The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1911-12-21
IvESS[Y DECLARES
BANKING SYSTEM
AMOUNTS T0CR|ME
Fundalnent-
ais of Monetary
Commission Plan
CONCERNED
Yet, He Declares, Business
Men Generally A,e AM
azingly Apathetic

W" Aoih city, he present
sanking system of THIS country is n
rrime.s said Governor Vesses of
South Dakota, at the reception Civ
en- by the Rock. Mountain Club OF
New York to the eight visiting Gov
erho::s OF the West.
"Sartl Dakota stands as a unit
or a revision OF our banking and
currency system. We want a uni
form interest rate, q reserve S, stem
80 adjusted tLat We can have anpl.
md immediate money for the handl-
ing OF u crops, and We feel that
reform cannot come too soon.
Our bankers. and also, ! believe,
all business men who have given the
subject close study, believe in the
fundamentals of the National None
tary Commission. At least we be-
lieye that the plan provides a good
basis to work on.
Sentiment all over the country.
in fact, seems to favor the essentials
of the plan. There are two obstac-
les, believe, to its present adop-
ton. One is the connection With it
of Mt. Adrich's name, the other is
the apathy toward the issue on tue
part Of business men and citizens in
general.
As Regards .Ald,icl,.
LAS regards Mr.. Aldrich, l am
inclined to believe that his labors
in this instance have been most val
liable and disintersted. AS Il matter
of fact, the plan is not his alone, but
the work Of q bipartisan commits
sion. 1t represents the latest and
best ideas in banking both here and
in the old world, where banking has
long been on a more scientific bu-
sis than in this country. AT any
rate, ! feel that we should stop dis
cussing personalities and devote our
best attention to the plan, or some
better substitute.
The Reserve Association OF
banks as proposed by the plan.
should be kept free from the Slight
est possibility OF political or tinan-
cial control. Blu. who will make
these safeguards, if the people them
selves will not take an interest in
40 ,,.o%tor orfl b1- en- 11irr ;p,
press upon their representatives in
Congress the fact that they must de-
vote their best time and attention
to a correct solution of the prob
!cm in the interests of the people.
"We - the people-are at fault.
not our Congressman. We have i'm
bued them with the belief that they
ran best serve their districts by
bringing home appropriations for
public buildings and general i'm
oroyemcnt. We want them to crate.
instead OF devoting themselves to
committee work that is now done by
a few men, Of whose ability and mo-
tlHeS VIC are suspicious.
Concerns Every Man.
This issue OF banking reform is
one that concerns every farmer, ey-
cry business man, every worker in
South Dakota. 1t is a bread and
butter problem in every home. Ana
yet because We do not study it, We
regard it as q vague, aloof, technical
issue which We had best leave to
the financial experts and political
leaders.
Let every man study his home
bank, that it is and why it is, and
when he finds that it is necessary to
the running of his farm, the up-keep
Of his business. the payroll that sup
ports his daily needs, he will soon
enough realize how vital to him a
sound banking system is.
The apathy OF business men up
Gu this subject is astounding and
yet simple of explanation We
Americans don't look at the future.
IL we had a panic now, If merchants
and manufacturers were denied
credit by the banks, If the farmers
borrow money, if mines
their payrolls, we would
Use up fast enough and demand
banking reform-and get it. But
lust because there is nj present
rouble we are inclined to let it go-i,
Until another panic comes, as come
t may under the present dangerous
ind disgraceful system l.
Right Principles In Plan. /,
Governor Eberhart, of Minnesota, :
'ritic.zed some OF the details of the ,
,lan Of the National Monetary Com
Mission, but he believed that the I,
light principles of banking and cur /.
'ency reform were in this plan. I,
"In the panic OF 1907" said he, /:
:our Western banks broke down.