The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-11-01

Guaranty Act" Directly. the state
has no legal obligation to satisfy, in
directly it becomes another question.
According to the banking laws Of
our state and which our legislature
has enacted and Of which we, the
people, are directly responsible, the
state assumes supervision of all
state banks in this state and should
act Is . supervisory guardian Of all
money in hands of such banks. In
view of these facts, is it not natural
to assume that the state has an in
direct liability to shoulder?
The question also arises, has the
state done its duty in the supervision
Of our state banks? This also is z
question that the voter will do we'll
to carefully consider before he casts
his vote either for or against this
bond issue.
It is conceded by every fair mind
ed person, that the state has moral
obligation to satisfy towards tho
creditors Of the closed state banks,
m obligation which is impossible to
set aside without serious consequence
to our state and its people.
Looking at this proposition from
another angle the question will also
arise, why should the people who
sustained no loss 1T oil assume any
obligation and assist in paying off
this obligation? The question is
answered by asking another ques-
ton. The people Of this and other
states deposited their money in our
state banks in good faith and de-
pended that their interests were
safeguarded by the state and the
answer to the question IL, why did
the state Of North Dakota permit
bankers to display placards and adj
vertising in gold letters on their
window shades. that deposits were
guaranteed by the state of North
Dakota? Why has the state per-
mitted that the depositors should
b so grossly misled in believing
that deposits were safeguarded
against any possible loss! In view
Of these facts, is there any one who
will venture to say that the state has
neither legal nor moral obligation to
discharge? Where there is super.
vision there is also responsibility.
The opposition to this bond issue
contend, that by giving this proposed
measure our approval it will bank
rupt the state. This contention we
verify believe is founded on decep-
ton. To discharge just obligation
it it be legal or moral, will never
cause bankruptcy. The cause of
bankruptcy is the evasion of meeting
our obligations either in q public or
private capacity and to live above
our means Of income. BY discharg-
ing our obligations both at home and
abroad, we strengthen our credit,
build up our homes and increase the
wealth of our state, it restores con-
fidence in ones self, confidence
among ourselves, and confidence in
our state and nation.
There is any number of old and
disabled people in this state who
lost everything they, through q
conservative life, had saved and
which they in their old age depended
upon for existence. Through the
bank failures they were left desti-
tute to rely upon public and private
charity.
Approximately $3.50, 900 dollars is
paid into the guaranty fund annual
", by assessments against state
banks which are in operation. This
amount goes to pay off depositors
in closed banks after all overhead
expense of the guaranty fund COM
mission has been deducted. At the
rate that assessments are paid into
the guaranty fund, it will take gem
erations to come to pay off the obli-
cations already imposed on the bank
guaranty fund. To impose 4 larger
assessment on the going hanks would
practically mean confiscation of
their property.
Who pays these assessments ! Is it
the banks or is it the public, gener-
ally speaking? We contend that it
10 the public that pays these assess
ments, the public which does busi-
ness with tho banks. and We all do
to Z greater or less degree. At this
rate which would be the best to do,
either to pay off this obligation at
one time by approving this bond
issue. or, pass this obligation to the
next generation to Gomez What
ever your decision il going to be on
this bonding issue, you may rest as
sured that the public eventually pays
the bill.
We have two young men incar.
cerated In our penitentiary serving
. life sentence for the crime Of MUIR
dor, and II We shall judge by re-
marka made by the court 1t tho time
Of sentence, we are inclined to be-
lieve that not only murders were
committed but also arson. Arson
il the most heinous and dastardly
crime that can be committed by any
human being. II the victim Of this
crime had possessed confidence in
our banks for the safe keeping Of
his funds, instead Of keeping them
1T home, the probability is that this
crime would never have been COM
mitted and the perpetrators Of this
crime could have been Of some USE
ful service to society.
II we would stop and seriously
consider the magnitude Of the re-
probabilities Of our citizenship in
stead Of magniloquence, which ii so
many instances is manifested. we
venture to say, that there would be
fewer crimes committed than there
are at the present time.
It is deplorable the attitude the
opposition is taking in this bonding
issue. Instead Of giving the public
fair and impartial information both
TOR and 4gainst this issue, they re-
sort to Misrepresentation which is 4
trayesty on justice.
From the Digest Of Facts" Of
October 2oth. we quote the following,
which has = bearing On this pro.
posed bond issue.
They seek to masquerade in
Sleeps clothing wearing the pelt
Of IN innocent lamb "the be-
positor." They care little for ;.
such; it the people ever should
vote to assume auch q burden
the certificates of deposit would