Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1897-12-31

and human nature will bring him to
the belief that that which is best for
him is honest money Men who accu-
mulate means by dishonest practices
are inclined to find excuses for such
practices, come in time nos only to re-
gard their accumulations as honestly
come by but look upon all efforts to put
a limit to such practices as the acme OF
dishonesty And Sc is is that many an
honest and well disposed banker who
has profted as prices ] ave fallen and
the purchasing power Of his salary has
increased, but who does little thinking
for himself, has joined Justify in the
cry of repudiators raised against those
who have only sought to put stop to
the fall in prices, to put an end to the
appreciation of money, to the dishonest
means that have enabled these banhers,
enjoying fixed salaries, to confscate a
goedly share OF the property ana earn.
ings Ut producers
We must then conclude that the pro
ducer who has suffered from a dishon-
est monetary system will be more
lihely to judge it dishonest than tile
banker who has profted. And then let
us suggest that the mere handling OF
money by the banker does not confer
upon him knowledge of the laws OF
finance. He may acquire that know
ledge just as any man may, but OF
necessity he need not acquire it. When
a note is repaid to him he never thinks
OF the value OF the dollars in which
such note is paid, it the collars paid are
OF the same kind or equivalent to the
same kind that he loaned. lhose dol.
lars may be worth more or they may be
worth less, and the average banker will
not trouble his head about it,
Indeed, it will not enter his head that
it would be possible for those dollars to
have different value. He looks upon
dollars as fixed, Interchangeable in value,
he does not attribute changes in prices
to changes in the value Ut the dollar
e, en- though there is d general tendency
of prices in the same direction, even
though there may be no apparent cause
connected with the commodities foI
that change His whole training leach
rs him to look upon the dollar as fixed,
Interchangeable in value. Indeed, we are
all taught to so regard the dollar. The
farmer is so schooled, the manufacturer
is so schooled by the very language OF
trade, but the farmer who sees the
price of his wheat fall without any ap'
parent cause, without any increased
productiveness of his fields, without any
cheapening in the real, the labor cost
OF production, is more likely to see that
something is wrong with his schooling,
something wrong with the commonly
accepted notion of money than is the
banker who deals in money, borrows it
and loans it and does not feel, as the
farmer does. that the real value of the
wheat is Interchangeable despite the
change in price.
And so it is with the manufacturer
who sees prices for his products fall to
an extent that canno, reasonably be
attributed to improved methods of pro-
duction. He feels that prices fall
though the cost of production remains
the same, the banker does not but only
hears it; the manufacturer feels that
prices fall though there has come no
commensurate fall in their real value,
the banker does not, he only hears what
the manufacturer tells him and then
only half believes. And 50 it is that
tile producer Of wealth is better fitted
by experience to judge of an honest
currency system than is the banker. 1t
Is the producer who is more likely to
have the best point of view, the clearest
view of the currency question, not our
banker secretary.
This much said, let us proceed to the
consideration of Secretary Cages bill,
which might justly be entitled "a bill
to provide for the abdication of the
sovereign powers of the government to
the banks, for Strengthening the hands
of the speculative cliques, enriching the
few and impoverishing the many" II
the title of the bill was thus amended it
would clear up much misconception and
uncertainty as to the true import Of the
bill, though perhaps it might not i'm
prove the chances of its enactment So
such amendment would not likely get
any very kindly receipt n from the
sponsors Of the bill. They will in all
probability repel. with much indigna
Etion, any suggestion THAI such is the