Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-05-27
MID AND ELEVATOR BONDS.

The local committee in charge Of the sale Of mill
and elevator bonds has begun It's canvass and has is
sued It's appeal to the public for subscriptions. The time
seems opportune for The Herald to declare again its at
titude ON this subject
First, - to the security Of the investment, brush
Ing aside all legal bubbles and conflict OF decisions,
there Is no reason to doubt the ultimate redemption Of
these or any other bonds issued under authority of the
ssate and purchased by individuals in good faith. Re
pudiation is not to be considered for a moment, and long
before these bonds mature the state will have placed its
affairs in the hands of men competent to handle them.
under whose management the aste will be able to meet,
as It Will always be willing to meet. its just obligations
While the ultimate security Of the investment is not
IN issue. Its convertibility into cash on short notice is,
and We believe that it is impossible to emphasize too
strongly the unwisdom of the exchange Of Liberty bonds
Or life insurance equities for state industrial bonds, a plan
which Is being strongly urged in Official quarters. Lib
erty bonds and life insurance are instantly convertible
into cash in time Of need; state industrial bonds are not.
And the person Of small means cannot afford to make
the exchange.
From the standpoint of public interest the state eleva-
tor and mill ought to be completed at the earliest pos
noie date. This Is the one industrial enterprise to which
the state is fairly, and honorably, and definitely COM
mftted.. The Herald has never believed that in the long
run this enterprise would prove a desirable one for the
state. But it recognizes the popular demand for it. and
because of this demand this paper has advocated and
does advocate an experiment in this branch of state
ownership, to be carried out in good faith and on a scale
large enough to make the results conclusive. The enter
prise has been decided on, the location for it has been
n0oen n ork on II mas been begun. Approximate
a million dollars has been invested in the buildings which
now stand unfinished and awaiting funds for their COM
pletion.
The work should be resumed and pushed to COM
pletion. 1t should never have been suspended. With
. sane business policy on the part Of the administration
1t need not have been interrupted. But the state author
tiles not only frittered away the funds actually at their
disposal and diverted them from their proper purpose,
but by their incapacity and bad faith created 4 condition
which prevented them from obtaining further funds.
They are today spending the states money at an aston
fishing rate in the maintenance Of costly Offices and sales
forces and in the publication Of high priced advertising
in order to peddle ont in driblets bonds which, with the
prestige of plain business competency behind them,
would long since have found \ ready market.
The Herald, in. common with most other citizens,
desires the early completion of this work. 1t believes
that as soon as funds are available. work will again
be undertaken. on what scale we have no idea. But there
is no reason to expect any better methods from the
administration than it has followed in the past. We
may expect the waste of money to continue, and the a.
version of money from industrial enterprises to the tpock-
cts Of political workers to be repeated over and over
again. There is no reason to expect any improvement
in the conditions until the present members of the indus
trial commission are ousted and others more competent
are given charge of the work.
In the meantime the canvass for subscriptions will
continue. The individual who is invited to buy bonds
must weigh against his desire for the resumption of
work on the mill and elevator the certainty that waste
and misa of funds will continue. In balanc-
Ang these things he must use his own judgment, but
zor the sake of his own interest and the interest of the
state he should judge with his eyes wide open and in full
recognition of all the facts.