The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-02-21
SHUT UP BANK
OF NO. DAKOTA
BILL DEMANDS
Independent Program Provides
No Compromise on Question
Of Bank Future
WOULD REORGANI E
Efforts of Opposition to Nonpar.
tisan League Expressed
in Bills

The Independent program" is now
we'll defined. Bills covering the prin-
cipal proposals Of the Independents
now are in the legislature, and while
they are not expected to pass. they
will, Independents say, tell the peo-
pie of the state where they stand
House Bill No. III, introduced by
Representative McGauvren, provides
for the immediate liquidation Of the
Bank of North Dakota. 1t carries
no compromise suggestion, no idea
of ''pussy-footing" on the situation.
1t would have a board Of three trus
tees begin the immediate liquidation
Of the bank.
Rural Credits Board.
The Independents propose a rural
credits board, but it is not proposed
as a substitute for the Bank Of North
Dakota. 1t is proposed as new
branch of the state government, to
be administered by board on an en-
tirely different plan from that on
which the Bank Of North Dakota was
formed.
With regard to state industries the
Independent program takes chiefly
the attitude that the men now in
charge of these industries are not the
men who ought to be in charge Of
them. The bill covering this phase
Of the situation merely proposes that
the Industrial Commission, instead
of being composed Of Governor FraZ-
ier, Attorney-General Lemke and
Commissioner of Agriculture Hagan,
would be composed Of Secretary OF
State Thomas Hall. State Treasurer
John Steen and Commissioner Hagan,
and provides limitations. Elections
III the state without party designa-
ton are also urged by the Independ-
ents. .,
House Bill No. 217 would wipe the
name Of the Bank of North Dakota
off the map eventually. Section one
provides that the Bank Of North Da-
kota as established and created by
Chapter 147 of the Session Laws Of
1919 be and the same is hereby dis
continued and dissolved for all pur-
poses except for the purpose Of liqui-
dation, as herein provided"
A board Of trustees, consisting Of
State Treasurer Steen, Secretary Of
State Thomas Hall and Commission
er of Agriculture John Hagan would
be created to liquidate the affairs of
the bank. 1t would have authority
to collect all debts due the bank and
pay all liabilities, to maintain and de-
fend actions in the name of the board,
to be sued as trustees of the bank and
that it may convey proper instru-
ments in the name of "The Bank Of
North Dakota, Dissolved"
Duties Of Board.
Section provides: 1T shall be
the duty Of said Board of Trustees,
Immediately upon this act taking ef-
feet, to take possession Of the Bank
of North Dakota and all its assets
and business, sfor the purpose here
inbefore designated, and said board
shall proceed as speedily as possible,
consistent with the interests of the
state, to wind up the affairs of said
DdIk' anu lOE IHe puI IpOSeS oA CdlTy'
ing into effect the provisions of this
act, said board shall have full au-
thority to employ manager of such
bank during such period of liquida-
ton, and such agents, attorneys, &C
countants, bookkeepers, clerks and
other assistants, as may be deemed
necessary for the proper and expedi-
tious discharge of the duties of SUCH
board; and they may fix the conf
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