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The Commoner.
VOLUME 8, NUMBER 2
SHOW THIS PAGE TO YOUR REPUBLICAN NEIGHBOR AND
ASK HIM TO READ IT CAREFULLY , ;
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Oklahoma has the guaranteed
deposit plan and the following
Associated Press dispatch tells
of its operation in the first bank
failure since the law went into
effect:
"Guthrie, Okla., May 21. Within one
hour from the time H. H. Smock, Oklahoma
banking commissioner, had taken charge of
the International Bank of Coalgate he had
authority to pay the depositors in full, though
the bank's cash and available funds in other
banks fell $22,000 short of the total amount
of deposits. The commissioner was enabled
to do this under tht operation of the new
banking law, and this is the first time it has
been called into use. Under the operation of
the guaranty banking law of Oklahoma a
tariff of one cent is levied upon the average
anmidhdeposits of the banks and this money
h uszd in payment in full of all depositors of
an insolvent state bank, ofter the funds have
been exhausted9
"Paid in Full" An Oklahomtflniivenj6
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State, of- OKXcJUni, .
Guthrie, Okla., June 2. Reader did you ever see a notice like 'the
above posted on the door of any "busted" bank. No, you never didt',until
this one. This is an exact photograph of the notice which the Oklahoma
state bank commissioner, in pursuance of the laws of Oklahoma, posted on
the door of the International Bank of Coalgate, Oklahoma. By the end
of the second day the depositors had all proved their claims and received
their money, except a few who lived from six to fourteen miles from town,
and whose checks were made out and left in the hands of another bank
to be delivered when it was convenient for the owners to call for them.
The statement made by the bank commissioner to thp state banking
board, was as follows: The International Bank of Coalgate was closed
because its active managing officers had violated the state law by borrow
ing the following sums, principal and interest: The president $7,067-:
the cashier, $4,614.
The bank commissioner assembled the board of directors, and de
manded that this borrowed money be replaced which, after a reasonable
time given, they failed to do. Had this money been replaced these tw.o
officers would have been removed and the board of directors might have
elected new officers, and the bank continued in operation. On account of
the failure to replace the money, the bank commissioner closed the bank
at 2:15 p. m., and posted on the door the above notice.
The bank commissioner found that the deposits were $3 6,744.93 ;
that there was cash on hand, $9,574.67; due from other banks $7,564.03.
, ursday afternoon, Friday and Saturday sufficed to completely liq
uidate the affairs of the bank so far as proving and paying depositors was
fffJinn ? e bank commissioner drew on the state guaranty .fund for
$24,843.73 to furnish additional cash necessary to pay all depositors. The
remaining amount due from other banks, and paper readily collectable,
the state guaranty fund will be replaced within thirty days. Therefore,
no assessment on the secured banks is required.
The bank commissioner had the two offending officers arrested: they
are now out on bond awaiting trial. It is the opinion of the bank com-
?in?T V? terx reimbursing the guarantee fund, the final liquidation'
dollar9 S WiH Pay the stockholders abou fi"y cents on the
The benefit of the Oklahoma banking law, in its regulation and close
Inspection of secured banks, is fully demonstrated In this case
OKLAHOMAN.
Why should any one, aside from a coterie of bte banker? ohiect tn tho r,,n-nrj a r
This is the way the two platforms looTon thisstibject: ' "rBfl
Guaranteed Deposits
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DEMOCRATIC PLATFORM
We pledge ourselves to legislation under
which national banks shall be required to jes
tablish a guarantee fund for the prompt pay
ment of the deposits of any insolvent national
.bank under an equitable system which shall be
available to all state banking institutions wishing
to use it, -
REPUBLICAN PLATFORM
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