The representative. [volume] (St. Paul, Minn.) 1893-1901, 1898-08-17

for such a condition. The country banker
asked if Is or 50 men or firms would not
constitute the entire number OF the city
hunks customers who could lay down their
own personal note and carry away $500
each of the banks money, which was ad-
mitted to be about the correct number He
was met with the second question: How
can the condition be restored 1t existed
ten or more years ago when from 500 to
1000 men and firms could come in and leave
their own names and carry of 5000 each
of your banks money? And he was told
that that was the condition which makes
II difficult paying dividend on bank stock
and renders all other business hazardous
No man will deny that this condition
exists. and each year the number Of men
and firms who can deposit their own note
without collateral at the bank with which
they are doing business, or any other, and
carry away the money for the same is
growing less, and the surplus capital which
men cannot borrow under conditions pat
ent to the borrower and loaner that the
same cannot be repaid from any legitimate
business, must flow into the money centers
and there remain idle capital.
This condition, which must be conceded
is ruinous to all business interests IS taken
by many to mean that this country has no
need, as long as this condition exists, for
more money.
Ten years ago any carefully revised list
of millionaireS in this city was A. Today
no we'll posted man CLAIMS to count more
than five, and better posted men are not
sure of three. What party and what money
standard has been in force during AL this
time to take the millions so carefully earn
ed and laid aside as pernGlnaat invest
raent from these shrew1 business 1uen:
1t is no surprise that the same conuition
that made these financial giants poor has
taken the lesser amounts from those less
able to accumulate or protect their saw
incs.
Is the party in power disturbed at all by
this condition? Is 1t not the fact that they
can borrow money on the bonds OF the
government at lower rate of interest
tar as they have ever penetrated the con-
dition that is each year narrowing the
channels of trade and bringing disaster to
all branches of business not protect ed by
revenue or trust? Is it not amazing that
men we'll posted in current matters do no
thinking upon this most mOmentOuS of all
business questions and try to ascertain
the real cause of this wiping out of all
classes of legitimate business? Does any
man or party claim that this condition
does not exist and the number of men and
firms doing business and borrowing money
on their own notes are each year increas-
ing rather than growing less, with every
condition favorable except the monetary
question?
1t would be refreshing to have some we'll
posted man make the claim as a fact but
Z
have thu facts and then study for the
cause ard have the courage to act from
honest convictions. There is no sound rea-
son why this question should be made
political question. Politics Is never con-
Quoted upon a high sense of right II ex-
pediency will serve party better. For
this reason all great reforms come from
the people after political parties have
failed or refused to grant relief upon Ques-
tons where an evident wrong is OF long
standing. The Republican party should
have taken uI this money question ana
settled it long ago. 1t has declared itself in
every national convention for many years
to be in favor Of bmetailism, but for some
reason never divulged in its platform, has
drifted each year farther from it. When
urging the restoration Of that condltaon,
which all parties have pledged themselves
to promote and none in, palmer language
than the Republican party to restore bl-
metallism. till the Chicago platform OF
1896 we are met with the excuse for mac
ton that great prosperity came to this
country from 1880 to 1890 under the gold
standard This in itself is no argument
for the gold Standard, AS no comparison
can be made of what would nave peen our
condition had this country carried out the
advice of James G. Blaine. when he said.
in his great speech in Congress, II we
have demonetized silver let us remonetize
it, etc.
An individual or a people can make d
show of success and deceive their neigh
bors and often themselves, by borrowing
money and using it in improving lala,,s
homes building railroads and cities. The
census of 1890 discoses the fact that the
increase of population in this entire couh-
try from 1880 to 1880 was less than % per
cent. and increase of wealth for the same
time was but IL per cent, Whlle the one
form of indebted real estate mort
cent Some may
say this condition was accustomed from our
extending railways in to and the develop
meut of new tertiary. This CONDITION Is
not borne out by the facts. as New YORK
increase in population was 10 per CENT III
crease in wealth. 80 per cent; mortgage IN
crease g per cent. Massachusetts, popu-
IA tion % per cent; wealth decrease 10
per cent; mortgage Increases, 10 per cent
Virginia, population increased 10 per cent
wealth increase, 13 per cent; mortgage IN
crease 10 per cent. Minnesota, populatioh III
creases st per cent; wealth increase, 81 per
cent; mortgage increase, 20 per cent, when
was exactly the same as New YORK.
Is there any sound reason why we should
be left to drift farther in this situation!
Is there any agency at Work WITHIN lhe
party IN power, IN or out Oh consie ~
change the condition under which all leglt-
innate business is suffering. Has there
been any change of the money standard
from that so persistenty maintained ny the
present administration since TINS snrlnkdSe
came TO curse our people and is now gong
on as rapidly and surely as in any OF the
Yeats that has devastated the business or
this country Are thinking men satlsneo
that tariff tinkering, borrowing money TO
carry on a war or temporary advances in
prices of farm commodities from loss OF
crops of our neighbors in other countries
can bring any permanent prosperity TO TINS
country while this sure but constant
shrinkage of values that prevents safe m
vestments in property or personal oollga-
tons are allowed to continue without any
effort to correct.
1t is fair to assume that the people nave
been voting to continue this condition OF
ruin upon promises of reform as long as
thew can be deceived upon any one ques-
tion and reform must come ana then our
money supply will be found as inadequate
to our needs as the changed conditions al
fords enlarged and safer opportunities to
use money freely by investing safely.
Very truly ). NJ BAR lLE-A l.
Minneapolis, July 30, 1898.