The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1914-07-16

| 1t is bankers right to refuse any
one at any time, but they should not
be allowed to take advantage Of a
mans stringent condition or bury him
in Gebt just because they have him
down. Two bills were introduced in
the -911 session of the legislature and
one in the 1915 session, against this
meth, Of legalized robbecy, but all
were Indefinitely postponed" (killed)
and not voice was recorded in pro-
test. Invisible government" mi
crobes were too numerous for the peo-
pie to get justice. 81"
A "Scare Crow"
If one will investigate all parts of
the state he will be surprised at the
uniform argument against reducing
the rate of interest. This uniformity
proves common source. The COM
mon source suggests the work Of the
"invisible government" The scare e.
crow argument is, "If the interest rate
were reduced the money would all
leave the state and 60 where the rates
are higher" In this is found the thin
nest web of argument ever heard ad-
vanced. Read the interest rate quo
tations in Chicago, New York and
other large cities. Where the most
money is found the lowest rates OBJ
tain. If their argument were true the
money would leave those cheap CEN
tres. The silver and gold would use
currency for wings and the smaller
coins for ballast and make aerial
flights for the high interest regions.
If their arguments were true, when
the legislatures of Illinois, New York,
Ohio, Minnesota, Pennsylvania, Mas
sachusets, where there are large cities
and cheap rates of interest and where
bonds, notes and other evidence of in
debtedness are issued at a very low
rate Of interest, those people would ar
que thus: "You will have to raise
the rate Of interest, money will not in
vest at such cheap rates of interest,
it will all 60 West where rates are
higher and the usury laws nil" But
no such argument was ever used Oh
yes! Someone will try to side-step the
issue by saying that money remains
| there and the rates cheap because the
collateral is better. Then / shall put
the issue right at you, and ask why
don't you confne yourself to improv-
ing the collateral and thus aid in re-
ducing the rate, instead of planning to
reduce the number of banks and thus
keep out competition so you can keep
your rates high? When suggested
that the state underwrite (guarantee)
farm loans I suggested plan to make
every farm loan as safe as the bonds
of the state. Why did you not act
consistently and approve this "better
security"
Bear in mind, Mr.. Reader, that ev-
cry time a banker loans you $1,000
that $3.50 was furnished by the bank
and the $3.50 belonged to other people
deposited in or loaned to the bank.
They can go to the high interest re-
gion with only SIS out of every 500
which they have to loan to us. This
| is U. S. government statistics. It is
better that you suffer for the want of
this SIS than be consumed by greed
on the whole $10O.
Money is now coming to this state
at per cent to the agent, to be loan
ed on real estate Is it not reason
able that the money will come direct
to the farmers at the same rate? It
comes to the agents, not because of
any collateral they furnish but be-
cause Of the collateral that the farm
ers can furnish. Close all the banks
and the farm collateral would not be
deprecated. Close all the farms and
the banks could not induce one dollar
to come to the state.
1t is the duty of a just government
to protect the weak against the strong,
and whenever those who act as med
iums obtaining money from one class
of people who have idle and surplus
money, and loaning their lucre to an
other class who produce, manufac-
ture, trade and exchange those things
which sustain and protect life, happi-
ness and prosperity, fail to act without
greed and with justice to all, it be-
comes the right and the duty of the
government to step in and admins
, ter equal justice to all.
| A nice theory might be made up
that if higher prices are not paid for
wheat, flax, cattle, corn, cotton, wool,
hogs, etc., that the farmers would
stop producing them and engage in
other callings. Thus the world would
want for food and clothing. We all
know that the cost of production never
enters the minds of those who fix the
prices of farm products. And many
times they are sold at a price less
than cost of production. But farmers
don't stop farming. Neither have dol
lars ever ceased to be loaned any
where on account of the low rates of
interest. Farmers know that if they
cease to till the soil they will cease
to produce. That minute dollars
cease to be loaned or invested they
likewise cease to earn profit.
This argument against reducing the
rate Of interest is but an excuse with
out reason. The real object of this
excuse is not a question of inducing
money to the state but to maintain the
high profit between the rate paid for
the money to come to the state and
the rate charged to the farmers, mer-
chants, etc. That is the "nigger in
the woodpile."
Declare For Low Rates.
The county committees which meet
on the 18th inst. should declare for a
lower rate Of interest, and instruct
their members to the state committee
meeting to do likewise.
! We should distinguish between the
methods and plans of greed, and the
principles of right and justice. To de-