Cavalier County farmers press. (Langdon, N.D.) 1920-1921, 1921-03-03

had been sold by the State of NortH,
Dakota would there be in the state :
today that financial stringency which
now exists?
A.-Yhere would not.
Q.-And why not?
A.-Because the money received
from the sale of these bonds would
have relieved the situation.
Q.-You have heard much and read
much in the public press, have you
not, and other places concerning what
they call frozen assets"
Al have.
> Q.-Would there have been any /,
frozen assets in the State of Mort /
Dakota had these bonds been sold?
A-Not by any manner of means as
many as there are.
The contract made for the sale Of
bonds by two companies was offered.
in evidence. The contract was made
contingent upon the indorsing legal
opinion of an eminent bond attorney.
1t was then brought out that after At
torney General LANCER had written a
letter to Mr.. Cathro indorsing the
validity of the bond issue, a suit was
Instituted in the federal court by 1.-THE
Forty-two Taxpayers" attacking the
bond issue. Eventually this suit was.
carried to the supreme court of the
United States. After a long time, a
decision was rendered upholding the
right of the state and the people to
determine what bonds they would.
issue. But a long time was wasted in
that effort. For what purpose, the
commission believes, the people are
aware.
A letter from the bond houses was
introduced showing the attorney re-
fused to consider the issue while
"they remain undetermined judicially."
The contract for the bond issue ex-
pired as the result of that action.
Thomas N. Dysart, vice-president Of
William r. Compton company, later
wrote to Mr.. Cathro. The letter. intro
duced before the senate committed III
says: Nh
II am in receipt lof your letter ,ss
the 3rd. I think you are entirely q
right as to the fact that some of your
citizens are very much to blame for
the fight they have made on the sale
of your bonds. I do not know, how
ever, what pressure was brought to
bear on the attorneys, if any, but I do
know that they refused absolutely tc
pass on them until the litigation wa. &
settled"
Mr.. Cathro had written to Mr.. by.
sart, saying:
II was rather expecting that the
attorneys might be prevailed upon not
to render an opinion on the bonds at
this time on account of the character
of the fight that has been put up in
u own state by the opposition. A
copy of this contract was obtained
from the attorney general and pub
lished. (Attorney General Langer.)
Hence I concluded that a tremendous
amount of pressure would be brought
to bear to prevent Al opinion being
rendered. Il do not doubt what the
opinion would be in the event that on6 /
is rendered, but I feared pressur, I
would be brought to bear to prevent
al opinion. There is no censure at-
tached to any one. except our oWn
citizens, as they are doing everything /
they can to block the sale of bonds"
From that time the fight to prevent
the sale of bonds has been carried or 1
determinedIy. The result is that tn.
outside investor is bewildered. The
credit of the state suffers. Business |
suffers. Farming suffers. Hardship IL
brought on the whole people. And all
because a destructive little group OF
self-seeking politicians would rather
see hardship and suffering on the part
of the mass than to see the farmers
program succeed.