Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1891-09-30
vox PopuLI vox DEL.

Uo OOAu1y ueClhre our COnV1cLbOn Uuhb
there is no possibility Of having any
efficient system of financial reform that
Is not squarely based on governmental
banking, and we are glad to see that 50
able and influential an economic writer
as George G Ward, of Kansas City, Mo-,
is of our opinion, and as will DO seen by
the subjoined letter recently received
from him, that ''the peoples banking
SYSTEM" which in main essentials Is
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 so precisely and exactly
In pr nciple we cannot get together on de-
tails The sub-tgeasury bills have been
Withdrawn, and think have reason TO as
sure you that the bill which takes its place
Will demand a peoples banking system"
but never ut four per cent interest to Dor
rowers or three per cent to depositoPs
Three per cent. to deposItors means simply
that the whole people shall toll for tho few
who now own the money OF the people. Di-
vide It eaually-mske the interest three ner
cent ana 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 honda savings bond II
would be the best investments security In the
civilized world, and the interest being OK
actly equal to the net annual product, no
one who had money would use IL, they would
simply deposit 1t and live on the interest
Fraternally, GEORGE O WARD.
The entire difference between our
selves and Mr.. Ward has now resolved
itself into the question of interest to be
paid depositors, 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 sub
stantial triumph.
We want victory and desire to get IL
In the shortest possible space Of time.
The need Of the people is dire and urg-
emit, 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. 1t Is heavily armed and
courageous and any one that thinks we
can overcome It with ease L. 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 a
long time It will hang doubtful In the
balance.
At the present time, when we are so
WAalr and the
what would be the tactics indicated by
good generalship that wins victories?
Would 1t not be to see to 1t that our
plan of financial reform was made so
broad and generous that all the well-to-
do middle class would throw their In
duence 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, Il IL 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 infliction 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 tho rich advantages
that would flow therefrom, 0nd still
under the merciless dominion of the
Shyloek money master, and all because
they lacked the charity, policy and true
wisdom which should have led them to
give due consideration to the great diff
hculties always attending the change
of long established conditions, and also
to have kindly regard for the feel
ings and interests of q 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
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 oomman sense why
not wisely come down to this by de-
greeS, and give commercial affairs and
the individual interests of the people a
chance to adjust themselves to this
great change, instead of doing II at
once out of hand and with no regard to
who or what gets hurt? There is no
need of this fierce precipitancy, and 1t
will beyond doubt meet overwhelm-
ing defeat
We ask the farmers of the country If
under a governmental banking system.
which would at once put eighteen hun
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 II their
present condition and future prospects,
would not be UNNECESSARILY improved
over what they are to-dayP Then we
would still have a chance to gradually
work down to a lower rate of interest
In a wise, temperate and considerate
manner that would involve no shock
10 business, or loss to Individuals
In the meantime, all the horde OF
private bankers, Shylocks and loan
sharks would be wiped out
The question is-will you take the
bountiful blessing within reach or with
stubborn hoggishness will you reject
that and stretch out for something be
yond your hands and so get nothing at
all? That is the whole issue in a nut
shell
Mr.. II. II. English, of Washington,
s. d.. writes a communication to thu
Ruralist, of Huron, concerning the Hi
banking system, from which we taxi
the subjoined wise extract