The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-07-11

bank in Minneapolis; "don't the
government guarantee this note?"
Certainly" said the secretary,
s'but don'tyou know, my dear friend,
that that note is secured by de-
post Of United States bonds in the
treasury"
"And what secures the bonds ?"
asked the farmer.
"Why, this great country of ours;
these bonds are really mortgage
upon every farm and all the city and
village property, in the land" said
the secretary with great assurance
'Of course" remarked the farmer,
"but l did not want the government
to guarantee these notes of mine
without proper security. l have $40
acres OF land, all in a good state of
cultivation; it has, as you know, a
comfortable house and two large
barns on it, and / owe no man a cent.
This farm is worth at the verylowest
price, even in these hard times, at
least $15 per acre, or $4,000. Ihave
brought along mortgage properly
acknowledged by myself and wife be-
fore leaving home as you see it is
made to the secretary OF the treasury
in trust for the United States. Now
these notes 1 have in my hand
amount in all to $5, 1000, and if the
government will guarantee them I
will give this first mortgage on my
farm as security for payment, and to
be held as such until l redeem the
notes."
"But," said the secretary, we can't
take farms as security we must have
bonds"
Didn't you say a moment ago that
the bonds were really mortgage
against every farm in the country ?"
asked the farmer. Cali very true"
replied the secretary, "but don't you
see," he continued, ''this note is is
sued for the use of a bank, while yours
is only an individual affair.""
"Why is a bank deserving of any
more aid from the government than
an honest, respectable man?' asked
the farmer.
The secretary rather evaded the
question by telling the farmer that if
he would deposit the bonds he could
open bank and pay out national
currency just as well as any other
person or institution. So the farmer
said, "then will go home and mort
gage my farm, buy some bonds and
deposit them with the government,
for which will receive some national
currency with which to start my
bank. [ think I can mortgage the
farm for $4,000; this will enable me
to open business with quite sur
plus"
"You cannot open a national bank
with $4,000; you must deposit $780,
900 before the government will issue
you the currency" said the secretary.
''That is more money than I can
raise. I don't see why the govern
ment should give so much advan-
tage to the rich man. have al
ways been taught to believe that
this was country where all classes
received the same treatment at the
hands OF the government, " remarked
our friend. The secretary apparent
ly did not hear the last remark as a
leading banker had dropped in for a
chat IN regard to the Finances of the
country" and the farmer, realizing
that the last caller was the most APP
preciated, quietly slid out, wonder
ing if he had better go home and
help send a banker to the state
senate and a lawyer to- congress as
he had always been in the habit of
doing, or whether it would not be
best for him to let the party take
care OF himself and he look after his
own interests by helping to send men
OF his own class to represent him in
those places Pennsylvania Farmer
The bill to re-loan $12O,OOO,OOO
to the Pacific railroads has been re-
ported favorablyby both Senate and
House committees The bill to in
crease the loans (rate OF interest one
per cent? to the banks to 100 per
cent OF security, instead OF 80 per
cent as now, has been reported favor
ably by the House committee. The
bill to loan money to farmers on
sufficient land security has been re-
ported unfavorably. When farmers
hold party ties as lightly as do the