The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-01-31
n, P,SENAT0RS
PROPOSE TWO
BANKING BILLS
Creation of District Public
Banks Urged by Senator
IngersOn
3. OF N. d. MEASURE
Senator WOg Proposes to Re.
store Compulsory Depos-
it's in State Bank

Introduction of two program bills
by the Independents, two important
banking bills by the Nonpartisan
Leagr- and the killing of Sen +.
In" ms concurrent resolution
H. .orializing congress to stabilize
the price of farm products by the
passage of the Norris Sinclair bill
were actions Of long session by the
state senate yesterday afternoon.
The two program bills put in by
the Independents were measure to
do away with party designations in
state election, and a new grain grad
ing law repeating those portions of
the law passed at the last general
election which are now under fire in
the courts, and substituting provi-
sions which it is believed will stand
the test of constitutionality.
Of the two banking bills introduc.
ed from the league side of the house,
introduced by Senator Gust Wog,
would simply put back into effect the
old law requiring all counties, cities,
school districts, etc, to deposit all
of their funds in the Bank of North
Dakota.
IngersOn's Proposal.
The other measure, introduced by
Senator Ingerson of Burke county is
much more comprehensive, and is in
tended to make possible the creation
of a system of publicly owned, dis
trict banks throughout the state. The
districts forming these banks may
be of any size and may consist of a
city, Village, county, or group OF
townships. The only restriction is
that the assessed valuation of the
taxable property in the district form
ing the bank must amount to five
Inillion dollars.
The caDital of the bank to be form
ed in enc of these districts would be
obtained by the sale of bonds based
on the faith and credit of the di.
trict involved.
The capital obtained in this man.
ner, the bank would be formed by the
election OF group of directors by
the voters of the district, and th<
new institution would then proceed
to enter into general banking bus
mess. All public funds originating
within the district forming the bank
would be required to be deposited
therein.
The formation of such bank
would be determined on at an elec-
ton which must be called by tn.
county auditor on petition of 20 per
cent of the voters in the district
involved.
The Bank of North Dakota would
be the fiscal agent Of such banks
for the sale of their bonds accord
ing to the terms of. the bill. They
would be paid out Of the earnings
of the district bank.
Funds deposited in the bank would
be guaranteed by the district, and
would be exempt from all taxes. The
bill carries the emergency clause.
Election Bil.
Regarded Of great Importance IN
connection with the Independent pro-
gram is Senate Bill 233 introduced
by Senator Carey, which does away
with all party designations in state
elections.
The bill provides that in the pri-
maries the names of all candidates
for each Office shall go into one col
umn. Each may place after his name
in not more than three words sum-
mary of the principles on which Ne
stands. He may not however, in this
statement indicate if he is Demo-
crat or Republican.
7 The candidates receiving the high
est number of votes to double the
number to be, elected to any Office
would 60 on the ballot for the gen.
eral election:. Their names would
be placed on the ballot at that time
in the same manner as in the 'pri-
maries.
The bill does not apply in any man
manner to the election of congress
men, senator's, presidential electors,
or party committeeman.
Price Fixing Loses.
Senator lngerson's price fixing res
olution was killed by vote along
strict party lines after rather warm
debate. The vote stood, "a to % for
indefinite postponemept. Both Sena.
tor Whitman, and Senator McCoy
passed, the latter explaining that he
did so because he had no idea that
congress would pay any attention to
such n resolution.
The indefinite postponement of the
resolution was in accordance with a
majority report of the committee on
agriculture to which it had been re-
ferred. Senator. Ingerson warmly de,
Tended his measure declaring that
the only objection to it seemed to be
that itspecifically endorsed the Nor.
ris-Sinclair bill now pending before
congress.
AT the same time that the Inger-
son resolution was recommended for
indefinite postponement the commit
tee recopmended for passage . reso-
luton along similar lines introduced
IN the. house by Rep. jackson. and
which had passed the lower body.
The chief difference between the two
bills is that Mr.,Jacksons does not
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