The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-06-20
PROVIDING FOR 4 FINE-YEAR
MORATORIUM
Itted by initiative petitions:

~ measure pToVlulHS Ior llNe-
year partial moratorium
BE 1t Enacted by the People Of the
State of North Dakota:
Sec. / That whereas public
emergency and crisis exists through
out this state endangering the public
health, welfare and morals, in that
agricultural crops and products have
been sold on an average below the
cost of production since 1922, and all
agricultural land values have disap-
peared, due To the uncalled-for de-
flation and manipulation of the cur
rency. through and by the Interna-
tional bankers, which caused UNDER
consumption and produced starving
millions throughout the nation; and
whereas taxes have been steadily in
creasing in spite of the deplorable
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
cncc upon agriculture: and whereas
there is at present no means by which
existing mortgages and Indebtedness
can be refinanced and the debtors
ana mortgages tmortgagors) are at
the mercy of their creditors: and
whereas hundreds and thousands of
families have already lost their homes
through mortgage foreclosures or
other judicial proceedings: and where
as hundreds and thousands more will
lose their homes unless adequate re-
lief is given by law: therefore, in or
der to prevent complete financial
collapse of agriculture, commerce and
industry in this state and the utter
ruin and destruction of agriculture,
commerce and industry in this state,
and the collapse of civil government
and in order to maintain the integrity
of families and their homes, and the
public health, welfare and morals of
the people Of this State. a partial
for period of five years,
year period that the Congress Of the
United States shall have passed the
Farmers Farm Relief Bill, known as
the Frazier Bill, is hereby declared
on all existing Indebtedness at the
time that this act takes effect, in
GLIDING taxes and debts due by indi-
viduals to the. state, county, or other
political sub divisions, except that the |
benefits of this act shall not extend
to corporations, nor shall they ex-
Ter to show cause before any district |
court, is found upon competent evil |
ience to be financially able to pay
such Indebtedness without sacrificing !
lis home, lands. goods or chattels with |
which he creates wealth for a living |
md which are necessary to maintain |
his family, or which are absolutely |
necessary and essential in the con- |
luct of his business. nor shall this |
let be SO construed as to prevent the |
'tallment plan, where the seller main
aimed or maintains title.
Sec. ,. That it shall be unlawful |
or any sheriff, deputy sheriff or his
agent or any other official of this
state to levy upon. attach, seize or
'ell any personal property of what
'ver nature, other than excepted in
section ] hereof, under an execution
ssued upon Judgment or upon any
'ther Indebtedness existing at, the
,eriod of five years from the date
hat this act takes effect, or until such
line within the five-year period that
he Congress of the United States
hail have passed the Farmers Farm
Relief Bill, known as the Frazier
BILL provided that such judgment
ebtor or other debtor pays one per
ent interest upon such judgment
ebt or other debt annually from the
ate that this act takes effect, pro-
1ded furher that in case such inter-
st is not paid before the expiration
f one year from the date that this
ct takes effect that then the pro-
ection of this act shall cease as to
UGH debtor.
Sec. 3. That upon an execution or
oreclosure sale Of real property. or
pom an execution or foreclosure sale
t real property heretofore made up
n which sheriff's deed has not yet
ssued. no such deed shall issue for
ime within the five-year period that
he Congress of the United States
hall have passed the Farmers Farm
selief Bill, known as the Frazier Bill,
eem for a period Of five years from
he time that this act takes effect,
r until such time within the five
ear period that the Congress OF the
,nltsd states shall haye passed the
he Frazier Bill, and he shall be en-
tiled to the possession, rents. uses
nd benefits Of the property so sold
rom the date Of such sale until the
xpiration OF the period Of redemp-
erson claiming an interest in such
cal estate pays future taxes, to-
ether with one per cent interest on
he amount that such property was or
sold for annually from the date ,
nat this act takes effect, provided
lrther that in case such interest IL
OF paid before the expiration Of any
ne year from the date that this act
axes effect that then the protec- /,
on OF this act shall cease as to such !
erson. IL
Sec. 4. That the state shall not
oreclose or cancel any land contract !.
uring the period that this morato- !
um Is In force. and that In all cases l.
here the state has heretofore fore
losed or Cancelled such contract and :
still the owner Of the land that [
hen the same shall be reinstated up
n the application OF the original
urchaser, or any person claiming |
ne per cent Interest OF the amount
ne within one year from the date
hat this act takes effect and the pur-
haser or anyone claiming through
UGH purchaser shall have q period Of
80 hi ,x,1,G <,l. ~1vsI l..
nth the terms and conditions OF such
or until such time within
he five.yeAr period that the Congress
the United States shall have passed
: 4 ~ Y ,