The Sisseton weekly standard. (Sisseton, Roberts County, S.D.) 1892-1929, 1921-04-08


that the Industrial Commission has
taken the position that the recent
amendment to the Bank Law max
ing possible immediate withdrawal
OF all funds OF county and loo
al corporations, is not retroac-
tive and that therefore funds de-
posted previously to the going into
effect of the law may or may not be
Withdrawn, except in the regular
course of business. The Industrial
Commission is apparently legally
justified in this course, as there is
no good reason to believe that it was
the intent of the voters that the
law should be retroactive. In any
case since bankers and politicians
who sponsored this amendment and
directed the campaign for its enact
ment provided no method for grad
ual liquidation, nor for establish
ing legal repositories for public
funds, other than the Bank OF North
Dakota, the Industrial Commission
had no other alternative except the
relentless policy Of making inlned
late demands upon all depository
banks for funds sufficien, TO meet
every possible demand OF public
treasurers who might insist upon
immediate withdrawal OF their funds
from the Bank of North Dakota. The
management of the Bank, under the
authority and direction of the In
dustrial Commission, assumed this
responsibility in order to save some
hundreds of private state banks.
Until recently this policy has been
successful. But in their determine
tion to destroy the Bank Of North
Dakota the politica and financial
groups responsible for the initiation
of the above mentioned amendment
have shown little regard for the po-
sitiOn of these private banks. And
many of the local banks themselves
have apparently been so devoid of n
sense of Justice, and so little regard
full Of their own true interests, that
they have supported the larger
banking interests and their political
henchmen in their attacks upon the
Bank of North Dakota even tho it
was the one agency standing be-
tween them and financial ruin.
Invents New Language
You say that the funds of the
Bank of North Dakota are s'incom-
eatable, on the waiting line of long
credit and shaky paper or in the
banks and smaller political divisions
and not to be reached because the
meaning can be extracted from this
strange tumble of words and phrases
it is that the Bank of North Dakota
has made loans on insufficient Sc
curtiy, to banks in counties and
small political divisions; and that
this money can not be obtained be-
cause the state owes it. Where
would you expect these moneys to
be loaned except to counties ard
small political divisions. Obviously
all money loaned in North Dakota
by the Bank of North Dakota or any
other bank, is loaned to individuals,
business associations or banks To-
Gated in such subdivisions. Possibly
you mean that the Bank of North
Dakota ought to place its funds only
in the larger commercial centers,
within or without the state; but
what good would that have been to
the districts in North Dakota which
were most in need of credit? 1t
should be obvious that If the Bank
of North Dakota had adopted such a
policy more local banks would have
been short Of funds and compelled
to shut their doors. AS to the states
owing the money, what possible eff
feet could that have upon the ability
or inability Of the private banks to
pay their obligations?
You say that a lot of taxpayers
have refused to pay their taxes.
There has been no greater percent
age Of such refusals in North Da-
kota than elsewhere, IL so great.
Can Show Where Blame Lies
You say that lot of the schools
will have to shut up next spring,
because they can't get any money. :"
II that should happen 1t would
not be because Of the inability or
refusal Of the Bank of North Da-
kota to pay the checks Of school
treasurers. It has not refused nor
is 1t likely that it will refuse pay
ment on any such checks. It is a
we'll known fact that the schools
turnout the country are in financia,
difficulties. It is said that the Uni
versity Of Minnesota is practically