Another legislative panacea for the conduct of the banking business went glimmering with the repeal by the State Government of Oklahoma of its previous law requiring banks organized under the laws of that state to create a fund which would permit all banks to guarantee each other's deposits. All banks contributed to the fund, and when a bank failed the fund was used to pay off all its depositors in full. This plan largely originated with Senator Owen; it has been urged for adoption by banks in other states, too. Bank failures were...
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