The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-05-08

when they borrow q few hundred
dollars at the bank? Did IL ever occur
to you that you bank keeps your ac-
count furnishing you with pass book
and checks, giving you a balance and
statement each month? Did you ever
go to your banker and have him draw
you contract, make you a deed. pay
your taxes and did he charge you any
thing for this service? After a while
| you would wake up to the fact that
you owed your banker something and
would find that the only way you
icould pay him was to borrow few
hundred dollars at ten per cent inter-
est, (you would find that then you were
/ paying only 4 per cent to the banker,
the difference being what the banker
was paying for the money! and then you
would be able to pay up some of your
past due accounts also, be able to do
your business on q cash basis After
this experience, would you feel broad
er and bigger, or would you feel that
someone had robbed you? Do you know
that for eastern investors, our banks
are just as safe as the city banks
where only from three to four per cent
is paid for deposits? And yet, your or
ganization would SO hamper and cur
tail the banking business that this
outside money could not be secured
Do you think money can be forced
into this state by legislation or other
wise? On the other hand, you do know
that this interest rate Is based upon
supply and demand just the same as
the price of other commodities. There
fore the interest will lower to the bor-
rover just in proportion to the rate
paid on savings, and the rate on saw
ings will be based on the amount of
savings in proportion 20 the amount
of loans. Would it be injurious to
your organization to tell these plain
| truths, or would it, do you think. injure
the prospects of getting the $16 sub
scription to your league?
| You vetoed a measure which pro-
vided for the building of stateowned
elevator, simply because this measure
provided way of paying for the ele-
yator, small tax. You did this be-
cause your organization managers
have led our people to believe they
could issue bonds to almost any ex-
tent for building and conducting state
institutions for business and that the
profits from these institutions would
pay off this bonded Indebtedness. in-
Guiding interest and there would be
immense profits besides. Have you
heard of the man who counted his
chickens before they were Matched,
and aren't you acting accordingly?
Yet while you do not believe in paying
as you go, you have the temefity of
agitating the proposition that our gov
eminent should issue no bonds for the
present war, but should, preferably
confiscate the property of the very
well-to@do, sufficient ITO cover the en-
tire expense of the war. Would it not
be just as reasonable for the state to
confiscate all the property Of farm
ers who are worth it, over say, $4,000
for the purpose of building a state
owned elevator?
Your manager, Mr.. Townley, Il
quote from one of the articles in The
Country Gentleman) says: 1.-THE n1er-
chants are fools, we cannot allow them
to belong to our organization, because
being so bright they will influence the
farmers away" / want to say to Mr..
Townley, I have travelled in North Da-
kota for Is years and know the mer-
chants do not talk politics, neither do
they attempt to influence the farmers
in any way. have been Republican
that fought to elect John Burke gov
ernor Of this state, in order, as felt,
to break up the boss end of my party.
Did you do this, Mr.. Townley? Do you
know that since our state organization
OF all the sessions Of our legislature,
the membership has been over 20 per
cent farmers? You say the merchant
is cutting his own throat when he op-
poses you, can you name any merchant
who is opposing you? Yet, / presume
you would not admit the fact that you
make this statement to intimidate the
merchant.
You say the farmer is justified in
sending to the great mail order house
for his goods. Do you know that Gus
toners can come to my store and buy
a bill of goods for less than they can
get the same by sending to the mail