The Donaldsonville chief., 1914-02-28
BANK GUARANTY Lku COMING.
Bill 10 Protect Depositors Against
Loss Being Prepared for intro
duction at Next Session of State
Legislature.

Legislature.
The following letter from J. w.
Tooke, active vice p1 esident Of the
Lum berman,s Bank and Trust Com
pany of DeRidder, La, to Rerresen-
Catlve Charles e. SchWing OF Iber-
vile parish, and Mr.. Schwing's reply
thereto, are quoted from the Pla-
quemine Champion Of the 18th inst,
and will be of particular interest to
many of our readers:
de Ridder, La, Feb. Is, 1914.
Hon. Chas. E. SchWlng, Plaque
mine, La:
Dear Sir-A short time ago i
Aotlced an article in one of re New
orleans papers written 3. you on
the subject of a guara~uld deptaslt
Jaw for TINS state. ii u
4 heartily agree -.ue. you, and
am arranging to -d6 some education
IL work to create an interest in the
matter before the next session of the
legislature, and if sufficient support
IAN be worked up, hope to get
mother bill introduced then.
After a thorough study of tn
->ansas, Oklahoma and texas laws,
Lave drafted a. bill, the principal
leatures OF which are taken from the
4>ausas law, and one which, believe,
III " passed and VIII meet our re-
11Irements.
Il also have number of letters
rom prominent bankers of Kansas
and Texas, all Of whom are thorough
~ satisfied with the working of their
Guaranty deposit law, and give it
-nelr hearty Endorsement.
AS you have been working on this
matter for some time, would be glad
N you to give me the names of
any bankers in your section who,
Gu know, are in favor of such a
law.
IF you care to go over it, I will
be glad to send you a copy of the
DILL which I have drafted, and have
you criticise same.
with regards, am
Very truly yours,
a. w. TOOKE."
''Plaquemine, La, Feb. II, 1914.
Mr.. J. w. Tooke, DeRidder, La:
Dear Sir-Your letter dated the
] 9th inst, received. In thus making
due acknowledgment of the same /
wish to express my high appreciation
and qualification at the position you
assume relative to the guaranty of
bank depositors. OF course, there
will be some considerable opposition
by the Well-intentioned but senile
aSrly, 4
tain New Orleans bankers, but an
of the people to the great
of this matter will insure
for them that protection they should
now have. Nothing, in my humble
can lend such force and
momentum to this movement as the
active cooperation OF the bankers
themselves, who should be as ready
to give their depositors protection
even as they require their borrowers
to furnish them with acceptable Sc
curity. I take pleasure in informing
you, therefore, that the Peoples
Bank of Donaldsonville, La, at a
Of the board of directors Of
that Institution, passed a resolution
favoring a guaranty law and request
ing members of the legislature rep
resenting Ascension parish to do all
in their power that can be legitimate
Iy accomplished to secure the pas
sage of such law. With other
banking institutions throughout the
state taking such action the oppo-
oition to such a law would soon
fade away, except, oe course, as to
New Orleans, whose bankers, in my
Judgment, are making playthings
out of their country correspondents,
thereby subscribing their own sell
fish ends, and with no thought of
the great masses of depositors
throughout the state But the peo-
nle Of the ste te should tas1lttl and no doubt
will insist on having what is their
due, and, among scther things.
guaranty law for depositors will un-
questionably attract their atten-
ton and study.
''The Mississippi lawmakers have
just answered the demands of the
people of that state and there is
certainly no sensIfse EEfsason EEfsa why the
Louisiana Legislaturstsc1621uld 621ul not do
the same.
1T is my intention to, Introduce
a bill covering. this subjecs at the
coming session of the general as
sembly and have already pre-
pared one, but I shall indeed be glad
to receive a copy of the bill which
you have drafted, as it may prove a
better and stronger one, and might
be suggestive of some matters, pos
sibly, that have been overlooked.
would. therefore, thank you for
copy of the bill you have drafted.
81 am convinced that your educa-
tienal work in your section of the
state will be conductive to the best
interests of your people out there
in southwest Louisiana, and feel
confident that they will appreciate
the forward step you favor in try
ing to have them secured against
loss.
Assuring you Of my ready will.
ingness to do any service I may be
capable Of in the furtherance of this
matter, and assuring you further that
the people generally in this imme-
1iate section express themselves
loudly as tavoring such a movement,
am, with regards,
Yours very truly,