Evening star., 1921-02-26
Editorial Digest
Who's to Blame for North Dakota

Who's to Blame for North Dakotaf
There is no doubt that the majority Of
press comment upon the threatened fail
ure of the State Bank Of North Dakota
places the blame for the financial crisis
squarely upon the Non Partisan League.
However. there is just enough disagree
statement of the Christian Science Mon
itor (Boston. independently worthy Of
consideration, when it says that 'the
ordinary observer may inquire where he
will,'' his answer will be "colored by
the personal bias or ignorance OF the
anSwerer.
The Monitor is the only paper entirely
independent of Non-Partisan League
connections which goes to as great a
length to examine the leagues side OF
the dispute "a New York daily" it
says, (which is supposed to reflect most
sympathetically the interests of Wall
street finance" has virtually prophe
sled the crash of the Dakota bank in
dispatches whose "pessimistic intima
in the newspapers crowded columns
than are ordinarily claimed by the af
fairs of a state bank" Thus we read.
it continues. that Minneapolis and Chi
cdSO bankers nave ueCuneu 10 un0eT-
take the sale of $4,000. 900 of North Da-
llota bonds that have been contempla ted
as a means of putting the state bank on
a sure financial basis
That there is an "other side in North
Dakota" the New York Globe Gnde-
pendenD admits. and the question is
whether there has been "a deliberate
refusal on the part of city bankers to
do for a really sound non-partisan in
stitution what they have done else
where for private institutions" The
Duluth Labor World declares that the
money trust has already "boycotted
North Dakota" as a punishment be-
cause the state had the .boldness to
enter the realm of private business"
Defending it's own course, the Nom
Partisan League gives the following
eXplanat tion of the situation through
it's organ. the Fargo Courier News:
The present situation is the product
of the first imitation of the war, then
of the defiation of the postwar period,
then Of the robbery of the farmers on
prices. And the responsibility for the
situation lies between the administra-
ton in Washington, the Federal Re-
serve Board, Wall street and the grain
gamblers"
The Ithaca On. " Journal-News Gn-
dependent grants that while there
may have been some indiscreet
financing" Of the state bank, it cannot
''be regarded as proved" and in any
case ito attribute conditions in the
northwest" to activities of the league
''is absurd
The Rochester Times Union (inde-
penden9 considers it unfortunate"
that Dakota tried a. novel and ex-
pensive" experiment in a bad time. but
it feels that revision of state laws
to meet the terms of a group of bank
erS would be even more startling
than anything fathered by the Nom
Partisan League.
The Rocky Mountain News Gnde-
pendent) says: North Dakota under
took to do for itself what cannot be
done by single state in this day and
generation. In this day of bureau
cracy and federalism and foreign land
lordism we cannot condemn a state
for seeking to assert it's right. but
this must be done seemingly and with
regard to economic law"
No suspicion of dishonest methods,
remarks the Lexington Leader (re-
publican). but downright denial of
the validity of economic principles" is
to answer for the "fiasco." Townleys
bubble" has burst" says the Chatta-
nooga Times (democratic). The Louis
willie Courier-Journal (democratic) lays
it to "amateurish-if Utopian-method
the st. Paul Pioneer-Press Gndepend-
ent) calls the movement of banks run
by politicians for banks run by bank
ers." To the Topeka State Journal
independent republican, it is simply
governmental meddling with busi-
ness"
The explanation Of the action of the
bankers in refusing to take up the
bonds of the state is given by. the
New York Times independent demo-
cratic): ''They don't want to sell the
bonds because there is doubt as to
their validity. because the league Is
divided into hostile factions about the
transaction. because the bonds have
been peddled about in Chicago and New
York by irresponsible persons and
have lost credit with investors; be-
cause, principally and fundamentally be-
cause, the bankers feel that the public
has no appetite for bonds of a social
list state, and because, naturally. they
don't want to seem to prescribe a sys-
tenn Of government to the North
Dakotans. So Mr.. Townley's econo-
mists are left to stew in their own
i,,ir