Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-06-29
Address OF President
OF The North Dakota
Bankers Association
. Continued from Page ~
Bankers unjustly Attacked.

b0l1kCfS
However. this is past history. but
was made by the bankers, and it is
rather discouraging after an effort has
been made. ven If such movement
seemingly failed. to have the so-called
yellow journals" of the state come
out with brazen head lines calling the
bankers practically every derogatory
name in the American language, in
GLIDING tools of Wall street."
b. Ties These IN ne Tvs the nuu. Were sf further s,
Jul own Bank OF North Dakota.
where practically the same accusation
as to being tools Of Wall street. were
made, and hat we were guilty in try
ing to commit sabotage in the state of
North Dakota I want to say en-
phatically that these accusations
should be condemned. because they
are not true, and take it as an in
suit to the heads of this organization
and the bankers of this state.
Speaking OF the Bank of North Da~
kota: there is no s denying the
fact hat there is considerable hostil-
ity at the present time. This was not
the case, however, when the bank was
first organized. It is true. perhaps.
that m Of the bankers did not like
it., but as a whole, they were broad
minded enough to suspend judgment
until experience would show whether
the institution would be beneficial to
our state, and carry out the real pur-
pose for which 1t was organized.
The bankers Of the state as a whole.
object not SO much to the hank itself.
but to the management of its affairs.
Some Of the officers are faithful to
their trust and have endeavored to be
conservative and fair, and operate the
hSpes-As~ a.. - I~A>.-A 49,.
are simply eats paws to political
bosses and do not have the moral
courage or stamina to conduct the
business along safe and conservative
lines, even II they r seemingly forti-
fled with judgment, knowledge, and
have had years of experience behind
the counter.
Rural Credits Bank.
My personal opinion, which I be-
lieve will be concurred in by the ma
jority Of the bankers here assembled,
ts that the Bank Of North Dakota
could become q great service to u
people and to state If It could be
elevated to the position of what is
commonly known as q rural credits
bank" similar to South Dakota and
other states; that in such capacity, it
could function to the great benefit Of
all. This. In fact, was the plan advo-
~ SAAS oAASS oPs
pointed in Bismarck in December. but
such plan did moi meet the approval
Of h administrative authority.
Our neighboring state, South Da-
kota, has had no trouble in disposing
Of their rural credits bonds. There
Is q ready market for these securities;
other states have had the same ex-
p%erience and there is no question but
that the bank re~organixed on a similar
plan. would meet the approval OF all
the bankers and be OF untold benefit
to our, state.
I cannot reEst taking this oppor-
tunity of expressing my opinion with
reference ito the state guaranty Of de-
post system and Its operation under
our present Law, for I am Just ~ much
Of. state banker ~ the majority Of
this audience, ~ ! am ~lntsrested In
o@cer and director.
Wants GuAsAney Law UhanGed,
AZ the present um<. thsre are
number Of stats bank1s N the banda