Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1921-03-31

Seymour, of Union township, did not
get his notice of preciset caucus in
time last week, but he writes his senti-
nents to the Record man. He is OPP
posed to the recall idea, and says:
II feel like the man who sat on a bee.
It proved uncomfortable to hin, but
the bee wasn't enjoying it, either"
A copy of the March 18th bulletin
Of the Bank of North Dakota is in
the hands of the Record. Mr..
Cathro's letter breathes venom as
result of the disclosure of some Of his
methods of banking since being
placed in charge Of the state financial
institution. We should like to pub
lish and comments on all contained
in this bulletin, but its volume pre-
vents. However, we wish to publish
a few extracts for the benefit of our
readers. In touching on these points,
we wish our readers to keep in mind
the statements made over Mr.. Cath
ro's signature in this bulletin, and to
compare them with the claims being
made by the league newspapers, more
especially the Emmons County Free
Press.
First of all, Mr.. Cathro carries the
old attack against the bankers of
North Dakota, the public corporations
that protested their interests by gar
nishment procedure, the independent
newspapers, and the eastern financial
interests. He proceeds to lay the
fundamental blame for all failure of
State Bank to properly function to
the financial interests that refuse to
buy the bonds. He refuses to accept
his own responsibility for improperly
conducting the bank that has placed
him at the mercy of the eastern finan-
cial interests. His analysis of the
fundamental causes Of North Dako-
ta's troubles are as follows:
/. That in many localities in the
state farmers have not had full crop
for three or four years, and in some
localities losses have been practically
total for three or four years;
2. That, owing to the disastrous
slump in farm prices, many of the far
mers in these localities are unable to
pay their obligations in full, even by
selling the whole Of this years crop.
3. That even in districts where
the 1920 crop was normal, reductions
in prices have very seriously impaired
the ability Of farmers to meet their
obligations.
4. That in order to avoid selling
below cost, many farmers are holding
their grain for better prices and thus
delaying liquidation of credit;
S. That owing to disturbed condi-
lions in tie state and the dissemina-
ton Of confused and contradictory, if
not false, statements outside of the
state, investors have hesitated to send
their money to North Dakota;
6. That the carrying out Of the
will of the people as expressed in the
Bank Act, passed by the 1919 session
Of the legislature and approved by the
people on referendum, has resulted in
redistribution Of public deposits in
banks, and in the temporary tying up
of a portion of the funds Of The Bank
of North Dakota in long time loans to
farmers and loans to state industries;
z. That the carrying out of this
policy necessitated cooperation on the
part of public corporations, as we'll as
of banks, and that that cooperation
has not, in most instances, been
forthcoming;
8. That the adoption of the initi-
ated law, making optional the depos-
iting of county and local public funds
in the Bank, and providing no depos-
itary banks to which the funds could
be removed, has very seriously en-
barrassed The Bank of North Dakota
and has added greatly to the difficult
ties Of local banks;
8. That instead of bringing for
ward constructive plan, or in good
faith supporting the plan adopted by
The Bank of North Dakota and APP
proved by the Bankers Convention in
December for the relief Of the situa-
ton, the opposition to the Bank has
carried on relentless campaign Of
nnfair criticism, Of ruthless exposures
.sf confidential relations, under the