Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1912-03-15

ing row approximately .OUsEs
But tho hanks can trAnsfe heedS bUnus.
to individuals frieYdly s to the Money.
Trust, retire the National Bank Notes
secnrea by them, and .rellevu the Asso-
citation of the tax on, the whole $780,
OOO, QUO. That is what in common
parlance is called q joker. the Gov
eminent has received the right to, pay
these bonus 1880 and, to maintain its
creait a. it should, will probably DO
so. Holders Ut the n0u0s will have no
taxes to paw on them ana will draw
$244. 500. ODO of interest in the IL years,
and out of the whole affair, on 'that
section vault save their private mon
opolv 1915. zoo, 600 taxes in addition,
in the term of its charter. Does any
ono wish to assume that they will lot
take advantage Of this opportunity?
But if all the bonds are transferred to
the ASSOCIATION winch That impl' 8
that all the National Banks would
have to joio it) are now held by banks
to secure circulation. it will, c0mput'
ing from the Treasury report, Feb. 23.
1919, still be exempt from taxation fOr
30 years, on approximately $22O, OOO, :
600. go
Sec. Sc would give the Association
the use Of $40. 600. GOO for 80 years
without charge, and by it, private
monopoly mas at Its option, get $500, .
600, 600 exempt. l ask YOU to answer it
You favor the Government giving to a
private monopoly the right to print
what will pass as money 5000, 900, 600
or even as much as $220, 900, 600 with
out paying for it when the plain
people will have to pay every COLLAR
they get? When the Government has to
raise money it issues its bonds and
pays interest on them. This plan propo-
SIS to give private corporation, when
1t wishes to secure money, the power to
pint bills to pass as mOnev without
paying anything for tbs privilege. DO
YOU advocate that section7 It not
what amendment would you suggest
l am opposed to giving any such powe?
to private corporation. THAT is nor
the worst section in the bill however.
When you state your position on that
section, will take up another.
I call your attention to the fact that
the Association would be absolutely
owned by the same banks that are now
That these are the banks that would
borrow its money. Neither you nor I
nor anyone else can borrow from it.
The plan does not propose to change
the law to regulate them. We Will
have to zeal with the same banks that
we now DO. Now. under our present
laws. if they are bold enough to dare
It, the hanks can IN some measure act
without being bound by the central
money power. II once the proposed
monopoly is completed they will ne
tied to it, and the banks
with less than $1,000, 900 capital will
cut little figure. My discussion will
LEAD up to show that, after you have
some questions on specific
sections in the plan. Mr.. Rich, Pres.
of the Min. League, I believe to DO
an honest man. Since bis first letter
appeared challenging the discussion of
the plan, several of my friends who
know him state that he is very much
in earnest and that he IS fair. That
being so, I feel confident that when we
have discussed section by section OF
the bill, that we shall finally agree
that most of them should be amended.