The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1910-10-25
BUILDING
IA STATE
WHAT WAS DONE, Why, AND
WHAT iT cosTs.
CHAPTER u

kA@ m@EAtA VT the banking law WhlCn
the people hRya seen la opetntSg g5f foE
over two and one half gears, and fully
appreciate ita sreat benefit to the pub
lie. farther than to say sgA
That banking 10 not private bust
II !. ) public business, ana therefore
the dspositor and shs general r puplls
Hhouid be protected against los sand busI
acre depression Nl
Che banker II = necessity in every
c2nmunity, And SHOULD have fair op-
pbrtunity, Reasonable announcement,
and y chance 70 mako fair profit un
hia capital ana business.
"A law that docs n0t cover both the
intefests " the pnbiic and the banker
When the oklahcnsr banking law wal
passsd. little over two ana one. hall
years auo, the state banks had less thar
eighteen million dollars deposits,
This National banks had tnlrty-elah'
million dollars dsposlts,
a total ot fiftysflve milton dollars.
At the geport date last month. ths
state banks had forty .flvs million dolIzri
usposlts. and the national banks forty,
enc million dofiara deposits tH
The Comparative gain tells the storJ
| Tor the state banking law
Tho total OF eighty .aIx MILTON dollars
bf depcsitx being gain Of thirty on'
million dollars, equal 20 sixty per cen
gain IA two and one half Years, tells
the story Tor bringing this vast yollim,
\ ~ additional money into our state. ans
Into public circulation.
noniA bankers may say they do no
IKE the Oklahoma Lave. and IN Is pos
sibis that experience might improve ih'
law BY slight amendment here anS
| there. II IA only fool who claims u,
rannot benefit BY experiences or learn b,
! s1,r..f.,s, I. ..ts,...l. ~. .,a4
banks have paticnalIzed during Till
| period. and ninety three national bank
| nave converted lntn state banks
one beauty about the Oltahnrna law II
/ 10 tile state banker does not like u. u u
| optional with him TO nationalist when
ever he seea III. The fact that he don
nationhllse shows he thinks we'll OF tn
state law NN NFt
since the Oklahoma banding law ba
ss ss',sns' BANK hss mas e.s s's sn a.ne''sS no
has he failed 70 vet his money on de-
4 mAad. t.F iNs
| No other state IA tho linton can truth
/ fully mako q similar claim.
Results 10 what the people want, am
in Oklahoma you got your cash whs
Let IL Illustrate our state ana the ma
t.onal banking laws BY home ilustra
/ STATE BANKS
In May. 1905, the International stat
4 Bank Of CoalEate failed, tho Bank Com
missioner paid all debts In forty elgh
hours. collected the assets, reimburse
tho guaranty fund within six weeks
The next state bank failure was nearl
year and u half Afterwards, being o
September 2eth. 1905. when ths Colum
bia Bank OF Oklahoma City failed.
.a Ts' WIN Ta ,.s,t;s. sss rss fsn., Pm. !" s 10
two hundred and ninety -four thoussr
dollars, OF which one million, two hun
drsd and eiuhty-two Thousand dollar
was balances due to one hundred an
the various towns throughout the stat.
! Il oan rsxdlly b asen that I iminedl
bis. - provided In our state 9mnktn
law, had not pssn made. that disasts
floIna city alone. but would have sprss
into sessfy ono OF the ether one hundrs
and Twelve tpwrls In the state. whoi
kanks would have been smhsrresssd
ana okiahoraa would have hAd stat,
n wtde panic ana loss of credit such - ye
have seen Within the sphers " i1nusn'
~ o. busted" bank In your old hon
ptate, Ia which II took the eVinmunil
Reader, contemplate the horrible on
karreDsfnent to Okkhoma Cityi and
Qaee othsr numerous colnnpnitisA
okiahoma y tho GolumbIa hsd gssn q
g shs National banking law.
! whsn tths bank closed, S yoS would Id,
found under ,hs national banking ls
~ army of policemen Win oiu9s % es'
Il and the fever Of exeitefnent spfeadif
ii 70 the other one hundred and twel'
banks. throughout the state. and ths
money would have been locked up 4
months, Or svsn years. and eaten ~
4 tray uxur n aw
lhstsad VI sucn scene. on the. nr
\ morning, promptly AZ The opening kv'
ri Of banks without policemnn In siEh
the State Bank comrnissioner. With B
i clerks and paying tellors. paid every u
rl mand, and continued TO do 30 from ds
! to day until all creditors were paid.
There was no escitsmsnt--
! Ne financial dIstrsss--
al Nc dsposltors lssinp a dollar
II no loss o. credit 70 ths state Or con
"Ths Afternoon republican daily pap
IA state bank failure In okishoms er
,ns " ak - w '~'y ~ S'
"'sHsrssftsr state bank failures In o
tsnenA wili b msntionsd IN our sseis
Both OF these expressions Indicative
! peaoe, quiet. and business sense.
= Shall this be classed as mare buslne
III and less poiltfesf"
Ths public must not understand tl'
n tipsousIy s dsy and nisht Tor thIris
daYp to assist In the successful manas
4 IHeht of this tremendous bank fafluI
q that was able toicYnmand TIE patrio
V support Of all etisshs OF Oklahoma,
nuch was not the ease.
!, ice w, MeNssI, President Of . Natio
4 / 81 Bank Of Guthrie. Immediately :
about through the corporation pre-
bureau of Guthrie, to scatter bfcsfrs
q fhrsughcnt tho state false and esnbs
an atiler state banks TO resist tbs trini
assSesmsnt which the law proyldsd
& project their own credit a. well as
. public credit OF the state
2 : Every conesivabe lying press rep
4 was inspired and circulated ~ Nh, NJ
~ Nesi's eid and eoroperAtion.
After the first three or four d5ys. VII
u became apparent that tie nquidati
!, % ~ 70 fully protect tbs public. ~
= Dennis Flynn, with the approval and Z
al 6susagsment Of jos. w. McNesl. secuI
vi ( party tcitlzens of another ststel, "
!. could bring an .sction u ne unl1
through injunction proceedings serv
= 81 our state officials. Tor the purpose
n e1mpslllns us 70 stop tbs payment Of I
i HQtoTs of the coiumb4a
y ns,ss sssR sss .tst aems".,,ssep' ,n,sres,ss
Il fhs word would At once have b,
81 sent throughout ths state thai The
tumbfA payment had stopped. and
v bAFfk dobrS been closed You have e
sense end you fully understand the en-
u 81 snch eiosinY. evsn for day o.
- houf, II woyid heve bean misunderst'
h " the ps-pie and = fever OF ssestsm
y would have ~ once spread alsas
: thfoushout tho state.
lr II the iptsrakt Of the people Of