The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-02-08
THE MATTER OF CREDIT.

could he made whereby any man
could borrow all the money he wants.
no matter what he wants II for. or
the loan. Doubtless disadvantages
would develop before long. as that
which could be obtained so easily
would cease TO have much value. and
money would no longer be a desirable
thing to possess. But. for a short
time. at least. the power to borrow at
will would be very pleasant TO possess,
and 1t would undoubtedly be freely ex-
ercised.
There has always heen moro or less
various schemes have been devised
for the purpose of making money cas-
Ter to obtain. That was one Of the
pet projects of the populists some
twenty years ago It was proposed
then that the government should go
into the money loaninz business. and
loan right and left. the matter of Sc
curity being given scant consideration.
Mr.. Bryan proposed to solve tho prob
lem of easy money still more simply.
ey in unlimited quantities nut Of a
cheap metal. SO hat everybody could
have plenty without being obliged to
borrow. The days Of porulism are
gone. and free silver is but a memory.
We call things by other names today.
Rnt the demand for easy money still
exists. During the money trust in
v~estisations before the Puto commit
tee. and in the comments on The tes-
timony. there have been various ex.
pressions 70 h effect that there
should he a system Of handling the
funds of the country in such a man.
ner that credit could be demanded
rather than requested. and that in
some way dealers in credits should be
compelled TO deal with all applicants
without discrimination. 1t is the old
popuiistic idea cropping out in a little
different form, that is all.
y man viii! loan money to a friend
if he has the money to spare. and If
he has reason to believe that the bor-
"we will appreciate the accommoda.
iicn sufficiently to pay promptly. II
he applicant is known to be tricky or
slow or Indifferent his application will
he rejected. That is about what hap
pens in deals between individuals. The
great financial dealings Of the country
are on a larger scale, but they involve
no basic elements which do not ap-
ply lin transactions between individ-
uals. It would be as reasonable to saw
that any man who happens to have
money must loan to anyone who asks
for IL as to say that hanks must loan
without regard to the character Of the
applicant or the character of the Sc.
curity which he offers. 1t is possible
tn fix an arbitrary standard of values
IN provide for official appraisal Of
property to be made the basis of loans.
but the matter Of persona; character
n desirability is and must remain
an individual thing. There are people
with whom no n wants to do bust.
ness. regardless of the value Of Sc.
curities offered. and without regard
to the ability Of the individual to pay.
In such cases the individual is per.
fectly free to decline to have ans bus.
mess relations with the party under
consideration. and the moment the
government undertakes to say that this
rule shall not apply in the banking
business, It has taken a. position which
must inevitably force 1t into the bank.
ing business itself. for men cannot act
as the custodians Of other peoples
money, and be held responsible for
its safety. n at the same time permit
the government or anybody else to say
that they shall do business with per.
sons Of whose character or methods
they disapprove.
All this does not apply in any way
to the movement on foot TO arrange
methods OF banking which will enable
farmers to borrow money at lower
rates than are now customary. Other
elements are introduced into the plans
proposed for this purpose. and scheme.
for the fertilization Of borrowing nv
the agricultural community are nov
and have been for some time in sue.
q AreFS r.