The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-11-03

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), Many untrue statements have been made by
those attacking the amendment to pay depositors
IN closed banks principally as to cost. The falsty
OF opposing claims is proven by the terms and
conditions of the amendment ITSELF Section three
specifically limits the bond issue 10 So. 0OO. 600
so II cannot exceed that amount. The same Sec
lion limits the interest to per cent and there is
no reason why these bonds should not sell for
less than > per cent as other State bonds have
been sold. The same Section provides that bond,
snail be retired serially. Therefore, interest will
not run on the full amount Of bonds issued for
the full time. The bonds will be paid in install.
ments and the interest on payments will then
cease.
The miliionaire-raiIroad and collectors lobby
opposing the amendment ignores entirely Section
SIX OF the amendment which provides that all the
assets of closed banks now in the hands Of the
General Ge Receiver shall 60 to retire the bonds.
mere are millions OF these assets that with DrOper
attention can and will yield slo,OoO,OOO or more
10 retire an equal amount of the bonds without
cost to the taxpayers The distribution of $685.
100000 among depostors throughout the State
VIII greatly increase the value of these closed
bank assets. The General Receiver and his horde
o. deputies and collectors are opposed to the
amenc7ent and arc among those making untrue
statements concerning it because they will lose
their jobs These closed bank assets will be given
the attention they should receive by liquidating
Board provided by Section Five of the amend
ment consisting Of the Governor, State Treasurer
and Secretary of State.
Using the OppOsitiOns own figures covering in.
terest charges which they fix at $25OO0.OOO
for the full sum Of s25 600 900 Of bonds. We will
admit that full interest charges may be SIS 0OO.-
900 for the net $l5.OOO,OOO Of bonds not maid by
the assets of closed banks which 60 to retire
Donds, SO the total cost at an outside figure may
not be over $30,O00.000. which is spread over 4
period Of thirty years.
The Millionaire railroad collectors lobby tries
to make YOU believe that every dollar paid must
be by residents Of the State, whereas thousands
Of nonresident land owners will pay their share
as will also the railroads and other corporations
that are taxed on thei. earnings, franchise and
personal property. The cost to residents of the
State will not be one dollar per person per year
The opposition itself admits that IS per cent of
taxes are paid by nonresident individuals and
corporations.
The opposition ignores also that Section Five
OF the amendment provides that the liouidatine
Board Of State officials will pass on the legality
Of the deposits to be paid and has the authority
to reject illegal and irregular deposits, and will
do So
It ignores also the fact that Section Eleven
provides that spectators claims shall be rejected
The rejection of irregular deposits and specula.
tors claims may reduce the amount of bonds nee.
essary to pay deposit0rs to much less than $685.
100000. BY the selection of ten exceptional cases
the opposition claims that 40 per cent Of the de-
posttors are non.resdents II carefully refrains
from stating how many of these people are for
mer residents Of the State who left their money
here and how many are persons who because Of
the loss Of their money were obliged to leave the
State to obtain work or live with relatives. At