Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-02-17

Their responsibility has been heavy.
Yet in the struggle against the politi-
cal conspiracy directed at the state in
dustries at no time has the RESPONSE
bility been so heavy, and the conse-
quences of wrong action or misguided
policy so fraught with potential calam-
ity as in the last six months.
Because the political conspirators
have struck at time when the credit
structures of the whole state was wav-
ering. lettering it might be said, un-
der the blows administered against
the market price of crops by grain
gamblers and the coordinated checking
credit by the nations banking system.
DRIVING THE PEOPLE ON TO
CALAMITY
The history of the recent period of
what Wall Street Enthusiastically
calls "deflation" is tragically familiar
to the North Dakota farmer and labor
ing man.
The relation of the Federal Reserve
system banks to this so-called "defia-
ton is apparent.
1t was a ruthless process, whatever
may be the argument for the economic
policy involved.
The North Dakota farmer is aware
that in effect the great banks ordered
the smaller banks to sell him out. The
wheat strike that followed will go
down in history.
AS the consequences of that ordeal,
however hundreds of the smaller banks
throughout the state were faced with
extreme difficulties.
The farmer was right; he had been
robbed. He was entitled by every law
to hold his wheat for betterment in
prices; to give the market gambler
abetted by the great banks a taste of
their own medicine. The situation
made rough going for the smaller bank
however in fact more than a score of
them closed their doors.>
And had it not been for the Bank Of
North Dakota this state would have
trembled under the crash of some 1911
to 200 banks. 1t would have been n
blow Mt the credit of the state from
which 1t would have been years In Se-
covering I'm that fact lien the present
tactics involved In the political con-
spiracy against the state institutions
Politicians acting ON the orders of the
system want to bring widespread re-
pudiatiOn and ruin ON this state. They
know the cost to Themselves. They are
willing to pay It,. II they don't and
the state Industries succeed their lOxxes
in illegitimate profits Of exploitation
will be even heavier.
FINANCIAL CRASH SOUGHT TO
BLAME PEOPLE
If the crash can be brought about and
made so devastating that NO man. wO.
man or child in the state can escape
:. it's consequence, the present admins.
e tratiOn elected in opposition to the xys.
tenn will be charged with the resp0n.
sibility.
The politics of this conspiracy thus i:
as simple as it is montrous.
{ The people, the politicians argue
> will not stop to make calm, dispas
2 sionate judgment as to who shoult
t bear the responsibility for such {
. smash. The whole crash could be lait
: upon and would be laid upon the PEG
( pies institutions. would teach the peo
: pie to let we'll enough alone and sta!
8 out of business.
c Thus at time when the state banl
J, is beginning to function load Il
20 thrown upon it that would tear to it
d very foundations any bank of like siz
in the world.
d The Bank of North Dakota is stand
; ing up through it all. From out o
g this storm of propaganda directed at
( in these perilous times. it energies da
e by day sound as q rock. And In tn
: meantime the conspiracy RACES aroun
{ IT: more violent, more bitter in proper
: ton to the growing desperation o
4 those who would destroy it. IL the
: could. -
4 The crux of the conspiracy lies i
d the so-called investigation Of the Ban
. of North Dakota by committee ap
IS pointed by the majority of the lowe
d house Of the state legislature.
IS The tactics Of the majority member
e of this committee have been so obvl
3 ously inspired by prejudice and dc
II sire to make political propaganda rath
IN er than ascertain a true audit of tn
II bank that the minority members hav
IL withdrawn from participation.
.e Two attorneys, known throughot
1t the state for their opposition to tn
~ present administration and the polio
d and purpose Of the Industrial Commits
k sion. not only were hired by the hous
e. committee to conduct the inquiry, b'
n were empowered and did draw up tt
es rules under which the committee
Of acting.
Is These rules and the conduct Of II
in so-called inquiry has led to the fr'
l. quent and general charge that 1t
,e. merely kangaroo court.
lie Witnesses for the Bank Of North d.
m. kota have been fatty denied the rigl
Id to counsel.
n Proceedings in the house COMMITTEES
re- hearings have been as involved in the
: methods as they have been open
s. their design to discredit the Bank
~ North Dakota II possible.
Of The committee had in its presence {
is. audit Of the Bank of North Dako