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

his customer-12 per cent-must also
come from the people, for the bankers
customer is the business man and he
charges the cost of interest to his sell
ing price; that makes 16 per cent A
cost of 18 cents year for every dollar
the people use Of this kind of money,
that is what call fleeing the people,
Tommy. and the people standing
sponsor besides.
Eyes sir, that looks like q fleeing
the way you put it, but you should con-
slider the banker does not receive all
this as gain"
II know that, Tommy, the banker
don't receive the 16 cents as gain, but
the cost to the people is the point l
want to make, have I made it?"
''In certain way You have, Mr..
Hayseed. but to be fair to the banker
you should also state his cost. !"
"The bankers cost don't reduce the
cost to the people, but to Judge a case
we should hear both sides, now will
you please state the bankers side,
Tommy"
bah "a Mr.. Hayseed, am no
banker nor do propose to become one,
still will rake together my recollec-
tions and throw the items to side and
you may pick them up.
Every well. Tommy, I will pick up
the rakings, start out
Where will start-with the premi-
um on the bonds that is Is to 20 per
cent at the present time I think 80 call it
Is per cent. then there is the tax on the
circulation -one per cent more, then
there is the 10 per cent difference in
bond face and the note receipt, then
there Is the 25 per cent reserve to be
kept, and - and well that is all I
recollect."
''SAll right then Tommy, here is the
pile: 18-1-1O-2 -25-54 per cent cost on q
16per cent gain. All see, Tommy, no
wonder banker Gage wants new bill,
he is in losing business; cost "a minus
Is gain equals 38 per cent loss, that is
terrible, he can't stand that"
.'Here Hayseed! Do yon take me for
a dunce Stand out of the way! or you
will drop!p'
''slow Tommy, slow pray you, It's
your figures"
''My figures and your wreckage of
them, set the figures Alright sir!'
GLOW do you want them set, Tommy?
I am ready to please YOU
'.1S per cent premium on a 20 year
charter run, that is less than per
cent a year slr.
Eyes Tommy, yes sir, see now, we
will call that per cent per year to use
even figures"
40 per cent differential and 25 per
cent reserve is IS per cent dormant
capital sir, add per cent tax and see
where you be-"
'35 per cent dormant capital, per
cent tax and per cent premium that
is 81 per cent idle capital, then Tommy" ;"
"That is what it is SIR
Lets see that leaves banker Gage
63 per cent of live, working capital of
his investment in circulation; let's see
again-16 on hundred is 1908 on 63;
is that it Tommy, 1908 per cent is his
real gain on the full capital invested
then"
s'You incorrigible Pop you, how do
you suppose an honest man will stand
your trickerys You still keep on figur-
ing at IS per cent"
Pardon me, Tommy, l beg sir, in
deed you scared the senses out of mei
here moment ago, have not got my
self gathered together yet, we will go
over it again, Tommy, and have the
thing right sure: Let's see now-37
per cent idle capitalize per cent in
terest on the working capital-that is
Is on 1877 then, Tommy, makes 11,67
plus per cent interest on the full CAPT
tai invested. That makes a little better
showing. is that right Tommy?"
THAT, Mr. Hayseed, I think is right
sir"
s'Truly, that is drawback on banker
Cages gain, do not wonder that he
wants his taxes reduced to one-half per
cent and his differential taken away;
the premium is a money gamblers
game though. And still stick to my
pin, Tommy, the cost to the people is 16
cents on the dollar, and that cost can
Just as we'll De reduced two-thirds and
the institution otherwise altered to
great advantage to the people. will
show you my plan when we meet again
Tommy. Will that do?"
Cali right, Mr.. Hayseed, we have had
a long audience, must take my leave
now and will meet you again"
''Say Tommy, will you be as sharp to
detect the schemes in banker Cages
currency bill as you were to see my
mistaken
II can't see very far into a grind
stone cir, still I can distinguish a