The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1920-04-08
The Non-P artisan League

Il
creased, that surplus wealth may be
compelled to pay the cost of the war
/ Washington farmers suffer mil.
lions of dollars of unnecessary loss
each year because of the presen,
wasteful and unjust marketing sys-
tenn.
We can save as much of this loss
as our organization is able to compel
unnecessary middlemen, spectators
in food and robbers of the states re-
sources to give up, the stronger we
organize the more we can keep.
! ELMER HALVORSON.
Owing to the limited space last
week we were unable to carry the
nonpartisan league column. This
week we are resuming consideration
of the laws enacted by the league in
North Dakota by giving the leagues
arguments in favor of the state bank
ing law. Next week arguments
against the banking bill will be given.
The Bank of North Dakota.
This bank is provided with working
capital of $2,O0O,OO0 under a state
bond issue of that amount. The inter-
est and principal of these bonds are
to be paid out of the earnings of the
bank. That this sum will be ample is
shown by the fact that the total capt.
al of 700 state banks and trust COM
panies doing business in North OAK
ota on November I, 1918, was only
$11, 334,75O. With this capital they
were carrying deposits on that date
of $126, 404, 534.4S.
The bank will be the depository of
all public funds, state, county, NUM-
cipal, township and school district,
which will bring from $10.000,000 to
25,O0O,O00 annually to the bank.
1t will be reserve bank and
clearing house of such private banks
as choose to do business with this
bank. On August 81, 1913, the North
Dakota banks had reserve fund dep
osits with other banks amounting to
$9, 342, 413.93. Of these deposits in
banks outside of the state there were
6,463, 057. AS, but with other banks
inside the state only $2,879.086.45 On
the same date when North Dakota
banks were more in need of money
than at any other time in recent years,
they had borrowed from banks outside
the state $7,373, Ala or only $915, 416,-
81 more than they nad at the same
time on deposit out of their, own re-
sources. The bank of North Dakota
ought all the time 90 have at least
$5,O00,O00 of the bank reserves of the
other North Dakota banks.
This bank of North Dakota will
re-deposit public funds and other
funds accumulated in its vaults with
the local banks throughout the state
and will always be able to provide
these banks with more money and at
better rates than they. have ever been
able to obtain from outside sources.
This will enable local banks to large
ly increase their volume of business
and to serve their customers on better
terms than ever before.
The, bank of North Dakota will
borrow money on state bonds secured
by real estate and on the property of
the state institutions and lend the
same to these institutions and to the
farmers and home builders of the state |
at the cost Of the service-always in
GLIDING in this cost charge for in
terest and for retiring the state bonds,
besides the accumulation Of surplus
for extending business. But in the
loans extended to the banks and to the |
farmers and home builders no charge
will ever be made for profits, as no
dividends will ever be paid to any one
from the earnings of this bank.
The bank can accept deposits and
carry checking accounts for public
bodies, corporations and individuals,
and may establish agencies anywhere
within or without the state. Large
deposits are already promised from
local bodies, lodges, trade unions and
individuals, and that from many
states. An estimate of the volume of
these deposits would be only guessing,
but they will necessarily amount to
many millions, and in that way bring
larger sums from outside depositors
into North Dakota than have ever
been borrowed from outside banks in
excess of North Dakota's deposits in
outside banks.
The complaint that this bank and
the other North Dakota enterprises
may drive money from the state is
absurd. Under the operation of these
laws many capable and desirable i'm