Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-01-11
CAUCUS PASSES.
T0WNLEY BILLS
TOLEClSLATUR
All the Nonpartisan League
Program Dependent on
These 1.-Two Measures. !

These .VWo Measures.
(By STAFF Correspondent
Bismarck. IN. D., Jan. 1.-THE
N~onpartisan legislators in their eau
last night unanimously decided to
tives of the legislative assembly two
bills. designated by A. c. Townley as
parent bills Of the whole league pro-
gram," by which provision is made for
the appointment Of a state industrial
commission, and the creation Of a
North Dakota state bank, to be placed
directly under the supervision OF the
proposed industrial commission, and
capitalized at two million dollars.
President Townley frankly avows
that all the legislation Of the present
session Is dependent upon the two
o1iis approved by the caucus here.
Scope Of Commission Work.
h industrial commission bill is to
consist of the governor, the attorney
general n the commissioner Of agri-
culture. and these men are to be
powered to control and manage all
state utilities for which purpose they
VIII oe authorized to employ a not
III VI e ICSs
such as managers, experts, agents, etc.
The governor will possess the power
OF veto, and the, t~riurrvirate may
make all decisions, important or un-
important, for III or without cause.
rather ~far-reaching powers are be
slowed upon this commission If the
Dill becomes law. for 1t will virtually
nave the authority to decide as to the
location of public utilities: to lease or
construct public utilities; to determine
the buying price of material bought
n selling price of the material dis
posed of by these utilities. All rates
and charges for services rendered are
to be fixed by the commission which
will also %stipulate the rules and regu-
latlons governing the management of
public utilities.
Funds for the extended activity of
the proposed commission are to be
obtained by purchase Of state bonds
at the discretion of the commission,
and authority is also given to instigate
and conduct Investigations into the
operation Of public service utilities in
matters which affect the production
n marketing of their articles.
Virtual power of courts of law is
given the commission for it can COM
pei the presence of witnesses and the
W 1cSOluS "Hen6tefE III
seeks information.
Two hundred thousand dollars is
the appropriation called for to carry
Y provisions of the bill which
is TO become effective immediately
upon enactments.
what Banking Bill Provides,
Inc state is to engage in the now
role as banker. if the other bill an.
proved ny last nights caucus, is car.
rled through. The alleged aim is to
stimulate and encourage the states
agriculture. industry and commerce
Dakota shall for that purpose estah.
lish a regular banking system which
Will be operated and managed by the
proposed industrial commission. This
commission will have authority to
acquire property. engage employee:
and stlpulatc their remuneration. Ex.
ecutive officers are to be bonded 70,
a minimum amount of $4,000. Ac.
Dakota shall begin business whenever
ponds to n amount of $4,000, 900 are
delivered to the industrial commits,
sion; the funds obtained from the
sale of such bonds will establish tho
capital Of the proposed bank.
All state, county, township. munic.
lpal n school district funds shall bf
deposited in the Bank of North Da
kota within three months from thu
passage of the act, provided that or
proper showing made by any oficia
IN possession Of public funds. the in,
dustrial commission has authority tt
permit a postponement Of the deposi
OF such funds. the period Of postpone,
ment not to exceed six months.
Acts IS Clearing House.
me Bank of1North Dakota may re.
Icelve deposits from n source within
or without the state including thu
United States government and any do,
nestle or foreign individuals, orpor
aNons, municipalities. or government.
funds must be deposited to The
credit of the Bank Of North Dakota
or agency approved by the industrial
commission.
For banks that make the Bank o,
North Dakota a reserve depository i
may perform the functions and render
the services of a clearing house, pro,
vide foreign and domestic exchans,
and %rediscount paper on such term:
as the industrial commission may
provide.
All deposits placed in the bank ar,
guaranteed by the state Of North Da
kota both as to principal and interest
All such deposits shall be exemp
from state, county and municipa
taxes.
The Bank Of North Dakota may de
'kposit funds, in any bank within O.
without the state on terms. fixed b,
the industrial commission.
The Industrial commission shall ii:
rates Of interest: interest on deposit
shall not be less than one or NOR,
than six Der cent.
The Bank Of North Dakota ma,
transfer to other departments, insti
buttons or utilities. which shall be re
turned with interest to the bank. an,
may make loans to" counties, cities 3
other political subdivisions: loan mon
ey to state OF national banks, but j
shall not mako loans or give its credi
to any individual. association or cor
poration exceptSWhen secured by frs
mortgages on real estate in amount
not TO exceed. one-half its value. O
secured by. Warehouse receipts ISSUED
by the industrials commission or b,
any licensed warehouse within tn,
state in amounts not to exceed ninet.
per cent of the value Of the commodi
ties offered as security.
Mortgage SECURITY.
The bank may not Q nor thar
Thirty per cent of it's capital on sucl
real estate securities nor more tina,
twenty per cen of its deposits. Add
ltional funds required for such real es
tate loans shall be derived from tn,
sale Of state bonds based on said rea
estate mortgages.
70 All M AA~l ANkAtNe AhAII t~ ~