The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-10-20
LEIDERBACH IS
A FOXY JOKER

"A VkG OVAAAA
'..The history Of the Bank of
North Dakota shows that it is a
useless middleman, hampering the
natural movement of public and
private money, collecting toll
from both parties to every trans
action and performing no legltl-
mate service that cannot be rem
dered by the state treasurer's Of
fee. It is good thing for politl-
cal grafters but a dangerous thing
for the taxpayers and bankers OF
the state"
Fargo, N. D., Oct, 17-In state
ment issued by Theo. G. Nelson, sec
rotary of the Independent Voters AS
ISOLATION, in reply to challenge to
help to stage four debates on the
Bank of North Dakota just on the eve
Of election he characterized the pro-
position as joke. The challenge was
issued by Chairman A. A. Liederbach
of the nonpartisan league committee
It proposed a debate in each of the
four largest cities Of the state IN
which the nonpartisan league would
be represented by T.. A. Gushing one
of twenty nonresident and non-tax-
paying agitators that have come here
to try to get the people of the state to
carry out the bank part of the social
istic program that was brought to
North Dakota by Charles Edward
Russell in 1915 when the foundation
of the N. P. League was laid. Mr.
Russell is author of the book entitled
"Why am Socialist" in which the
whole Bank of North Dakota scheme
was described in detail before it was
started, Mr.. Nelson's statement fol-
lows:
'Liederbach is just joking when he
suggests that we help him arrange for
a nonresident, non-taxpaying pubic
ownership propaganda to discuss IS
sues that involves the question OF how
much taxes that the people OF North
Dakota should pay. The question Of
whether or not the Bank of North Da-
kota is necessary part of our gov
eminent machinery has been debated
continually since the law establishing
it was proposed in 1919, and for the
first time since then the people OF the
state are going to have~an opportun-
itv to express themselves directly. on
the question of whether or not they
want that institution continued. The
Independent program, which is an IS
sue in this election proposes. by
means of initiated laws; that the farm
loan business of the Bank of North
Dakota including the real estate bond
series shall be transformed into
rnral credit system for which the state
treasurer's office shall be the banker
lust as that office is now the banker
in all farm loans made out OF the uni
versity and school land fund. Second,
That what is left of the Bank OF North
Dakota after the farm loan business
has been taken out of it shall be CLOS
ed and it's relationship with lndlyld-
uals, political subdivisions and other
banks shall be wound up as quickly as
possible. ..,
I'm the debate now going on with
reference to whether or not the BANK
of North Dakota shall be continued
any longer, such meetings as are pro-
posed by the senator will contribute
but little in the way of enlightenment
for the public at this late stage: The
Independents have been at work ever
since the Bank of North Dakota was
started on the task Of getting it's man.
ayers. Frazier. Lemke and Hagan and
their appointees, to tell the people
truthfuliy how the public funds that
were put into that bank have been
used. The people want that lnforma-
ton and four meetings as the senator
proposes to be held just four or i've
DAYS before the election will not go
very far towards reaching North Da-
kota's two hundred and thirty thous-
and voters with any information that
would be of any value to the voters IN
deciding the question!
because of the good Judgment OF
the hundred and eighteen thousand
people who voted for the pubic exc
animation law last fall the people OF
the state now have before them oHclal
records showing, in a measure at ieasI:
how the affairs of the Bank OF North
Dakota were managed and what nap
pened to the public funds that were
but into it during the first year OF It's
operation. The public do not know
and will not know what has been done
in that bank during the last year. that
is since December 3rd, 1920. until men
are put in charge who are not afraid
to let the people know anything that
they want to know about public al
fairs. VI LIE.
"Every fair minded voter admits
that what little is known about the al
fairs of the Bank Of North Dakota SO
far indicates clearly that it has not
performed any legitimate function
that could not have been handled thru
the state treasurer's Office including
the financing Of the mill and elevator
hv merely adding clerk or two. A
large and expensive force of clerks.
cashiers and managers have been kept
on the Job for more than two years
and all they have done is to misuse
over 100000 of public money. OF
this more than $4,000, 900 that has
been put in the hands of political pets
are lost. The taxpayers OF the state
I 1 toSzoc- fOI