit suoe as you
have seen within the sphere OF influence
4 of a 'bnsted bans IN your old home
state, ia which 1t look the community
several Years TO recover
Reader, contemplate the horrible en-
bafrnasmeRt TO Oklahoma City, aud 10
these other numerous communities IN
oklahoma II the Columbia had heen op-
Grating under such relic OF hHrearlsm
as the National banking lay.
On the morning or Septemner 1sth,
when the bank closed, YOU would nave
found under the national bapbinE law
an army or policemen with clubs " beaf
hack the crowd or frantic deposltoIs,
and the fever Of excitement spreading
10 the other one hundred ana we've
hanks, throughout the state and their
uonev would have been locked up TOT
months, or even years. ana eaten up in
extravagant expenses.
Instead OF Nucn . Scape, on tha fTAt
mornina promptly at the opening hour
OF banks, withour policeman in nght,
the state Bank Commissioner, Win nus
clerks and payine tellers. paid every de-
man. and continued TO do so from cay
% day until AL creditors were paid
Thsre was no eNeitsmsnt--
NO financial distress
No dRDcnitora ioalnG denar--
No oss Of credit to ths atass or sum'
"'T'hnS rhsS Afternoon republican daily pspsr
"a state bank failure IN okinhoma crs...
stes less disturbance than dos nsnt.
The demecEatic daily the next morn
sresftsr state bank failures In Ok
lahoma VIII be mentioned 10 our society
Botb Of these expressions indicative OF
peace, quiet and business sense.
shasl this be ciaxsed as more business
fhe pu6lic must not understand that
when i remained IN Oklahoma city con-
tiRuourly day ana night ior snirsseh
ment Of this tremendous bank fallure,
that | was able 70 commend tne patriou ~
support OF All citizens o. Oklahofns, TOT
.urh Was not the case
Joe W. McNeai, President OF Natien-
Al Bonk OF Guthrie. Immediately set
about throu&h the eorpors ton glsss ss
throughout the state false ana enipsf
pAssing press repoFts-activeiy auvnln9
All other state banks 20 resist the tr1nins
assessment which the law provided 20
project their own credit, as we'll as the
public credit OF the state.
Every conceivable lying press report
was Inspired and circulated hy 3iI. NC
Nea5s aid and cooperation.
After the first three or four DAYS, wner
IL became apparent tha1 the liquidation
ef the columbia vas being carried oNl
50 as 70 fully protect the public, tdon
Dennis Flynn, with the approval and en-.
eoDragement OF Joe W. McNeai, secured
party (citizens Of another xtatel, Mhe
could bring an action IA the Uniteo
states COURTS tho effect OF Which
sbrouxh Injunction proceedings served
~ our state ofnciais, for the purpose oi
eeinpelling US TO stop Ike payment OF de-
tsaitors of tbs Columbia
Reacer. atop for memen--suppcsa
that We had observed that lnI1n Sticn or
rhe word would al once Rave beer
Sent throughout The state ther tbs Co-
Ismbia payment had stoppeo, ana lhe
sank dos~a been closed. You nave 4oou
sense ana yon fully understand the snec'
az auch closing, even for day. or a.
horr ri would have been misunderstood
81 tie people and 4 fever OF excitemonl
would have 81 once spread disaster
tnroueh0nt The stake
IN the interest of the people Or ths
afaea ana nI aEnfV hank In tnl