Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1911-04-13

Il lust and equitable manner for the
good of society and the perpetuity G.
the republic"
ut is not possible, is it," 1 asked,
that the workingman in America has
been getting more than scientifically
was his-that the decrease of wages or
the increase of prices is a mere adj
justment of things to normal levels?
This has been advanced as an eXplana-i
tory theory?"
II do not believe that the normal
level of human prosperity is low" said
Mr.. Clark, nor that we. here In Amer
lea, ave been living on an abnormal
level for some time, although l know
some European economists have
claimed this. Wages are higher in the
United States than anywhere else, on
an average. That has not grown. as
some claimed, out of the tariff system,
but out of one or two or three facts
which are we'll worth considering.
In the first place. it is ~fallacious, in
making comparisons. to the per
diem received by the wage Garner The
real Measure of wages is h cost of the
unit of production, whatever it is.
Blaine said i'm his book, that measured
by this latter standard, this cost of the
unit of production. American mechan-
les receive lower wages than European
mechanics. This argument he based
upon their great skill. The output of
INV MIN NGN ~ "a AllAA
that of any other. In addition to that,
it must be remembered that the labor
unions have put up wages. There can
not be any doubt abou hat. And in
addition to all that it must be remem-
bered that, heretofore, If a man did not
compelled him to do, he could 10 out
west and enter IL good farm of govern
ment land. run it to suit himself, be
his own employer n build himself Il
home. Conditions have changed.
Nearly all the government land that
is worth having is now gone, SO that.
from this time on. that element in h
force which maintained American
wages at something higher than the
average will be missing. But. never
theless. my own belief is that the.
standard of living in the United States
Will be. in some a raised instead OF
in the years to come. l should
be exceedingly loath to believe that the
time has come In this country when.
because a mar starts poor, OF becomes
poor, he must always remain poor. Our
whole history has shown the contrary
in the past. and 1 cannot believe that
any such condition will aver come to
in the United States"
What have o to say about our
financial system?"
1T seems TO me that the greatest
trouble with our financial system is it's
utter C of elasticity. Everyone who
really observes what is happening in
this part Of the world, knows that for
the six months beginning about the
LIST of June, when the crops begin to
move in the southern part of grain
belt, until the crop movement is ended
the northern edge Of the republic,
about twice as much currency is needed
as is needed in the other six months.
Yet we have practically nc machinery
fOr nnrnl ci3oor t1nn ,oN,,o oF ~,,. a.
culatfong medium during the six
when a large circulation is
most needed, and curtailing it during
the six months when least currency is
Are you then an advocate of a EN-
trail bank?" l asked, surprised.
He shook his head. II feel reason
ably certain that if the people of the
United States eve agree to create Il
great central bank they will never re-
greet it but once. and that will be as
long as they live. If I were as rich as
Rock efeller l would have millions of
copies of Secretary Sllaw's admirable
against a central bank printed
circulated free. That was one of
the best speeches made in the United
States in 20 years. l do not about a
great many things agree with Secretary
Shaw. but / thoroughly agree with him
about the matter of a central bank.
A0SSA SNaA " )AiStN 10 4
or thinks he is, and Andrew Jack
son was a democrat, and yet they quite
agree upon this central bank PROPOSE
ton. Jackson killed the central bank
of his day, and Shaw wanted to pre-
vent the one which now is being talked
about In his day. l suppose that 1T is
another instance of great minds rum
ming in the same channel.
"One reason why the panic of 1907
did not last longer, was that various
money centers had prung up in this
country since 1893. the date of the last
preceding panic. Chicago. st. Louis.
Kansas City and other towns, had be-
come somewhat important financial
centers themselves, and, therefore, the
whole thing did not go down in a
crash as it had in 1898, m in preced-
ing panics. because New York hap
pened to get into trouble financially.
The Central bank scheme would CEN
tralize all the capital in the United
States in the city to be designated as
the seat of the Central bank. or. at
least, there would be a general ten
dency in that direction. Consequently,
as 1 have said. | am with General
Jackson and Secretary Shaw, n
against Senator Aldrich and his crowd
in this matter. If Secretary Shaw gets
q few more good ideas in his head, he
will qualify to make a very respect
able sort of a democrat"
j went back to railroads for my final
question at this sitting with Champ
Clark. Railroads. next to the Panama
canal and the possibility of war with
Japan, are the most fertile of all SUBJ
iects for discussion at the capitol of
the United States in these days.
DO Q remember Brandeis' state
ment?" / inquired.
He nodded.
What did you think of it,"
II really know little about the row