The pioneer-review. [volume] (Philip, Haakon County, S.D.) 1920-current, 1922-02-09
REGARDING CREDIT OF STATE
South Dakota Has Passed Through
Hard Times Efforts of Enc
mics Directed at Credit
Of The State

from the 1anklOn PRESS ana La
kotan, written by Walter S. Travis
a former Pierre man, with whom
many in these parts are acquaint-
ed:
Credit is n peculiar proposition
Credit is the reputation emitting
one to be trusted, the right to be
believed, proposition of faith and
confidence. Credit for state is
pretty largely a dollar and cents
proposition.
Credit has been hard for the
average individual to get in these
times. 1t has been hard for muni-
cipalities to get. Counties have In
some cases been up against it.
Some states have been unable to
borrow money in any considerable
amount.
South Dakota has stood out
above all other states in this neccs
sary public confidence She has
/ foated her millions Of dollars
worth Of bonds, and broughe
money in to pay the soldiers DO
nus, and to pay rural credits loans.
and for her varied further needs
despite hard times.
This has been in spite Of the
further fact that in the intangible
credit OF both Dakotas has been
marred by conditions which have
existed in North Dakota in recent
years At a thousand miles dis
tance the line between the two
sister states is very hazy Regard
less Of what the man who knows
thinks Of the way they have been
carrying on in North Dakota, he
will, if honest, agree thatthe out
side credit Of that state has been
practically ruined. South Dakota
has survived this.
Further than that. the man who
knows agrees that bonding cor
porations who put up the money
to loan to states are skeptical
They look into loans before they
put out their cash. They won
touch a thing unless it is absolute
ly legal in all it's technical phases,
all its activities-unless their at
torneys are convinced that there
can be no charges of illegality,
graft and corruption brought up
Nv, op,,boJxy ,.oo,>o,c;l>Io o,,J 10 an
into court, to in any way impair
the value of those securities. And
they keep their hands on the pulse
Of credit" public confidence in
the securities of any given state,
and resulting eagerness or willing
ness to buy those securities. South
Dakota has satisfied them.
Through these times of deprcs-
sion and now into the dawning of
better day this state has pro-
eressed.
Two things are happening at
this time whose possibilities are
small but at any rate worth watch
ing.
One rises out of the fact that a
millionaire banker of Pierre re-
Gently committed suicide and an
examination of his affairs has
showed that during a period Of
years, nobody seems to know how
long, he has been passing paper
into the hands of bankers and
business men in the money marts,
men who did not keep their fing
ers on the pulse everywhere, men
who did not have attorneys to
watch and catch discrepancies,
men who relied largely on their
Judgment of the fellows to guide
them in their financial dealings,
and that several hundred thou
sand dollars worth Of this paper
was wortheless. This has been
heralded broadcast and it proba-
bly, is as we'll that it should be
1t is unfortunate that it is sound
ed abroad, but that is the natural
resultant of the fact and deed.
This may hurt the credit Of in
dividual South Dakotans in the
minds of the people of the east.
1t may hurt the credit of the
state to some extent, but state
which has passed thru the storm
stirred up by recalcitrant sister
state can probably survive that
blow.
And the other is that political
attack is being made on the credit
of the state itself. Various groups
and organs alleging themselves
disinterested IN affairs Of the state
are hammering that credit as best
they may. They are darting sus-
picious glances within the state.
glances which are stirring up bit
of dust but are accomplishing
little else because people within
South Dakota know how things