Saturday news. (Watertown, S.D.) 19??-19??, 1918-02-21
E DIT @ RIA L
SPECIAL LEGISLATIVE SESSION.
Continued from Page y

sages the need Of such a body of semimiitary character to maintain
order and to guard property and protect human life. 1t cannot be
expected that the members of this association will not only devote
their time to training but at the same time furnish their own uniforms
the military clothing.
On the other hand, it is contended that what is known Is the
l. W. w. will be chiefly conspicuous by its absence during the sea
son Of 1918: With the closing Of the saloons and the elimination Of
stabulary and the local police can easily deal with all probable dis
turba az es,5 Besides opponents G9@a Of an am, appropriation tito for the Guards
II not a quarter of a million, properly to equip the one hundred
Home Guard companies.
portion Of the next Liberty Loan, presumed to be placed upon the
ing private capital and capitalists to subscribe voluntarily, it is pro
posed that the state issue its bonds for the full quota, thus distrib-
utng the burden throughout the commonwealth each property hold
er paying his due ratio through the process of taxation.
The preceding paragraph virtually states the affirmative side
to the Liberty Loan will. not do 50, or will subscribe comparatively
insignificant amounts, II commended. Meeting the entire loan from
the public treasury would overcome this inequality, placing the obi
cation where it beongs--upon the shoulders Of those able to meet
the states proportion of the next Liberty Loan will of necessity be
met by the bankers and other local financial interests, and the amount
funds Of the banks, thus limiting and curtaling the available means
for maintaining industrial and commercial enterprises.
the plan, who think they see in it only an attempt to afford money
ton Of the loan viii be taken from accommodations already in our
banks; if not by the bankers themselves in subscriptions for state
scriptions on the part Of depositors or borrowers; SO that, in the end,
the cash viii be sabtraoted from. from bankab Die channels, IN nan any event,
Besides, they continue, the federal bonds draw four per cent, whereas
keted at an equally low rate; hence, the difference between the rate
the federal government pays and that which the state would be com
peIed TO pay represents the states conIrlDuuOn To m money lenQ-I
ers in the way of a higher rate of interest, declares the opposition.
In rebuttal, the proponents Of the. plan admit the force Of the
argument Of the opponents with respect to contributing to money
lenders through higher interest rates, but point out that a state bond
drawing a higher rate than the Liberty Loan bond would attract out
side capital leaving the states bankable resources intact within the
state for local commercial and industrial purposes.
It rests with the people of the state, and particularly the mem
brs Of the legislature, upon whom the responsibility for action will
fall, to consider these matters from all angles. We have purposelyl
refrained from expressing an opinion because the problems are too
weighty for hasty Judgment and because we believe that the people
of the state should approach the subjects unhampered by precon-
ceived notions or hastily drawn conclusions.
These are four Of sae proposed measures upon whle q. legs.
should approach the subjects unhampered by preconceiyed notions
or hastily drawn conclusions.