The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1920-09-23
MACFADDfN URGES
KILLING STATE BANK

n1LLINU UlnII DHIvn
Below will be found documentary
proof of the fact that the Banks Of
North Dakota are back Of the I. v.
"A. initiated bills which seek to elimin-
ate the Bank of North Dakota as a
potent financial institution. Recently
an l. V. A. banker-politician was
heard making the statement that if
I'VE can't turn the keys on the state
bank, we're going to try mighty hard
and strip it of all powers"
Bulletin 255, circulated by Secre-
tary w. c. MacFadden of the State
Bankers Association, was sent out
to get signers for the petitions in
itiating the I. V. A. bills.
The Bankers don't like the law
providing for the deposit of all pub
lie funds in the Bank of North Dako-
ia. The new method Mr.. McFadden
tells the bankers, "has proven unsat-
isfactory, in many ways. 'The chief
way in which it has proven unsatis-
factory is because banks are no long
er able to manipulate the public funds
as they used to do. Hundreds of bank
ers, by seeing that their henchmen
were elected to school boards and 9TH
er public bodies, secured the use of
public funds absolutely free.
Why Law Is Unsatisfactory
The new law. ends all this. All the
money that belongs to the public
goes to the Bank of North Dakota
and is paid for at a uniform rate,
from one end of the state to the 9TH
er. With the public money in the Bank
Of North Dakota, the bank is enabled
to make farm loans that are bringing
down the rate of interest, to finance
the Home Building Association and
is building homes for the people
and to secure money for the mill and
elevator program, that will break the
grip of the grain gamblers and big
bankers of North Dakota's wheat.
The following letter shows conclus-
lively how Secretary MacFadden Of
the State Bankers Association is play
ing the Poison Ivy game, perverting
his high office to help the financial
powers that prey:
North Dakota Bankers Association
Secretary's Office
Fargo, North Dakota
Bulletin No. 255
To Members North Dakota Bankers
Associations:
Gentlemen:-
We enclose herewith blank petit
tions with memoranda of laws which
are to be submitted to the voters of
the State, under the Initiative and
Referendum Act, at the Fall Election.
The petitions must be in the hands
of the Secretary of State at Bismarck
on or before August first and you are
urged to get signers at once and for
ward the petitions direct to the Sec
retary of State.
The time is very short and this is
an extremely important matter as you
will observe by reading the memoran-
da Of the proposed laws.
The law permitting County, City
School District and Township Treas
urers to deposit the funds of their
subdivisions in local banks is OF
course the one in which banks are
most interested. The present method
of handling public funds, with per-
haps the exception of state funds, has
proven unsatisfactory in many ways,
and involves a great deal Of unneces-
sarv expense and inconvenience.
This unnecessary expense and in
convenience is apparent to all public
officials and you will be able to OBJ
tain their assistance and cooperation
by seeing them promptly.
It is perfectly proper that the Bank
of North Dakota should handle State
and Institutional funds and for this
reason we are asking that only other
public funds be placed back with 10
cal banks where they rightfully be-
long.
Please give this matter your prompt
attention. The first Of August is only
a few days away and petitions re-
ceived by the Secretary of State after
August first cannot be counted.
Yours truly,
w. C. MACFADDEN, Vi.
Secretary.
FARGO, N. D., July oath, 1920.