The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-02-11

crisis will be a recall election in Il
The decision of the Industrial Com
mission substantially is as follows:
/. The management of the bank Is
authorized to send agents out to COM
pei depository banks to meet their
obligations to the Bank of North Da-
kota. -. ~
2. Until the Bank of North Dakota
gets funds from collection, checks
will be registered as follows: .
a. Checks OF state treasurers
for hail warrants.
b. Checks of state treasurer
issued to counties, townships and
cities.
c. All other state treasurers
checks, except for penal, chari-
table and educational institu-
tions.
d. Township treasurers checks.
Q. All county treasurers checks
except those Of counties which
are depositing all their incoming
funds with the Bank Of North
Dakota, it being understood that
the hank shall continue to honor
checks of school treasurers,
checks Of state penal, charitable
and educational institutions and
checks Of those county ,treasurers
who are depositing all OF their
incoming funds with the Bank of
North Dakota. s''
Can Call Checks.
3. The bank is authorized to call
such checks so registered for pay
ment in the order of their registry
as fast as they can be met, and to
pay percent interest on them:
4. The board Of administration ia
asked to request the management OF
the state penal, charitable and edu'
cational institutions to keep checks
issued to the lowest possible point.
The resolution, it was stated was
in tentative form as to phraseology
and will not be made public in its
entirety until the phraseology is def
nitely determined. ..,. WI
The minutes of the meeting cite
that Mr.. Lemke moved, seconded bs
Mr.. Hagan, that the management Q;
the Bank of North Dakota be direct
ed to send agents to compel deposi-
tory banks to meet their obligations
to the Bank of North Dakota and
that such action be rapidly forced.
Hagan Introduces.
Mr.. Hagan introduced the resolu-
ton. 1t said that the vast majority
of deposits made with the Bank OF
North Dakota by public treasurers
were RENTED in the shape Of checks
drawn upon private banks throughout
the state and such banks were un-
able to pay the checks and the Bank
OF North Dakota, to relieve Distress
deposited the money with these
banks. >.
j Since that time many of those
banks never have been able to- pay
the Bank of North Dakota, the res
olution says, and continues to say
that the Bank of North Dakota has
endeavored to be as lenient as pos
aible. Private banking institutions
have charged that the Bank of North
Dakota was embarrassed and in fin
ancial stringencies when, as a matter
of fact, the resolution says, the only
difficulty is the inability to the banks
to pay to the Bank of North Dakota
It says the press is trying to conceal
a the fact that the financial stringency
is due to the failure of private banks
to pay the state bank. .-
"Decision Necessary"
The final decision of the Industrial
Commission was held inevitable by
administration leaders. 1t was de-
plored by some who had hoped that
there would be compromise to per-
NIT readjustment of laws governing
the finances in the state, to permit
outside money to be brought in the
state. BY others it was declared to
mean elimination Of all discussions
regarding the fiscal policy OF the
state and that it is intolerable, will
bring great and unnecessary hard
ship on country banks and patrons
and can mean only recall election
to decide the issue.
One banker declared that no sound
bank would close-that the banks
that would have to close would be
ones which ought to have been closed
two years ago by the state exam
liner.