The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-10-13

maybe the general is right, and nov
that the Order Of the Rising Sun has
been so signally bestowed upon one
of our beloved national characters il
is only fitting that the order of The
New Day or the Setting Sun be be-
slowed upon Lynn J. Frazier known
from the governors Office at Bismarck
to the inner chamber Of the Courier
News sanctum santorus as the great.
est of all North Dakota governors
which is also bunk.
Tns leaguers at Fargo are contemp-
lating having big victory gathering
to celebrate the victory over the recall!
and propose t. burn up a lot of red
fire, etc. This is like counting your
chickens. before they are Matched: We
suggest that they hold that victory
meeting on the 9th because after the
18th they won't feel like doing much
celebrating will be riding as
mourners on the political hearse.
If those two million dollars worth
of bonds have really been sold is there
any real reason why the firemen of the
state should any longer be deprived
of the money coming to them and
which has been paid into the state
treasury long ago? These bonds have
been sold ONE two or three weeks
we have been told in red ink and big
headlines. When the frement get their
money then the farmers might be sent
those checks for the 1920 hail losses
BY that time there will be nothing LETT
for the soldiers bonus.
It is apparent That it will cost the
government virtually nothing to re-
fund such of the Victory Notes as are
outstanding when they mature on
May Is, 1928. The treasury is now
borrowing money on short term certl-
fcates at per cent, and there is
tremendous demand for the securities
AS successive issues are offered 1t is
probable that further reductions in the
interest rate will be made, and in ~
months, when the Victory Notes ma
ture, the rate will approximate the
average rate of the two classes OF
notes. The total amount now out
standing is about four and a quarter
billion, of which about one-fifth bear
interest at 8 ga per cent and the bal
ance at 4 Sd per cent. The treasury
will not be able to meet those obliga-
lions out of current receipts, and a
refunding operation must be resorted
to. It is fortunate that the new issue
of securities will not put heavier in
terest burden on the government than
it now bears.
The Bank of North Dakota is doing
many strange things and among these
mention might be made of the fact
that it furnishes envelopes and stamps
for nonpartisan league propaganda
Also, it lends it's name to it. In or
der to get more money for the ever
hungry boys at the league headquar-
tiers begging letters have been sent
broadcast over the country and news
papers in other states have been asked
to print appeals for help. These ap
peals are mailed in envelopes bearing
the legend, After days return to
The Bank of North Dakota, Lock
Drawer No. 600, Bismarck, N. Oak.
Return postage guaranteed" the en-
velopes are what the printers call
"government stock" meaning that
the stamp is printed directly on the
envelope by the U. S. government. No
wonder the Bank of North Dakota is
popular with the League gangsters.
If the state through the bank can be
made to pay for the campaign litera-
ture mailed cut by the administra-
TONS machine there will be so much
more for the pie counter crowd. Of
course, this was before the S5OO,OO0
loan and the sale of the real estate
bonds. Now the league machine no
doubt is perfectly able to take care Of
all corners without any begging. The
two million and the five hundred
thousand ought to be enough for the
balance Of the campaign.
Thousands of farmers in every part
of the state, some of them with fore
closures pending or impending against
their land, need restored credit for the
purposes of securing renewal loans or
they face the certainty of losing their
land and the fruits of their labor
their savings and their sacrifices for
past decades. The school districts of
our state who have prepared plans and
in some cases even let the contract
1Or SCHOOL DullulIlSS VI duulClOIlS Uduly
needed and are unable to 60 on be-
cause of the fact that money is not
available, adds to the seriousness of
the problems. The fact that we are
today unable to thaw out the frozen
funds and to return to the school dis
tricts and to other political subdivis-
ions and to the various funds of our
state the moneys belonging to them
and which they so badly need in order
to pay teachers salaries, fuel bills:
and other claims upon these funds.
makes problem of restored credit Of
supreme concern to all who believe in
education and the full discharge Of the
obligations of the state. The problem
for the business man: no matter what
his line of business. is no less press
ing one than is the problem Of the
farmer and the official Of our school
districts, and many of these business
men will be forced to the wall unless
the credit of the state is speedily re-
stored. We think this is argument
enough for the voter to vote YES on
all the initiated laws.