The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-10-27

;Thres. msmesrs ef ! TIE House o.
lRsprsssnta tvs. 27sA Dl.tfist. +.
Three 49, {, H 81. sa.. c...
! fupsrintendent OF Pebble Instruc.
Two Judges of the p,.tslct G, Court.
.... County offiesis
, AHsa utor.r ~
Clerk OF District. Court. = :.
Register ofeDeedS. j ii
states Attorney. 49,.
/, County Judge "a
observation-disclosures Schools. s.
~ Public .AdminJ4trator. Il j
eeo orUese:, -, " II
isS b b:trs
Asssssor. 1st District.
AsSessor. 4th District. !.
-Four Justices, ofsths Peace.
One Official Newspaper. See Char.
Cesstitutienal Anealaent ).
An Amendment to the Constitution
q the state ct North Dakota. By way
Of addition thereto. providing for the
state banks. which became insolvenf
and closed between January. i. 1915,
ana May 15. 1875: the issuance and
sale OF bonds OF the state In the
amount OF $4,000. 10000 for. the pur-
liquidation. Of the affaifs OF the Do
posters Guaranty Fund prohibiting
the guarantee Of bank deposits. N
DO 1t Enacted by the People Of the
STATE Ct Ncrth Dekots tnat, the Ccn-
kota be. amended by adding thereto
the following. article:
Article q Guarantee Of nank Deposits
Section l.. BY this Constitution the
people Of North Dakota do rordatn
Dakota has long assumed and exer-
cised control Of the business Of bank.
Ing within tho state by regulating.
restraining and governing It, and In
the year 1917 IN pursuance OF such
enacted aslaw providing for the 81.
~ Fund. the purpose Of which was
70 guarantee the payment OF general
II ;sa: S S..n sSsh 1.d
and controlled by, tho state. acting
through it, public. officers desig-
n nat "a by It fcr. such purpose; BY the
nnn,c By tes state s through ts
to believe. and did commonly sundsr..
stand and believe. that the credit, Of
tho state was pledged to secure the
payment Of all. deposits In state
ena Ess nu%S. s:c
the. citisens Of the state entrusted
their savings ana other money to
such banks In the form Of general
deposits. Since the enactment' Of
and up to and ineiSdinx, shs. 18th day
Of Mayo 61l. .iilos1r shan stAs3A shap-
dred 5000 state banks. have Become
insolvent and have closed, which In
solvent so .Rs9ks h9yS, Es9eral dsRosi.
sand (so;oo0y people 81 the STATE.
mately j2s. 900, 900. 90 over and above
the ability Of SUCH banks to liquid.
ate: II has become apparent that
Ftnsolvent banks nor by the Depost-
tors Guaranty Fund. nor by the
combined resources OF said banks and
said fund.- and because thereof the
depo:itors eforesaid Will lose their
want unless the state shall assume
the burden Of reimbursing such de-:
positors. BY reason. Of it, general
policy Of regulating and controliing
" by its enactment. Of, said Deposi-
ministration thereof through public
Officers. the state 10 morally Obliged
70 such depositors. ana III failure 70
claims will adversely affect. it's credit
and will engender; IN the minds Of it,
citisens distruet and lack ..of conf.
dence In the government. We. there
eral welfare Of, tho state and the
prosperity, ana tranquility. Of the In.
hAhitaRts thereof that the State OF
North Dakotas should discharge it,
moral n. osiissticn. and pay; the claims
naent thereof - Fin furtherancs 81 =
public purpose to which money raised
BY general taxation may be properly
section. >. The stat. . Of North pa !.
balancestha ttmayrrem1in due ron Ill
state banking 8 assoc tatiopssr which
1875: after crediitins' thereon ny PCS. y:
ments that have been, made. or may
hereafter.be made by dividends In the
course Of liquidatlon. OF such insol-
vent associatloIis., Mi
taking effect hereof the Governor and
State Treasurer shall prepare and Is.
sue under their hands. attASted by. the
Secretary OF State. ana the sgreal seal
Of the state, bonds of the state Of
c,ss :ss i%euss net 70
tionst from $4,000 to SIS, OoO. 90 bearins
interest. at . rate not exceeding five
per cent tS% J per annnm. Such bonds
%. is. 90 IS ana 90 year. p. szftsr the +;
date OF issue. the amount OF each
series to be Determined by the Gov.
ernor ana state Treasurer. Such
bonds shall be sold from time to tins
ing Board. hersinefter provided. for,
tho proceeds shall b. needed for the
purposeg herein, ppeclfied.s but. they
shall not b sold. for less. than par.
Section !. From and after the ..tsk,,
daIr.aty FUND e .sess:h.d. s1 sna Is.
Depository Gdaranty Fund Commits
son shall account 70. the LquidatinG
Board herein provided for for 81
Ss s. ssS .:ssts IN s s g.
shall be enacted providing tor the
guarantee OF bank Deposits. !.
hrs:svrer and sssrst.sx q stats r.
known - the. Lquidattn1 y hoard,
which II charged with, the adminl9i
tretion Of all matters connectsd With
TIE nllowanes and Payment OF elaine
q depoettofs hereih. pr0yidsd for. ~
Whether. : claim ~ based, upon ! d.
ppeit or as'to the amount Of such
claim: 4 shall b the duty ). Of til
Eau!dating Board to pass upon such
/ NO0otlVUs 8W0 II ~ 800lx 0OC10O ~
verseIy to the claimant he snail haYa
ri9ht within sixty 1907 days aft1S
Written noticed OF such decision IA
bring m action against the Ll6ui6-
ating Board insthe District Court ~
BurieIgh County TO establish the a..
postt or the amount due theroou
s wnich action. shall b: tr|able e . ths
The Meuidatins Board 'ml9 sinpieJ
ana fix. the eaalry 0f~aa .ExOcwtivl
Aecretery. and delegate to him ouo1l
part Of IT. duties % tt. shall so0 fl4
nis acts. however, osbe always sab
| aece TO the approval OF such beard
The Executive Secretary shall Nkl
the constitutional oath Of, office On
desbtS his entire ,timo % the dutie2
e hls oifise: sach board may IL
employ and FIX the salaries and ID,
esse OF other assistants And clerks q
y snat deem neceo9ory 70 the prompl
dischergo oes1es d&tiee heeGundor.
Section {. Upon the :. paymont .!
eny deposit the state shalt b oubro.
GATED. 70 all r19ht9 Of the dopoo!tol
4gainet. the R1eelver. ok the beak 81
+. Es ssiassns ss.d :: : sns 81
proceeds thefeof. to9ethef WITH. M
4esets received lyon the Dep6e(tofs
Guaranty. Fund Co0mleoion, shall n
i eseo ~ ef1rShelAnce c3 the ptSDeeel
g shsu - pepvil614 ~ 4hs .e9lsla'
Y "A t~a