The Sisseton weekly standard. (Sisseton, Roberts County, S.D.) 1892-1929, 1921-04-08
Roy|ance Nails
FaIsehoods in
N. York Times
AboutNo Oak.
PATIENTLY MALICIOUS LIES IN
METROPOLITAN PAPER
ARE REFUTED Ey
TELLING FACTS

WIN. nOylduco OI the department
of statistics and publicity of the
Bank of North Dakota, has written
a reply to grossly unfair and
misleading editorial which appeared
in the New York Times a short time
ago. The Times rehashes a num-
Der of the stock lies spread broad
cast over the country by the anti
administration press in North Da-
kota and from these falsehoods
makes differences that ar absolutely
contrary to the facts in the matter.
Mr. Roylance's letter to tine Times
editor follows:
Editor New York Times,
New York City,
Dear Sir:
am instructed by the manage
ment of the Bank Of North Dakota
to call your attention to certain
misleading statements and misrep-
reservations contained in your edi-
torial of February 18th under the
caption sThe North Dakota Bubble, :"
which has recently been widely re-
printed in other newspapers. You
say that 1.-THE new heaven of North
Dakota" presumably meaning the
recently established North Dakota
state industries, has fallen into
hopeless smash" This is untrue
The Bank Of North Dakota and 9TH
er state industries are still in opera
ton, and in solvent condition, as
shown by the annual report of the
Industrial Commission, recently
submitted to the Legislature. And
in the case of the Bank of North
Dakota, the report Of an audit COM
pany employed by the late unfriend-
ly Auditing Board shows that it is
in an exceedingly sound condition.
You say that '.the weary masters
of the Nonpartisan League are
forced to surrender to bankers, that
abhorrent class inconceivable in the
perfect socialist state; and not b
down trodden farmer rises against
these oppressors."
No Leaguers for Compromise
This is untrue. Tho possibly one
or more members or officials of the
Nonpartisan League have recently
suggested the advisability of open
ing negotiations with the interests
that are now doing their utmost 10
block the carrying out of the will Of
the people, as expressed in the laws
creating these enterprises, there has
been no surrender. All expressions
that have come from the League
membership is emphatically adverse
to such course. There has been on
the part of the Nonpartisan League
or the state administration no pro-
posal for compromise. On the con-
trary, the one proposal that has &C
tually been made has come from the
other side, and has been summarily
rejected by the Industrial Commits
sion.
You say, CHOW the professional
bankers and reactionaries who fol-
low accepted banking methods have
had to be called in to save the anna
tours, who you assume have been
thus faI in charge of the states
banking enterprise. AS matter IT
fact, experienced bankers have been
in charge from the beginning.
Bank of N. ID. Solvent
You say that s'only 80 banks have
had to shut their doors. The great
bank is only not legally in
solvent, because there is no legal
Of making 1t So" Until very'
recently the Bank of North Dakota
had no connection whatsoever with
the closing Of other banks. They
were compelled to close because they
W0kO VvOAAO0A00s SSn4 SuOlI IO0OA Voc
have been depleted below the level
required under the state banking
laws. Their condition was due to the
inability Of the farmers to pay their
notes which in turn was due to sue
cessive crop losses and to the recent
disastrous slump In farm prices.
Most Of these banks would have
been in still worse condition, except
for the fact that the Bank of North
Dakota had loaned to or deposited
with them every dollar that could
be placed without violating the
principles Of conservative banking.
The bank. Of N. Dakota is neither
legally or actually insolvent. Il has
never refused payment Of any lesit-
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