Last week Charles X. Williams, cashier of the Citizens Bank of Booneville, Ark., was fired. He was fired not by the bank but by State Banking Commissioner Marion Wasson acting under the authority of Arkansas' new law for strengthening its banking system. Cause of Cashier Williams' discharge was negligence: keeping too much cash on hand.
Last April Commissioner Wasson ordered Arkansas banks to keep only enough cash on hand to make change, to require customers needing larger sums to give advance notice so cash can be brought from reserve banks. Furthermore he ordered...
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