The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-10-02
vox PopULl vox DEL.

SYSTEM" which In main essentials il
based on the admirable plan formulated
by Prof. Hill, will sson be championed
by farmer leaders everywhere.
BROTHER HUBBARD: Issue Of the 18th inst
just at hand. How sorry / am that while
agreeing with you 50 precisely and exactly
In principle we cannot got together on de-
tails. The sub-treasury bills have been
Withdrawn, and think have reason to aS.
sure you that the bill whi,h takes its place
will demand q peoples banking system"
but never at four per cent. interest to Dor
rowers or three per cent 70 depositors.
Three per GENT. to depositors means simply.
that the Whole people shall toll for the few
who now own the money of the people. Di-
vide 1t eQually-make the interest three per
cent and give depositors one and one-half
per cent and absolute security. You can
get just as many votes, and at the Same time
divide the net annual products of the people
equally between capital and labor. A three
per cent United States deposit slip Is simply
three per cent bond--a savings bond. It
would be the best investment security In the
civilized world, and the interest being ex
actly equal to the net annual product, no
one who had money would use It, they would
simply deposit 1t and live on the interest
Fraternally. GEORGE @ WARD.
The entire difference between our
selves and Mr.. Ward has now resolved
itself into the question Of interest to be
paia u3epositors, where we suggest three
per cent. on time deposits he would cut
it down to ~ per cent
In his devotion to an abstract princi-
pie Mr. Ward would endanger the
chance of giving the people any relief
from the tyranny of the present
oligarchy of money monopolists who
are now devouring the prosperity of
the country. While we, on the other
hand, are in favor of making the largest
concessions in order to secure a SUBJ
stantial triumph.
We want victory and desire to get it
in the shortest possible space of time.
The need of the people is dire and urg-
ent, for we are now absolutely under
the dominion Of the money power. It
is in full possession of the political,
financial and commercial systems Of
the country. It is heavily armed and
courageous and any one that thinks we
can overcome it with ease is destined
to be much mistaken, because, after we
have used judicious compromising and
wise policy to the uttermost, there is a
stubborn battle before us and for
long time it will hang doubtful in the
balance.
At the present time, when we are so
weak and the money power SO strong,
what would be the tactics indicated by
good generalship that wins victories?
Would it not be to see to it that our
plan of financial reform was made SO
broad and generous that all the well-to-
do middle class would throw their in
fuence and votes with us instead of
ranging themselves on the side of the
enemy? To us this seems very plain
proposition.
There are millions of good people
who have saved up more or less money
under financial conditions that have
been practically unchanged for ages.
These people were not responsible for
those conditions and when they are
radically changed, it is both wisdom
and justice to so change them that it
will not inflict punishment and loss on
innocent persons If it were impossible
to do this, we should say let the reform
go on no matter what temporary hard
ships may follow the establishment of
permanent blessing for all people.
But these injuries are totally I'M
called for and entirely unnecessary, in
this instance, and their infection would
be nothing short of deliberate cruelty
and injustice. And, mark you, the at
tempt to inflict them would defeat
itself, and the people would find them
selves deprived of the blessings of cheap
money, an abundance of the circulating
medium and all the rich advantages
that would flow therefrom, and still
under the merciless dominion of the
Shylock money master, and all because
they lacked the charity, policy and true
give due consideration to the great diff
fculties always attending the change
of long established conditions, and also
to have kindly regard for the feel
ings and interests of large class Of
their worthy fellow-citizens, and not to
work them an injury where there was
no vital necessity for so doing.
Prof. Hills system provides for the
gradual decrease of the rate of inter-
est, both paid to depositors and secured
from borrowers, until ultimately the
government would pay one per cent to
depositors and loan money at two.
But in the name of comman sense why
not wisely come down to this by de-
grees, and give commercial affairs and
the individual interests of the people q
chance to adjust themselves to this
great change. instead of doing it at
once out of hand and with no regard to
who or what gets hurt? There is no
need of this fierce precipitancy, and it
will beyond doubt meet overwhelm.
ing defeat
We ask the farmers of the country If
under q governmental banking system,
which would at once put eighteen hum
dred million dollars in circulation where
we have now only about three hundred
millions, and giving even five per cent
to depositors and lending to borrowers
at six per cent, we ask them If their
present condition and future prospects,
would not be UNNECESSARILY improved
over what they are to-day? Then we
would still have q chance to gradually
work down to lower rate Of interest
in wise, temperate and considerate
manner that would involve no shock
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