Griggs courier., 1896-08-28

TY, N. D., FRIDAY, AUGUST 28
farmers of the Northwest should
think over before they cast their
votes for free coinage.
The manager of one of the
largest Canadian banks has writ
ten as follows to the manager of
a Minneapolis bank:
l regret exceedingly that, owing to
the currency disturbances in the
United States, with q possibility of a
complete chance in the value of cur
rency itself, have been obliged, in
order to protect our own reserves, to
reduce our balance with you to q
nominal amount. / have done SO
with much regret, but am forced to
that position by the fact that our de-
posits in the United States have
formed large proportion of our cash
reserves, and that, in case of any de-
/ AAeeAo AOA AuOuOy 1IOA UAAAS oAAO vi ullC
line, it would, of course, be necessary
for me to meet such demand in the
equivalent of gold. hope that the
present excitement will work Off before
any evil has resulted.
According to the Northwestern
Miller it takes about 38 millions
to handle the wheat crop of Min
nesota and North and South Da-
lkota, in Minneapolis. Duluth, and
country warehouses. About 80
per cent of the money comes
from outside sources, a great
deal of it from Canada
One Canadian bank has with
drawn the funds which it had on
deposit at Minneapolis and will
do no more business there at
present. Other Canadian banks
may be expected to follow it's
example. There will be no will
lingness on the part of those con-
trolling foreign capital to let it
remain in the United States
when there is possibility of
their losing half of it.
Supposing there is a scarcity
of money at Minneapolis. Then
Without sufficient money to accom-
modate his customers, the banker can
not loan. If the elevator owner can
not borrow he can not buy. If he
closes his elevator the farmer cannot
; sell. Unable to sell his wheat the
farmer cannot pay the merchant. The
merchant cannot settle with the jobber
and the jobber cannot meet his note
at the bank. The bank cannot pay
it's depositor. The depositor cannot
; pay his creditors, and, from first to
last, there is congestion and untold
trouble. $
The free silverite will say
American capital will do what
foreign capital has been doing.
But foreign capital has been re-
quired when American capital
was unimpaired. But American
capital will be reduced over SO
per cent by slump to the silver
standard. Its capacity for work
will be reduced so much that
there will be no money available
to handle the crops.
Then where will the farmer be?
He will have wheat but no money.
He will have debts to pay, but
nothing to pay them with except
wheat, which is not legal tender.
II his mortgage falls due, and he
has no money to pay with, it will
be foreclosed. If the interest is
due and he has no money the
mortgage will he foreclosed.
If a farmer goes to the country
store to buy goods he will have
no money to pay with. He may
induce the storekeeper to take
his wheat, but if so it will be at
the price the storekeeper sees fit
to put on it. That price will not
be a double one.
The farmers granaries will be
, full of wheat, but they will have
no money-neither cheap nor
dear money-with which to pay
their debts. Then what good
will free silver do them? 1t will
have destroyed for the time be,
ing the entire machinery Of busi.
ness and left them with their
wheat on their hands.-Minnea.
polls Tribune.