Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1898-03-18

= a
that right here in our country. If the
people were to pay up their debts to
the banks tomorrow there is not money
enough in the country to pay but q
small fraction of it.
"Do you want to frighten me, Mr..
Hayseed7 Why this long melancholy
lecturer
"You needn't take fright, Tommy, I
only want you to look fairly and square
" into the situation, both with respect
to banker Cages currency bill and the
money question in general"
1T looks like big question, Mr..
Hayseed, guess it will take me anoth-
er week to turn it over in my wool.
mo matter if it takes month, Tom
my, if you come to see into it right"
will bet You last years strawpile
that won't leave off till have hold
of the hook and the chain too; but here,
you limited at another point of increase,
bark it out before leave
There are many ways, Tommy, if
we go at it in unison and with a will.
National improvements by the issue Of
notes or bond notes is one way. The
railroads, as property Of the people,
is good and very practical foundation
for a circulating medium, but these are
more remote measures; the more i'm
mediate measure to be utilized with
advantage to the people are the present
national bonds. As you we'll know,
Tommy, these bonds are used as basis
for circulation now, but they are used
upon plan to fleece the people rather
than to be of any real advantage. 1t is
the genuine banker Gage type of plan
that underlays this kind of circulation
as arranged in the national bank issue. :"
Yes. know you Pops are frantical-
" opposed to the national banking
business. 1t is good banking system
all the same, and it will be hard for
you to devise anything better; it is
justly termed the best banking system
the world ever saw"
.'The banker Gage type have given it
that title, Tommy. and you and a good
many other good-or foolisl,-people
are repeating the saying after these
bankers mouths just like parrots with
ont knowing or really thinking what
you are saying"
THAT is nice send-off you are Civ
ing to intelligent people there, Mr..
Hayseed, you will have to back up that
statement pretty substantially or it
will surely recoil upon yourself"
81 really thought. Tommy, that by
this time you would give me some lit
tie credit when make deliberate
statement, and know that I will come
touchingly near proving what I say"
''Surel,, Bro. Hayseed, you have un-
covered some valuable points, now I
will be as resigned as a trapped jack
rabbit while you explain yourself"
Every well, Tommy, we need not go
back into this miserable bond history,
we will take the matter as it stands
today and be as brief about it as pos
sible. You know the government is
paying per cent interest on the larger
part Of these bonds. You know also
that the banker deposits these bonds
with the government and receives 80
per cent of their face value in blank
notes for circulation. You know furth-
er thai, when he has placed his sig
nature on these notes, he loans them
out to his customers at-here in South
Dakota-12 per cent interest Isn't
this correct?"
eyes sir, correct, with some draw
backs"
Very well, there are some draw
backs, but what we want to get at is
the cost of this kind of circulation to
the peopie."
"Well sir, proceed"
1.-THE per cent interest paid by the
government on these bonds must come
from the people, the bankers charge to