Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-05-15
CREDIT AND RESOURCES.

The credit Of a state does not depend, any more
than thar the credit Of an individual, wholly on its re-
sources. ! In order to be a first class credit risk the
individual must be able to, pay. He must have re-
sources which can be turned into cash sufficient to
meet any obligations which he may assume. But
he may have such resources and still b estonsidcred
a poor risk. His personal character and business
habits are also taken into consideration, and if these
are unsatisfactory he will find it difficult to borrow
money at reasonable rates.
The state of North Dakota has abundant re-
sources in the fertility Of its soil, its coal and CLAY.
and the wealth that is represented in buildings and
nerds and productive enterprises. Given reason
able time the state is able to meet all reasonable OBJ
%iigatlons. But, possessing all the vast resources
which it has, the credit of the state shrank to almost
nothing, and without any great incfease in these re-
sources, that credit has been revived. The ele-
ments OF character and business habits have come
into play and have made their influence felt.
In the case of Russia we have a conspicuous il.
|lustration ofshow other things than resources affect
credit. Russia is one Of the richest countries in the
world IN natural and undevelopcd resources. Her
agricultural possibilities are almost beyond estim-
ate. She has magnificent forests of valuable tim
Der. She has some Of the most valuable mineral
deposits in the world. She is physically capable Of
paying all the billions that she has borrowed and
OF returning handsome profits on other billions
winch might be Invested in, the development Of her
possibilities. There IS money available in enorm-
Gus sums Tor development in Russia, and the world
is eager for that development, because it would be
universally beneficial.
Yet the country stands till. None will invest
money infRussia save those who are willing to take
the gamblers chance. Why? Because the blight of
communism has spread itself over the land and has
destroyed the credit of the country. North Da-
kota's experience along this line has been less COM
Ipletc, but It has been ample; We should know
when we have enough.
Now that one woman has divorced her husband
on account OF his being a golf maniac the game viii
probably become even more fashionable than it is at
present IN certain circles.
Senator Baker says. that the Home BUILDING
law was all right but that it was mismanaged. The
latter part OF his statement is true enough but WIN;
couldn't Senator Baker find it out when he spent
several weeks Investigating the matter early in
1921?
Dynamite still seems to be more popular than
M among our best bornbers.
The University R.O. &c. students Who
'crawlcd tflroughh the mud during the inspection held
last Thursday probably agreed will, General siher-
man. s@
AT the ,rate Tire senate Il proceeding now the
neWstariH bill may not be completed before the next
congress deScides ~ change il. It would be pretty
tough on ON rational soloas not to have a tariff 5to
I NosnsHauu dil{Gsi;ct attsney appointed va
Fora DemoefSt C6JsSM fdret seems to stand rather
we'll witbsthAs fWUsn %epahfcan enatorsssyfo have
sshsrss # " 'patr9p 81 q ~ ne. .tste:
:Appsrensy someoae from Missouri ~
8 xkoVp,as n stlA thk nofniSaiion IF Mlfs GoIdsteii, sfoel
ellsstesssstf iaatsfAai 1kyysnne NIX Withdrawn Al M.
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