The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1896-01-18
THAT POPULAR IOAr

THAT POPULAR LOAN.
1t comes from pretty good authority
chat when the bids are opened for the
100000 900 popular loan next month,
Banker Morgan will have bid there
that will practically scoop tho lot. Then
what howl will go up, my countrymen,
about the sharks" and the 'shylocks''
and the "Wail street pirates" from the
demagogues and ninnyhammers with
which this country is infested. When
the other issue of bonds was turned over
to the syndicate at fixed prlce-and
because something had to be done at
once to protect the national credit, and
there was no time to ask for bids after
congress had used the time and then
failed to come to the administrations re-
lief-there was great hue and cry
raised because the people-the dear, dear
people couldn't have a whack at the
bonds and from their old stockings
empty into Uncle Sans treasury their
gl,ttering horde. Now that tho presi-
dent has determined, at great risk, to
test this clamor it will be amusing to
watch the outcome when he calls the
turn. As for the public: if its natural
common sense has not been stuffed, it
must know that what gold there is IN
the United States is almost, ii not quite,
in the hands Of the bankers in the form
OF portion of their reserve. Even if
the people had the gold or could procure
it in exchange for currency they could
not afford to pay $l.0S for a 4 per cent
thirty year bond with so many other
ways in which they can invest their
savings at a higher rate of interest. And
their isn't probably bank or saving
association or trust company west of
Chicago that can afford to inyesti these
bonds even if they were offered at par.
The New York World last week wired
nearly every bank in the United States
asking how many bonds, it any, of the
new loan 1t would take. So far not a
western bank has responded favorably.
The result, therefore, will be that the
syndicate-or so much Of them as may
suit their pleasure at this particular
tine-w:ll gobble the bonds Just as they
did before. The only difference will he
that the president has Welded to the
wild clamor and advertised fol bids. but
knowing full wEil that when the time
! came the big New York bankers would
be the only ones upon whom to rely.
And if the bids they make for the bonds
is somewhat higher-as it probably will
| be-than paid for the others when the
deal was made direct with the syn
dicate it Will be because before they
were under agreement to bring greater
part of tie gold from abroad and guar
anteed the gold reserve in the treasury
| against a ran for six mouths, 1t follows,
too that all this talk about 4 per cent
bonds Of $50 or smaller denomination
being peddled successfully through the
postoffices so the dear people can get a
few is the merest bosh and not worthy
OF consideration by anyone having lick
Of horse sense. A few might be sold, of
course, but so infinitestimal a part Of
the $l0a,0co,ooo gold wanted for the re-
serve as to amount practically to moth
ing. When one wants millinery one
doesn't hunt hardware stores and when
Uncle Sam is after gold he must look to
these who have it. And according tc
our notion one banker is as good as an
other--or as bad--if anyone wants it
that way-whether lie lives in New York
Kalamazoo, or London.
In publishing the artesian we'll article