The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1911-03-01

Oklan0ma City, Mar. l.-fropdpiy
the most far reaching and important
legislation of the present session is
the Roddie banking bill, which has
been signed by Governor Cruce and
now is effective. 1t makes number
of important and radical changes in
the bank guaranty law, and attempts
to cure a number of defects in the act
as pointed out by bankers and by Gov
ernor Cruce in his prediction plat
form The state bankers seemed to
be pleased with the law, as now amend
ed, and commendatory resolutions
have been passed by nearly every di-
vision of the state bankers associa-
tion.
A defect of the old law which has
been cured is that which gave the
banking board vast sum of money
to handle and deprived the banks Of
the use Of the money contributed by
them to the fund. The new act pro
vides that all the assessments levied
against the state banks shall be re-
deposited with the banks that paid
them, such banks to issue certificates
of deposits in favor of the bank COM
missioner and pay 4 per cent interest
on the amount until needed by the
banking board.
The provisions of the new law brief
ly are as follows The state banking
board is composed of the governor, as
ex-officio chairman, and two men ap-
pointed by him, without any restric-
tions as to whether they are bankers.
The bank commissioner is made ex-
officio secretary Of the board and is to
receive $4,000 per annum and travelling
expenses. Each member of the bank
ing board receives Sc a day for all
time spent in his duties, together with
travelling expenses and hotel bills. The
bank commissioner is given twelve as
sistants, at salaries of $4,000 per an
mum each and travelling expenses, who
are appointed by the commissioner,
with the approval of the governor, and
who are barred from having any in
terest in a bank while employed by
the department.
The plan Of levying assessments on
the banks is changed entirely. Assess
ments are to be levied against the
average daily deposits of each bank
sufficient to create fund equal to 5
per cent of the average daily deposits
of the bank during it's existence, which
shall be payable, one-fifth the first
year of the existence of the bank, and
one-twentieth each year thereafter un-
til the entire 5 per cent is paid. If in
any year the deposits of bank in
crease the bank shall pay the added
amount upon the basis of assessments
provided and give credit to the guar
antee fund for the amount and issue a
certificate of deposit to the bank COM
missioner bearing per cent interest
After the total per cent assessment
has been paid by each bank, no addi
tional assessments shall be levied, ex-
cept emergency assessments, to pay de-
positors in failed banks and except as
sessments as may be necessary by rea-
son of increased deposits to maintain
the guarantee fund at per cent Of the
aggregate deposits in all state banks
Whenever the guarantee fund is inn
paired SO as to bring it below 5 per
cent, by reason of payment to deposi-
tors in failed banks, the banking board
shall levy an emergency assessment
which shall not in any one year exceed
2 per cent of the average daily depos-
its of all such banks.
If the amount realized from emer-
gency assessments is insufficient to
pay all depositors in a failed bank the
banking board shall issue certificates