Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-12-04
RANKING PoIITICs.

s--N
business life. which. more than an
other ought to be kept free from the
manipulation Of petty politics. 1t Is
that Of banking. The banks are tho
custodians ofthe funds OF the people,
and upon their soiivence and their
ability and WILLINGNESS to respond to
tho legitimate demands made upon
them depends the. orderly conduct OF
all business and the prosperity Of
every community. And IL ther. Is
any department Of business which,
o than another, has been de-
bauched by tho activities Of polite
ians, it is that portion OF the banking
business Of NorthsDakota which has
seen controlled 7 the satellites Of
The bank Of North Dakota was
established for the express purpose Of
placing at the disposal Of politicians
all of the public funds of the state, to
be used in the promotion Of shady,
II not fraudulent business enterprises.
and in the promotion of political
schemes in this and other states.
The law has been amended so as to
restore to local taxing bodies the con-
troll of their own funds, and the poll
iticians whose plans are likely to be
interrupted by this change are in a
fine frenzy. They are trying to per-
suade the public that a partial rev
storation Of the methods Of handling
local funds which have prevailed ever
since the state was organized will dis
rupt business and bankr upt the state.
What have the men who are max
ing the loudest outcry done within
the past few months hat a change
cannot be made, moderately and In
tell -ently, without ruin to everyone?
Many people would like to know.
Not long G it was stated solemn
l. in the sTownley press that every
local treasurer in the state must with
draw all the deposits of his county
or ether subdivision in a lump TN
mediately on the taking effect Of the
initiated amendment, and that re-
gardless of the declared intention Of
most taxing bodies to do nothing Of
the sort, the director of the Bank Of
North Dakota would proceed on the
assumption that this would be done,
and would at once withdraw all the
banks deposits from other ;nstitu-
tons in anticipation Of the anticipat-
ed run. So far as can be harmed, the
only people who displayed any par
ticular emotion over this threat were
the managers OF. the Townley banks
which had boen loaded up with state
money, and which had loaned it out
on shaky collateral. Those people
were heard from, and the threas Of
summary Withdrawals from country
banks ceased.
Then it was proposed hit a spe-
cial session of the legislature b.. held
and that the initiated law tie repealed
before there had been time to put 1t
into effect. The other people were
heard from, members of the legisla-
ture among them, and it developed
that the thing couldn't be done. Men
who had stood for most of the Town
ley program baked at this, and the
special session was abandoned. .
Now the governor comes forward
witha resolution to- be adopted by
FtheS Industrial Commission directins
the manager of the Bank of NORTH
Dakota to refuse to honor drafts for
local funds, unleas sch drafts were
accompanied by anadavits certifying
that the money was needed immedi-
ately for the payment Of current ex-
pensea ~
II it is desired further to- diecredit
the Bank Of North Dakota we know
Of no method by which that end could
more readily be accomplished. There
is enough sense among those who
have charge Of the local taxation OF
The state to prevent even such a piece
OF rank stupidity from divertine
them from their intention to shape
their affairs 50 as to effect the change
of deposits with the least confusion
and to leave funds in the state tns.i.
tuition until they are actually need.
ed. But that does not relieve the
governor of the onus Of such a sug.
sestion.
In the meantime, the bank is beina
examined in accordance with law, and
against the protest of the governor