Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-05-19
CONSERVATISM IN
EXTENDING CREDITS
URGED BY BANKERS

A. Mcdonald of Walhalla was elect
ed president of the northeastern dis
trict group Of the North Dakota Bank
ers' association meeting at the Conf
mercial club yesterday afternoon. Nj
Other officers named were David !
Kirk of Niagara, vice president; Arno
I5ere. Grand Forks, secretary treasur-
er; c. D.. Lord, Park River, member
of the executive committee to the
state convention; w. H. Shulze, mem
Der of the nominating committee for
the state association. The next meet
ing OF the district. group will be held
at Grafton.
During the days meeting addresses
were given by F. w. Cathro. director
general of the Bank of North Dakota,
by Lorne Wide of h department Of
immigration, and by j.. F. Ebersole,
assistant federal reserve agent of the
Federal Reserve bank at Minneapolis,
and Charles F. Craig. executive direc-
tor Of the Great Lakes-St. Lawrence
tidewater project. DR.. ]. E. Engstad
of this city discussed China n Her
Treaties" and w. c. Macfadden, sec
! rotary of the North Dakota Bankers
association, spoke on state taxation OF
banks.
The resolutions adopted urge con-
%servatism in extending credits, and
are given in full here:
Whereas, the financial conditions
existing in this state and the country
at large are, at the present time, un-
usual and abnormal because of spec
ulation, credit initiation, limited pro-
duction, extravaganza and other caus-
es; and
whereas. this condition must be
corrected if VIC are to avoid a far
reaching financial catastrophe and
such correction must be gradually eff
fected with care n caution, be it
Resolved, that We urge on the mem
bers of this group organization and
the bankers of the state generally a
policy Of. conservatism in the extern
same time our belief that necessary
and essential projects must be sup
ported and assisted, as there is as
great danger from absolute restriction
as from continued initiation, but we
believe also that the continued extern
sion Of credit for luxuries, non-essen-
tials, speculation and unreasonable or
ver-optimistic expansion must be
discouraged and stopped by a rigid
policy of credit for necessities and es-
sentials only:
State Laws Unjust.
Whereas, our present state laws
fixing the basis upon which banking
81 capital shall be taxed are unjust ano
unequitable as compared with the
UdSkS upOl "1llCl1 loACo - AAAAPoSSS
upon other classes of property; and
Whereas, the banking industry is O.
such vital Importance to the develop
ment of u state; be it
Resolved, that we commend tn
North Dakota Bankers Association
for its efforts to reach an equitable
adjustment of the matter of the tax
ing Of banking capital with the tax
ing authorities of the state in orde
Ethat banks may continue, a. the,
Railways have in the past, to, acoep
their just burden of taxation withou
feeling that they are made the sub
jects of unjust discrimination.
No Tax Dodging.
Whereas, every dollars worth o
property SHOULD bear the just burde'
as a patriotic duty carry a fair poi
ton of the public expense, be it
Resolved, hat this convention
opposed to any legislation to encour
age legal tax lodging by permittin
the transformation of taxable proper
ty into tax-exempt property, and tha
we are therefore opposed to the en-
actment Of any new tax emption laws
further
Resolved, that reorganizing tn
original burden imposed on all tag
payers by the exemption from taxa
ton of the bonds of the federal Ian
banks and joint stock land banks, "
urgesthe repeal of that section of tn
Farm Loan Act covering exemption
Be it further
Resolved, that a copy of this rest
luton be sent to the senators an
representatives in congress from IL
state Of North Dakota.