Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-04-23
USDLEACUE
FIGURES; THEY
CALL HIM LIAR
State Tax Commissioners
Shows How Papers Re-
pudiate Assertions.

Bismarck, N. D., April 22.-Tax
Commissioner Packard today dictated
the following statement: j.
1.-THE North Dakota Leader OF last
week took violens exception to my
Interpretation in the speech at Fargo,
by the sixteenth legislative assembly.
The editor Of the Leader, with his US
ual ;delicacy and logic assails these
contentious by using the term fool
and liar" with great frequency and
incidentally points out that I wilfully
included items in my totals which
exist only in my imagination.
LAS a matter OF Fact, where 1T was
necessary to estimate amounts in ar
irving at my totals, I accepted the
figures Of the North Dakota Leader
and the Fargo Courier-News. On
March. goth, the Leader published. in
reply to certain statements of State
Auditor Kositzky, a general summary
and defense Of the levies and appro-
priations of the sixteenth legislative
assembly. The anne article in a
ed the following day in the Courier
News. From these two inspired"
articles, I took every estimate I used
in my Fargo speech.
ION April 10, the Leader said:
His first misstatement was to fig
ure in the total amount appropriated
for the 1919-20 biennium the sum of
$2,054, 900 as interest and sinking
fund on state bonds This figure is
grossly exaggerated. The bonds re-
quire no sinking fund for 25 years
(something Mr.. Packard seems to
have overlooked) and if six per cent
interest were paid on the entire ST.
000, 900 issue Interest on the $10,-
00o, 900 real estate bonds will be pro-
vided by the terms of their mortgage
securities) starting the first Of May
the amoun could not exceed
100000"
March 10Th and 30th in the league
papers under Townley's direction, and
in defense of his levies and appropri-
atoms was as follows:
1.-THE total amount Of bonds author
ized by the 1919 legislative assembly
was $17,OOO,0o 100. 1t is probable that
the full amount authorized by the
legislature for, the state bank and
-four mills and elevators will be is.
sued. 1t is vastly improbable, how
ever, hat the ten million, dollar bond
issue authorized for the Home Build
ers' association will be issued in the
year 1919. It is estimated that nc
more than, two million dollars worth
Of these bonds will be issued during
h coming year and that the tota
amount of bonds which will be is
sued will not be in excess of nine mill
lion dollars for the fiscal year 1919
Assuming that the bond issues will,
not be in excess of line million dol.
lars we find that the necessary sink.
ing fund on a nine million dollar bono
issue will be 100000 and the interes"
fund would be $4,000, or a tota
of $40, 900. A seventeenth mill levy
on the estimated assessed valuation
would provide this amount. Interes'
and sinking funds for the new in
dutries are a loan by the state which
will be repaid.
The State Auditor states that SIG,
900; principal, and $4,000 interest or
old bond issues must be provided fol
in this years levy. A. levy of two
tenths of q mill will provide thes
amounts"
THE above computation was TO
the year 1919, and as I was dealin,
with the biennial period, I deducted
$4,000 from the 1921 levy for tn
interest and sinking fund to care 70:
previous debt, and took s2,054,000 a
the total for the biennial period
gave the Sixteenth Legislative AS
sembly the benefit of the doubt in tn,
sum of $4,000.
"Yet the North Dakota Leade