The Devils Lake world and inter-ocean. (Devils Lake, N.D.) 1915-1920, 1919-10-08

0e8@ s8SSS t.
"WAsH DAY IN NORTH DAKOTA"
Financial washday has begun in North Dakota, and there there
is is a big big fsw wsefs' OF DIRTY f'nen % DC 'aun0e's0 '''''S
se Every good citizen Of North Dakota will fee! nothing but
di~navian-American bank: Our entire business system is
t tSsn sssef on f psSiic in A9 st dpsd iss Of "f f;asnea the i ssaa'ssaes IS IS
throwing a wrench into the machinery of business. Moreover,
p Do probably will get their money in the end, for the
sound conservative bankers of the state must pay for the folly
law. But they will be compelled to wait for months for money
which may be sadly needed now.
wonders at the system of underground communications that
permitted it to remain open as long as it has-and the whole
mess s000'o . e R Rl2S1p ) FRANC 4 eSs'f FEATURES.
There are some features connected with the affairs OF
For example: hGw does i happen that the former bank
the State Bank of North Dakota, has a note in the insolvent
bank for a sum greater than the bank could lawfully lend
Has this fact anything to do with the failure to close the
How does it happen that directors permitted such an
outrageous violation of banking laws as to pile up total excess
How does it happen that while the overloaned condition
+. the a, bank fo1 has ad been e4 f%s4 @o knowledge Hx.a among sg1 Fargo bust 4Ms
chairman Of the state guaranty fund commission?
How does it happen that the excess loans constitute fully
60 per cent of the total loans of the bank? Could such a con
pen because the directors were not real directors, and were
taking orders from somebody outside the bank?
overlooked these surplus loans for such a period Of time? Did
the fact that Mr.: Waters himself was one of the offenders
have anything to do with it?
How does it happen that the postdated checks, on which
erous amounts for security for loans?
rowa How Nv. does esther it happen pen that hat an e; emPloye Of the principal Dor
of the security Of that borrower, even eH NJ to the he extent tel Of f remo =
half Of the security from the bank and leaving only a receipt
for it?
How does it happen that the directors permitted security
to the amount of nearly 100000 to be removed from the bani
VIZ D'''A's s. SANE MEN N { Control SaSM STATE $
Yet the very men responsible for the failure Of this in
SutuClOn r among those most active in nr0nnofinn H. o%o+o
owned industries, and in trying to get Fargo citizens to invest
in bonds to build more institutions for them to handle and
~. We have Professor Bollsy Of the 4: G; one of the direc-
We have Mr.. Waters as head Of the State Bank of North
Dakota t ana sun H.; retaining his position in the sisal trust.
the Consumers United Stores, the National Nonpartissn n ieaz
que, the League Exchange and the Publishers National Service
ley, William Lemke and the rest Of the gang viii these insti-
= Yet these men who are among those directly responsible
the state Of North Dakota at their disposal. They have the
gag gage in in any line Of business with the states money, they see
tit: The same MI: Waters Water has the power to transfer the mil
lions Of dollars of public money to any state enterprise he
-. We have turned over our school system to this gang
We have turned over our school funds, our city funds,
our township funds, our state funds. ~,
We have told them the sky is the limit on bond issues,
and that ey can go as far as they like, start any business
they de- and run it as they see fit:
paper that cares to fight them.
44; I'VE hay. built for them a political machine that for eff
We have this gang browbeat us politically and try to
sandbag US into laying state bonds to set them up in business
Ru It we havs sached the turning of the ways.
: ""@sh'. rHE n F Affsh Rsf9 91DAsrs.
ana y wat nat.a about these Judases who have betrayed the
These men have been trusted by the farmers Of the state
with uni funds and unlimited power.
Mhat have they given in return?
.on.i I nrSfi nave !Th used the money and the power for their per
The millions Of dollars ; that Maet the farmers a 9rsa' d dnaaeial f institution d6as r
the league for notes to the stores, for newspapers and for al