The Bismarck tribune., 1922-10-31
DIRECT TAXES
FOR B0NDSAT.
HUGE FIGURE
Almost Million Dollars Levied
To Pay Interest on Indus
trial Bonds, Steen Says
LOANS ARE DELINQUENT
State Treasurer Points Out
Cost of Measures Thus
Far to State

Direct taxes amounting to $780, 900
have already been levied in North
Dakota to pay interest on bonds issu'
ed for the purpose Of carrying out
the so-called industrial programmed
cording to statements made in amin
terview today by State Treasurer
John Steen. This is just beginning,
Mr.. Steen points out. He points to the
Iact that aeEnquencles in real estate
loans made under the former admin
stration are $439,OOO and that taxes
must be levied to make up this de-
fict, if it continues to exist.
No tax has yet beens levied to pay
for bonds when they become due,
but the law provides that unless
there is sufficient profit from the
enterprises the bonds must be paid
off in general taxation. Mr.. Steen
declared his support for J. +. I.
O'Connor for United States Senator
~ am supporting Mr.. O'Connor
for United States Senator said Mr..
steen. "Why shouldn't l? Two
years ago l supported Mr.. O'Connor
for Governor and opposed Mr.. Fraz'-
er. This was not because Of any
enmity toward Mr.. Frazier or per-
sonal friendship for Mr.. O'Conno:.
It was because of the different IN
the things the two men stood for
So far as l know these men still
stand for the same things they stood
for then. Mr.. Frazier as Governor
asked the enactment Of House bi'l
"a. Mr.. O'Connor as a member OF .he
legislature. opposed it. House bhl
"A made the sky the limit.
What Socialism Costs
"As a result of the league IN
dustrial program, put into opera
ton by the Frazier administration,
the tax-payers Of North Dakota Will
be compelled to make good tremene-
ous losses. Direct taxes OF $3.50
100000 have already been levied to
nav interest on bonds issued Tor
the purpose of carrying out the
league program. This is just the
beginning. No tax has, as yet, been
levied to pay the bonds when thei
become due. Due to the fact that
real estate loans made under the
Frazier administration are delln-
ouent, $439, 100000 Of taxes has been
levied to provide for the payment
of interest on real estate bonds.
Considering the fact that the Bank
of North Dakota, during the Frazier
administration, made only S2,77l,-
600 1000, in real estate loans, the de-
faults are to say the least rather
startling. Are not these losses to
to the taxpayers enough? Yet, II
House Bill AZ had carried, that IS
if the sky had been the limit what
would the losses have been. In
wears to come, millions in taxes
will have to be levied to pay the
states obligations created by the
Frazier administration.
Frazier on Senatorship
II am a republican, and should
naturally have preferred to have
seen a Republican elected United
States Senator. But there is no
Republican candidate for the office
this year. If Frazier is elected,
whose victory will it be? Will not
every radical in America point to
it as victory for what they stand
for, and as a reputation OF Ke-
publicanism Will not the Appeal
| to Reason, the New Republic, The
Nation and other publications OF
that kind point to it as an evidence
of the fact that the doctrines which
they preach are in favor with the
people of North Dakota.
"Thel people of North Dakota are
confronted by questions which go
deeper than party label. A Ford
does not become a Packard because
it is SO labelled. Frazier has rather
gloried in the fact that he is not
bound by party ties, that he stands
for things which the Republican
party refuses to stand for, and
which the two REPUBLICAN ex-presi-
dents Roosevelt and Taft. condemn
ed. It is an insult to intelligence
to say that Frazier is entitled to
support because he is Republican
and stands for Republican princi-