The people's voice. [volume] (Helena, Mont.) 1939-1969, 1948-11-26
Our Backward
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and 0Jher means OF purchase dhe
marketing, as we'll as of distribution
AS to the permanence, or success OF
these, l am not aware.
Another outcome of the Farmer
Labor movement was the North Da-
kota bank. The entire capital stock
of this bank is owned by the state.
Few institutions in our history have
been fought so hard in its early
years as that bank. The press of the
entire country abused it, and pre-
dicted its early failure. At times
privately controlled celaring houses
in Chicago, Omaha, New York, de-
cGned to clear its bills of exchange.
Court contests against its very power
to exist occurred. Yet, with some
ebb and flow of success, it weathered
all storms; it has grown to be the
largest banking house between the
Twin Cities and the Puget Sound.
It's balance sheet of April 1948,
showed resources above one hundred
million dollars. This has arisen
mostly from ordinary annual profits
of its business. It's interest rates
charged are so low as to force pri-
vately owned banks in its field to
meet competition. It's original cap
ital stock was modest.
The high motif of the predatory
chain bankers for their invasion of |
Montana in 1926, was to get hold of,
and manipulate, our public funds (by |
alliance made in New York with the
that then and now runs
this state by its front called a state
government, in Helena).
One of the first directors of the
First Bank Stock Corporation was
chief counsel for the Anaconda COM
oany.
If we had a state owned bank of
resources OF even 80 million dollars,
Ill our unthrifty bond issues be
bought by such an institution. The
interest we pay would find its way
Jack to the state itself.
At times, we read of tens of mil
ions being in our educational fund,
wenty or more million in our I'M
Employment fund, etc. Frankly, this
S all more exciting to some auditor
n New York of the House of Morgan
han to me, Montana citizen. That
louise doubtless controls the First
Bank Stock Corporation, though
ominal headquarters are in Mime
polls. Probably Kuhn, Loeb & Co.
ontrol Northwest Incorporation,
nth main office in Omaha.
Dear Governor-elect Bonner, Solo
ION said, wien the rulers lack
ision, the people perish"
. Why not fight for a state owned
ank? II
This might save you the bother of H
,cond term, but would give you
ational standing equal to that of ex H
overnor Arnall of Georgia. II
The secret of Idaho's increase in II
opulation may be due to the fact II
lat there are half dozen indie H
endent, often competing, mining II
,mpanies in Idaho. No one COM H
my has ever gained full control H
-er that state government. The H
aho capital may not have a lead H
me to correspond with the copper H
me on ours. Perhaps the greater H
eedom for rugged individualisnn" H
Idaho is due to the presence there II
a powerful farm cooperative, al ii
it religious cooperative, the Ill
ormon Church. | do not know III
is, but it merits investigation by III
r young men and women in the III
iversities. HI
Some Of our students at Missoula HI
re, during the campaign, echoing HI
tie speeches for Dewey and Davis HI
epared for them by the Legal De- HI
rtment, calling The Peoples Voice III
Communist sheet, etc. Their time HI
'uld be better spent studying HI
uses of social phenomena than HI
eaking little parts of a dead play HI
an empty theater. HI