The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-07-14

Stores into bankruptcy after having q
million dollars in capital subscribed
enough to start 100 stores with cash
c..p. tai of $4,000 apiece.
They ran the Scandinavian Ameri.
can bank into insolvency, despite the
generous support given it IS by the
| farmers at the "shakedown" meeting
and the deposit of state funds to the
amount of $43O,000.
They have run the Bank Of North
Dakota into insolvency, for under the
/ definition Of insolvency given by our
state laws the Bank of North Dakota
! is insolvent. ~
: They lost money on the little state
mill at Drake at scandalous rate
and it would have been insolvent if
the credit Of the state had not been be-
hind it.
League newspapers and banks by
the score have been run into bank
ruptcy.
The Homebuilders association was a
most glaring example of mismanage:
n1ent, and only the unlimited credit OF
! the state saved it from insolvency.
|, The Sisal trust is in the hands of a
receiver. .,
The Courier-News admits that 1t
has to pass the hat most vigorously
and continuously to keep running.
Mr.. Townley himself is bankrupt.
Everything they have touched has
gone the same way, and yet this gang
presumes to seek continuance in Office.
They are even now trying to get sew
eral millions more from the sale OF
state bonds, to squander.
Isn't it about time that the people
of North Dakota came to their senses
and quit pouring good money into this
rathole? =,
Isn't is about time they choked off
both, the donations and the state
money? .E,l
Isn't is about time we put somebody
with little financial sense in charge
of our state government
The Forum has no particular inter-
est in the squabble between the two
factions of the state committee in
charge of the nonpartisan eague. They
can wash their own dirty linen. It's
their fight, and we don't give two
boots who gets licked. But it ought
to be an object lesson to the voters
of the state. Surely the time has
come for them to say: "A plague on
both your houses" and begin a thor
ough Observation-Disclosures.
The Fargo Courier-News, cream
check organ of the nonpartisan league,
sheds crocodile tears over the fact
that there have been filed with the Sec
rotary of state "the petitions propos.-
ing constitutional amendment aimed
to kill the state industrial program.
voted for in six elections" The in
ference sought to be conveyed is that
enemies Of the common people are US
ing underhanded methods to defeat
the will of the electorate and subvert
the principles of popular government
Of course that is pure bunk. The
initiative, referendum and recall are
the Three Graces of the most modern
and liberal theories Of government by
the people. They may be invoked in
bad cause, but if the electorate is
not able to use them intelligently and
with discrimination, then that elector-
ate is not capable Of self government.
Besides the Nonpartisan league: claims
to have gendered these Three Graces
and it's attempted reputation OF its
own offspring comes with poor grace.
In the second place, the fact that
this precious industrial program was
voted for in six elections is entirely
beside the point. The people voted for
this program "unsight and unseen,"
but since then they have seen it in &C.
ton. That is likely to make all the
difference in the world. 1T sounded
good when Townley and Bowen and
Mills and Brinton were reeling OH
their pipe dreams from the stump;
now the question is, how does it feel :!
The special election to be held on or
about Nov. 8 will, give the people
chance to answer that question.
The Courier News is appalled, to hnd
that the proposed amendment provides
for the "dissolution of the Bank OF
North Dakota" which it modestly
denominates "the greatest bank in the
nation" Heaven help us! The great
est bank in the nation, whose checks
are repudiated from one end OF the
country to the other! A bank that
even repudiates its own checks! a
bank that has been insolvent Tor
months, and whose doors would have
been locked long ago had it been sub
iect to the rules and regulations
which govern private banks!
The Courier News throws another
nifty fit over the fact that the pro-
posed constitutional amendment calls
for a bond issue to "wind up the at
affairs of the Home Builders Asso-
ciation." It's cinch that the people
should either wind up the Association
or wind up the bunch of incompetents
that have been manhandling and mis-
handling it. The Chronicle does not
believe that North Dakota is IN any
position to go into the home-buildln3g
business; but if the people think 9th
erwise, they ought to see to it that the
Association is taken out Of the hands
of managers who have no better bus
mess sense than to buy all the lum-
Der and building material in the
country when they are at peak prices
the highest prices ever known. And
if we are to have a Home Builders
Association, let's try somehow to have
it administered for the benefit of the
common people who want and need
modest homes, rather than for the
benefit of the William Lemkes who
huild fburteen thousand dollar man.