Sioux County pioneer. (Fort Yates, Sioux County, N.D.) 1914-1929, 1921-02-24
'|VOfttl.Dako(aLaw
IN The Making
QDQO1E 90
EASTERN BANKERS WITH. 5.
DRAW PRoFFEREp HELP

DRAW PRoFFEREp HElE
Taking the position that they die
not wish to be accused Of debating tt
the people of North Dakota how theil
state government should be run, thu
Minneapolis and Chicago bankers wht
took part in the conferences in, Min
neapolis looking toward a rehabilita
ton Of the entire North Dakota finan
cial situation, withdrew their pro
posals and left the situation as It Is
1t is commended by the independents
that serious break is threatened IL
Nonpartisan ranks, A. G Townley, ma
tional president, being in favor Of 9
compromise, it is said, while Messrs
Frazier, Lemke, and Hagan propose t.
"sft tight" and either ride through tt
victory on their program or go dowr
to defeat with it. Nonpartisans Of
strongly maintain that no such breal
exists and that it is the purpose Of
the organization to continue their figh'
along the lines already we'll defined.
Liquidation of the Bank of NORTH
Dakota under the direction of a liquid
alton committee, headed by Johr
Steen, state treasurer, and agreement
to limit the industrial program to prof
ects already undertaken, with the dis
solution of the North Dakota Home
Builders association. was proposed al
the Minneapolis conference between
representatives of the state admins
tration, bankers of North Dakota and
representatives Of one big Minneapolis
financial institution present.
Under the terms Of the proposed
compromise, which would in no man
ner affect the investigation Of state
industries being Conducted at Bis
marck, the following general polio.
would be put into effect: ~
The state administration would
enact laws that would permit the
liquidation of the Bank of. North
Dakota down to a farm loan, insti-
tuition only.
Pass laws that would make the
sale Of state bonds possible.
Bring about legislative safe
guarding Of public moneys on de-
post in private banks. and make
the state bank ineligible to re-
ceive public moneys.
Dissolve the North Dakota
Home Building association when
work already started is completed.
Restrict the Industrial program
to the erection and operation Of
the flour mill and elevator at
Grand Forks.
The bankers would undertake
the sale Of two million bonds with
which to capitalize the Bank Of
North Dakota as a rural credit
bank, and to provide a million
dollar fund for financing the oper-
alton of the state mill and eleva-
tor when 1t is completed. E.
Seek market for $2,50O,OO0 of
mill and elevator bonds with
which to complete the construc-
ton Of the industry, and to repay
the million dollars borrowed In
SAASdSO W uuduCS JIG COuSlEUS.
tion work so far done.
Back the sale Of three million
dollars of farm loan bonds with
which to take up farm mortgages
placed by the state bank, making
that money available for return
to the political subdivisions of the
state, and to seek a market for
such additional bonds as may be
necessary to finance future farm
loan operations Of the state bank.
A recent Minneapolis dispatch. fol
lowing the dissolution Of the confer
ence, read:
Negotiations for the sale Of NORTH
Dakota state bonds by Minneapolis
and Chicago investment firms are OF
at least for the present. The sale Of
100000 in bonds had been contem
plated as means Of putting the Nortl
Dakota bank on a sound financial
basis. rs