New Ulm review., 1921-06-01
'TREASURER'S 0. K.
/ EXCITES BANKERS
RILED BY HIS ENDORSEMENT
OF THE NORTH DAKOTA
BOND ISSUE.
McADOO VIOLATED SAME LAW,
URGING PURCHASE OF
LIBERTY BONDS.

4
treasurer of the United States, showing
how good North Dakota bonds are,
has created great deal of excitement
in Wall Street, in Washington and
among Twin City bankers.
\ The endorsement was a technical
violation of an old law, passed by con-
gress in 1889, forbidding treasury
officials to be interested in the sale of
private, state, or national bonds. Mr..
H White, who took office less than a
month ago, was unaware that there
was such statute.
I 1t was intended to prevent the use
of the Office for personal gain and
/ Secretary McAdoo violated it also
when he toured the country to push
the sale of Liberty Bonds. The OBJ
vious purpose of the law is to prevent
use of the Office for financial gain,
which Treasurer White did not do.
Statement in Full.
AS soon as the White statement ap-
peared in some New York papers,
Wall Street bankers got in touch with
Washington to portest the "crime." :"
Thus adding more proof, if any were
needed, of the bankers boycott to
dictate the political affairs of North
Dakota.
Treasurer Whites statement in full
was dated May 16, 1921, and reads as
follows:
"These bonds have been passed on
by both the state and Federal courts
and are validobligation Of the state
of North Dakota.
''The present state debt, outside of
this issued, is less than $25O,0O0, less
than two cents on each 500 of the
assessed valuation of the taxable
property Of the state.
"This bond issue has back Of it the
entire resources of a great state-a
state with 45,OO0,OOO acres of fertile
farm land with hundreds of thriving
cities and towns.
s'The assessed valuation of all pro-
perty of the state is about $780,
100000. This bond issue of $3,OOO,-
900 amounts to but 20 cents on each
!. 500 of valuation.
"The state of North Dakota has
always taken care of it's obligations.
''Both principal and interest of all
bonds heretofore issued have been
paid the day on which they were due.
''The payment of the principal and
interest of these bonds is amply pro-
vided for and they will be paid exactly
according to their terms.
FRANK WHITE,
Treasurer of the u. S. of America. y
Mr.. White declared that not being
aware of the old federal law noted
above, denying him the right to testify
to the financial stability of his home
state, he felt there was no impropriety
when he made the statement.
Bankers Enraged.
sNew York Banking and financial
circles,''' says the Pioneer Press of St.
Paul, (which refused to help float the
100000 state bond issue which the
Bank of North Dakota is trying to sell,
were reported to be greatly excited
over what appeared to be administra-
tion Endorsement of the Nonpartisan
League venture. Their wrath went
to the point of getting in touch with
treasury department. officials
If the financial and banking circles
were not conducting boycott against
A the farmers of North Dakota, they
would have rejoiced rather than been
moved with wrath, to have the truth
about the bonds come from so authori-
tative a source.
J. The endorsement was great victory
4 for the farmers of North Dakota and
stands as such, even if a technical
4 point of law was violated
4 The bankers and the kept press have
nothing left to stand on before intelli-
1 gent people anywhere in the world.
i TWO ELECTROCUTED.