The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-02-11

tumble by the dozen and the score.
The assets Of the banks were made up
Of the hard-earned savings OF depos-
itors.
Depositors have been In a peculiar
dilemma the last eight years. II they
withdrew their deposits they were
cussed for their lack Of confidence
and blamed for the disaster II the
bank closed. II they left their de-
posts in the bank they risked the
chance of waking up some morning to
find much Of their hard-earned saw
ings gone and the rest Of them tied
up for an uncertain length Of time
and absolutely out Of their control.
What were they to do? Weren't the
banks chartered by the government?
Weren't they supervised by the gov
ernment? Weren't they inspected and
examined by the government at fire.
quent intervals? Weren't they called
upon by the government to publish
from time to time Unsupported
statements of their financial condi-
ton? Didn't these statements always
show that the value Of the assets bal
anced the value of the liabilities?
Why shouldn't depositors have faith
in such statements issued by govern
ment-chartered and government-sup-
ported institutions?
But depositorS woke up and found
their confidence misplaced. AS they
looked round about them they saw
spenders flying high while savers had
to lose their earnings There Is UNI
r30,1htor31v q rrnot r3;ffaro,,rn hotu,no,,
stealing car and failing to pay for
a borrowed and wrecked car But to
the owner of the car the loss IS the
same. The man who steals Is pun
ished; but the man who borrows.
wrecks, and fails to make good the
loss is given both sympathy and pro-
lection by society Isn't 1t time the
saving and the thrifty get some con-
Sideration? Is it any wonder we are
hard up? Is it any wonder extrava-
gance and waste stalk on the high
ways and byways of our common
wealth? Is it any wonder that con-
tempt for authority is rampant on
every hand? Why should anybody
save? Why should anybody pay his
debts?
Four years ago the writer of this
article suggested through the columns
of one of our dailies that we repeal
the law prohibiting the sale Of Gig
aretS-fOr reasons stated at that
time-and that we impose tax on
their sale. The suggestion was en-
dorsed by that daily, embodied in
Governor Sorlie'S message, and en-
acted into our present law by the
legislature. At this time the writer
wishes to suggest most respectfully
that the net income from the taxes
on both cigarets and snuff be diverted
into the guaranty fund.
It may be advisable to repeal the
guaranty fund law at some time: but
this is not the time for 1t. Some de-
positors have been reimbursed from
the fund in full for their losses; some
have been paid 10 per cent; others
haven't received red cent To repeal
the law at this time would be a gross
injustice.
Some time ago I visited an old
couple, a retired farmer and his wife.
They had lived an industrious life
and had worked very hard. Now that
they were too old to work, they had
moved to town to live on their saw
ings during the remaining years Of
their life. They had taken the pre-
caution to put their savings in three
banks SO that il one had to close they
would still have enough left on which
to live. But 10 and behold! All three