The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1919-05-08
BANKERS NOT OPPOSING BANK

Many bankers in all parts of the state have
announced their intention of voting for the
Bank of North Dakota law at the coming refer
endum. They are doing this because they re-
alize this law will be of great benefit to the
bankers as we'll as the people Of this state and
will make the state banks of North Dakota in
dependent of the great financial institutions of
the Twin Cities.
When the Bank of North Dakota was first
proposed many bankers of the state were
greatly alarmed, but now that most of them
have studied the law they agree it is a wisely
drawn measure and one that will not in any
way injure their own interests. In fact many
bankers are enthusiastic about the measure be-
cause they know it will make available more
funds for loaning purposes and stabilize and
secure the financial institutions of the state.
1t is the intention of the Industrial Commits
sion and Manager Waters to confer freely with
bankers in forming policies of the state bank
and many of the most prominent bankers of
North Dakota are cooperating with the Indus
trial Commission in making the plan a success.
They are wise to forget politics and aid the ad-
ministration, for the Bank of North Dakota
will aid the legitimate business interests of the
state quite as much as it will the farmers.
The first great benefit of the bank will be to
make money more plentiful and thus lower in
terest rates and the bankers are just as much
interested in this end as are the people who
borrow money. Furthermore, when the Bank
of North Dakota is in operation, it will be i'm
possible for the great banking institutions of
the Twin Cities to drain most Of the money out
of this state and this, too, will make it easier
and safer for the. local bankers to do business.
In short, the Bank Of North Dakota act, like
all the other industrial measures passed by the
last legislature, actually benefits and upbQilds
all legitimate business interests WITHIN. the
state of North Dakota It is only the great
monopolistic concerns OUTSIDE the state that
will suffer and it is these same profiteers who
are financing the fight on the Nonpartisan
League program.
The Twin City newspapers are greatly wor-
ried because the North Dakota legislature ap-
propriated 100000 and authorized $17,O O0,-
900 worth of bonds. The Minnesota legisla-
ture appropriated $31, 700, 900 and authorized
$500, O00, 1000 worth of bonds. But this doesn't
worry the profiteer press. They are only con-
to be spent in this state will interfere with the
fat profits of the Twin City milling combine.
The new freight rate law will save the farm
ers of North Dakota at least $12,O0O,O0O a
year. Yet the kept press says the farmers
should keep on paying this extra $12,O00,O00
and vote against the bipartisan League pro
more in taxes the first year. To do this would
be a mighty good thing for the railroads but q
mighty foolish thing for the farmers.
The state this year will get less than II
cents out Of every dollar in taxes which you
pay. Yet some persons are so foolish as to sup
pose that a slight increase in the state taxes
will double or treble the entire amount Of your
taxes you will pay. A few simple calculations
will convince them Of their mistake.
Reduction az interest rates from 8.7 to s pe1
cent q year through the Bank Of North Dako
t. will save the farmers Of this state $8,843,O0(
every year Or more than four times As much Al
the entire state tax which the farmers will b
called .on to q this year