Saturday news. (Watertown, S.D.) 19??-19??, 1915-08-19

| note by press reports that YOU
are collaborating on a plan of STATE
development in connection with III
raj credits, with the view OF encour
aging Tie unemployed of the cities &c
deyrIup the unemployed land, a very
commensurate proposition.
] am enclosing you a plan submit
ted by Inc for consideration to tn
Rural "redit League of America, and
which y i'll appear in their next but.
letin. l. has always been my Gus,
tom 10 lay a foundation, before Ell
ectiu4 Il building. To the basic prin,
ciples III the foundation | have given
thirty years of study, primarily FROM
the farmers standpoint; but never
with The view of seeking special
PRIVILEGE for agriculture. l am funda-
menrajiy and unalterably opposed to
special privilege or class legislation
The first half of the article is de
| voted ~ the foundation principles on
which We should build, and | consiu-
err il more important than the plan
| have been advocating the system
for several years in a limited sphere
under the caption of state develop
ment.
The plan itself was rather hastily
prepared by special request, with
space limit, and submitted for con
sideratlun as a basis to start with
In My study Of Farm Problems
and Stale Development" l deal vita
the Whole problem more fully, and il;
you ar interested will be pleased 10
mail YOU a copy.
President Wilson has frequently
referred to this problem in his EleS
sage ~ congress, from which | quote
thai ~a-riculture be placed upon an
equal citing with ether business
men AID masters Of enterprises a. T..
shouiG( and again. "Agriculru~
should - placed upon al equal fool.
ing WI commerce and industry.
So I have adopted the presidents Sc
gan as my own, viz, that agriculture
shout ~ placed upon an equal foo
ing ~.a commerce, industry or an
idthec tusiness, No more and 4.
less. However, I shall limit mvs5..
at this me to this particular one Vi.
which me president says: IT IS 70
this - should now address o1-
selves
President Taft gave It OFT official
" in ! document prepared By NJ
department Of state, and addressed
10 & meeting OF governors. that On
an average commerce and industry
gaiG for the use Of money ! Per cent
and agriculture SEa per cenr and
asked Why this should be. I have NJ
doubZ hut that IL he had been asked,
that IL would have replied As he
did 70 4 somewhat similar question
"God klGws
Senator Fletcher mas since n ccn
gress gwen it as the result OF rs il
v-estigar.on that commerce ami indus
Try paid per cent and agriculture
HI Der cent, and nc doubt President
wilson xauId like Il k1nw Why.
NJ gD[an is the only one sabmftrsd
that Is designed 70 place ~agrtcTIEtI:e
up0n an equal footing with ccransrce
and industET-
Right here Z would Ike { cali Tudr
~atra1tinn 10 a double errar vGEY
prevalent in the discussion Ut Cnla
most important problem
Banking is not referred &c al 4
Guinness, CT agriculture as a. business
or industry The facts are that bank
ing Is the controlling business, q PRIV
ate Business organized and conducted
for profit aud profit Only. AgrhuE
turs Is not Only q business. but the
besG industry ard the greatest OF
all. Then if agriculture Il 10 be ptac-
ed unon an equal footing wfEh ether
Industries, certainly banking should
be included. This eanno be done an
DIR nzsr present federal reserve bank
iaw
FIRST. Because it is designed Who'll
ly For commercial purposes
ne national bankers are Gnaster
/ ably opposed to the attachment o
any investment system, and as com
IrnercfaI bankers Eoanfug demand ant
snort time deposits they are rigat
During the discussion of the presen
law. Monetary Reform the ofdcia
| organ of the National Citizen Leagu'
/ said editorialsg for the national bank
! era in the issue of July LIST. "Ther'
/ NAV be need for certain reforms u
/. our investment of banking machinerl
THAT il not now before Us, Nothin
bnt dfsaster can result from the cor
fusion of commercial with f1vestmen
banking problems
q. 4 believe that to be absolutely trit
Then why try to force any such q
!. tachment upon them? II cannot b
q done.
The long time investment systel
! cad be administered for a mere fra,
Il tlon Of the commercial system. The
why should the friends of the inyes
meft system persist in trying to g
tach the investment system upon Il
more expensive commercial system
nv plan provides for an iavestmel
system entirely separate and distin,
from the commercial system. II w
not interfere with legitimate CONNIE
cial banking, but Will prove q help.
, We have the long experience
Germany, France and other Europef
countries, and a very considera0
experience of Australia and New ze
: Land I'll the commercial and inyes
/ ment systems developing side
!. side. o the mutual benefit OF eac
and the nnqnestioned advantage
! the whole people of the unit.
. III the federal reserve bank law q
: have taken a long step in advance
= any nation, In recognizing Tn
9 money basedson value is Just as go
az money stamped on value. Th