The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1920-10-28

work to scuttle it-that and nothing else!
Decency demands that your vote be NO
on this.
Bank of North Dakota
Public Funds
This is the second amendment aimed at
the Bank:
This law amends Section : Of Chapter 17 Of
year of 1919 to read as follows:
Section T. All state funds. ard funds Of all
state penal. educational and Industrial institu-
tons shall be-. by the persons having control Of
such funds deposited in the Bank OF North
If this "joker' is approved by the voters,
every cent of City, County, Township and
School District funds, now handled by the
Bank, will IMMEDIATELY be taken away
and handed over to the private bankers,
the old law LIMITING the rate of interest
to be paid by the bankers for this money
to THREE PER CENT being still in the
1918 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 capital
is 100000. It may loan 100000 on
that. It is permitted to loan 20 per cent
Of Q its deposits on farms. It's deposits average
$4,000, 100000. It may loan $4,000, 100000
of that: Cut out it's deposits and it's power
to lend money to farmers is CUT DOWN
more than 66 2-3 per cent. The negro in
the woodpile is now coming into view!
But the I. v. A. with all solemnity points
to the fact that the Bank is authorized" to
They conveniently FORGET to mention that
they knocked this out and prevented the
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 to
control the money in the state, as we'll, by
keeping it in their banks, rather than in
the states Bank, where it is available for
farm loans, and where it can compete with
the mortgage trust, and HOLD THE RATE
OF INTEREST DOWN TO 6 PER CENT.
! them!
e The Bank of North Dakota
. Real Estate Loans
e The third amendment aimed at the Bank
e is a foolish sounding one-piffling, almost
e and but for the peculiar kind of language
! used in it, would deserve little attention.
r Here is the little tack that is sitting, point
up, to puncture the tire:
Section /. The Bank of North Dakota shall
y make real estate loans only to actual farmers
o who are residents of this state.
- Section Z. AL acts and parts Of acts in con-
$ flict herewith are hereby repealed.
: Sounds all right? You wouldn't think
: that three lines of type could contain three
= jokers-one joker to a line? This does! It
- breaks all records on that score. The first
joker is the "technicalities" in the language
y making business for the lawyer. He will be
o called upon to bring suit to determine the
meaning" of the law and have the courts
n all take a guess. Read it again: SHALL make
real estate loans ONLY to Actual farmers.
! If that means anything, it means
g that the Bank can not lend a cent to state
institutions, or to the Home Building As
;" ISOLATION or to the State Elevator or
= Mil. That is the second joker.
' The third is in the scheme which woul(
prevent the Bank from lending money tt
, a man who wanted to start farming. H
u would not be an ACTUAL farmer. Yet h
e might be entitled to a loan because he ha<
. the land, the stock and machinery, ant
merely needed help to get going, or to pa.
off the mortgage.
Then the amendment repeats "al
laws and parts of laws in conflict" The
other laws permit the Bank to lend money
to the State of North Dakota. Approve
- this amendments mere three lines, cum
y ningly deutschland you might as well
dynamite your mill and elevator and the
whole program.
You can't be square with yourself an
e. vote anything but mo" on this.
le| Official Newspapers
lei y" Legal Publications
t, e Having left the f~inanciers and thei
schemes, we now are in the presence of tn
v politicians and %pie-hunters. The newspape
law would be amended by the I. V. A. t
read this way-seeing they have not bee
able to kill it:
b This ~ amends Section : Chapter -. q