Courier Democrat. (Langdon, N.D.) 1891-1920, 1914-10-08
BANKING BOARD
AND INTERESTS
Is STATE BANKING BOARD LOOK.
ING OUT FOR INTERESTS OF
BIG BUSINESS7
Governor Assumes
Power of Legislator
RESOLUTION ADOPTED GIVES BIG
BUSINESS FIRM HOLD ON
EAKOTA BANKS.

The state banking board, Of which
the governor is a member, is looking
put for the interests of Big Business
and the railroads. This is one of the
charges preferred against the BUSI-
NESS ADMINISTRATIONS by Frank
D. Hellstrom, Democratic nominee for
governor of North Dakota.
The banking board of North Dakota
Is composed of the governor, the sec
retary of state and the attorney gen.
eral. On May 10, 1913. it adopted the
following resolution governing appli.
cations for charters for new banks. 1t
will be we'll for every voter this No.
vember to read carefully this resolu-
hon before election day. 1t reads:
Whereas, This board is of the opin.
ion that it is against the best interests
of the people of the state Of North
Dakota or of any community within
the state to grant charters for bank.
Ing corporations in places where the
population and business are INSULT.
cient to warrant the establishment OF
q bank, or where the banking business
Is already sufficiently represented, and
Whereas, We believe it will assist
lr the upbuilding Of safe and conserva.
tive banking conditions by preventing
the organization of banks when de.
mand or necessity therefor is not ap.
parent, and
Whereas, Further, The banking
board will hereafter require a state
ment from known and reputable citi.
zens of the state, certifying to the
character and financial standing of ap.
p~licants for bank charters, Now, There.
fore. Be 1t
Resolved, That the secretary of state
be and is hereby instructed to submit
applications received after this date
for charters for any banking orpora.
ton to this board for its approval be.
fore issuing such charter, and. be It
further
"Resolved, That hereafter this board
will refuse to grant charters when it
is convinced that the new bank is rot
needed in the locality, and that there
is no reason for its existence, and be
it further
Resolved, That if this board is in
doubt as to the propriety of approving
the application, it will ask the state
examiner or the deputy. state examiner
of that particular district to go to the
place and make a personal investiga'
ton, and he shall make his report to
this board, and be it further
Resolved, That a charge of $40 per
day and hotel and travelling expenses
shall be charged for such investiga-
tion. This resolution shall ALSO APP
: PLY to ALL APPLICANTS for BANK
: CHARTERS ALONG PROJECTED
, RAILROAD LINES"
. mo one" said Mr.. Hellstrom in
opening the campaign this year, "ca1
question the sagacity Of the BUSI
NESS ADMINISTRATIONS, especially
, when official acts will protect it's PRL
: VATE INTERESTS.
ut is a notorious fact" continued
Mr.. Hellstrom, that a FEW INDIVID
, UALS have organized themselves in
to a close corporation that gets ad
, anc information from the railroads
relative to the extension of their lines
and future location Of townsites. Ap
= plications are then made to the secre
tary of state for bank charters, anC
= h possessOr Of a charter squats or
! the townsite and the banking boart
arbitrarily keeps out competition IL
= the banking business when the rail-
> road and townsite actually arrive. l
= Is very convenient to a BUSINESS AID
= MINlSTRATION, especially when yol
- have POWERFUL FINANCIAL CON
L NECTIONS. There is yet to be re
corded n single instance where
bank has failed because of too stron{
y competition
This is the first time in the histcr!
of North Dakota that it's governor ha!
= taken upon himself the power to &C
in a legislative capacity. The peopl'
OF North Dakota elect a governor tt
enforce laws, not to make them.
:. No governor prior to this time ha!
= ever attempted to assume the power!
OF the state legislature and make laws
, which directly and SO plainly serve hi.
own interests. This is one of the BIZ
charges preferred against the BUSl
8 NESS ADMINISTRATION by MI
: Hellstrom.
= What are the powerful banking con
. nections of the BUSINESS ADMINS
. TRATION? How many banks in Nortl
Dakota is the state executive person
1 ally interested in, if he does not owl
solely? These two questions woult
bear close investigation by the voter.
before they vote this fall. And aftel
IS looking it up and satisfying himsel
that it exceeds more than forty-five
q each voter should see why this resolu
ton was passed, for the extension
: of the BUSINESS ADMINISTRA
TONS private business.
n