Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1897-12-31
CAGES PLAN FOR ADVOCATING
TO THE BANKS.

TO THE BANKS.
AS Mr.. Gage presented his currency
bill to the House Committee on Banking
and Currency with the remark that
looking at the question widely from
my best point Of knowledge and expert
ence" it is the best attainable, we are
constrained to take up the discussion of
his bill with an apology. For truly if
Mr.. Gage is SO skilled in the practical
school Of finance as to be able to ap.
proach the question from better point
of view, so as 10 take more compre
hensive and clearer grasp of the subject
than anyone else, it would be presumpt-
uous on our part to question his con-
clusions If Mr. Gage, because of his
schooling in the largest bank west OF
the Alleghanies, can look down upon all
monetary questions from better poi''t
and get a clearer view than anyone else
can lay claim to we should acknowledge
our inferiority and not presume to
question his conclusions
But even so, we might still be par.
doned in hesitating to accept the plans
of the intellectual giant. for, though
we might not question the conclusions
of the infallible, we might question his
motives, for it is quite conceivable that
the plans of the intellectual giant might
not be laid in the interest of the many
.pigmles, that the plans of our secretary,
strictly in accord with financial laws as
they might be, might still be laid in the
interest of the banks and not the peo.
pie. And so it would be in order for
the people, the intellectual pigmies, to
delve into the plans of the intellectual
giant, not accept them as perfection,
for though they might be perfection
from the standpoint Of our banker Sec
retary, they might be quite the revels Sc
from the point Of view of the people.
So it would be pardonabte for the peo
pie to look into currency plans from
their own poor point of view even
though they could not approach that
high and clear point Of view atFained
by the secretary who formulated such
plans and introduced them with the re-
mark that his knowledge given by ex'
perience was superior to that of any
one else.
However all this may be shooting al
straw man for it is quite possible that
when Mr.. Gage spoke of looking at the
question from my best point OF know
ledge and experience, he did not mean
to imply that his point Of view, his
knowledge, his experience was so su'
perior to that Of anyone else as to en-
title his conclusions to accep ance
without question, or even that the point
of view that experience opened to his
class, the baking class, was indisput'
ably the best, but merely that in look
ing at the question he had put his
knowledge and experience to the best
use. We trust that such was hia
meaning, for then we may enter upon
the discussion Of his plan, and declare
his best not very good, without feeling
either the need of apology, a sense OF
difidence or suffering fur her loss OF
respect for our secretary on the ground
of egotism
But first let US remark that the bank.
er who borrows and loans money is nc
more fitted to Judge Of what is an hon.
est Gu reYcy and what is not than is the
man who sells the products OF his toll
and enterprise for money. Indeed, the
banker who loans money is not so well
fitted, for self interest may SOW the
seeds of ineradicable prejudice in his
mind, may make him prejudiced
judge, may incline him to judge that
which profits him as the best of cur,
rency, even thou, it may not be hon
est, even though it may deprive pro.
ducers Of goodly part of the products
of their toll rightly belonging to them.
And these producers have every whit as
much interest in our currency system,
and infinitely more experience with the
evils and injustices of dishonest
monetary system than have our bank.
ers, who, drawing salaries fixed in
terms of dollars, have not suffered, but
have pro6ted, when that dollar has
grown dishonesty long as measure OF
values.
The banker who. drawing fixed
salary, can say failing prices benefit
me-" will be much inclined BY sell
interest 10. say that q dishonest none
tary system that causes falling prices i
! the best monetary system, best for him