The Devils Lake world. (Devils Lake, N.D.) 1920-1982, 1920-10-27

tween the Bank and its clients, if it is t
function at all.
The thought can be carried clearer by tax
ing conditions as they are. Suppose thi
inc the position of the Bank of North Da
kota with Tom Hall, Carl Kositzky and Bill
LANCER acting as a Board Of Auditors" OF
the Bank! A motley crew, that, to set a
work to scuttle it-that and nothing else!
Decency demands that your vote be NJ
on this.
Bank of North Dakota
Public Funds
This is the second amendment aimed a
the Bank:
This aw amends Section I Of Chapter LAT Of
the laws of the state Of North Dakota for the
year of 1919 to read as follows:
Section 7. All state funds. ard funds Of oil
state penal, educational and industrial institu-
lions shall be, by the persons having control Of
Dakota.
If this Joker is approved by the voters
every cent Of City, County, Township ant
School District funds, now handled by thu
Bank, will IMMEDIATELY be taken ava,
and handed over to the private bankers
the old law LIMITING the rate of Interest
to THREE PER CENT being still in thu
1913 code. That's worth fighting for?
Under the new law, the Bank is empow
cred to make real estate loans to the extent
of 80 per cent of it's capital. That capita
is S2,000,000.00. It may loan 100000 or
that. It is permitted to loan 20 per cent
Of its deposits on farms. It's deposits average
$l5,0O0,OOO:O0. It may loan &c. 600, 000.0(
OF that. Cut out it's deposits and it's power
to lend money to farmers is CUT DOWN
more than sc 2-5 per cent. The negro II
the woodpile is now coming into view!
But the I. V. A. with all solernnity point:
to the fact that the Bank is authorized" tx
issue $4,000, 000.O 90 in real estate bonds
They conveniently FORGET to mention thai
they knocked this out and prevented TIN
lending OF money to our hard-pressed farm
ers by that most villainous "~42-Taxpayers
Suit" using it to prevent the sale Of bonds
THEY know they can control the east
ern money market against US. They want tt
control the money in the state, as well, by
keeping it in their banks, rather than il
the states Bank, where it is available fo7
farm loans, and where it can compete with
the mortgage trust, and HOLD THE RATE
OF INTEREST DOWN TO 6 PER CENT
Business is business-and you can't blam,
them!
The Bank of North Dakota
Real Estate Loans
The third amendment aimed at the Ban]
is a foolish sounding one-piffling, almos
and but for the peculiar kind of Language
used in it, would deserve little attention
Here is the little tack that is sitting, poin
up, to puncture the tire:
Section 1. The Bank Of North Dakota shall
make real estate loans only to actual farmers
who are residents of this state.
Section ?. All acts and parts of acts in con-
flict herewith are hereby repealed.
Sounds all right? You wouldn't thin
that three lines of type could contain thre
!okers-one joker to a line? This does! l
breaks all records on that score. The frs
joker is the "technicalities" in the language
making business for the lawyer. He will b
called upon to bring suit to determine tn
meaning of the law and have the court
all take a guess. Read it again: "Shal max
real estate loans ONLY to Actual farmers.
If that means anything, it means
that the Bank can not lend a cent to state
institutions, or to the Home Building AS
ISOLATION or to the State Elevator or
Mill. That is the second joker.
The third is in the scheme which woul
prevent the Bank from lending money t
a man who wanted to start farming. H
would not be an ACTUAL farmer. Yet h
might be entitled to a loan because he ha
the land, the stock and machinery, an
merely needed help to get going, or to pa
off the mortgage.
Then the amendment repeats "all
laws and parts of laws in conflict" The
other avs permit the Bank to lend money
to the State of North Dakota. Approve
this amendments mere three lines, cum
ningly deutschland you might as well
dynamite your mill and elevator and the
whole program.
You can't be square with yourself an
vote anything but "NO' on this.
Official Newspapers
Legal Publications
Having left the. %financiers and the
schemes, we now are in the presence of tt
politicians and pie-hunters. The newspape
law would be amended by the I. V. A.
| read this uou -aooine thou haxH -. L.