Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-02-14

it was essential to the states pros
perity that all succeeded.
Discrimination in Privileges,
If there is so much money to be
made in these enterprises. cannot the
state make it go without taking adj
vantage of anyone else? said MIR.
Burtness, dealing with several pro-
visions of the bill which accord extra
ordinary privileges to the state. He
called attention to the fact that the
depositors nay draw their money
in the state bank, thus hurting pri-
vately owned banks. said Mr.. Burt
ness.
MIR. Burtness also called attention
to several other features Of the bill
which tended to give to the state in
situations advantages which he be-
lieved would cripple the states finan-
cial crdit in other lines.
After the lunch hour, debate was
resumed, the final vote in committee
of the whole being reached shortly
before two o'clock. when considera-
ton Of the bonding bill was reach
ed.
Representatives Twichell and Burt
ness opened with points on sale Of
bonds, pointing to the fact h a there
was nc provision for sale of bonds at
par.
Representative Patterson indicated
that to include such a provision
would hamper the state in the sale
bonds could be sold for par with six
per cent interest at this time, and it
wouldn't be advisable to include such
provisions because 1t would merely
result in delay and probably obstruc-
ton.
At this point the house concluded
the legislative day, and began the
next regular session.
Rep. O'Connor of Grand Forks,
just returned from Grand Forks,
where he had been called by the
ed the banking bill at some length.
The house reached the final vote
on the industrial bill about 3 o'clock,
after the measure had previously been
considered in committee of the whole.
There was no debate. and after roll
call of the house had resulted in
the rounding up Of every member
a local hospital, and Clevens, i'll in a
western hospital, roll call was COM
menced.
Only two men who have previously
supported the league legislation de-
clined to stand for the commission
and the banking bill. They
were Representatives Nathan Of Lo-
gan and Bonner. the latter leaving a
sick bed in a local hospital to cast his
ballot.
The roll call on the Industrial bill
was "a to 81, exactly two-thirds vote
being polled by the majority. The
emergency call resulted in the same
vote.
Call Of the roll on the banking bill
followed. and it was adopted with
the same division, there being no shift
in vote.
Following the passage Of these
bills the house resolved itself into
a committee Of the whole and quick
~ disposed Of the two million dollar
bonding bill, which will create capital
for the state bank. There was some
debate over the provision that bonds
may be sold for less than par, and
that provision was retained.
In the senate. the discussion Of the
bill providing for a ten million dollar
bond issue for financing farmers
mortgages, provision is made for the
sale of bonds at par, with a maximum
interest rate Of 6 per eel The bill
passed by a vote of 35 to IA, the
whole Nonpartisan1 vote being cast
The senate today also passed the re-
classification act under which all real
properties. railroads and utilities,
bank stocks, business structures, ele-
vators. warehouses, etc.. will be as
sessed at 100 per cent. while residence
structures in cities. goods and mer-
~chandise, and all personal property
will be assessed at SO per cent Of
their value. This bill does away with
the original proposal to tax used
lands at 60 per cent Of their value
and unused lands at 100 per cent.
Taxation System Bill Passed.
The bill providing a system of ex-
empting certain property from taxa
ton also was passed. 1t exempts all
farm improvements, gives flat exemp-
ton of $500 on residence structures
in cities used for residence urposes
by the owners, gives flat exemption Of
$1,000 on farm implements, and a flat
exemption of $500 on household
goods.
The bill for a one-man tax COM
mission was accepted by a vote of %
to 70. h report Of tn emajority of
the committee that the bill be passed
being accepted.
The senate also today received IA
vorable report on the leagues bill for
he home building association, and
that issue will come before the senate
tomorrow for final action. In the
form that the Industrial bill was pass
ed, 1t creates a commission of three
members, the governor. the attorney
general n the commissioner of ag-
rlcuiture and labor. which will be in
charge of industrial enterprises of all
kinds in which the state ma now or
at some future time enter. The ma
jority OF the commission constitutes
a quorum for the transaction of BUSH
ness, but power of veto is given the
governor az he xfpt,1o 11~p h1Ilc oA..
lutte power. The commission has alb
solute authority in the handling OF
all enterprises.
The state bank bill provides for
the establishment Of state banks un-
der the direction of the industrial
commission. This commission has the
power Of locating the banks. as we'll
its organization and direction. The
bank is given all powers that are ac-
corded any state bank. an dit has
authority for loaning money to public
utilities. The law requires that all
pubic moneys shall be deposited In
the state bank, and that moneys of
private individuals deposited in the
bank shall be exempt from taxation.
Under the terms Of the two million
dollar bond issue. bonds would be
sold in denominations Of from $40 to
10000, under direction Of the cover
nor. Money so produced will be made
capital. Of the bank. Bonds may be
sold at less than par. with 6 per cent
the highest rate of interest that may
be paid. -
I. The ten million dollar bonding bill.
In the senate provides for the issu-
nee Of bonds In the same denomina-
ton, with . 6fper cent maximum rate
OF interest. and wit hthe further pro-
vision tina tthey must be sold at par.