Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1891-05-28
VOL. TX. NO. 3s
our Relations with our Creditors.
SO much confusion has arisen witr.

lations Of the western people with ton
creditors IN the eastern states, that -
well for us occasionally TO stop and 7,
slider what the truth Is In the ma y
In the arst place, IL has been annouI
a great many times IN the column y
this and other farm papers that Il u
has been at no time and there Is {
now any intention whatever upon
part OF the farmers or Of any class ~ e'
citizens in any OF these western stat ch
TO repudiate a single dollar Of their
debtedness. The trouble has not aris. e
from any disposition upon the part
the people to get rid Of their oblil o.
tions dishonesty The confession h g
come from desire upon the part Z
spectators and politicians 10 make ca
| ital out Of the situation
The people are acting but nat
urally: they find themselves overwhelm-
ed with an Indebtedness which they are
absolutely unable In most cases 10 pay.
"A large number Of debtors find IL
practically impossible to do more than
TO keep up the interest upon their
loans and TO pay their taxes, with other
necessary demands which are made
upon their substance. In that condi-
tlou OF things ii is only natural that we
should ask an'extension of time or a re-
ductiOn OF the rates Of interest. or
both: and in doing that we will be fol-
lowing the example set by the govern.
mcnt OF the United States. by many OF
the state governments, and by a very
large number OF counties and cities and
townships throughout the country. The
government in time OF trouble borrowed
money upon very high rates OF interest.
going up to 7.30 for large loan, and
no rate was less than per cent during
the war. After the war was closed.
the first effort OF our public officers
concerning our indebtedness was
to fund il in longtime bonds.
bearing lower rates OF interest. II
has been part of the party capital Of
politicians all along through wears
since the surrender Of Lee that the in
terest rates upon our indebted ness had
been very much lowered. IL has been
an argument in favor of the policv OF
the ruling party that the Indebtedness
OF the people had been scaled so as 10
make their burdens lighter Was there
ANYTHING dishonest in that proceeding?
No one will assert the affirmative. Take
the case OF the state in similar circam-
stances. Many instances will be re-
called by the readers OF this where
large indebtedness had been accumu.
lated and the people found II burden
some. They asked and obtained an ex-
tension Of time and reduction Of the rate
Of interest Here in Kansas time and
again application has been made to tho
legislature bv counties and by cities
and by townships To fund their indebted
ness and reduce the rates Of interest.
We're these proceedings dishonesty No
one will take the affirmative. The
Atchison. Topeka & Santa Fe railroad
company became embarrassed and re-
duced the rates Of interest on their
bonds from per cent and 6 per cent 10
4 per cent. The new bonds we're ac-
cepted by a vote OF a majority Of the
in place Of the Old ones.
put upcn tho market. and the COMPANY
reorgarzed Was there ANYTHING dis
honest about that Nobody. eXcept
possibly "a few Of the stockholders. has
been heard to assert ANYTHING of the
kind. What then. is there in the case
OF our western people generally that
takes them out of the list of honest
debtors. when they ask TO do what
the government the states. and
and c0ruoratious have
done time without nunherg
We as. on,v times ~ turn
around We know and SO does all the
world that interest rates are ont of ail
prouer proportion TO the profits i'm anv
OF the industrial purspiis Interest
rates as they appear upon the face OF
the papers. are exorhitantlv biqb when
compared with prolits i'm Industry and
business Yef liz reason or the eon-
traction of our circulating medium
since tho war interest rate. as yell a,
taxes and all other classes of nl,ligptions
upon the citizen have been M least
doubled. so that The burden uron the
people is twice as oreat as ii would be
nuder nor,nal confitions Tbot h. to
.ar had tbo same conditions which
PREVAILED when The indebtedness was
,ontractod continued uptn mo present
limo. me burden of fbc pcople's debts
would bo only half what n is NOW N
l. for tbat reason tbat dohtors find
themselves i'm manv eases wholly ,,no-
nle 10 oxtricate themselves from theii.
financial o,,,I,a,,,.e,ss,,,,,,t n Is ,i,,o tbot
NO all take to st,ldving mis- matter and
IN ,nrmit farmors and mccIanics nnd
,eorIa ,rarcrall,, to o,,rl,. ia tbci,. oy,r
,nsiness conditions tbe same urinci,ies
.b,to, ,,-itIo,,t ,,,,.,f,o ,t,,iic5 in
,,sircss ,r,nr,.,if,- and In ,ui,ric ofToirs
.,,.ciau,. RanL,,,,f Law. ,,n,.r not
,,odo fo- tho b.sncit NJ far,ro1.s and IN
,.a. y, ,a,., ,.,s,. i,,5,,.3 ,,b.- q, f,,.,,,a,.
,.a. fo,,nd rod. 80 .,aiI Li,,,seif ~ ,r,.
n ~. ,-.,,,t,.,, ,,,,,t,,,- f,l,,,, d, t,,i.
-,,,,,.,. .o,,,.. .rbc r.,.,,.,. bas i,rc,
sdlat,d in tis mi, fr..,,, ,o..,.-it,.
,s,.,,,,,.. .,. .,,t.,..i .,i,l,.,, L,,- ~,
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