The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1921-01-20

CREDIT MONOPOLISTS OFFER TO
SELL BONDS IF STATE SUR
RENDERS GOVERNMENT

SELL BONDS IF STATE SUR
RENDERS GOVERNMENT
Bismarck, N. D.-The committee of
bankers appointed by the bankers and
Bankers Association of North Dakota
to confer with the state administra-
ton and Industrial Commission rels-
tive to the sale of bonds and other
measures to relieve the financial con-
dltion, laid the nervy proposition of
the Eastern money lords before tho
members of the Industrial commission
and Director General Cathro on the
9TH.
Their proposal was nothing less
than demand that the state abdicate
its sovereignty and surrender to their
attorneys it's inalienable right to SELF
government. Needless to say, this i'm
pudent demand was promptly turned
down by the states officials. This tru-
ly American action is what the Fargo
organ of the mortgage loan sharks
headlines thus: Governor Frazier
kicks over peace table," this tho it is
known that members of the bankers
committee stated that they did not ex-
pect the state to accept the ultimatum.
The Ultimatum
The bankers committee said. "we
have ascertained the condition under
which those bonds could be sold" and
they offered to undertake to sell the
bonds, provided that: Well, that the
administration agree to scrap the In
dustrial program, wind up the Home
Builders association, make the Bank
of North Dakota a fake bank to fool
the farmers with, and then to pass
laws guaranteeing this abject surren-
der of the. sovereign power of the
state and to make every going bank
a permanent public depositary with,
evidently, a permanent monopoly of
public deposits.
Further the administration was ITO
confer with the attorneys for the bond
buyers at an early date, and if any
new or amendatory legislation, or or
der of the Industrial commission is
required, to make the bonds more
readily marketable, to see that it is
provided" On top of all this, the ad-
ministration was called on to give
"Some assurance that the so-called
farmers industrial program" will not
be extended and that "No other state
Indebtedness be created by the pres
ent administration Well say that's
some "co-operation" all right. For
n,odesty Wall Street has no competit-
ors, either.
You will notice that the bankers
only undertake to sell the bonds. They
give no assurance whatsoever that
this will be done, even after the State
abjectly abdicates it's sovereignty to
soviet Of Wall Street credit kaisers.
Even many local bankers seemed as
tonished at the brazen demands on a
state whose assets total over two bill
lion dollars.
Tyrants Are Challenged
The reply Of the Industrial COM
mission is undoubtedly destined to go
down in history side by side with the
Declaration of Independence and the
Proclamation of Emancipation. It
closes with the following ringing
words, words that speak the old lib
erty-loving language Of the fathers Of
the Republic. These words are:
s"The time has not yet arrived when
any group, no matter how powerful
financially, can dictate to this state
how to manage it's own affairs. Every
state in the United States is guaran-.
teed republican form Of government
under our constitution. The officers
Of the state, even tho elected by the
people, have no authority to surren-
der it's sovereignty. Rights once sur
rendered are seldom If ever regained.
We are satisfied that any group OF
men that would exact such surren-
der and arrogate to themselves the
prerogative Of making the laws for
the people Of the state would rule
with a tyrannical hand.
The bonds Of North Dakota can,
and will, be sold without a surrender
Of compromise Of this nature. We are
satisfied that your committee did not
expect the Industrial commission to
accept the terms and conditions in the
above communication, as some Of your
members frankly admitted. We are
positive that In the near future, with
your cooperation, these bonds will sell
readily. There is no better security
anywhere in the United States. Many
men Of influence and wealth outside
Of the state are seriously considering
the purchase Of these bonds just a.
soon as the present financial strin-
gency passes.
Yours very sincerely,
The industrial Commission,
Lynn J. Frazier
John N. Hagan,
William Lemke.