The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1921-12-15
lBAbk Of NORTH DAKOTA IN SPLENDID CONDITION TO-
Serve STATE AS SHOWN BY REPORT OF I. W. CATHRO

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the state Of North Dakota its vast
area, its productivity the integrity o.
its people, its small indebtedness and
its sovereignty with its two senators
and several representatives in con-
gress the same as other states. If q
boycott could be instituted and main
tanned against the state Of North Da-
kota in its sovereign capacity there
is no reason why a boycott might not
be successfully maintained against
any other sovereign state, and the
sovereignty Of the state be thereby
imperiled, which condition would be
lepugnant to the autonomy of the
State and Of the federal government.
No Politics in Bond Sale
Political propaganda was not per-
mitted in this bond selling campaign,
no reference was made to the league
principles, to i. Y. "a. opposition or to
the political effect OF the bonds. The
whole campaign centered on the one
question as to the right and privil-
ege Of great state to go upon the
open market and sell its bonds. Ne
cessarily,.a considerable expense was
involved in a a'campaign of that kind.
The expense had to be incurred or the
bonds would remain unsold. The ex-
pense, however, was not out of pro-
portion to the amount involved, be-
ing less than one and one-third per
cent Of the amount Of the bonds sold,
and taking into consideration the tre-
mendnous opposition that had to be
overcome, the state is fortunate in
coming thru with 50 small selling
expense. This expense is solely
chargeable to the opposition against
the bond sale for the reason that had
the opposition not been SO persistent
in discrediting the state bonds the
selling expense would not have been
necessary.
Furthermore, the bonds would have
been sold atsa better rate of interest.
AS. a matter Of fact q sale was con-
summated for $3,OOO,O0O on a five
per cent basis IN September 1919,
with an option on all the remaining
bonds to be issued. Had the Forty-two
Payers rested on Judge Amidon's de-
cision d vast number Of bonds would
have been delivered at five per cent
before the market slumped. The new
adverse market resulted in the can
collation. Of the contract by the bond
purchasers. Had we been able to
make delivery Of bonds under our 1919
contract ample funds would have been
available SO that there would have
been no necessity to borrow money
from Eastern banks, nor would it
have been necessary sto register
checks of public corporations for fu-
ture payment. The net indebtedness
sc the state is not increased by our
bond issues, because for every dollar
Of bonds issued there is at least an
equal amount, dollar for dollar, for
mortgages lodged with the state
treasurer as security for the payment
Of tte bonds.
MANY Rond. sold
Owe, 60 5nO nm of farm loans have
haa,, Iadrad w;tb +ba stata treasurer
10 - sacnr;tv for the navment of state
honds of Raai Estata Series. Owe,
] EN-, nnn - Mil and Elevator bonds
ta,,a hao, cold hv +ha hanl far which
+he hanE bas ;ssned i'll Interim Ger.
! ~ ff;os+as ~ IS Aho,,+ s1 AOo nfln of Rank
sar;as ponds hove haan sold bv the
shsnL aho,,+ ! o0o nm a. which have
sbaa,, 'na;d for and arnthar s4OO O0C
nil he na;d for inst q soon as the
shanL snaads the money" The bank has
,.a,a;,,aa so.,.. . - rrooaads "A hond sales
!, ! s.I, {, ~ - "a - nnn nno ~ each All hills
,. ~ ,,sp,a : - na;d. tho bark owes moth.
:, ~ !, ~ 'ax.a,t ~ ;+s liabilities for de.
aas;ts s @ ,,eca;ved from i;ndividuals and
( from m ,tha Snnb1ic and for it's Interim
! 1.a,tif;catas = M issued for subscriptions
~. ~. Mi o;i. snds elevator bonds
Tba resent nol;cv and nlan Of The
.b.nL ,,,,s+ ha snbstantiallv continued
4. n,.1.lb tha auent that the law il complied
w;+h !. j. and that tha onerations Of banl
] - 81. 1,kart within the law
~ Rords cannot he delivered until af
tar the mortgages IN support of ths
/ hn,,ds raaI estata m;n and elevate,
!, - hone b,,;,d;np as the case NAV b.
have haen lodged With the stat
49,. s,,,,a, 1, ron sao,,a stlv 4 e impossi
~ 49,, e all honds and acc, ,n,,late Il th,
- 49,