The New York herald., 1920-12-28
No Sale for peddied Bonds.

No Sale for PeddIed Bonds.
For two years these bonds had been
hawked about with no takers. The Nom
Partisan Leaguers were crying that Dig
biz had boycotted North Dakota; that
the outside bankers, seeing in the IN
dustrial programme a blow at the pre-
vailing economic and industrial systems.
had clubbed together to defeat the
league. And now the bankers OF the
very hated system decried as "big biz'
were coming to the rescue of the leagues
industrial programme.
Loud and raucous was the laughter OF
Arthur Townley and William Lemke, and
their levity was pardonable. Here were
men who had fought the industrial pro-
gramme, offering to succor TINS same
programme by selling the bonds that
were TO put il through. To be sure
everybody knew that this offer was made
in order that the States financial stand
ing might be saved from complete de-
struction, but results are results, and
here results appeared In the offng.
The first serious assault upon the Non
Partisan League resulted in the first
honest chance the league had of doing
any of the big things II had set out to
do. Moreover the league had so in
trenched itself that 1t now was COM
pelling its opponents to do its big things
for it in order to save themselves.
And while we are on the subject or
the industrial programme 1t would be
well to say that 1t is a popular measure.
At six consecutive State elections the
people of North Dakota had indorsed II.
All 1t needed was financial support. The
Non-Partisan League couldn't supply
that But fate so manipulated things
that it had come to pass that the league
was compelling its enemies 70 supply IL.
The laughter of MessTs. Townley and
Lernke, however, was sardonic rather
than triumphant. The league, soundly
whipped everywhere on election day
November 2-was slipping. This triumph
was merely incidental. Once the bank
ers get North Dakota on a sound finan-
cial basis again the Withdrawals will be
made from the Townley -Lemke bank and
the league will be left in the Improbable
position of the holder of an empty bag.
Hard Road for the League.
The leagues defeat in North Dakota.
South Dakota, Minnesota, Montana.
Colorado, Utah. Washington and Idaho
was not at all mitgated by the salvag-
ing of the North Dakota Industrial pro-
gramme. The leagues spokesmen will
contest that statement. as, of course, is
TO be expected The league may come
back. but it has quite distance to
travel.
1t may be that the Harding deluge
was responsible for the leagues defeat
on November q 1t would be safer to
place no bets upon the leagues future
until after the next statewide elections
in the States where it has being
OF course the North Dakota Bankers
Association contends that the situation
nj in ha+ faf {c Of fril l,t,fa n
to the unsound economies of the Town
ley-Lemke organization. These bankers
deny that they ever boycotted the bond
issue, but say that they know enough
banking to know when not to buy Sc
curities that have no backing They
contend that they never opposed the in
dustrial programme. but merely fought
the cock robin methods OF financing on
which it was to have been founded. To
the contrary, Oliver s. Morris. editor
the Mont Partisan Leader, says that
there never would have been this fear
full mess had there not been financial
boycott of the State and the Non-Par-
tisan League in particular.
The bank failure epidemic is about
over in North Dakota. 1t is not impos-
sible that there will be one or two more
closings, but the run is finished and con-
fldence is being restored. Under the
guidance of the North Dakota Bankers
Association the financial fabric of North
Dakota should be strengthened
But the Non-Partisan League leaders
are not easily defeated or discouraged.
They believe that they will regain con-
troll of the State Legislature and the
state and again return the Bank of
North Dakota to it's former autocratic
status.