The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1919-03-08
North Dakota VIII 60 In for
Banking, Home BuildingS
Flour Milling Is Also Among
New State Projects.
LAWS SIGNED BY GOVERNOR
Bank System To Be Depository
All State Funds.
Attempt Also To Sell Homes on
the InstalIment Plan.

Bismarck. n. D., March s,-The
laws permitting the state of North
Dakota to go into business under the
industrial program of the National
Non-Partisan league went into effect
when Governor Frazier recentIy signed
the bills Banking home building and
flour milling are among the projects
covered in the ten constitutional
amendments adopted at the last gen.
eral election.
The parent bill creates a state in
dustrial commission composed of the
governor, commissioner of agriculture
and the attorney general, who are
given blanket authority in esta bIishfnE
necessary state departments. The
commission is given authority for the
operation of a system of banking un-
der the name of the Bank of North
The banking measure provides for
issuance of $2.O00,OO0 in bonds to
furnish capital. The systems will start
whenever the sum of 100000 Is
sued by the state as provided by law"
has been delivered to the commission.
The bank will become the depository
of all public funds of the state, coun-
ties, cities and school districts Cen
eraI banking business is authorized
and in addition the Central state bank
will become the depository of the re-
serve funds of several hundred pri-
Ndlo DdHhS chartered Dy the state.
These reserves are now held in ST.
Paul, Minneapolis and Chicago. The
state bank will have charge of the
issuance OF state bonds to finance in
dustrial enterprises and will act as a
rural credit bank for promotion of
agriculture.
Into Effect Immediately.
The industrial commission bill and
the banking act have passed both
- 49, -
permits the inclusion of an emergency
clause putting them into immediate
effect. The other bills are expected
to pass soon with the emergency
clauses.
The other league program bills pro-
vide for the, erection of terminal eIe-
vators and flour mills. and extend
state credit to all citizens desiring to
erect homes.
Other phases of the program which
eliminated taxation on certain i'm
provements, provided state hail insur-
ance on crops, state industrial insur-
ance for workin gmen, and made other
changes proposed by the State Fedora
ton of Labor.
The milling measure authorizes the
establishment of a system of ware
houses, elevators, flour mills and fac
tories with which the state will en-
gage in manufacture and marketing
VI pEOuUClS- Inc Ifl1AIlIlB dSSO-
citation will be capitalized at SIS. 000.-
900. part of the money to be obtained
thru certain funds in the state treas
ury and part thru the sale of state
bonds
State Building Association.
The Home Building association of
North Dakota, authorized under the
! home building measure, will purchase
or build homes or farms for citizens
on receipt of 90 per cent payment.
The remainder may be paid on an
amortization plan in from ten to twen-
ty years A house costing $1,000 can
be purchased in twenty years on
monthly payments of S26, according
to league members. They say the act
will bring rapid settlement of the
states idle lands.
State-owned coal mines and pack
ing plants, also a part of the league
program, were not expected to be au-
thoriZed at the present session.
One bill expected to be acted upon
| imposes a one-half mill tax to create
a fund for returned soldiers who
would be entitled to s25 for each
month in service. The money would
be placed in the Home Building asso-
| citation fund or be deposited for the
J soldiers education.