The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1919-05-29

eminent mas decided that all IL cost
to issue the money and give 1t to III
bankers is one-half of one per Ger
Id and to take it from the citizens an
r. give 1t to the bankers costs onely on,
}. fourth of n per cent.
IL Our forefathers builded wiser tha
1T they knew when they grated into III
Federal Constitution its provisions 70
a national currency. If those prov
n sions were followed to the letter thi
s. government could no allo winteres
to be paid TO itself nor could it pa,
e interest nor allow interest to be pal,
d by one Of its citizens to another. Al
e interest is usury and was so laugh
o 1000 years ago.
Congress should provide that all IN,
y different kinds of currency now in cir
culation shall be called in and can
celleA and government full legal tend
er demand notes be issued in lieu.
4 Il is the IeSaI tender quality OF tins
2 currency that protects the citizen anc
5 today he is deprived of that protection
2 for We have, practically, no legal tend.
Ct money in circulation.
= If the congress should authorize The
issue of full legal tender demand notes
to take the place of all the different
kinds of currency now in circulation
that would give us just as much
money in circulation as we have at
the present time. Then provide tnat
no interest shall be paid on deposits
in the Postal Savings department.
Also provide that. through the loan de.
partment. any person may borrow all
the money he can furnish the re-
quired security for and what he shall
pay the government for that money
shall be determined by the cost of the
government in furnishing it and the
charges should be amply sufficient 10
prevent a deficit. the idea being TO
operate that department at cost.
Give every depositor the right TO
check IN his account with just as. or
more, stringent laws than we nsw
have 20 prevent ovcrdrawilg accounts.
In the requirement of the public
utilities the government should deter
mine what businesses are public util-
tiles and declare them to be such and
the property of the United States gov
eminent.
Appoint a commission whose duties
shall be TO ascertain how much. if
any, the government shall pay for the
stock in these corporations. 1t shall
be the duty of this commission to de-
termine the amount of legitimate stock
held and owned by bonafde purchas-
ers and the amount such said bona
fde purchasers paid for said stock.
II shall also determine all the legiti-
mate Indebtedness of these corpora.
tons, eliminating all ~so-called wat
cred stock and bonds" and shall set
ell such legitimate Indebtedness off
against the legitimate stock and all
such legitimate Indebtedness and such
be over and above such amount of
legitimate indebtedness shall be as
sumed and paid by the government of
the United States.
The commission shall not take into
consideration the physical valuation
of these properties. Whatever OF
physical value those properties TO-
have they have because of the pres
ence and patronage Of the public and
without that presence and patronage
of the people they would have no
value.
Whatever a community creates by
right belongs to the community that
It." The public (the people)
has beer paying interest and divi-
dends on this stock ever since it was
and if the stock holders re-
ceive all that they ever invested in
their holdings it is all they can in JUS
tice ask. TO demand more would be
Payment for said stock
and bonds shall be made in the fol-
manner. Every owner of stock
or bonds shall elect whether he will
take currency or a credit account with
the government at the Postal Savings
on which they shall be
to check to the limit of their
claim, in payment for their stock or
bonds.
1t is assumed that, practically, all
would choose the credit and checking
But, assuming that enough
would choose to be paid in currency
to require more than is o available
that purpose the government could
issue with impunity all that would be
for the laws governing all
issues should provide that when any
of the government currency was re-
ceived by the government in taxes and
ALI dues to itself such currency shall
be redeemed and destroyed. Such
provision would cause an automatic
regulation and determination of the
amoun required in circulation and
when not needed would soon find its
a to the government treasury and
be destroyed to be reissued again
when there came a demand for it.
Nv the establishment of this system
of finance the control of the money
-~.,rx-, would no fakap ont of '