The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1919-06-19
SENATOR MOSTAD SAYS I'M
PROJECTIONS IN BILLS CAN
BE RECTIFIED BY SPECIAL
SESSION OF LEGISL AZURE

There are seven measures coming
up for referendum vote on June 26th
and out of the seven there are two of
the most vital Importance to the peo-
pie of this State. House Bill No. IT
creates the State Industrial Commits
sion to manage and operate the State
owned industries. The Bank of North
Dakota, Terminal Elevators. and Mills.
The Five Million Dollar Bond Issue
authorized by the legislature for the
Terminal Elevator and Mill Associa
ton can only be issued and used by
the Industrial Commission, and by no
other branch Of the State Government
or for any other purposes.
If House Bill No. II, the Industrial
Commission, should be defeated in the
referendum vote, we could get no Ter
minal Elevators and no Mills in North
Dakota for the next year or two at the
least, and perhaps never, and our fight
for better marketing conditions for
our grains would get a setback for
years to come.
House Bill No. 18, creates the Bank
of North Dakota under the manage
ment and supervision Of the Industrial
Commission. The Ten Million Dollar
Bond Issue authorized by the Legisla-
ture for Rural Credits and for no
other purpose and first mortgage
farm loans at fifty per cent of the
value are under the management OF
the State Bank and no other agency.
If House Bill No. 10 should be defeat
ed there is no legal machinery left for
selling these bonds, and operating this
farm loan department. With normal
business conditions again returning,
these bonds. can probably be sold at a
figure that will enable the State Bank
to make first mortgage farm loans at
I six per cent, or not to exceed seven
per cent on the amortization plan
which has been proved so successful
| by the Federal land banks.
| The State Bank will also be abso-
lrtely necessary to finance the opera
/ tion of our terminal elevators ano
| mills-if the hostile financial interests
of the Twin Cities persist in then
present policy of boycotting and ham
pering our state and it's state-ownec
industries. These financial interests
are Identical with and interlock with
the milling corporations and mixing
houses at the terminals of Minneapolis
and Duluth, and our state industries
would be doomed to failure if we hat
to rely on these sources for financing
them.
These two measures. House Bill No
II and House Bill No. IS, are no.
claimed to be perfect in all details
but as the Governor has promised tx
call short extra session of the Leg
stature the coming winter, we car
amend them and eliminate the objec
tionable parts as they develop, by &C
tual application in practice. This i
surely better course than to reiec
these measures at the referendum
election on account of some imperfec
tions, and thereby losing Termina
Elevators, Mills and Rural Credits NO
years to come Turning back tn,
hands Of progress in North Dakota
and returning the old reactionar!
crowd to political power in the State
A vote against House Bill No. II ant
House Bill No. Is on June 26th means
just that.
When President Wilson and Secre
tary Of the Treasury McAdoo recon
mended and put across in spite of :
reluctant Congress, the Federal Re
serve Act, they were bitterly opposed
by all the reactionary standpat Repub
licans in Congress, led by Senator
Aldrich. and even bv some of the Pres
ident's own party, the bankers organ
| 5izations Of this country were nearly
| Tall opposing it with all their might
n predicting dire disasters if this Re
serve Act was enacted into law, bu
the Act was PASSED, none of the pre-
dicted calamities came to pass and NJ
bankers in the country would nov
advocate return to the old system.
The Guarantee Of Bank Deposit Law
met with the same sort of opposition
| from the reactionary elements in tn,