Business & Finance: Oklahoma Banks

Several years ago, Oklahoma initiated what she considered a valuable banking law. Western banks had shown an irritating habit of failing, and accordingly, the plan developed of having all banks in the State guarantee each other's depositors, by contributing to a common fund which should be used to pay off in full the uncovered debts to depositors of an insolvent bank. This plan spread to several Western States and was enacted into law; it was advocated by the Progressive platform of 1912.

Recent experience has left the proponents of mutual guarantee systems a...

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