The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1911-04-12

Ihe tOlloWlng defenSe OF the Dank
guaranty law by Governor Cruce has
just been made public:
So far as my investigation goes, no
banking law, either state or national,
has been passed in this governments
history that has met with as strong
and determined opposition as the Ok
lahoma banking law, an despecially
that feature of it which provides for
the guarantee of deposits placed in
state banks. In their efforts to dis
credit and overthrow this law, its
enemies have taken every unfair ad-
vantage; have purposely misrepresent-
ed and misstated facts, and are now
circulating all sorts of false rumors
concerning its practical operation, but
be it said to the credit of the intelli-
gent depositors of this state, that all
of these false accusations have failed
to weaken their confidence in the
stability of our law. Had the same
statements been made concerning ma
tional banks that have been made con-
cerning our state banks during the
past sixty days, many of the national
banks of Oklahoma would now be in
the hands of receiver, and financial
panic statewide would have swept
over the state. There is reason for
this, and that reason is to be found
in the operation of the law in Okla
homa. After more than three years
of trial, no depositor in any state bank
in Oklahoma has ever lost one penny
of his money, and though we have had
several banks liquidated under our
state banking law, no inconvenience
has been felt by any man having his
deposit in state banks, nor has any de.
positor had to wait one day for his
money. / challenge the enemies OF
the Oklahoma banking law to find an.
other state in the union where con
ditions of this kind prevail.
My experience in banking has been
in national banks, and it certainly can
not be said of me that l am biased in
favor of state banks. l have studied
this question from every conceivable
standpoint; I have studied it from the
position of national bank, and have
sought out the arguments that could
be used against our law, and | have
no hesitancy in now affirming that
the principle of guaranteeing deposits
is just as sound, and just as suscepti
able of practical demonstration, as the
principle of insuring property agains
loss by fire, or the human family
against loss by the rayages of disease
and death
AS the governor of this state, in
terested in all the banking institutions
of the state, whether state or national
l have at all times treated with OBJ
solute fairness and impartiality thu
different classes of banks in Oklahoma
There should be no conflict betweel
state and national banks, and this con
fiict, have tried in every way possible
to avoid. At the recent session of tn,
legislature when an effort was mad,
to have passed law that would com
pei the deposit of all public funds il
state banks, | opposed the proposition
because l believed it unfair to dis
criminate against national banks, ant
that such law would tend to invit
conflict between state and nationa
banks. My efforts in that direction
were successful. The legislature ha
adjourned, and | confess that I an
both surprised and panied to find tina
scarcely had the Legislature ceased 1t
labors until there came from man
quarters of the state what now seem
to be a pre-concerted effort on tn
part of many Of the leading nationa
bankers of Oklahoma to discredit an
overthrow the state banking law.
hope that this effort on their part vii
cease. If conflict comes, it will com
by reason of the unfair attacks on tn
part of the national bankers, and
want to say here and now that if
conflict does come, and the state 9
Oklahoma is driven to the necessit
of fighting for the existence of tn
guaranty principle, which it has e.