Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1915-06-17

on the part of our law makers, both
state and federal, for the control and
restriction Of business, to the detrl-
ment of our communities, State II
Natin. While | am in favor OF re-
stricting Legislation as to corpora
lions and other business, | am oppos-
ed to disregarding those agencies
which have been most efficient. IN
promoting the welfare and onward
march of our country; whe.e former
ly individual effort and uisjointed in
terests were the Instruments employ
ed, now co-operation, both Of capital
and Individual must take their place.
A liberal and fair margin should be
given those readytto put forth their
energy and capital in the develop
ment of this great state and nation,
for the benefit of its people.
"The bankers Of this state should
stand fearlessly for such legislation
as is for the benefit of the masses,
and not allow the politician to use
them as a buffer for their own sell
fish purposes. This state is dotted
over with banks, usually managed by
men of prominence and influence in
their communities, and their appeals
to the home congressman and legis-
lator may be made fore effective by
active participation in their cam
paign than by a passive acceptance
OF indifference.
In Transition Period.
HTbic ctato Sc noIu at q nOiOf ~
great transformation, much of it due
to the persistent cooperation of the
bankers, such as the introduction,
more generally, of diversification of
agriculture, which is taking a leading
place. The successful raising of corn
and alfalfa the past few years, in ad-
dition to other products, has demon
strated to us the great possibilities OF
the state. In the very near future l
look to see this commonwealth OF
North Dakota second to none In the
production Of corn, alfalfa, hogs, dairy
products and live stock Of all descrip-
ton in addition to other agricultural
Industries. 1t behooves every bank
er to help, support and encourage this
the greatest industry Of the state. BY
50 doing is the upbuilding of a staple,
sound and permanent asset, to every
banking institution. The success Of
a banker is through the success OF
his customer. The idea would be abb
surd that a banker could hope to
thrive under any other condition than
the success and prosperity Of a COM
munity.
New System Of Banking.
"The past year practically a new
system Of banking has been launched
in the Federal Reserve Bank, which
is now in operation and ready to
serve the cause for which it was Gre
ated. 7 am satisfied that this institu-
ton will be of Invaluable service and
good to our financial system, but am
also convinced that a great lea OF
modification of the law as it now
stands will be necessary, giving great
er powers to the boards of the Dis.
trict Reserve Banks in order to en-
able them to properly selve their
community. Conditions in every dis
trict vary, and no set rule or law
can be made successfully applicable
to all districts, l I'm also OF the opln'
ion. that the modification Of this law
as to-, legal reserve, should be to the
extent of permitting, permenently, q
reasonable percentage Of the deposits
for legal reserve in a correspondent
bank, as under the old system. This
would have a tendency to keep the
country banker with his colleague IL
the cities more in touch with the bus
mess of each other, and more of :
tendency to cooperate for the inter
est and welfare Of the country; alst
would bring together more closely
the relations Of al banking institu
tions. This would not defeat the pur
pose and powers Of the Federal re
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