Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-26
LlGCETT TELLS.
PEOPLE OF EAST
BANK SOUND
Makes Statement that North
Dakota Institution Has
$4,000 900 on Hand.
(From the New York TYn7es.)

(From the New York Tn1es.)
Admitting that some Of the charges
recently made against the Nonpartisan
league We're true. Walter w. Liggett.
representative of the league, denied at
the Community Church Forum that
the Bank of North Dakota was insolv-
cnt. declaring cmphatically that it
was las solid as the rock of Gibral-
tar" and that it had been successfully
operated. Has the Nonpartisan league
Collapsed? 2" was his subject. He de-
MED thai it had.
He said that the officials Of the
Bank of North Dakota made a mistake
Observation-Disclosures bank Of Far
go, in which many officers Of the
league were Interested BY this act the
officials of the bank laid themselves
open to just censure, he added.
And it was also a mistake, said Mr..
Liggett, for the state mill to sell -four
on consignment to the United Con-
sumers Stores temperatures, in which
virtually all the stock was held by
nothing criminal in the sale of flour on
consignment, 1t showed political favor
itism to sell it to the cooperative
stores, he said.
lie said that the enemies of the
league hoped to stranglc it by making
conditions so bad that it would be
forced to surrender, after which they
could SO into newspapers like The
New York Times and point to the
wild economic doctrines" The knock
ing Of any institution by The Times he
considered the Most sincere compli-
ment that can be paid"
Notwithstanding the mistakes made
by the Bank Of North Dakota, it saved
the farmers 100000 a year through
mortgage loans made direct and in
sharks, said Mr.. Liggett. There are
$3o9, 100000 in mortgages on the
property Of Dakota farmers, he said.
and the state bank made the rate of
interest about 6 per cent when 1t had
formerly been ST per cent.
This a loss of 100000 for
every per cent Of interest reduced ard
you will now understand why Wall
street does not like U.S. he continued.
state bank was %insolvent and declared
that it had $15,o0o.0oo in its Golfers.
In its year and q half of operation it
has made $500, 900 profit and has re
turned to the legislature every cent
that It appropriated to run the bank,
he said.
After asserting that wal street has
sent out word that the credit of Nortl,
Dakota must be destroyed" the speak
err said that the Nonpartisan league
would not be attacked II it were run
ming les industries into the ground. He
asserted he had been informed Tin
strict confidence" by a banker that a
boycott had been carefully organized
which would make it unhealthy for
any banking or bond houses to handle
the bonds Of North Dakota. For this
reason, he said. the farmers are going
direct to the people with an offer of
$1,000 900 worth OF bonds al SIX per
cent and he predicted that the leagues
industries would be on their feet in sis
months.
The league wa declared a men
ace by its enemies, he said. and word
|. had been sen out that 1T must go
because 1t had saved the farmers $l2,.
100000 on hail insurance in 1--we years
The league also obtained .16 cents a
bushsl more for wheat and sold 1our
to the consumer for 81 to $3.50 a bar.
rel less, no aid.