The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-10-11

deficiency in capital or surplus, or else
a scaling down of capitalization to ac-
tual values. and the trusts would not
long bother anybody. Many are less
interested in restraining trade than in
selling stocks and bonds not repre-
senting Sc actual value received or used
IN their business. Present conditions
Will require some review and reform
OF transactions already accomplished,
which should not exist in the face of
facts that are being brought to light.
Examine the political nostrums
now most talked Of as saviors of So
ciety. humane In intent though many
Of them be, and 1t will be found that
they all involve the continued expendi-,
Soo;, taxation. The men who pay
thes~ety re the holders Of prop
erty. I..~, Cp Who vote these ex-
penditures are4 taxpayers plus that
considerably more numerous body OF
electors who either pay no taxes or
a share so inconsiderable that its in
crease or decrease is not felt. Hence
the nation and the states to change
the distribution Of wealth by legisla-
t!on; taking 1t by enormous appropria-
ttons from those who have accumulat-
ed 1t and scattering it among those
who did not. The end Of such sys-
tenn may be delayed. but 1t is not
doubtful. Capital is exhausted and is
not renewed. The motive vanishes.
The public is educated to refuse work,
to spend lavishly. to look to the state
as the COW that can keep everybody
supplied with all the milk he may
want indefinitely. Labor suffers in the
end. exactly as it does when its three
meals per day are reduced to two or
one. Activity slows down. The total
amount of wealth in the country d.
mintshes. both by removal to other
reward are greater and by the steady
encroachment of consumption on pro-
duction, national Indulgence approach.
ee.
But perhaps the worst effect Of all
Is seen in the deterioration Of nation
al character. AS a people comes to
believe that wealth may and should
be distributed by state and opportuni-
ty of the individuals who create 1t,
envy, greed, hatred and every form Of
malice flourish, and may even ape the
form Of virtues. Materially and NOR
ally this substitution of man-made. ar
bttrary methods for the working Of
permanent national forces working
through we'll established economic law
leads to national decay"
reform in detail. Mr.. Hill said:
'The bankers of the country are
now studying and discussing the plan
proposed by Senator Aldrich to the
federal monetary commission for its
reform. He and his associates have
done memorable work. They have
made the first comprehensive and sci
entific study of the currency ever COM
pleted in this country. Their conclu-
sions should be received with great re-
spect but they should also be studied
with great care. Every defect that
wins Endorsement, every weakness that
1t might develop in operation, will re-
act unfortunately by opening the way
for demagogic amendment in answer
to popular discomfort. Your recon-
mendation should have great weight.
1t Is desira BILE, therefore, for you
bankers to digest thoroughly and scru-
tinize minutely this scheme. While it
has been constructed with great care
and obvious sincerity. there are de-
tails in which it seems to be unsatis-
factory and possibly dangerous.
1T is declared by everybody, by
none more honestly than by Senator
Aldrich himself. that the great ma
tional organization Of banks which
it is proposed>to crea&e,~ the Reserve
association, must be made and kept
free forever from control by politics
on the one side and powerful combi-
nations of capital on the other. It Is
doubtful If either could be done by
the method laid down in this plan.