The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-01-10
Says Program Laid Out by
Bankers Cannot Be Ac.
cepted BY 1t
ATTACKS WALL STREET
Calls It Attempt on Part of
Financiers to Try to Dictate
Policies

dustrial commission in its formal re-
ply to the outline Of the situation
given by the bankers committee.
The commission charges that the
proposal to enact new legislation with
regard to the industrial commission
is "a plain attempt on the part OF
financial interests presumably wan
street financiers to dictate the politl-
cal, financial and industrial policies
Of the state of North Dakota. Ihe
reply Of the commission, made late
Saturday evening, follows:
Bismarck, North Dakota,
January 8. 1921.
To the Honorable Committee OF
Bankers Appointed By the Bankers
and Bankers Association OF the STATE
to Confer with the Administration
and Members of the Industrial Com
mission Relative to the Sale OF STATE
Bonds.
The Industrial Commission has be'
fore it for consideration your COM
munication of the 7th inst. reading
as follows:
Bismarck, N. D., Jan. Z, 1921.
10 the Honorable, The Industrial
Commission, and The Bank of
North Dakota:
The committee OF bankers, invlte1
under date of Dec. 30, last to con-
fer with you with view of deyising
some means of selling available sc.
curities and lettering the financial
situation throughout the state beg to
c,,bu,ik tho fo11nwin0.
Through the numerous conferences
of the past month, it would appear
that the most immediate and lmpor'
tant question is the sale OF the sew
eral issues of the state bonds no"
being offered.
The bankers of the state have
earnestly endeavored to assist In the
sale of these bonds, but so far with
out success. The administration has
also been unable to sell them.
The bankers have ascertained the
condition under which those bonds
could now he sold by them, and with
those conditions before them, make
the proposition:
The bankers would undertake to
sell
$3,OO0,00O of farm loan bonds, as
we'll as the balance of the $l0,00O,OOO,
as reasonably needed and the mar
ket will absorb.
$2,OOO,OOO Of mill and elevator bonds
to complete and put In operation the
Grand Forks mill and elevator.
$25O,O0O of home building bonds.
$1,O0O,000 of the Bank of North Da-
kota bonds
10 bring this about. It would be
necessary on the part of the admin
istration-
To limit the operation CT the Bark
of North Dakota to the administration
Of state, state institutions, and state
industry finances, farm loan and
farm loan bonds.
To procure the enactment of a
new depositary law 70" counties,
townships, school districts, boards Cf
education, villages and cities, making
every going bank permanent pub
lie depositary, and fixing the rate of
interest by statute, providing also
for publicity as an assurance that dc.
posits would be properly distributed.
Provide some assurance to the puls
lie that the sO-called farmers indus
trial program will be confined to the
Grand Forks mill AMI elevator, to
the Drake mill, and the Bank Of
North Dakota. and that no state in
debtedness other than the above be
created during the term If the pres
ent administration.
To confer with attorneys :or bond
buyers at an early date. and if any
new or amendatory legislation. or
order of the industrial commission is
required, to make the bonds more
readily marketable, to see that it is
provided.
Gentlemen:
We wish to assure the Committee
that We appreciate the interest it has
taken in this matter. The PROPOSE
ticn, however, cannot honorably be
considered by the commission for
the reason that it is a plain at
tempt on the part of the financial
interests presumably Wall Street
tipanciers to dictate the political, f.
nancial and industrial policies of the
State of North Dakota, and requir-
ing a surrender of the sovereign
powers Of the state to manage its
own affairs, and to permit the dicta.
tion and interference with the inde-
pendence and liberty of the free
people of sovereign state. The
time has not yet arrived when any
group, no matter how powerful f.
nancially, can dictate to this state
how to manage its own affairs. Ev-
cry state in the Union is guaranteed
a republican form of government un-
der our constitution. The officers of
the state, even though elected by the
people, have no authority to surren-
der it's sovereignty. Rights once
surrendered are seldom if ever re-
gained. We are satisfied that any
group of men that would exact such
a surrender and arrogate to them
selves the prerogative of making the
laws for the people of the state
would rule with tyrannical hand.
The bonds of North Dakota can
and will be sold without surrender
or compromise of this nature. We
are satisfied that your committee
did not expect the industrial com.
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