The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1909-07-08


The seventh annual convention OF
the bankers association of the state
Of North Dakota, opened at ten thirty
this morning. at the Ayceum theatre
About $50 prosperous looking money
ed men from all parts Xsthe state
we're present, at the opening session
but many more arrived on the noon
trains, and in all there are more
than 200 bankers here. Many brot
their wives who are enjoying society
in the Magic City. u. Y ~riIIsE
The meeting was called to order by
Pres. C. ]. Lord of Cando Rev. N. E.
Ellsworth invoked the divine bless
ing Mayor Clark delivered the ad-
dress OF welcome in his usual happy
manner.
w. c.. Mcdowell, Of the. First Nat
lon Bank of Marion responded in be-
half of the bankers. - -'
The president then delivered his
annual address, which was full of
good advice on banking. ;.g
Reports of the various committees
and of the secretary and treasurer
were then read.
In the. afternoon several interest
ing addresses were given.
Judge Engerud delivered an ad-
dress on banking, giving IN Interest,"
ing history Of banks from the early
days Of our government down to the
present time, The original bank was
organized in the year 1900 and LASTED
until 1917, after the close of the war
OF 1912. Then the government ad-
opted another banking system, which
continued until the time of Andrew
Jackson, when the country saw
such a financial calamity. It was ne
cessary to reorganize the banks
again which system lasted until the
close of the Civil war. The present
system was adopted ., that time.
The address ON Taxation by Frank
lin McVeigh. president Of the North
Dakota State University, was usual
ly interesting. Mr.. McVeigh spoke OF
the taxation of tangible and intang-
ible property. He classed real es-
tate and personal property in the
tangible class and mortgages and
money in the banks and other places
in the intangible class. The assess
ors find it next to impossible to ar
rive at the correct figures of money
on deposit and no doubt every year
q great many mortgages are over
looked, to say nothing Of the money
that never secs the bank. Some
states have tried in vain to pass laws
which would compel =. the holders OF
mortgages and money to divulge, the
amounts and whereabouts of such.
The address on the Postal Savings
Banks, by President Stevens of the
First National Bank of Crookston,
was right to the point, and timely.
Mr.. Stevens naturally is against such
banks and gave good reasons for be-
ing so. Won Meyer down at Wash
;ington, naturally wants to make a
record for himself, 30 this has been
shis pet scheme. The postmasters OF
the country. who are his subordin-
ates, have recommended the passage
of the postals saving bank bill. One
of the main. objections to these banks
is that the money would be taken
from the various communities and
sent down to Washington to the treas
ury, where it would 90 no one any
good. The Carter bill proposed to al
low the postmasters to loan the
money to the banks, but Won Meyer
would have to pass Judgment on the
loans, and sell at premium. No
banker would be able to borrow mon
ey from the Postal Savings Banks to
loan to the people. The postmasters
are not up in banking methods, and
naturally many loans would be pass
ed upon which would not be worth
the paper they were written on
There is no need for postal savings
banks anyway, because all of our
national and state banks have savings
departments where high rate of in.
Serest is paid on deposits as small
as a dollar. The banks undoubtedly
can afford to pay and many do pay a
higher rate of interest," on small loans
than the government would pay.
The Taxation Of Intangible Property
a talk made by Frank L. McVey
president of the University of NORTH
Dakota, before the State Bankers
Association at Minot, N. D.
Intangible forms of property are
the bogies of the assessor. The!
might be defined as something that il
supposed to exist but has never beer
,~oo,, y,1, tbo mortal nro of tho oaSnos