Dodge City times., 1891-10-09
metalism or bi-metalism. Whether

metalism or bi-metalism. Whether
our currency be of one or many kinds,
it should be issued direct to the people.
As the government cannot distribute
currency on per capita basis. there
must be some method by which the
currency shall be made accessible to
the people. What this method shall be
is a very important question
We are acquainted with the various
plans for loaning on land or real estate
security and ON non-perishable prod
ucts In considering both of these
plans they have generally been restrict
ed to agricultural land and products
alone. No argument has yet been pre-
sented, indeed, no argument could be
presented which would justify such a
limitation. We have had too much
class legislation already.
Tariff, corporate and banking legisla-
tion. iniquitous and unjustifiable, rem
ders any suggestion of any extension
of class legislation obnoxious in the ex-
treme. Whatever system the govern
ment may adopt it must include in its
scope all legitimate industry and all
classes of citizens II we are to have a
national loan system, its benefits must
be accessible to all citizens engaged in
honorable callings- We cannot 60 into
the details Of its application, at this
stage of our discussion, but simply af-
firm that patiotism and regard for
human rights will not permit us to
sanction any legislation which partakes
of the favoritism that distinguishes our
tariff laws.
The question of what is and what is
not proper security. and of limitations
and regulations. can be deferred until
the principle is established.
The second proposition, which must
necessarily be part Of any system IN
cluding the first, is provision for the Sc
curity and utilization of the surplus
earnings of the people. All the capital
of this country is not owned by the
class generally included in the term
capitalists. Hundreds of millions of
dollars represent the surplus earnings
of industrious workers in town and
city, as well as in the agricultural dis
tricts. If the government is to be q
loan agent it must necessarily utilize
these accumulated savingA Legisla-
ton for government loans which does
not include this idea will have q ten
dency to legislate all the earning
power ont of these savingA
The government cannot properly en-
ter into competition with its citizens.
It has functions of its own, but in their
proper exercise IL will never be Q COM
petitor with its own citizenA Thus,
If the government Il to become . loaner
of money. it must necessarily become
the only loaner Of money, and in that
case must utilize TIE accumulated cap
ital now distributed throughout the
various agencies operating under the
present organization of finance. Take,
for instance. the loans upon real es-
tate. A large part Of the capital now
represented by these loans il owned BY
people in moderate circumstances
thrifty, prosperous farmers, mechanics
and others, whose money has been
placed In tho hands Of the mortgage,
loan and trust companies for invest
menk
II the government manufactures
money, and issues It upon land security
ut the rate Of two per cent, the money
now invested will be released. and its
earning power destroyed. for the ex-
Pense attendant upon placing It win
mot permit the capital Of private per-
SOM to enter into successful competi-
ton wita government loans It two per
cent
Extending this system, - would be
necessary II Il was adopted It All
would result IN the government .bsorh.
ing III rslisbap 1oens a invsstnant