The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-04-04
NORTH DAKorA's DILEMMA.

Opponents of the n n p T I'll n
League and its methods in North Da-
kota have decided to invoke the recall
by the League. These are: Gov. L. J.
Frazier, Atty. Gen. William Lamke
and J. N. Hagan, commissioner of
agriculture and labor.
There has been more politics to the
square mile in North Dakota in recent
years than in any other part of the
country. The state was moderately
excited in the years when the Nom
partisan League was forming and
fighting it's way to control of the state
government, but its attacks were di-
rected mainly at such distant and inn
personal enemies as Wall street, the
Minneapolis Chamber of Commerce,
Big Business and the Money Power;
but since the League actually came
into power and began to do things the
fight has developed into a hand-to-
hand, knock-down and drag-out af-
fair at home, and largely between
factions within the Nonpartisan camp.
There is not so much lambasting OF
PARKWAY foes, except by way of en-
phasizing the necessity of suppressing
dissenters at home.
Recently a story has come forth
telling that the Money Power was at
tempting to strangle the. New Free
dom movement in North Dakota by
refusing to buy 100000 of North
Dakota state bonds which had been
offered in eastern markets, except
upon the condition that the League
program of state-owned industries be
abandoned.
Under the caption: "Why the bonds
do not SELL" a bulletin issued by the
National City bank of New York says:
1.-THE fundamental reason why the
North Dakota bonds are not being
readily sold, is that bankers are afraid
they cannot sell them. Investment
bankers sAuy bonds in the capacity of
merchants, to sell again. They try
to buy issues that they think will be
popular with the public. They do
not think the news coming out of
North Dakota about the administra-
ton of the state government, the fl
nancial policies of the state, the in
crease of taxation and the general
state of politics in the state is calcu-
lated to make a good market for the
bonds.
Nobody doubts the solvency of the
state of North Dakota, or the integrity
of the great body of it's citizens
These bonds are said to have been
passed upon by the supreme court OF
the state, and presumably are valid
but there is evidence that the offices
of the state are not being we'll man
aged. People are not quite sure what
the policies of the present state au.
thorities might be If they should be-
retained in power. 1t has beer
) pointed out that the sinking fund il
which is TO be annually accumulated
the sums for the payment of tbs
= principal as it falls due is to be in tht
| custody of the Bank of North Dakota
and that the bank has power to lent
, it to the departments of state that ar
} conducting state industries. Natur
ally people ask, what kind of sinking
fund is that? Where will it be sunkel
i when 1t is needed, and what provision
: will there be for its replacement?
5 Then there is sometimes a natura
t indisposition to do business even tn,
? the security offered is in itself unob
r jectionable. When a smooth sales
man gets the signature of farmer t
a promissory note in exchange for
rpatent right or block of doubtful
t stock and offers the note at a neigh
. boring bank at tempting discount, /
e is doubtful purchase even tho tn
: name is above question. Bankers as
: sociations thruout the country hav
E passed resolutions urging that sue
/. purchases be not made"