The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1907-11-29

tary of the treasury cease from ex-
tending financial aid to New York
bankers until the New Workers shall
make their peace with the west by
remitting the balances due the west
ern banks, thus dividing the bene-
fits of the national funds among all
sections of the country.
The Press Club does not censure
Secretary Cortelyou for putting
money into circulation; neither does
Senator Hepburn. What he objected
to was giving the aid of the national
treasury to the Wall Streeters with
no assurance that they would pass
some Of it on. Idaho banks, in COM
mon with all other western banks,
carry a reserve in New York. This
reserve is now tied up tighter than
a drum; the bankers there will not
pay. One south Idaho bank, for in
stance, has more than 500, 900 de-
posted as reserve, mostly in far east
banks, and cannot get dollar. What
If they continue to refuse to pay, but
offer to loan money instead, the Unit
ed States money, and reap a harvest
at the expense of the West that has
put it's money in New York banks?
Senator Hepburn is too loyal
westerner to stand idly by when this
game is going on. He demands re-
ciprocal benefit in the national funds
that are put into circulation. If New
York is to get the coin direct from
the treasury, it must pass some of 1t
westward. Is that not fair? 1t is
not enough to believe, as the States
man does, that the eastern bankers
are too interested in the west to not
want to help us OUT They might
figure that they could help us out
best by re-loaning us our own money
at an exorbitant rate; and figure fur
ther that If we did kick, there were
other suckers being born every min
ute in the west whom they could
skin few days later. This does not
please your Uncle Hay Reuben, edi-
torfrom the sage brush, any more
than does Senator Hepburn.
There are lot of reasons. for cut
ting out the foolishness of special
session. One is, it is not needed. An
other Is, If 1t were needed the people
have not enough confidence in any
remedial legislation that could be
passed at this time. 1t is doubtful,
200, whether the legislature could
pass legal bill to extend the time
Tor payment Of this years taxes. It
might do it this year, to go into eff
'ect next year, and it might do it for
1ow; but this last is debatable. An
other Is, it Is too expensive. A special
session would cost perhaps $4,000; |
more rather than less. To extend the |
line of payment for taxes for three
months would be for the state and
i'll the counties to pay interest for
hree months on the warrants drawn
against the money supposed to be
,aid in for taxes by the first of Janu-
Try. Without having the exact fig
Tres at hand all the counties of the |
tate will collect taxes approximate
y 100000 year. The interest
N this, or on the warrants drawn
!gainst this sum for the three months
# extended time, at the legal rate of
per cent which the warrants draw,
would amount to more than $4,000.
md then precisely the same condi-
ion would be necessarily faced at the
md of three months as now-that
here is not in the state, or the ma
ion, more than a fraction of the
ctual money necessary to do all the
BUSINESS; there is no reason why
lnances should be better in three
nonths than in three days, for to Of
cially recognize the scare is. not to
Hay it inthe least.
And there is a bigger, better rea-
on than all Of these together. 1t is
his: Idaho has good credit, If cash
not Astounding. Idaho needs mill
ons for developing mines, railroads,
'rigation projects. every natural re-
ource of the state. Why willfully
estroy the deserved confidence In
be states sanity and stability, and
rive the money away that under the
resent conditions would come to
IDAHO rather than to any other state
/ the West? Idaho might lose count
,ss millions in thus driving away the
honey that is looking for safe, pro-
table investment. The state Is not
to Him-dam investors.
Ike the bank president who might
eceive deposits knowing his bank to
q fnoO1vanf. for tho utota 70 oo1yort |