MEN OF METTLE

Nelson Evening Mail, Volume LXVI, 13 February 1933, Page 10

MEN OF METTLE

BACKGROUND OF CONSERVATISM The action of tile voters of the North Dakota in rejecting by a_ 38,000 majority a proposal to establish a partial moratorium upon indebtedness is described in the bulcltin of the National City Bank of New York as “sensational as a revelation of the background of conservatism actually existing in the agricultural country.” The system of direct legislation known as the initiative and referendum is in force in the State. Last June, a proposal for a five years’ moratorium on all debts and taxes was initiated, but after a vigorous contest, it was defeated in the primary campaign by about 18,000 votes. The proposal was revived in a modified form, providing for a moratorium of three years on all debts and taxes, provided that interest at 1 per cent annually was paid, for submission to referendum on Bth November. It naturally made a strong appeal under the distressing economic conditions and it was supported by an intensive campaign which developed into a controversy that overshadowed the I’residcntial election. “The result was a more sweeping victory for the forces of conservatism,” says the National Bank. “Regardless of hard times and the specious arguments in favour of lying down on their obligations, the people of North Dakota intend to pay their way through and keep their State’s record clear. . . These are times that try the mettle of men and this vote will be a matter of State pride in the years to come,”