The Elk Mountain pilot., 1921-05-05
n. DAKOTA GOES TO THE PEOPLE


| "The banking interests having re-
fused to handle the bond issue, North
Dakota is writing a new page in our
financial history by offering its bonds
directly to the people."lThe Nation,
April 13.
That is precisely what the Indus
trial Commission of the state of
North Dakota is doing. The finan-
ciers having refused to buy these
bonds, the bonds will be offered di-
rectly to the people. Those who are
friendly to the North Dakota indus
trial program should lose no time in
subscribing for some of these bonds,
and inducing their friends to do like
wise.
The bankers, in refusing to handle
or sell the bonds of North Dakota,
base their refusal on no question of
security or validity. They freely ad-
nit that North Dakota bonds are
second to no other state bonds, both
in point of safety and the amount of
interest paid.
The bankers have refused to sell
North Dakota bonds because they are
hostile to the public ownership poll
cies of the people of North Dakota.
These policies include state owner
ship of a central bank, flour mill
and terminal elevator and program
of home building and state insurance
This is not radical program. Other
states have state-owned enterprises
The Bank of North Dakota is the
only state enterprise that has been
fully organized and has undergone 4
fairly complete test under the most
trying circumstances of legal inter-
ference, political opposition and
financial defiation In spite of these
handicaps, it shows a net profit of
over 100000 for the twenty months
of its existence ending March 80, 1921.
The small four mill at Drake,
which was purchased by the state in
1919, pending the erection of larg-
er one, made fair profit above ex-
penses, and succeeded in paying the
farmer ~ cents per bushel more for
his wheat than he had been receiving,
and selling flour for so cents less per
barrel and feed at $3.50 less per ton
than the price charged by private
mills. This little mill has had an in
fluence far beyond its milling capac-
ity and will save farmers and consum-
ers tens of thousands of dollars an
nually.
Owing to the fact that the state
mill and elevator project at Grand
Forks is now at standstill for lack
of funds, after an investment of
100000, it has been decided to offer
the mill and elevator bonds to the
farmers and business men of the
northwest The sooner these bonds
are sold. the sooner will this great
project be carried to completion.
The mill and elevator bonds yield
So interest and are exempt from
all taxes including federal income
tax They are backed by the good
faith and credit of the State of North
Dakota, with its population of 65O,0O0
and one billion six hundred million
dollars worth of taxable property.
The state owns seventy-nine million
dollars worth of property, and it's to-
tai outstanding debt is only .S247,0 900
"a figure that is unique as near the
lowest indebtedness of any state in
the Union. 1t is less than the state
sinking fund, which at the present
time is $3.50, 1917. The above in
debtedness does not include the $2,-
100000 Bank of North Dakota Bonds
that were issued July 1, 1919.
Anyone wishing to purchase State
of North Dakota Mill and Elevator
bonds, should write at once to The
Bank of North Dakota, Bismarck,
North Dakota, and full information
will be supplied.
SCHOOJ FIECTION MONnAY