The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1921-09-22
|DR. {. I. LADD'S
WEEKLY LETTER
Washington, D. C. Sept. 16.

Washington, d. G. Sept. 16.
It is generally realized that if we
are to be free from the financial slav-
cry. now imposed on the people by the
present money and credit system, we
must acquaint the people with the ma
ture Of the system under which we
are now operating and show the ne
cessity for a remedy. Having supreme
faith that the one thing needed in this
connection is the utmost publicity, l
introduced Senate Bill 2342 to bring
the subject squarely before the public.
From the tenor Of the correspondence
l am receiving, the bill certainly has
struck very popular chord and has
met with the approval Of many for
ward-looking men and women through
out the nation. ! am going to take the
liberty Of quoting some volunteered
letters received from men of expert
qualifications on the subject Of fl
nance. On August 18th, received the
following communications:
"In touching upon the subject Of
banking, feel that you have not only
touched upon one Of the most sensi-
tive nerves of the present economic
system but at the same time one OF
the most powerful and insidious.
Whether or not the trend of your
thought in time past has led you to
such conclusions l am not concerned.
However, / feel that you have touched
the main spring and fount upon which
large personal interests, whom you
have had to combat 50 many times,
are founded and from which they draw
their support At the same time it
is the big difficulty preventing any
thing like organizing any effective
towards betterment. Possibly
it may seem pessimistic yet, in my
mind, UNLESS THE PEOPLE
AGAIN THRU THEIR GOVERN
MENTS CONTROL THE MEDIUM
OF EXCHANGE AND THE PRIVIL-
EGES OF AND POWER OF GRANT
ING CREDIT, any program will be
harassed, if not continually
debated. 5rE
"In the first place money or in it's
more specific term-specie-plays an
unimportant part in the transaction
of business today. In other words as
medium of exchange, it has almost
ceased to exist and if any exists only
in transactions that are inconsequent-
ial That function for which money
was primarily devised has been sup
planted. Money-specie now lies dorm
ant almost in the safes of banks and
and money lenders to make up the re-
serve, in the case of banks, required
by law, Because its substitutes, checks
.and its allied forms, has taken its
place, therefore, the medium Of ex-
change is represented by these paper
transactions. AS rule, this medium
of exchange is founded on a credit
extension and therefore it comes into
the absolute power Of the bankers.
You can readily see what power is
placed in the hands of banks and how
subversive this is of the true purpose,
legislated privilege at that. Even as
the liquor business, you will find their
powerful lobbies at Washington to
protect their interests even as they
have subsidized the public press and
throttled the free expression OF their
debtors.
Controlling the active medium OF
exchange they are in position to die
tate who shall and who shall not have
credit. You can see the terrible weapon
and how absolutely they can dictate
Then again the abuse which they prac'
tice in the extension Of credit, subject
, to the sentimental, personal or eco
/, nomic whims Of the officer or the dis
count board. Note exposures in tn
Federal Reserve System.
Therefore again, let me repeat
until the people through their govern
ment again reinvest their government
! with the sovereign and undelegatet
power of their medium Of exchang'
anu LllG COutIVl Va VIC OAVSAA0AVAAS
credit, there is going to be endleS
struggle. This they can PRACTICAL!
only do by taking over the function
of banking.
| 81 am presuming upon your time q
a busy man, but trust that it may q
/, least show you the appreciation tina
your real study Of Fundamentals merl
/, and that you have found the corne
) stone upon which any correctiv
means must be built. trust that moth
| ing will prevent you from fulfillin'
!, the plans and houes which you ha
and which present reports seem TO in
dicate that you are beginning 70 wor'
on. / realize that the atmosphere ]
not congenial generally but you WI
!, find individuals already there who az
/, working along kindred lines"
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