The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1920-09-09
Open LETTER TO
BANKERS ASSN.

Mt. w. u. Macfadden,
Secretary, N. D. Bankers Association.
Fargo, N. D..
MY dear Mr.. Macfadden:
In view of our extremely friendly
relations and your official connection
with the North Dakota Bankers Asso-
citation as it's Secretary ever since it's
organization in 1908, during all of
which time I have also had official
connection with it as member of the
Executive Council. think 1 may be
permitted to address to you an open
letter in order that the bankers of
North Dakota may have called to
their attention certain facts regarding
The Bank of North Dakota they ap-
pear to have over looked. think
have done everything that could rea-
sonably be expected of me towards
en1isting the wholehearted support of
the bankers of the State towards The
Bank of North Dakota.
1. I have tried to put their
strongest and most personal represen-
tative, yourself, on the General Fl
nance Committee.
!: 2. I submitted policy, which was
approved by representative bankers
and adopted by the Industrial Com
mission, whereby deposits are not ac-
cepted from private depositors nor
withdrawn from local banks.
3. devised and put into opera
tion plan whereby public deposits
largely remain, until needed elsewhere
in the localities where they originate.
a. I provided a plan whereby
banks should receive compensation
for work done or to be done in con-
nection with farm loans.
S. worked out a plan under
which The Bank of North Dakota
serves as state clearing house
whereby large saving is effected to
each and every bank operating thru
The Bank Of North Dakota; and at
two per cent thereon, which inures to
the benefit of the banks of the state
in the amount Of about thirty thous-
and dollars annually, against which
said banks are required to remit for
their checks at par.
6. My plan for the handling of
public deposits in private. banks has
been satisfactory to most banks, and
there has been less fluctuation in such
deposits than at any time since state
hood, to my certain knowledge.
7. I have borrowed large
amount of money in order that pub
lie moneys might be left longer time
in private banks.
8. In the face Of all that, one
delegate had the temerity to intro
duce motion at the recent conven-
tion of the North Dakota Bankers
Association that The Bank of North
Dakota be dropped from membership,
and another delegate had the audac-
ity to second the motion. Our delegate,
MIR. McAneney, had he thot such mo-
ton represented the sentiment of the
convention, would have asked for the
return of our fee and would have
withdrawn from the convention. Hap
PLY your minutes will show that the
motion was laid on the table.
9. We are being beseeched from
time to time, and sometimes almost
daily, to receive deposits from indi-
viduals within the State. Is there any
good reason why we should longer
hold in abeyance this provision of the
law? All that is needed to put the
law into effect is the affirmative ac-
ton Of the Industrial Commission.
The attitude of the bankers them
selves to The Bank of North Dakota is
what will finally determine this ques-
tion.
10. The opposition to the Bank
apparently comes mainly from the
banker-politician and his satellites
who hate to see political power slip
ping away from them to the people.
I fail to find any considerable oppo-
sition to The Bank of North Dakota
among the younger and keener and
more up-to-date and more intelligent
enc more pr g,essive bankers o. the
state. --
f.. While all these things ha, e
oSeH well hHOWII w you pcISoAoIiy,
not one work has thus far appeared in
the North Dakota Banker conmen-
datory of The Bank of North Dako
ta- this is Difference to~the' banker
politician end of the association. They
are the same type as those who op-
posed the Inauguration of the Feder
al Reserve System.
IL. Apparently these old banker
politician opponents Of The Bank G
Nnrth Dakota have undertaken to use
your office as an adjunct Of the I. v.
A petitions to initiate laws to kill
The Bank Of North Dakota as bank
and to make it simply an adjunct of
the State Treasurer's office, you failed
to send copy thereof to The Bank Of
North Dakota, whether Intentionally
or unintentionally is unknown to me,
but undoubtedly at the request and
suggestion Of those who are in control