The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1922-01-19

i've years VIII hot produce more WneaC
than is needed to supply the people
of our own country. III ten years, pur-
suing our present policy we shall be-
come an importing nation. ! am con-
fident q more enlightened conscious
ness Of the needs Of agriculture will
bring about, however, more liberal
policy and instead Of further decline
we may look for improved conditions
for the United States can produce not
only all the wheat needed TO supply
our own country but furnish large
amounts Of export flour for European
countries.
Farmers in North Dakota will be
interested to know that up to and in
cluding December 28th the War Fin
ance Corporation had approved 242 ap-
plications aggregating $5,560,000 to
banking institutions iii North Dakota.
or this number 1872 cases had been
completed and the sum Of ,s2,964 ,696'
had been actually paid over to the:
banking institutions. It is interesting
to note that thus far not a single ap-
plication had been approved by the
War Finance Corporation to cooper
ative organizations with headquarters
in North Dakota. & '.s2.5 q
\ .sss Railroad Values
On railroad valuation, Senator La
Follettee is authority for the state
ment- that while the Interstate Com
mission have made some progress the:
data is not available ais yet to deter
mine the true value Of the railroads.
But with regard to their true valua-.
ton as compared with their capital
ization, Senator LaF gillette says: ut
is so per cent Of their capital. This
lis of course a rough estimate" He
says: The Interstate Commerce Conn
mission placed the value Of the rail-
roads of the United States at s18,-
900, 600, 900 or within about 81 ,000, ] ,000,-
900 of the book valuation or capital
ization. The Senator then adds:
ssThere is, in the railroad property
of this country an excess capitaliza-
.tion charge Of something like six or
seven billion dollars He further
says: The railroads have an overhead
charge for capitalization of from 40
ito As per cent greater than ever was
carry. If Hit be attempted to make the
products Of the country pay the trans
.portation charges on a valuation of
SIS, ,000, ,O00, 900, then we have fixed the
rate so high as TO stall traffic.
DefatiOn
During the last calendar year there
has been q reduction of more than 25
per cent in the volume Of Federal Res
serve notes, Ia other words, there is
nearly 81 900, 900, 600 less IN circula-
ton than one year ago. With nearly
a billion dollars of deaation or with
sdrawal of credit money during the
past year besides defiation and iqui-
dation the latter part of the preceding
year, is it any wonder there is lack
of readily available money IN circufa-
tion Following such terrific infia-
tion, def1ation must necessarily follow
but the rate of defiation, IL is claimed,
might have been carried out SO as to
work less harm and especially so far
agriculture which undo oubtedly bore
the brunt of the losses and 1T brought
the farmers iii . large measure 70
the verge of bankruptcy, Ff
Our Banking System
There Is no question but what the
National Republic publ lished At the
Capital Is as nearly the official mouth
piece OF the Republican party as can
(be found. Under date Of December
31st II gave vent to its feelings about
thu practical workings of the much
heralded Federal system IN the fol-
lowing language:
When The Federal Reserve Law
was passed eight years ago, one Of the
leading bankers of the Middle West
declared that while the Immediate ~
feet Of The measure would be good, Il
represented d dangerous venture III
thu government into the banking busi-
mess and held possibi lities of imitation
which would ultimately bring reaction
and the renewal of il agitat tion against
hank and in favor az more radical
linfiationary measures. The time has
come, much hast tened bv the necessity
~ expanding credits during the war
when that predic ation il being fnlflI-
III il probsbly taue thst this is 81 b,
tended III prepare the Wv tor sayinf
Ae Deln0c lsessIre hns been !