The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1920-06-03
MARKETING bonds
Held RULING RESULT
Industrial Financing in North Dakota
Forecast Following Supreme
Court Decision.

from the decision of the United States
supreme court upholding the state su-
preme courts decision that certain
industrial laws adopted by the state
legislature are constitutional will be
the marketing of the state bonds with
which to finance the industries in
question.
The sale of $17,OOO,OOO of state
bonds, authorized by the state assem-
bly, in 1919 has been held up as a
result of the attack on the constitu-
tionAlity of the bonds and the Non
paratisan league leaders Of the state
have maintained that Immediately
the bonds are declared valid they will
be able to market them and proceed
with the financing of the institutions,
The state bank acts as federal re-
serve, federal land bank and cooper
ative repository for nearly 700 men,
Der banks
State, owned grain elevators, mills,
stockyards, packing houses, mines
and manufacturers are expected to
grow out of the industrial program,
since the supreme court finds the
state industrial commission of three
members has power under the laws
to go into private business as pub
lie enterprise extensively.
Affected Issues Listed
Laws and bond issues held consti-
tutional by the supreme courts de-
cision are:
State Industrial commission for the
conduct of state industries.
State bank law creating a state
bank with a capital of $4,000 for
the handling of farm land mortgages
and to be depository for all public
funds.
State mill and elevator. association
law, giving the state industrial COM
mission power to purchase or construct
and operate terminal grain elevators
and flour mills.
State home builders association, giy-
ing the state the power to organize
local building associations for the con-
struction of dwellings, with state aid.
Bond issue Of $2; ;0O0, 900 for the
capitalization Of the state bank.
Bond issue of IS, ,OOO, 900 for the f.
nancing of -four mill and elevator.
Bond issue of SIC, ,O0O, 900 for financ-
ing rural credits.
Bonds Halted by Action
Since the initiation in the courts of
proceedings questioning the legality of
the bond issues and the constitution
atty of the measures involved the
state has been unable to dispose of
bonds although the state bank and the
mill and elevator association, as we'll
a the home builders association are
already in operation.
Z State administration leaders are
confident that they will be able to
market their bonds speedily and to
proceed to put into effect the vari-
Gus portions Of the industrial pro-
gram of the Nonpartisan league as
enacted into law in this state.
Suits Begin in District Court
The suits involving constitutionality
of the several laws were instituted
in the United States district court
end in the state' supreme court. In
the federal court an action backed by
AZ taxpayers was decided by Judge
C. F. Amidon against the taxpayers,
and he dismissed the proceedings and
declared also that the laws were con-
stitutional. In the state supreme
court act'.en, person friendly to the
laws, initiated the proceedings as a
test case, the state court also up
holding the constitutionality Of the
laws. ;
Points argued in support of the con-
tention that the laws were unsound
were that the state could not tax in
dividuals for private purposes and that
the state was without authority to
enter private business enterprises.
The attorneys for the state main
TAPPED the powers of the state were
such as to cover all laws in question.