The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-10-13
NOTICE or GENERAL. ELECTION

Representative in Congress to rep
resent the End Congressional Dis
trict.
Governor.
Lieutenant Governor.
Secretary of State.
state Auditor.
State Treasurer.
Attorney General
Commissioner of Insurance.
Commissioner Of Agriculture ant
Labor.
Railroad Commissioners.
state Senator.
Three members Of the House o
Representatives. 18th District.
No-Pnrty Nominations
Three Judges of the Supreme Court
Superintendent of Public lnstruc.
1on.
Two Judges Of the District Court.
County Officers
Sheriff
Auditor.
Treasurer.
Clerk of District Court
j.egister of Deeds.
States Attorney.
County Judge.
superintendent of Schools.
Public Administrator.
Surveyor.
coroner
County Commissioner, md District
county Commissioner. 9th District.
Assessor. LIST District
Assessor. ith District.
-Four Justices OF the Peace.
-Four coustables.
One Official New paper. See Chap
ter L.. Session Laws. 1928.
Constitutional Amendment
An Amendment TO the Constitution
OF the State Of North Dakota. by way
OF addition thereto. providing for the
payment by the state Of deposits in
state banks. which became insolvent
and closed between January /. 1913.
and May II. 1928: the issuance and
sale Of bonds of the state in the
amount OF $4,000, 10000 for the pur-
pose of making such payment: the
liquidation Of the affairs Of the De-
positors' Guaranty Fund prohibiting
tue guarantee of bank deposits.
Ee II Enacted by the People OF the
State OF North Dakota that the Con-
stitution Of the State OF North la
Eota be amended by adding thereto
the following article:
Article ~ Guarantee Of bank Deposits
Section |. BY this Constitution the
people Of North Dakota do, ordain
and establish: The State OF North
Dakota has long assumed and exer-
csed control Of the business Of bank
ing within the state by regulating,
restraining and governing 1t. and in
the year 1917 in pursuance Of such
general policy the state caused TO be
enacted II law providing for the es-
tabllshmcnt OF a Depusitors' Guaran-
Is Fund. the purpose Of which was
10 guarantee the payment III general
deposits in state banks. Such fund
has at all times been administered
and controlled hv the state, acting
through its public officers desig
mated by it for such purpose. Ky the
enactment OF such law and its adj
minis,ration by the state through its
pubic officers the people We're led
~ believe. and did commonly under
stand and believe. that the credit Of
the state was pledged TO secure the
payment Of all deposits in state
banks. and relying upon such belief
and understanding large numbers OF
the citizens of the state entrusted
such hanks in the form OF general
deposits. Since the enactment Of
said Depositors' Guaranty Fund Act
and up to and including the 18th day
Of May. 1928. more than three hun
dred 5000 state banks have become
insolvent and have closed, which in
solvent banks have general deposit
tors numbering more than eighty thou
sand (S0.000) people Of the state.
whose deposits aggregate approx
mately $25, 000,0e0.00 over and above
the ability OF such banks 10 liquid
ate. 1t has become apparent that
such deposits cannot be paid by the
nsolvent banks nor BY the DEPOSIT
tors Guaranty Fund, nor by the
combined resources of said banks and
said fund. and because thereof the
earnings and savings and many thn'e-
OF be reduced to poverty and
want unless the state shall assume
the burden of reimbursing such de-
positors. BY reason of it's general
policy OF regulating and controlling
the banking business, and particular
" by it's enactment of said DEPOSIT
tors Guaranty Fund Act and its ad-
ministration thereof through public
officers. the state is morally obliged
to such depositors, and its failure 70
fulfill it's moral duty to pay such
claims will adversely affect its credit
citizens distrust and lack Of conf
dence In the government. We. there
fore declare 1t essential to the gem
eral welfare OF the state and the
habitants thereof that the State of
North Dakota should discharge it's
moral obligation and pay the claims
OF such depositors. and that the pay
ment thereof j. in iurtherance Of a
public purpose TO which money raised
by general taxation may be properly
devoted.
Section >. The State Of North Da-
kota shall pay. without interest, any
balance that may remain due on all
claims based on general deposits in
state banking associations which
have become insolvent and closed be-
tween January l. 1919, and May IS
1928. after rrediting thereon pay
,ncnts that have been made or may
hereafter DO made by dividends in the
course Of liquidation Of such insol-
WIN RESERVATIONS.
Section = Immediately upon the
taking effect hereof the Governor and
state Treasurer shall prepare and is
sue under their hands, attested by the
secretary Of state. and the grea seal
Of the state. bonds Of the State of
North Dakota in an amount not TO
exceed $4,000 10000. in denomna-
tions from 10000 to S5.0Ooo0 bearing
interest at rate not exceeding five
per cent t5st per annum. Such bonds
shall be issued in series payable at
10. 10. 20. - and 80 years after the
date of issue. the amount Of each
series to be determined by the Gov
ernor and state. Treasurer. Such
bonds shall be sold from time to time
as in the Judgment of the I.iQuidat-
ing Board. hereinafter provided for.
purposes herein specified, but they
shall not be sold for less than par.
Section !. From and after the taxi
ing effect hereof the Depositors'
Depositors' Guaranty Fund Commits
sion shall account TO the Liquidating
Board herein provided for for all
funds and assets in its possession for
shall be enacted providing for the
guarantee of bank deposits.
Section 5. The Governor. State
h Tressurer and a,i. Secretary Of state are
known as the Liauidating Board,
which is charged with the admins
tration Of all matters connected with
the allowance and payment of claims
OF depositors herein provided for. In
the event Of any question arising
whether a claim is based upon de-
post or as to the amount Of such
claim, i shall be the duty OF the
LiQuldating Board to pass upon such
question, and If 1t shall decide adj
verse!y to the claimant he shall have
2 right within sixty (6o) days after
written notice OF such decision to
bring an action against the Liquid
ating Board in the District Court Of
Burleigh County to establish the de-
post or the amount due thereon.
which action shall be triable to the
court.
The Liquidating Board may employ
and fix the salary OF an Executive |
Secretary. and delegate to him such |
part Of Its duties as it shall see Ct, |
his acts. however. to be always SUBJ
ject to the approval of such beard |
The Executive Secretary shall take |
the constitutional oath Of office and |
devote his entire time to the duties
OF HIS office. Such board may also
employ and fix the salaries and Lu-
SNR nk1 ..f- -