The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1921-11-03
DR.. [. +. LADD'S
WEEKLY LETTER

W[[nI uHtk
Washington, D. C. Oct. %, 1921.
In view Of the unnecessary destruc-
tion Of values and untold suffering to
the business and farming interests Of
America thru the ill-advised methods
of those responsible for the admins
trative end of the Federal Reserve
System, our readers will be interest
ed in reading the remarks of Senator
Borah on December %, 1918, when
the Federal Reserve System was be-
ing debated on the floor Of the Sem
ate:
"The bill will enable the banks Of
the country to initiate or contract the
currency at will" This seems to me
a tremendous power. When we con-
template how such power fattens by
what it feeds upon, it seems to me
fearful power. It congregates and as
sembles the whole money power Of
this country, the power which is to
direct and control the currency and
the credits of the country, and thereby
the business and the wages of the
country, and when assembled, it
turns it over in all substantial things
to private interest. It delegates or de-
livers over to private corporations and
to private corporations and to private
interests thus assembled and COM
bined the most potential instrumental
ity of commerce. It takes from the
people sovereign right and parcels
it out to those whose prime interest
must be that Of gain, and, not salts
fled with giving over to private inter-
ests the sole use and monopoly Of cur
rency and credits, it gives them the
astounding privilege to say how much
we shall not have. When you consid-
er how rapidly small things Of this
kind, small beginnings in the way Of
special privilege grow into dominat-
ing forces, this seems to me step
we must inevitably and sorely regret.
In this instance we are doing one Of
two things; we are either issuing this
currency, and if so, we should have
the sole and absolute control of it, or
else, we are Joaning the credit of this
Government to private individuals and
to private corporations to enable ther:
to build up their credit. It is worse
than that, it's the Governments going
into partnership with banking corpor-
ations to multiply debts upon the peo-
pie with bank credit substitute for
money.
ut is not only the sovereign func-
tion, but the sovereign duty Of Gov
eminent to furnish sound and suf-
ficient volume of money with which
to do the business of the country. This
obligation, which is put out by the
Government, goes forth discredited
and dishonored by it's maker. Every
creditor in the land may say to every
debtor Go, get me gold before sat-
isfy your debt If the Government is
providing money, it should perform oil
the functions Of money at all times
and under all circumstances. It should
either take it's name off this note and
relieve itself Of this obligation, Or it
should exercise it's full power and dis
charge its duty to the people and rive
It all the functions Of money. Upoa
what theory should this govetnm9nt
assume both the obligation % issue
and the obligation to redeem this mis-
cradle itinerant in the business world
which is neither willing to cancel not
capable Of cancelling mortgage, OF
paying grocery bill.
'If IL is money, who will argue that
it should not be money in all it's com
| pleteness and power? If it is . n1ere
instrument Of bank credit, who viii
argue that the Government should
either Issue or redeem it. Unless We
make these notes full legal tender
unless we do this, this measure VIII
60 out to the world wearing the band
which 20 many measures touching the
currency have worn before, OF special
privilege. The faint Of cowardice, the
shut fling pretense Of what was prunl-
ised 10 be q clean, broad measure =
the interests Of the whole people.
sorhe last 70 years have been por-
tentous years IN the history of the Re-
public. Centralization Of industry, en-
trali1aion of commerce, centralixatlon
of banking, centralization of credit,
and ali In private hands, and the Gov
ernment yielding 70 them little by htt.
Tie from time 10 time its sovereglI
powers and duties. II may al b j.
obedience 70 some sinister law q IN