The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1920-12-16
BANK Of NORTH
DAKOTA ON TOP

ruin the credit Of Noyth Dakota if he
can prevent it is born witness to by
the resolution which he aid before the
Industrial Commission on December
I'd, and which was Immediately adopt
ed. This resolution holds that the in
itiated law relating to public deposits
is not retroactive and requests Difec-
tor General Cathro Of the Bank of
North Dakota to cooperate with the
farmers, bankers and merchants to
relieve the present situation, and OF
to allow the withdrawal Of more of
the local public funds from the Bank
Of North Dakota than is absolutely
necessary, and that Mr.. Cathro is au-
thorized not to honor any check or
draft on the Bank of North Dakota
that is not drawn for the purpose of
paying urgent obligations of local
public ~treasuTers.
Finally he is requested not to allow
any subdivision to withdraw more
than a fair proportionate share of the
funds and to cooperate in every way
to relieve conditions; for, says the
Governor, "the farmer should not be
compelled to sell his wheat at a price
SIPS below the actual cost of pro-
duction," for "such a forced sale
would mean the loss of millions not
only to the farmers but also to bank
ers, merchants and businessmen, and
should be avoided if possible" and,
therefore, it is up to "all progressive
and liberal people to cooperate for
the common welfare" from all of
which it is seen that the Governor
and the Administration stood ready to
aid in any real effort to relieve the
financial situation in the State, and
the next nov was, of course, up to
the bankers.
Bankers Meet
On December 7 there met at Bis
marck on call of State Bank Examin-
err Lofthus, 300 representatives OF
state Iand national banks, at which
meeting the following remarkable
resolutions were adopted:
"We recommend that the ~treasurers
of the political subdivisions Of the
state do not withdraw the public
funds from the Bank of North Dakota
except to meet urgent current obi
cations in the ordinary course Of bust
ness, and that where any treasurer
deposits funds in banks other than
the Bank of North Dakota they check
upon these funds first, and do not
check upon the funds of the Bank OF
North Dakota until the present needs
for current reserves is past, so that
the Bank of North Dakota may not be
compelled to make unnecessary with
drawals from state and national
banks.
1--WE recommend the %depositing of
from $4,000 to $1,000 by each bank
in a special fund, each banks contri-
button to a special fund on its own
books to be at the disposal of the
honorable state examiner to be used
hy him to carry yer the crisis or
emergencies any banks that are SOL
vent and whose management has been
by him approved.
Eve recommend the mobilization of
state, county, school district, township
and city warrants& and available first
real estate mortgages now in the
banks Of the STATE and the appoint
ment Of a trustee or trustees to ne
gotiate loans upon, and market the
same.
1--WE approve of action heretofore
by the Bankers association in cooper
ating with the state administration
and with the Bank of North Dakota
and the banking department in re-
vealing the present situation. We
earnestly request the press and the
people of the state uphold the credit
of the state and to cooperate in the
upbuilding of the state.
1--WE especially recommend to all
creditors to avoid unnecessary fore
closures of mortgages and to use ev-
cry possible effort to prevent the
same.
To Help Sell Bonds
"Whereas, the industrial commits
sion has offered for sale bonds Of the
State Of North Dakota. as follows: to-
wit: $1,950,000 Of bonds to provide
funds to enlarge and extend oper-
atoms of the Bank of North Dakota,
$3,O0O,OOO Of farm loan bonds for the
purpose of. releasing money now in
vested in farm mortgages in the Bank
of North Dakota and to constitute a
revolving fund to continue the opera
lions Of the farm mortgage loan de-
partment Of the bank; 100000 Of
mill and elevator bonds to provide
funds for the completion of the mill
and terminal elevators now in course
of construction; $250.000 Of home
building bonds to provide funds for
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