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Show o- TOO MANY BANKING LAWS Last week all the banks in Coconino county, Ariz., the largest larg-est county in the United States and which joins Utah on the south, were closed by the bank examiner. Coconino county, wealthy in resources, was unable to stem, the tide of failing banks of the nation. It is a hard matter to stimulate confidence in business so long as banks of this county are operated under laws which give the depositors little or no protection. We are often ,1-etriinded of the fact that while banks have been failing on all sides in this country, Canada has not had a bank failure during the current depression. Such a marked contrast con-trast is deplorable and suggests that there is something lacking in the banking system of the United States. There are many important differences between the two systems sy-stems of the two countries, while conditions governing the two nations are somewhat similar. Of course, the United States is a much richer nation with a much larger population, but this does not explain the reason for the greater security of the Canadian banking system. Our northern neighbor has one law; this country has 50 separate se-parate banking laws, namely, one national, one for the District of Columbia and forty-eight for the different states. It is much easier to enforce one general policy than it is fifty. While there are many other differences in the banking relationships rela-tionships of the two countries, these points already mentioned are the most important. The record of the Canadian system speaks for itself. |