Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-06-26
dias A..ociation
[ Proved 4 $506eo0 Ex-
pertinent, Hall OF Which
At Least IL A Total Loss;
! Bank Oh North Dakota
! Never Made A Dollar;
Says Law Was License To
/. Loot Public Funds.
PAGE TWO.

DECLARING that b issue of the
credit Ftofsthe state Of North Dakota
was in many respects the paramount
issue Of the primary election cam
candidate for attorney general, In an
address at The city hall Saturday
night, pleaded for the nomination Of
r. A. Nestps and other members Of
the Independent ticket.
when William Lemke and lis
a~ss0Ctatns rot the Bank OF
North Dakota law" Mr.. .Shafer
said. They wrote a legislative NJ
ens to loot tho public funds or
, the state of North Dakota. The
idea of hat law is wrong and
the principle Is ron III sou
want that sOrt of thing, vote for
Baker and the other members Of
his ticket, for they haven't dtl.
covered the iniquity and tho q:
O OF Tint law and of the record
OF the former administration"
Mr.. Shafer gave a splendid address.
II was q simple, straightforward talk
on the issues of the campaign. and,
because it was the result of clear
thinking, thorough investigation and
a complete knowledge Of the condi-
tons, it ave the people who heard it
a better and clearer idea of the prob
lens before the voters of the state.
es.l Losses to State
He showed how the Home Building
association had cost the state. $780,
700, at least hale Of which will be a
total loss; how the Bank Of North
Dakota had not made a dollar In any.
day it has been operating; how F. w.
Cathro, former manager of the Bank
OF North Dakota, misused and. mis-
managed The funds; how the Erazier
administration had sent men through
out the country to hawk North .Dako-
"a bonds, but without success, and
how the Nestos administration, after
taking hold of the state government
had sold the bonds, not by sending
men to various eastern cities, but by
having representatives of six OF the
large bonding houses of the United
States go to Bismarck and bid for
the bonds, not at 5 per cent plus a
discount, but at 6 per cent plus a pre-
I1ium-H He told, too, how Governor
Nestos had made a deal with the Min
nesota Loan and Trust company to
purchase. over two million: dollars
WOrth of hail warrants of the state.
and how the representative of that
company had told him that the COM
pany would not have offered the Fra
49, %oAE1 2dI6l oollai =.
Restoring Credit.
Since he has taken office Cover
nor Nestos has done much to; restore
the credit Of the state, of North Dako-
IT, Heshas worked forIits redemp-
don and . restorAdon of confidence,
and he has succeeaed,. I am told that
sftert HIS address, to thetRotary con
yantionsin Duluth a banker Of that
city, within q hoarSthe next morn
Ing, sold 101..eeNssworth of North Da-
gota SssIa.cHr1hsE And my friends "
want To toll pom that North Dakota
has lost 100000 worth Of credit in
-Many a speech Of Ex-Governor Fra
Ier, both within and without the
state" r.
He spoke, too, Of the class hatred,
Of he spirit Of luminosity that the
Nonpartisan league had engendered,
and said that these wounds now were
being healed There is much to do,
However, he said, and the work can
only be completed by returning Gov
ernor Nestos aid his associates to Of
dee