The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1918-09-16

Good Government Candidate for
at Darlington OF
debt limit prescribed in this article,
provided such bonds are secured by
first mortgages upon real estate or
upon property of public utilities or
, INDUSTRIES
'"Under these provisions you will
note the state has right to go into
any or all classes of business. 1t also
has the right to not only issue its own
bonds but to guarantee the bonds of
any political subdivision in the state
that may desire to enter into any
kind of commercial enterprise. A
large percentage Of commercial en-
terprises fail, even when operated by
men whose money and business repu-
tations are at stake. Can it be rea-
sonably argued that this same class
! of enterprises will be more secure
when under the supervision and direc-
ton of whatever political party or
faction may happen to be in power?
Certainly no sane man will argue for
such a contention. That being true,
is it wise for the people of this state
to enact Legislation that will make it
possible tor public nancy to be
handled in this manner, without stint
or check UPON those who happen to
be in power?
every man knows that it is much
easier to contract debts then to pay
them. It will be an easy matter for
the state of North Dakota to issue
bonds and get into debt, but remem-
Der, there is always pay day. IL is
an easy matter for farmer.to go to
any loan agency and place mortgage
upon his farm-no trouye at all about
an action of that kind. The hardship
comes not in contracting debts but in
paying them.
"The debt limit OF the state Of
! North Dakota at this time is 100000.
We have struggled along fairly well
up to date, but the gentlemen who
are not in control of our pu olic affairs,
by their action in attempting to pass
House Bill a. absolutely removed all
limits to which we might go insofar
as getting into debt was concerned.
The only question in their minds
seemed to be not how much debt it
was wise for the state to contract,
but how much our resources would al
low US to contract. And when this
bill was up for discussion on the floor
of the house. men who were opposed
to its passage asked that some limit
be put to thede0t. In reply to this
argument one of the members who ia
vored the passage of House Bill "A,
declared that the blue sky was the
limit.
''In the proposed amendment which
is before the people of the state at
this general election thy have not
ared to face the people with propo.
sition quite SO wide open. Tney are
asking now to raise the debt limit
from two hundred thousand dollars to
twelve million dollars, which | think
all will agree is fairly substantial
raise. The amendment provides for
the issuance of two million dollars in
unsecured bonds, and ten million dol
lars in bonds which may be secured
on real estate at half its value or on
real personal property of state-owned
utilities enterprise and industries, at
not to exceed full value. In handling
the public funds of the state certainly
as much care should be exercised as
in the handling of any private funds
Now. who ever heard of anyone loan
ing money up to the full value of any
security? To begin with, the full value
of any enterprise is something which
no man can determine, as circum
stances may depreciate its value quite
rapidly
A State Bond Mortgage.
"A state bond is nothing more or
less than mortgage on the resources
of the state and the property of its
citizens, and because some of the peo
pl of this state OBJECT to giving these
gentlemen a power of attorney to mort
: gage their property in an unlimited
amount they are accused of being enc
mics of the community and represent
atives of corrupt business interests
outside the state of North Dakota
And in this connection it might not
be out of place to look into this mat
4 ter little and see whose property
,, these gentlemen are so eager to mort
gage. Is it Mr.. Townley's property!
No. He has none. Bowen is in ex
actly the same position. Manahan. in
sofar as ] KNOW, neve: owned dol
lars worth Of property in this state
eitherd real or personal. Ler,ke'.
: property interests here are small, il
he has any. have been unable tc
: find any real estate which he own.
in North Dakota. Il matters not at
iota to any Of these gentlemen wheth
: er taxes increase 100 per cent or de
crease so per cent. This does not con
Germ them at all because whether the
tax is high or low they pay none. Blu
: they are perfectly willing to mortgage
your property and my property, AMI