The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-10-20
NOTICE OF GENERAL ELECrIoN

| Attorney General.
Commits Sioner OF Insurance.
| Commissioner OF Agriculture ant
Labor.
Railroad Commissioner.
| state Senator.
Three members OF the House ol
Representatives. 21th District
NO-rnrty Nominal lions
Three Judges Of the Supreme Court
Superintendent Of Public Instruc-
ton.
Two Judges of the District Court.
County Officers
Sheriff.
Auditor.
Treasurer.
Clerk OF District Court.
Register OF Deeds.
States Attorney.
County Judge.
| Superintendent OF Schools.
| Public Adm istrator
! Surveyor,
! Coroner
County Commissioner. End District
County Commissioner. 9Th District.
Assessor. LIST District.
| Assessor. Attn District
Four Justices OF the Peace.
Four Constables.
! One Official Newspaper. See Chap
ter l72. Session Laws. 1925.
Constitutional Amendment
| An Amendment to the Constitution
or the State Of North Dakota. by way
OF addition thereto. providing for the
payment by the state Of deposits IN
state banks. which became insolveht
and closed between January l. 1919.
and May Is. 1928; the issuance and
sale Of bonds OF the state In the
amount of $25.000,O 100000 for the pur-
liquidation of the affairs OF the De-
positors' Guaranty Fund prohibiting
the guarantee OF bank deposits.
BE 1t Enacted by the People Of the
State Of North Dakota that the Con-
kota be amended by adding thereto
the following article:
Article A5 Guarantee Of Bank DeDOalts
Section l.. BY this Constitution the
people OF North Dakota do. ordain
Dakota has long assumed and exer-
cised control OF the business OF bank
Ing within the state by regulating,
restraining and governing II, and IN
the year 1917 in pursuance Of such
general policy the state caused to he
enacted a law providing for the es-
adjustment OF a Depositors' Guaran-
~ Fund. the purpose of which was
to guarantee the payment OF general
deposits in state banks. Such fund
and controlled by the state. acting
through it's public officers desig-
mated by II for such purpose. BY the
enactment OF such law and Its adj
mlnistritlon ~ the state through lts
public officers the people were led
70 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
the citizens OF the state entrusted
their savings and other money to
such banks in the form Of general
deposits. Since the enactment OF
| = 10
and up to and including the 18th. day
OF May. 1928. more than three hum
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.oo0) people OF the state
whose deposits aggregate approx
mately $4,000, 10000 over and above
the ability Of such banks to liquid.
ate. II has become apparent thai
such deposits cannot be paid by thu
insolvent banks nor H. the Deposi'
tors Guaranty Fund. nor by thu
combined resources Of said banks anC
said fund. and because thereof ths
earnings and savings and many thG'e.
Of be reduced TO poverty and
want unless the state shall assume
tho burden OF reimbursing such de.
positors. BY reason OF It's general
policy Of regulating and controlling
the banking business. and particular.
ly by its enactment OF said DEPOSIT
tors Guaranty Fund Act and its ad-
ministration thereof through public
officers. the state is morally Obliged
fulfill its moral duty TO pay such
claims will adversely affect its credit
and will enEender In the minds Of its
citizens dstrust and lack 81 conf
fore declare It essential to the gem
eral welfare OF the state cpnd the
prosperity and tranquility OF the in
habitants thereof that the State OF
North Dakota should discharge Its
moral obligation and pay the claims
ment thereof is in furtherarcc of q
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-
| 1928. after crediting thereon pay
ments that have been made or may
hereafter be made by dividends in the
course OF liquidation OF such insol-
| Section 3. 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 greal seal
exceed $4,000, 100000, in denomina-
lions from $4,000 to 100000 bearing
interest at rate not exceeding five
per cent (5@) per annum. Such bonds
shall be issued in series payable al
10. Is. 20: rs 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 Liauidat.
ing Board, hereinafter provided for
the proceeds shall be needed for thu
purposes herein specified, but they
shall not he sold for less than par.
ing effect hereof the Depositors
Guaranty Fund is abolished, and tn.
Depositors Guaranty Fund Commits
sion shall account TO the Liquidatinl
funds and assets In its possession fol
the benefit OF the state. and no Law
shall be enacted providing for tn,
guarantee Of bank deposits.
Section 5. The Governor. Stat'
hereby constituted a board to b,
known as the Liquidating Board
which Is charged with the admins
tratton OF all matters connected witt
the allowance and payment Of claims
1
the event Of any question arising
whether q claim Ia based upon q de
posit or as to the amount Of sucl
claim. 1t shall be the duty Of TIL
Liquidating Board to pass upon sucl
question, and II 1t shall decide aid
versely to the claimant he shall hav
q right within sixty (e0) days afte
written notice of such decision I,
bring an action against the Liquid
ating Board In the District Court o
BurleiEh County to establish the de
posit or the amount due thereon
which action shall be triable to tn
court.
The Liquidating Board may emplo,
and fix the salary Of an E.xecutiv
Secretary, and delegate to him sucl
part Of its duties as it shalt cea III
his acts. however, to be always sub
tect to the approval OF such heard
The Executive Secretary shall TAX
the constitutional oath Of office an,
devote his entire time to the duNe
Of his office. Such board may hls,
employ and. fix the salaries and lu
ties Of other assistants ana clerks q
i shall deem necessary to the prOmp
diech1rge Of its duties hereunder. !,
Section s.. Upon the payment o
any deposit the state shall Sc subr3
gated to all rights Of the dep0s:to
against the ReDeiver OF the bank o
I6A0o9fts which rfn1t ahnll H. nuf.,Cn,1