The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-09-20
Notes from a Farmer.

MR.. EDITOR:
One who takes time to read much
on the financial question, as printed
by the leading papers Of both the
old parties, strike "confusion worse
COMPOUNDED"
To illustrate, an editorial in the
New York World urges that the
various insurance and savings COM
panies holding government bonds
turn them over to the national
banks to enable the banks to draw
the 80 per cent. national bank notes
and place in immediate circulation:
the same paper favors the issuing
to national banks the full amount
of bonds deposited instead of 80 per
cent. In that way, it claims, the
money in circulation would be in
creased some $19,OOO,OOO. In the is
sue for Sept. 6 of that journal is this
item:
New YOrk's national banks have
a combined capital of $3.50, ZOO, 900 and
circulation outstanding of only $162,-
100000. They are privileged under
the law to issue about $612, 900 ,OOO."
The above item bears out the
statement made to me last fall by
one who claimed to be authority
In speaking of a national bank in
the town we were in, he said:
ssINhQf ho hoe oo~;+c1 20
OOO, IL mas In circulation only $4,000.
Were they to place in circulation
the full amount allowed by law,
there would be too much money in
circulation and interest would come
down; the only reason they con-
tlnue as national bank is that peo-
pie have more confidence in a ma
tlonal bank and will deposit in them
IN preference to other banks"
The conclusion [ came to after
reading and hearing about all there
is to be printed and said on our f.
nancial and banking laws, is they
are at present full fledged legalized
coincidence games" and if this
congress acts out the dictates of
Grover and Wall street they will be
legalized "bunco games"
k
When the New York World was
making it's greatest effort to educate
the people upon the tariff, it made
the statement that the only money
used in a whole years exports and
imports between the United States
and other countries was but about
$4OO, 900. Now the same paper bowls
for an international agreement on
'the@ coinage of silver as positively
essential on account of our large
trade. am forced to believe that
the "World building" is too closely
connected to Wall street either by
land or mortgage to leave them
qualified jurors upon the financial
case.
While l can completely escape the
extOrtion of the coal combine by
burning hay, yet l am ready to do
all | can to assist in breaking up
that combine. / don't think the
labOring men in the cities ever gave
much thought to how the elevators
and other combines were robbing
the farmers. 1t is my purpose to do
all in my power in voice and vote
to do away with the combines.
Whether they affect me directly or
Indirectly, they are un-American
and menace to the civil rights of
the toiling people.
Farmers in this vicinity are now
forced to practice that rigid econ
omy the politician has labored to
teach them every two and four years.
I have no alarm as to the effect this
economy will have upon the farmer
but [ pity those who have been iv-
ing off the farmers. cannot figure
how he can live without the farmer.
There must be deal o thinking
all around. EROOP Y. NILMAH.