Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-03-31

usefulness OF the Bank OF North Da-
kota is contingent on the sale of
bonds. He might better have stated
that the Bank of North Dakota can
better cover up it's shortcomings if it
can run the state in debt for several
millions of bonds.
:Cathro admits that the sale of bonds
within few days or a few weeks at
best can only stave off still greater
disaster. Now, the Administration
cannot force the financial interests by
law to buy these bonds, as they forced
deposits in their bank, or forced all
legals into league papers. Hence,
they must come down off their high
horse :and meet the demands of those
with whom they must deal, or suffer
the consequences.
Mr.. Gathro sings the old song that
the newspapers are peddling false
propaganda. This is disputed by the
leagues own press bureau which stat
ed recently that the representative of
the American Press, which furnishes
the reports for all the big newspapers,
was eminentay fair and contrary to
the policy pursued by some of the
state newspapers.
Cathro opines that the friends of
the Administration made mistake
by presumfng that there was "a rem
nant of honesty and decency among
the supporters Of the interests oppos-
ed to the program" Probably it was
Indecent" to show up the gross fav-
oritism practiced by Mr.. Cathro as
the powerful head of the Bank Of
North Dakota, and Of his at least con-
doning disreputable conduct on the
part of his associate, Mr.. Waters.
And we wish the Free Press to note
this section of Mr.. Cathro's signed
statement:
AS the situation now stands the
Bank Of North Dakota is compelled to
make demands upon all depositary
banks for the funds it has placed with
them. These funds still amount to
upwards of $4,O00,0OO. 1t is also
compelled to call its loans to banks
as fast as they fall due. Meanwhile,
it has been compelled temporarily tc
restrict the payment of treasurers'
checks and warrants, where treasurers
are discounting their accounts, to
the payment of the ordinary expenses
of state and local educational and
charitable institutions and for the
payment Of instaIlments and interest
Of bonds and warrants and other nee
essary purposes, meanwhile register
ing other drafts and paying per cent
interest thereon. This is admittedly
drastic policy to meet temporary
situation. Its long continuance will
be impossible.
In the face of Mr.. Cathro's state
ment, Mr.. Stewart, do you still wish
to try to create the impression in the
minds of your readers that the claim
that the Bank Of North Dakota is re-
fusing to honor checks drawn on it is
simply a frame-up by "far-bankers,''
as you recently termed them?
The whole situation seems to be
summed up in the fact that the infant
Industrial Program, engineered by
impractical socialist dreamers, tried
to run when it had not yet learned to
walk. with the natural result-a ter
rible fall that has entailed much suf-
fering, not only endangering the well
fare of the state, but causing actual
financial loss to many of it's citizens.
The league papers of the Free Press
stripe attempt to claim certain things
to its readers, the administration for
ces issue statements of an entirely diff
ferent stripe, and few months time
will automatically show up the un-
sound business principles used by
league dreamers. Hence, the Record
is opposed to a recall in which this
matter still remains argumentative,
when a little delay will convince the
most skeptical. 80