The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1911-04-12
Deplores Action of fNational Bankers in Seeking
to Destroy the State Bank Law-- Charges
Unfair We're Unsed---"F Conflict Comes
State Will Not Shrink" "--Denounces In
stitutions Which Have Used Guaran-
anty LaU to Get Deposits and
Then Nationalized.

tablished among its people, the state
will not shrink from the conflict.
Practically one-half of the state
money now held by the treasurer of
this state is deposited in national
banks in Oklahoma, though the state
banks out number the national banks
in the proportion of two to one. What
is true of the state money, am sure,
is likewise true of the city and county
moneys in Oklahoma. Certainly the
national banks cannot claim that they
have been unfairly treated in this re.
gard. If these funds were to be with.
drawn from the national banks and
deposited in the state banks, 1t would
increase deposits in the state banks
several millions of dollars. and would
decrease national bank
deposits to that extent. That the leg
islature has the right to pass such a
law, no one will question, and that it
would be the duty of the legislature to
pass such law, if it became neces-
sary in the proper defense of our bank
ing law, every fair minded man will
concede.
The supreme court of the United
States has decided that our law is
constitutional, and is founded upon
|just and equitable principles This
law is a fixture in Oklahoma, and the
sooner the enemies of the same, and
| Especially the national bankers of the
state, realize this fact and accom-,
modate themselves to it, the better il
will be for all banking institutions in
the state. 1t is immaterial with me
what is said of our banking law out
iside of the state. don't expect fan
Interpretation of our law, or a truth
ful statement of its operation to come
FROM its enemies beyond the borders
of Oklahoma. The bankers of the ma
ton, who have grown rich from depos
itors' money, will always fight any eff
fort made to protect the interests o.
the depositors, when that effort en-
tails any sort of expense of burdeI
upon the bankers themselves. These
i bankers realize the inevitable. The,
know full well that if the Oklahom;
banking law cannot be speedily over
thrown, that all of their misrepresenta
tions, all of their sophistry and argu
ments will count for naught, and ii
the end, the millions of depositors 0
this republic whose money is now be
ing used by bankers to build up larg
surplus and undivided profit account
and to pay big dividends. will demant
of the various states of the union, law
similar to the one in Oklahoma.
One thing in this state has recent.
come to pass that is to be deplored-
several of the leading state banks Il
Oklahoma, after having used the stat
banking laws of Oklahoma to build u
a splendid volume of deposits, an
after having advertised to their dc
positors that their money would b
secure if placed in their banks, b
reason of the Oklahoma banking law
now that they feel they are secure i
these deposits, they have sought t
escape liability to the depositors b
converting their banks into nationa
banks. Should one of these converte
banks now go into the hands of r.
ceiver, judging from the experience {
all other national bank failures, man
of these depositors would suffer finaI
cial loss by reason of the failure. Ha
any of them failed before it conver
ed, no such loss would have been SUI
fered by the depositors | contend tha
this is unfair treatment to the maj
who, relying upon the security of ou
, law, has placed his money in thes
converted banks.
There has been some reckless banl
ing in Oklahoma, just as there ha
been in every other state in the uniol
, but it will be the effort of the preser
} banking board to place the dishones
banker where he properly belongs
/ in the state penitentiary. Unburdene
{ of dishonest bankers, stripped of Il
: incompetent ones. the Oklahoma ban
J guarantee law will continue to liy
and be a benefaetion to the thousand