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Show SOUND BANKING SAVES DAY We read the following In another publication: . , If ever the banking system of this nation stood at test it was during the past six months. To Us lasting credit there have been no bank failures of Importance and all necessary business has been accommodated. The exception to this record has been North Dakota, where the Nonpartisan Non-partisan League has been in control; where it established a state bank, and where ifs private banks loaned money to league members on a political poli-tical rather than a business basis. The re ult of political banking in North Dakota has been some thirty bank failures with resulting losses to farmers and depositors. The league has accused private banks of refusing to finance the farmers. farm-ers. Tliis is not tare. City and county banks have carried farmers on n business basis, but they have refused to make loans to carry crops for speculative spe-culative purposes, for they well knew that prices musl come down and tha' both i-" f;i rmers and the bank.; would lose by trying to stave off the laws o" supply and demand. The banks adopted the same course of profedure with regard to manufac-tu"'"iT manufac-tu"'"iT and othrr lines or business. it fs this policy rather than wild-;: wild-;: banking of the Non-Partisan le.' Tii which 'has sieadied our coun-irv coun-irv during the readjustment period. prevented financial disaster and pre- pur-'d us to go ahead on a sound basis. Maybe the number of holdups in thls country Indicates that the profiteers pro-fiteers are going back to their regular reg-ular jobs. |
