The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-02-09
PEOPLES FORUM
ON PAYING DEPOSlTORS

ANOHICS ANOl VII bdhOlds
To The Tribune,
Bismarck, N. D.
In it's issue of January Gath The
Tribune advises that any proposition
to bond the State, to pay off depos-
itors in closed banks should be
promptly squelched, and quotes Gov
ernor Sorlie and Governor Hanna in
support of the advice.
A few days ago Governor Sorlie
was quoted as having suggested that
the Bank of North Dakota do the
job. but it created little or no COM
ment because every person knows
that it was just as impossible as it
was impractical and the chances are
that Governor Sorlie was not cor
rectly. or at least was not fully
quoted upon either proposition.
Naturally enough men like Gov
rnoraHanna and the owners of the
large 9city banks. the railroads, the
elevator companies, the public utili-
ties and other big interests would
be opposed to the State as whole
taking on the load. and would prefer
to see it continued on the shoulders
of the small country banks for an
other twenty years. without any
possibility of its ever being taken
care Of.
l have wondered if The Tribune is
thoughtless, or just plain selfish.
A few years ago North Dakota put
on the depositors Guaranty Law,
and invited every person to put his
money in the state banks because
there, and there only it was abso-
lutely safe.
Hundreds of US who we're no long
err able to toll converted our belong
ings, and put our money in the guar
anteed banks expecting to live on il
the balance of our lives.
Hundreds of widows throughout
the state took what little life in.
surance money there was left te
them, and did the same thing with
it.
The banks hung up artistic signs
telling US that our deposits were
protected by the state of North Da
kota, and the state banking official:
visited these banks two or thre,
times year, thought the signs look
ed pretty good, and permitted then
to remain.
In 1921 and 1922 when the bank.
began to blow up, papers like tn
Tribune advised US not to Withdraw
our money because even though tn
banks we're broke. the Guarant!
Fund furnished absolute protection t.
the depositors.
Our banks have all gone, and thos'
of us who believed we were no long
err able to earn living, are force,
to go out and look for jobs, and d,
the best we can with it.
Mothers of families who believe,
that they had sufficient to rails
and educate their children are GU
working to earn something to eat TO
them, and the children arc taking
care of themselves from morninl
to night.
County, township and school dis
trict officials called on hundreds o
US to sign depositary bonds for thei
PuOIlS AuHuS anu uuuuIcuS VI ldIHl
ers have given up their last dolla
to make good on these bonds, AM
hundreds are faced with debts whicl
they can never pay, and for whicl
lthey never received a dollar.
The Tribune is the first of tn
big state papers to confess and tel
US now that the Guaranty of De
POSTS Law is "delusion and
sham" and that our money is lost
Some wise legislator remarked tina
we should have kept our money il
the Bank of North Dakota, but "
had it there for time, and goo
deal of it is there yet, and we ca
never get it unless the taxpayer
provide for it.
In view of what has been, Their
are several thousand of US who be
lieve that the State of North Dakot
owes moral obligation, if nothin
more, and should make good upon i
We doubt very much if it is up t
The Tribune, or even up to the Leg
islature to say that the people of tn
State should not have an opportur
ity to express themselves upon thi
important proposition.
Be assured that If the Legislator
does not put the question up to til
taxpayers Of the State and let thel
vote upon it, the fifty thousand d,
positors in the closed banks will 81
THAT it is done very shortly after I'll
Legislature adjourns.
passed one Of the banks toda
closed two years ago. The deposit
Guaranteed sign 10 still in the vii
ld0w.
Very respectfullv Yours.