The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1895-06-28
DUsTRIAL SYSTEM.
PROPOSED BY A COW BOY.
CONTINUED FROM LAST wEEK.)

the National Banks will surrender their charters
before they will compete long with an established
county bank. Also that the system is ''1oca1 op-
ton and is not forced upon the citizens of any
State, County, Township, City or Village. It
creates a local responsibility in each community
and an extravagent administration of affairs would
greatly increase taxes. It would make every in
d1v1dual a W watchdog over the affairs of the MUM
|clpallty. If the general government issued cur
rency directly to the people through agents, the
individual share of the responsibility would be
such a small portion of the whole taxes, that it
would lead to local extravaganza and accepting
poor securities. For example see the scramble
tor government appropriations and buildings.
writer believes that any intelligent unbiased
community will preceive the independence and
economy of the plan sufficient to adopt it, and
will have the business tact to successfully operate
it. But that where a majority of the residents of
a political division are ignorant, strongly PARTISAN
or indifferent in public affairs; the system of pri-
vate banks will be best for a time; until our edu-
%cational system has enlightened the people, the
unequal circumstances of individuals and the ex-
horbitant rates of interest and profits in trade, TO-
gether with the success of the plan in other loca1i-
ties will furnish an encentive for the earnest study
OF economic problems and that a comparatively
short time will elapse before all communities will
adopt the new Financial and Industrial system.
We call attention to the fact that it combines
the financial security Of two old systems. First
the so-called fiat system or greenback currency,
the whole wealth of the nation being a security
for the currency. Second, that of wealth deposi-
ted as in national bank currency, silver gold, certi-
hates, etc. The government depositors would not
be located in Washington, D. c., New York or a
few other cities, but would be in each county,
township, city or village, and would be the wealth
accumulated in the stores of those respective pub
lie corporations and in the lien on the property of
individuals who have borrowed money, and would
be using the necessaries of life as security for cur
rency, instead of investing largely in commodities
like gold and silver that have but little value for
domestic purposes. The general government do
ing the wholesale business of the country, would
have financial and commercial agents in all coun-
tries with which we have extensive commercial re-
lations to whom it would send exports to exchange
for imports or money of that nation and could cash
a draft or draw a draft or any other agent or the
treasurer of any municipality or nation, if any
wished to travel or invest in that
country also would enable the United States to
have monetary standards of it's own. The writer
can remember when a bushel of wheat was worth
one dollar in gold and was accepted as such by
the laboring men in that vicinity in payment for a
days work. Gold is now arbitrarily used as the
standard or measure of all values. But the
amount of human labor required to produce gold
or any other. commodity is the primal measure of
its value, hence the amount and quality of labor is
the standard or measure of all values, and since all
wealth is created by larbor must always remain
the true measure of values.
CONTINUED NEXT WEEK.