Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-11-22
BANKERS SEE /.
GOOD RESULTS
FROM RECALL
Current Issue Of Magazine
Sees Faith In State
Restored

Fargo. N. D..sNov. 21.-The current
issue of the North Dakota Banker,
official publication of. the North lDa-
kota Bankers association, the first
the recall election. declares edi-
torially that the result oftthes election
will put an, end to a condition I'M the
state that has become! unbearable,
and makes 1t possible to redeem the
states credit and financial standing
before complete ruin resulted. The
editorial reads:
"The result of the recall election
is somewhat disappointing, as it was
hoped the returns would show such
OF incompetents and dreamers that
has been trying experiments in. tie
administration of public affairs in
North Dakota, that there would be
no question about the return of sani-
ty and sound methods to the minds
of a very large n:bajority OF the fol-
lowers of the Townliey-Lemke-Fra-
zier methods. 80
The result is satisfactory, howev-
err. In that 1t puts an end to a condi-
ton in U state that has become un-
bearable, and makes 1t possible to re-
deem the states credit and financial
standing before complete ruin result
S"The wonderful opportunity that is
now given the new administration by
the verdict of the votes of the state,
to reconstruct and re-establish the
political and financial structure of
North Dakota and his colleagues no
doubt fully recognize and are prepar-
ed to meet.
THE bankers of the state are per-
haps better equipped by reason of
their training and experience than
any other n class of citizens to as
\ u{of In yo.ao$o h1ichi1~ tI1 E->-aj.1
structure of the state and have al
ready pledged their 100 per cent sup
port to the new administration by the
resolution adopted at their last an
nual convention held in Grand Forks,
June $3.50.
One Of the problems confronting
the new administration is the re-or
ganization OF the banking department
OF h state from top to bottom and
! in view of the fact tina the state
from top to bottom and in view OF the
fact that state banks Of the state
must foot the losses sustained by rea.
son of the banks now closed by max.
ing good depositor's losses. 1t is only
fair to that our state laws viii
be SO. amended that the bankers Of
the state may have some voice in the
management of the banking and ex'
aminer's departments.
The selection of a new examines
with experience and ability to enable
him to. intelligently handle the pres.
emit situation should be the first steI
toward r~eorganizing this department
Every dollar available from the guar.
anty fund and from funds collected
from the assets Of closed bank!
should be Immediately applied to ths
payment Of claims of depositors il
the closed banks, and the removal o
the incompetent political receiver!
that are dissipating and wasting The
funds collected from the assets of thu
institutions in their charge.
1.-THE failure of the initiated meas
urcs providing for the reorganization
Of the Bank of North Dakota, will de
lay the changing over of that insti
tuition from a useless and dangerous
political machine to a. valuable ant
useful part Of the financial structure
Of the state.
The best men Of the state shoult
be co>cripted by the new admins
I ~tration to fill the important position
!; that it will be necessary to fill IRE
spective of political utilization and NJ
; man called should refuse to serve a
this critical period in this history, o
our state" #