The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-06-23
PROVIDING FOR \ EINE-NEtR
NOR tTOIkll

MoHtTORIt
Submitted by initiative petition:
!. n measure providing Tor five
/ year partial moratorium.
! Be IT Enacted by the People Of the
state Of North Dakota:
Sec. ! lhat whereas public
emergency and crisis exists through
out this state cudang"rng the public
! health, Weltar" ana morals. in that
! agricultural crops and products have
I been sold on an average below the
! cost Of production since 1872, and all
agricultural land values have dsap-
! pear"d, due I" the uncdllrd-tpr de-
I tIation and manipulation Of the cur
| TencN. through and by the lntcrna-
! tIonal bankers, which caused under
conSumpt and produced starving
/ millions throug hput the nation; and
! whereas taxes have been steadily in
rreasing in spite of the dcplorablc
condition confronting agriculture. and
the cost of living has been generally
maintained, and whereas agriculture
| is the principal industry in this state.
and all other industries in this state
/ are solely dependent for their exist
! "nce upon agriculture. and whereas
there is at present no means by which
existing mortgages aud indcbt cdncSs
! can b" rcfinaurcd, and the debtors
and mortgages mortgagor%p are at
the mercy Of their creditors; and
whereas hundreds and thousands of
families have already lost their homes
| through mortgage foreclosures or
other ludlrttl proceedings: and where
as hundreds and thousands more will
| lose their homes unless adequate re-
lief is given Ivy law; Therefore, in or
der to prevent complete financial
collapse of agriculture, commerce and
industry IN. this state and the utter
ruin aud obstruction of agriculture
commerce and industry IN this state.
and the collapse Of civil government
aud in order to maintain the integrity
OF families aud their homes, and the
public health. welfare and morals Of
the people Of this state, a partial
moratorium For period Of five years.
or until such time Within the five
year period that the Congress of the
United States shall have passed the
Farmers Farm Relief Bill. known as
the Frazier EIIl, is hereby deCla red
on all existing indebtedness at the
tim" that this act takes effect, in
Guiding taxes aad debts due Ivy indi-
vjduaI& To the state. county or other
political subdivisions, except that the
benefits Of this act shall not extend
To corporations. nor shall they ex-
tend to any person who, upon an or
der 10 show cause before any district
court, is found upon competent evil
dcnce to be financially able to pay
such Indebtedness without sacrificins {,
his home. lands. goods or chatteIs viii h
which he creates wealth for a living,
and which are necessary to maintain
his family or which are absolutely
necessary ana essential ia the con
duet Of his business, nor shall This
act be so construed as t. prevent the
recovery Of property sold on the in
stallment plan, where the seller main
tanned or maintains title
Sec. >. That il shah be unlawful
for any sheriff. deputy sheriff or his
agent or any other official of this
state To levy upon. attach, seize or
sell any personal property of what
ever nature, other than excepted in
Section l hereof. under an execution
issued upon a judgment or upon any
other Indebtedness existing at the
time that this act takes effect for a
period of five years from the date
that this act takes effect. or until such
time Tithin the five-year period that
the Congress of the United States
shah have passed the Farmers Farm
Relief Bin. known as the Frazier
Bill, provided that such judgment
debtor or other debtor pays one per
cent interest upon such Judgment
debt or other debt annually from the
date that this act takes effect. pro-
Vided furher that in case such inter-
est is not paid before the expiration
OF one year from the date that this
act takes effect that then the pro-
lection of this act shall cease as to
such debtor.
Sec. 3. That upon an execution or
foreclosure sale of real property. or
upon an execution or foreclosure sale
of real property heretofore made up
on which sheriffs deed has not vet
issued, no such deed Shall issue for a
period of five years or until such
time within the fivc-year period that
the Congress Of the United states
shall have passed the Farmers Farm
Relief Bill. known as the Eraziar Hill
and the debtor shall be entitled to re-
deem for a period Of five Years from
the time that this act takes effect
or until such time within tho fiva,
year period that the Congress of tbe
United States shall hava uassed ~ .
Farmers Farm Relief Bill. known as
the Frazier Bill. and he SHAH he an
titled to the possession Rants uses
and benefits Of the pronertv 9, soId
from the date of such sale until nv
expiration of the period Of radamn.
ton. provided that tho owner ~, - .
person claiming an interest in such b