Saturday news. (Watertown, S.D.) 19??-19??, 1915-07-15

{ SSNs w. NN' 49, 80 i~
ton viii be favorably considered h.
the banking and business Interests il
probl maticai, 1t is not probable. a.
we View it. that the salient features
! Of thr plan will be accepted in tbl
very near futare.-Editor.l
Il /, Loucks, WATERFOWL, S. o
Tha, it viii require several years
to arouse the people and nov con
gress . enact 4 scientific Federal In.
vestmcut Banking system rs ! have
outlined may as we'll be conceded,
Accepting the theory that what
ever the community as . u1it can do
for me individual members thereof
more efficiently and c~CoEopicaiiH
than he individual members nj the
community can do for themselves, the
community should do when 4 major
ity Of said unit approves; We should
Will waiting for Federal action be
working and demonstrating that Tie
plan suggested is practical in 50 far
las the state, county and individual
limits IRE concerned.
b,lieve that each state in the
union is rich enough in natural re-
sources and intelligent, industrious
/ citfzership, thai if freed from unjust
determinations and exactions by Ngj,
vate monopoplies, could and would
produce enough wealth, which Il
, properly conserved and administered
would develop the state from within
more satisfactorily than is being done
under Il present system.
Our fOrefaTheTs did it; other ma
: %.1-z 10 Enf1r 81. mo EA n do II
Using the state as the unit, each
state II the union can provide ;he
| cred; for the individual members for
production and development for i
much longer time and at a lower rate
of interest than is being charged al
present, Then why wait for Federal
action?
The postofice savings bank has
failed in its mission to ~encouTag3
Thrift and saving. as its advocates IN
|tended, and has become primarily a
medium 10 gather deposits for the
national banks at a saving 10 them
OF from TWO and one-half &c three and
.oHe-Ealf per cent.
Begin With the State Unit.
Begin with the state unit, Thanks
10 itlE EOOU AEALCl4SS VI lAS c4d
Farmers Alliance, We in South Da-
.kota have an advantage over most
states in having inaugurated with
statehood a system Of loaning our
school funds through the department
.cf the Commissioner OF School and
Public Lands at 5 per cent which had
the effect OF reducing the rate Of in
terest on farm loans very materially.
II you'd seem therefore that our next
step should be TO enlarge the useful
ness of this department. In other
states 1t would be necessary to or
ganize state banks for purely invest
ment purposes, paying interest on de
posts at the rate of 3 or 4 per cent
and loaning through the county com
n~lissioners, or board, at an advance
of one-haIf of one per cent, one-half
Of which should go TO each the state
bank and county board.
State Bonds.
Instead of keeping accounts in local
Offices as with the postal savings
banks / would suggest the issue OF
state bonds, registered or unregis-
tered at the option of the depositor,
IN denominations of five dollars and
nuitipIes OF Eve, unlimited in amount
and payable on demand.
These bonds in small denominations
would prove very popular, and could
be handled by county, city and town
.ofsciais for a nominal sum.
The Canadian provinces Of Saskat
chewan and Alberta ON our north Dor
row o on bonds at 4 per cent and
= - ~ ~ - a,ao r, sr6 = fn ~, a,sd nfSIrafn1
companies at 5 per cent to the extern
of So per cent of stock subscribed
and il lis proving very satisfactory m
deed.
New Zealand.
The system OF state banks sccept
ing OF deposits at 3 or 4 per cent ant
leaning at an advance of one per cen
for investment purposes has proven
highly satisfactory in New zealant
for many years. New Zealand witt
LESS than 1000, 900 population hal
ioyer ~S30.0e0,0eo thus loaned out.
They pay 4 per cent and loan for
per cent. Prompt payment Az Pc
Icent. III the interest is paid fourteen
days before due one-half of one pc
lccpf IS RENTED.
They report no losses, and a ne
revenue for the last year for which
hare a report of s25e,0o0.
West Australia.
West Australia with less than hal
q million population, Id not an agr
IeuIfnrai province, In 1900 the tota
acreage lii crop was only 10000. an
Qualifications for land only 100000.
lIgiI there was over 100000 In Gro