The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1920-06-03
League Platform
Continued from last week..

| CagOnlSClc TO ldDOT, OUT On Cne con
trary are in full accord with The de.
mands and ideals of labor, and since
both organized labor and the organ.
lied farmers are opposed to exploita.
ton and since both desire to see the
producer and the consumer brought
closer together, the organized farmers
can see no reason why organized la.
Dor should not join them in their eff.
forts to bring about a better economic
condition and Invites labor to unite
with them in their fight that will be
waged against exploitation and pro-
fiteering.
In order that tenantry may be re-
placed with home ownership and that
we may become a state of home own
ers, it is hoped that the Home Build
ing Act may be developed into the
most beneficent piece of legislation ev-
er enacted by any state legislature.
In lesser degree but still in a large
way the Home Building Act should
prove to be the same class of legisla-
ton as the Homestead Act, in its var
ious farms, enacted by the federal con-
gress which in a national way has
proved to be the most beneficent piece
of legislation ever enacted by the fed
eral congress.
We commend F. w. Cathro, the di-
rector general, for his ability and eff
ficiency in organizing the Bank of
North Dakota, which has not yet cele-
brated its first birthday, but has ag-
gregate resources of thirty-five mil
lion dollars and has made farm loans
in the amount of two million two hun
dred fifty thousand dollars in North
Dakota to farmers and has served the
drouth stricken districts as they have
never been served before end has
freed the small banks and farmers a
large share of the oppressive rates.
The Bank of North Dakota since the
beginning Of its operations has estab-
lished:
A uniform rate of four percent on
the sinking funds of these corpora
lions held dby the Bank on their long
time deposits;
Has distributed its deposits of these
funds in over eight hundred local
banks in such manner as to preserve
a comparative uniformity, justifying
them in paying rate of interest q
per cent? which exceeds the former
rate on fluctuating balances by an
amount sufficient to pay the operating
expenses of the Bank of North Dako-
ia.
Has established a uniform rate Of
interest for such deposits which is less
that customarily paid for similar
amounts deposited for definite time;
Has been able to transfer money
from localities where money is easy
to places where there is more urgent
need of it to finance agricultural, COM
and industrial activities.
Has modified reserves from six
hundred eighty-four country banks,
has thereby been enabled to redis-
count at rates which at present do not
exceed the rediscount rates of the Fed
eral Reserve bank.
Has made uniform interest rates
turnout the state.
Has made the funds that belong to
all the people available to finance the
activities that belong to all the people.
Has made six hundred five farm
loans, aggregating two million two
three thousand eight hundred
twelve dollars and seventy-five cents
and has approved total of nine hum
dred eighty-six loans aggregating
three million six hundred forty-three
thousand three hundred dollars. 4
Has reduced the average rate of in
terest paid on farm loans by more
than two and one-half per cent on
over two million dollars of loans thus
far made, effecting net annual saw
ing to borrowers of more than fifty
thousand dollars.
Has loaned money to counties for
the purpose of buying seed and feed
for farmers who have suffered drought
losses, pending the printing and de-
livery of their bonds.
Has made loans to the Mill and Ell
,vator association to permit the be-
ginning of work on the states eleva-
or and milling plants pending the
printing and delivery of bonds for that
purpose.
Ito be continued)
DIR. X. ]. YORK II
Tho colohrofod Chinese doo iii