The labor journal. [volume] (Everett, Wash.) 1909-1976, 1921-05-20
NORTH DAKOTA
SELLS BONDS
TO THE PEOPLE

Read the following story and you
will know why eastern finanGleIS
will not invest in North DaKo'a
bonds:
'The banking interests having re
fused to handle the bond ISSUE
North Dakota is writing new
page in our financial history by OF
fering its bonds directly to the peo-
pie. THE Nation, April IL.
That is precisely what the lndusc
trial Commission of the state OF
North Dakota is doing. The imam
ciers having refused to buy theSe
bonds, the bonds will be offered Oh
rectly to the people. Those VINO
are friendly to the North Dakota
Industrial program should lose no
time in subscribing for some OF
these bonds, and inducing their
friends to do likewise.
The bankers, in refusing to handle
or sell the bonds of North DAKOTA,
base their refusal on no question OF
security or validity. They freely
admit that North Dakota bonds are
second to no other state bonds, Doth
in point of safety and the amount OF
interest paid.
The bankers have refused to sell
North Dakota bonds because they
are hostile to the public ownership
policies of the people of North Da-
kota. These policies include state
ownership of central bank, flour
mill and terminal elevator and a
program of home building and state
insurance. This is not radical
program. Other states have state
owned enterprises,
The Bank of North Dakota is the
only state enterpris2 that has been
fully organized and has undergone
a fairly complete test under the most
trying circumstances of legal in
reference, political opposition and
financial deflation. In spite Of these
handicaps, it shows a net profit OF
over 100000 for the twenty months
of its existence ending March ~,
1921.
The small flour mill at Drake,
which was purchased by the state
in 1919, pending the erection of a
larger one, made fair profit above
expenses, and succeeded in paying
the farmer IL cents per bushel more
for his wheat than he had been re-
ceiving, and selling flour for so cents
less per barrel and feed at $3.50
less per ton than the price charged
by private mills. This little mill
has had an influence far beyond its
milling capacity and will save farm
ers and consumers tens of thousands
of dollars annually.
Owing to the fact that the state
mill and elevator project at Grand
Forks is now at a standstill for
lack of funds, after an investment
of 100000, it has been decided to
offer the mill and elevator bonds to
the farmers and business men of
the northwest The sooner these
bonds are sold, the sooner will this
great project be carried to COM
pletion.
The mill and elevator bonds yield
per cent interest and are exempt
from all taxes including federal in
come tax. They are backed by the
good faith and credit Of the State
of North Dakota, with it's popula-
IlOll VI oOoU,OOU anu OIlc DllllOIl SIN
hundred million dollars worth of tax
able property. The state owns sew
enty-nine million dollars worth of
property, and its total outstanding
debt is only $247 ,000-a figure that
is unique as near the lowest indebt-
edness of any state in the Union.
1t is less than the state sinking
fund, which at the present time is
1898, 151.37. The above indebtedness
does not include the $2,000000 Bank
of North Dakota Bonds that were
issued July l, 1919.
Anyone wishing to purchase State
of North Dakota Mill and Elevator
bonds, should write at once to The
Bank of North Dakota, Bismark,
North Dakota, and full infirmation
will be supplied.