Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1921-01-13
BANKERS OFFER TO
ASSIST WITH SALE
OF BONDS REFUSED
Publicity and Safeguards For
Payment Of State Obliga-
ton Not Desired by North
Dakota Industrial Commits
sion.

Bismarck, Jan. 10.-The state
industrial commission of Messrs.
Lemke, Frazier and Hagan refuse
the terms on which the bankers Of
the state offered to sell state bonds
to finance the state Industrial enter
prises already started by the League.
The bankers offered to promote the
sale of the bonds on the simple and
business like conditions that the ill.,
Gustrial commission limit the opera
ton OF the Bank of North Dakota to
the administration of state, state in
stitutiOns, and state industry
finances, farm loan and farm loan
bonds
The bankers also wanted legisla-
tion to provide for the enactment OF
a new depositary law for counties,
town ships, school districts, boards
of education, villages, and cities
making every going bank perman-
ent public depositary, and fixing the
rate Of interest by statute. providing
also for publicity as an assurance
that deposits would be properly dis
tributed. It was pointed out, that
the bonds could not be sold unless
there was sufficient safeguards to
provide sinking fund for interest
and payment of principal. In refus-
ing to cooperate with the bankers
proposals the following reason is
given, in the commissions reply.
Ghost of Wall Street
We wish to assure the committee
that we appreciate the interest it
has taken in this matter. The pro-
position, however, cannot honorably
he considered by the commission for
the reason that it is a plain attempt
on the part of the financial interests,
presumably Wall Street financiers.
to dictate the political, financial and
industrial policies of the State OF
North Dakota, and requiring sur
render of the sovereign powers OF
the state to manage it's own affairs,
and to permit the dictation and in
reference with the independence
and liberty Of the free people of"a
sovereign state.
The time has not yet arrived when
any group, no matter how powerful
financially, can dictate to this state
how to manage it's own affairs.
Every state in the United States is
guaranteed republican form Of
government under our constitution.
The officers of the state, even tho
elected by the people, have no au-
thority to surrender it's sovereignty.
Rights once surrendered are seldom
if ever regained.
We are satisfied that any group OF
men that would exact such sur
render and arrogate to themselves
the prerogative of making the laws
for the people of the state would
rule with a tyrannical hand.
The bends of North Dakota can,
and will, be sold without surrend-
er or compromise of this nature. we
are satisfied that your committee did
not expect the industrial commission
TO accent the terms and conditions
ir the above communication, as some
OF your members frankly admitted.
We are positive that in the near fu-
ture. with your cooperation, these
bonds will sell readily. There is no
better !, security anywhere in the
United States. Many men OF ln1u-
ence and wealth outside Of the state
are seriously considering the pur-
chase of these bonds just as soon as
the present financial stringency
passes. #
Your very sincerely,
THE INDUSTRIAL COMMISSION.
LYNN J. FRAZITR,
II JOHN N. HAGAN.
WILLIAM JEMKE,