Sioux County pioneer. (Fort Yates, Sioux County, N.D.) 1914-1929, 1915-03-12
Legislature
AND ITS WORK

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| Bismarck.-The fourteenth as
sembly of the North Dakota legisla-
ture closed up its business and adj.
tourned before midnight on the 5th.
1t is believed to have been the clean
est and one OF the very best ses-
sions which has ever been held in
the state. While. like all sessions,
1t passed some peculiar measures,
| yet it passed some very good ones
| Prominent Events.
Prominent among the events of
the session may be mentioned: the
investigation of the board of cor-
troll; the tax commission and the
Grant Youmans charges against
State Examiner Severtson and the
banking board; the extensive search
into the affairs OF the educational
institutions and the state offices;
the establishment of board of re-
gents; the provision for the meet
ing of the budget commission so
days before the meeting of the leg
islature; the creation Of the immt-
grafton commission; the killing of
the suffrage amendments the estao-
lishment Of rural credits ;the reduc-
ton of the rates OF interest, and 9TH
ers which might be included.
Are Laws Imperative?
There is some scary talk about the
capital city regarding the possibility
of most any law passed at this ses-
sion being made imperative through
the initiative and referendum
amendment which is now in the
state constitution. 1t is claimed
that any act with the exception of
the budget bill is liable to suspen-
sion within 80 days upon petition
of 10 per cent of the voters of the
state. 1t is claimed that a petition
bearing the names of between 5000
and 5000 voters can invalidate any
law containing the emergency clause,
ana they all do. 1t is not thought.
however that this will be tried.
Bank Examiner Cleared.
The Haraldson committee ap-
pointed for the purpose of inyesti-
eating the charges made by Grant
Youmans, the Minot banker against
State Examiner Severtson and the
banking board, has completed its
work and made its report. This was
one of the most prominent investi-
cations which occurred during the
session, and resulted in a vindica-
ton of Mr.. Severtson and the entire
banking board.
Youmans' troubles began in July,
1912, when an examination was
deemed necessary and begun under
the administration of Bank Exam
liner knudson. This examination
was made by Deputy Bank Exam
liner BECKER. Upon completion OF
the examination Examiner Knudson
in his letter of criticism ordered
that paper in the bank aggregating
$44,233 be removed from the bank
by November 1. 1913. According to
the report it is claimed that the pa
per which was supplied to replace
that removed was no better than
the original. In October, 1913. the
banking board held meeting at
which time, to quote from the min
utes: 1.-THE Board instructed the
state examiner to make special
examination of the Savings Deposit
Bank (of Minot) and if the cond1-
ton of the bank showed no improve
ment of the report already submit
ted he was further instructed to take
charge of the bank pending the ap-
pointment of a receiver"
The Report.
Quoting from the Committees re-
port. I'm pursuance of this meet
ing Mr.. Severtson made an examina-
ton of the bank on October 20.
1913. and found in the bank large
number of worthless notes and mort
cages and number of undesirable
loans"
In closing it's report the commit
tee says:
owe think that the actual cash
market value of the assets of the
Savings Bank on October 20, 1913,
were insufficient to pay the liabilr-
ties. And from the foregoing facts,
our conclusions are that the exam
liner, S. G. Severtson, while acting
under authority from the state BANK
ing board made demand and order
on the Savings Deposit Bank with
which there was a failure to COM
ply, and that under all the circum-
stances. taking into consideration
the reports of prior examinations OF
said bank, the methods used by Mr..
Youmans in the management of the
bank and the Trust Company. ana
the condition of the assets in Octo-
Der, 1918, that the examiner, S. T..
Severtson, had perfect light to
take the steps which he did in pro-
tecting the depositors of the bank,
and that he acted within the author
ity of the law in closing the banK
on October 20, 1913, and we will
further say that Mr.. Severtson is en-
titled to credit rather than censure
for his acts in the matter"
Matter Is Settled,
This settles the matter SO far lis
the state is concerned, but it is NOT
known whether Mr.. Severtson will
institute action on his personal ac-
count or not.
Joker in Budget Bill.
A Joker has been found in the
budget bill which allows but one
tax commissioners pay for three
men. There is some question as to
how the commission will draw its
pay, but it is believed that the state
will have to pay the salaries of 49,
600 each to the three commission
ers whether the budget nrnvides for