SCHISMS AND INJUNCTIONS 



The campaign preceding this referendum is 

 likely long to be remembered as the most 

 strenuous in the history of the state. The 

 old political machine, rallying all its latent 

 forces, encouraged by the active or secret 

 sympathy of all the great financial, commer- 

 cial, and transportation Interests of the coun- 

 try, fought with great skill and desperate 

 energy. Speakers were imported on both 

 sides and the state rang with charges and 

 counter-charges, for as is inevitable, however 

 unfortunate, in these contests, the personal 

 element seemed at times to outweigh the 

 welfare of the public. Without going too 

 deeply into the reasons for this, it is only fair 

 to recall the unusual nature of the legislation 

 that was the main question involved and the 

 variety and truly great power of the invest- 

 ments some of this legislation threatened. 

 Thus: 



1. The Bank of North Dakota threatened 

 the huge profits of the money-lenders, in 

 which the entire banking system of the 

 Northwest, including the overshadowing finan- 

 cial institutions of Minneapolis and St. Paul, 

 had shared for a full generation. These finan- 

 cial institutions were directly connected with 

 the powerful banks, insurance and trust com- 

 panies of Wall Street, whose influence in 

 national affairs has been solemnly attested 

 by a committee of Congress. 



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