Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1907-12-26

ened panic, was given, until in Novem-
Der Secretary Curtelyou emptied the
treasury into the banks, leaving
scarcely enough money to conduct the
daily business. Even this was not
enough and the banks themselves re-
sorted TO clearing house certificates
both for settlement OF exchange be-
tween banks and for general circula-
tion, for neither OF which Is there any
authority OF law.
Meanwhile the demand continues
for an elastic currency. To satisfy the
New York banks there should be legis-
lAtion which woaid give them the use
1f ali the good money and then pro
vide cnrrency at time when il WAS
needed for the movement OF crops.
Ths banks are demanding what they
cali asset currency, lnaL Is, currency
which E4-5ecretary Snaw Insists shall
be exactly like back notes, So mat lhs
people will never kuow the difference;
this il to be based upon The assets OF
the bank; said currency TO bring a
nigh rate OF interest, so that the panks
will voluntarily retire IL whenever
they cannot afford 10 pay the high
rate ofinterest.
Congress Is now up against pretty
serious proposition. The most sensible
suggestion we have seen Tor an elastic
currency Is simply 10 charge the banks
interest on these government funds,
and charge them so high "A rate OF in
terest that they cannot afford 10 pay II
except when there Is very great de.
mand Tor money.
Why should Uncle Sam borrow
money and pay two and three per cen t
for IL, aud then give ii TO the banks 10
the ext Of one-f0urth Of their capi al
lzatiOn? Tne thing is absurd on lis
face. Ii the banks want 10 use Uncle
SANS mooey, lev them pay for IL. The
and 0ne-half million dollars year.
the money that has been deposited in
the banks would pay off two thirds OF
The greenback issue, II that be desira-
BILE; orit would pay off more than
nne-fourlh Of the entire bonded debt
1t we are 10 have currency with gum
arabic 1T to make 1T contract and
expand according 70 the demands of
business, why not put the gum in this
225 million aud see how IT works?
1t is really funny TO see how the
source OF demand for more currency
has changed in the last twenty-five
years. Our readers all remember
when the demand came from the west,
and the farther west the greater the
demand. The farmers OF the wes I
were having hard times in greenback
days What they really wanted was
more wealth, but what they demanded
was more evidence OF wealth. What
they wanted was more corn In the
crib; but what they demanded was
more tickets representing corn; and OF
course the more tickets there were,
the less corn the tickets represented
The east is hard up now, and they
are making the same demand and for
practically the same reason. Thus hu.
man nature, whether on Wall street or
on the plains of Kansas or Nebraska,
seems to be about the same sort. Way
back In the eighties Wall Street made
all sorts OF fun of western methods oil
financeering. 1t Is now the turn of the
west TO poke fun at Wal Street.
Meanwhile, let us hope that Uncle
Sam will get his business matters on u
safe basis. Solomon, ii we remember
correctly, once made remark which
which was the most foolish, to give TO
the rich or to rob the poor. Wallsces
Farmer.