Cavalier County farmers press. (Langdon, N.D.) 1920-1921, 1921-02-24
Dakota Laws
in The Making
DQODQl1CCD lid
EASTERN BANKERS WITH
DRAW PRoFFERED HELP

STNSAV rnST EnEO HELL
Taking the position that they did
not wish to be accused of debating to
the people Of North Dakota how their
state government should be run, the
Minneapolis and Chicago bankers who
TOOK part in the conferences in Min
neapolis looking toward a rehabilita-
ton of the entire North Dakota fnan-
cial situation, withdrew their pro-
posalS and left the situation as it is.
1t is contended by the Independents
that a serious break is threatened in
Nonpartisan ranks, A. G. Townley, ma
tional president, being in favor of a
compromise, it is said, while Messrs.
Frazier, Lemke, and Hagan propose to
sit tight" and either ride through to
victory on their program or go down
to defeat with it. Nonpartisans as
strongly maintain that no such break
exists and that it is the purpose Of
the organization to continue their fight
along the lines already well defined.
Liquidation of the Bank of North
Dakota under the direction of a liquid
alton committee, headed by John
Steen, state treasurer, and agreement
to limit the industrial program to prof.
ects already undertaken, with the dis
solution of the North Dakota Home
Builders association. was proposed at
the Minneapolis conference between
representatives of the state admins
tration, bankers of North Dakota and
representatives of one big Minneapolis
financial institution present.
Under the terms of the proposed
compromise, which would in no man
ner affect the investigation Of state
industries being conducted at Bis
marck, the following general policy
would be put into effect:
The state administration would
enact laws that would permit the
liquidation of the Bank of North
Dakota down to q farm loan insti-
tuition only.
Pass laws that would make the
sale Of state bonds possible.
b1Ah5 oDOuI lCS1SlhtASC SdAC-
guarding of public moneys on de-
posit in private banks, and make
the state bank ineligible to re:
ceive public moneys.
Dissolve the North Dakota
Home Building association when
work already started is completed.
Restrict the industrial program
to the erection and operation of
the flour mill and elevator at
Grand Forks.
The bankers would Undertake
the sale of two million bonds with
which to capitalize the Bank of
North Dakota as a rural credit
bank, and to provide a million
dollar fund for financing the oper-
alton of the state mill and eleva-
tor when it is completed.
Seek Il market for 50, 900 of
mill and elevator bonds with
which to complete the construc-
ton of the industry, and to repay
the million dollars borrowed in
Chicago to finance the conStruc-
ton work so far done.
Back the sale of three million
dollars of farm loan bonds with
which to take up farm mortgages
placed by the state bank, making
that money available for return
to the political subdivisions of the
state. and to seek a market for
such additional bonds as may be
necessary to finance future farm
loan operations of the state' bank.
A recent Minneapolis dispatch, fol.
lowing the dissolution of the confer
ence, read:
Negotiations for the sale of NORTH
Dakota state bonds by Minneapolis
and Chicago investment firms are off
at least for the present. The sale OF
$6,0 600 in bonds had been contem.
plated as d means of putting the North
Dakota bank on a sound financial
basis.