The Nonpartisan Leader Newspaper, September 15, 1919, Page 5

- KILLING THE WOLF For years the North Dakota farmer has been-fighting to keep the wolf from the door. That wolf was the usurious banker, who extorted high rates of interest from the farmers. Ten and even 12 per cent was charged for the money loaned to these farmers, and, in addition, a large bonus was exacted by such bankers. Try as they might, many of these farmers were unable to get out of the clutches of these men, and a great many of them lost their farms when the- usurious bankers foreclosed on the mortgages. When the Nonpartisan league legislature last fall authorized the Bank of North Dakota, with its rural credit department, the farm- ers of the state were given a weapon with which to slay the wolf that was threatening their existence. And the farmers have not been slow to take advantage of the new bank, which has recently " opened its doors for business. There are already hundreds of B e B e = PAGE FIVE 5 R ; : i applications for rural credit on file at the bank. The law, besides providing a low rate of interest, gives the borrower an opportunity to pay off the loan by‘easy stages, and his yearly payments will still be under the bare interest payments he was accustomed to make to the old mortgage bankers. - Other of the “varmints” have been chased from the farmers’ door as well, including the Minneapolis Chamber of Commerce and the grain gamblers. The grain-grading act alone has put hundreds of dollars into the pockets of the farmer, hundreds of dollars of which he had been robbed before. This new law, with.the state mill and elevator, effectually eliminates these grain gamblers. The in- surance trust, which charged exorbitant rates for hail protection, is another marauder which has been chased away by the.farmer + legislature. . - ~Dra§gn exfiressly for the Leader by W. C. Morris. " | —————