The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-07-28

VA THURSDAY, JULY ~, lSzl.
Of interest or principal They insist Z
ed that this was not sound finance and
that disaster was sure to result. They
had ascertained that the present In
dustrial commission and the officials OF
the bank had already diverted millions
Of state funds belonging to school dis
tricts, townships, hail insurance funds,
soldier bonus funds and others and
that they seemed to have the DISPOSE
ton to continue his practice.
AS members of the campaign or
panization, we felt it was our duty to
learn as far as possible why our state
administration had not sold any guam
tity Of the North Dakota bonds. We
felt that BY ascertaining what the OBJ
iections were, we would be better able
to determine what steps it would ne
wise to take at the Devils Lake con-
vention, if recall should be decided
upon to bring relief to the people at
the earliest possible moment.
We knew that even under normal
conditions North Dakota is borrow
ing state and that now when millions
Of its funds are tied up in long time
loans. in homes and industrial plants,
much more money will be needed by
the state and it's people, than under
ordinary conditions. We also knew
that under normal conditions North
Dakota's credit was good and that
municipal bonds of various kinds were
being sold. That more than thirty
million dollars of South Dakota rural
credits bonds had been disposed OF
during the very time than at eftectual
attempt had been made by our NOUS
trial commission to sell the North Ia
kota bonds and that unless some de,
feet or weakness existed, we should
have no difficulty as state IN hoat-
ing six or seven millions OF bonds I'M
mediately.
In the light of these facts, bond
attorneys and bond brokers hesitated
to recommend the North Dakota
bonds to their clients who consisted
principally of widows, minors, teach
ers, preachers, and retired business
men. These same objections appeal
with even greater force to those who
were able to make larger investments
| and who for that reason were more
accurately informed as to what con-
stitued good investments. They
didn't manifest any particular inter
est in the North Dakota program or
express to us any decided opinions
either for or against it, but they in
sisted that the issues Of these bonds
and he creation Of sinking funds with
which to take care Of them, be sur
rounded with the ordinary precautions
that good sound business experience
had proven essential in such case. 1t
was apparent that so many good valid
bond issues were submitted to these
people that they felt that there was no
occasion for buying bonds on which
Legitimate questions might be raised
on any Of these points. 49, f.
The bonds provided for in the Con-
stitutional Amendment Of the indie
pendent program are free from the
objections raised against the bond
issues now offered for sale. 49,
From the foregoing it must be ap-
parent that the purpose OF our mission
was not to block the sale Of North
Dakota bonds, but to find out why
they did not sell. However, in view
of recent developments we feel that
the investing public should under
i stand that if they put any money
4 into the hands of our present Indus
I trial Commission with the thought
that it is going to help North Dako-
ia. those who do SO may soon discover
that they have been too credulous and
that most of the money that comes
| into the hands Of the Industrial Com
mission goes to pay an army Of need.
LESS employees, consisting largely Of
discredited socialist agitators and
many Of whom have criminal records:
instead Of completing the Farmers
program and paying the debts of the
Bank Of North Dakota. -
/ We have Intentionally delayed the
issuing Of this statement so Governor
Frazier, Lemke and Hagen might not
charge their failure to sell all Of their
bonds on July twenty-third. the Off.
q cial bond selling day. to US also.
@gs B. F. Spalding,
} t. -Sveinbjorn Johnson,
Il "A. B. Jackson,
e.. -Theo. G.. Nelson.