The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1922-04-20
c. w. FEATHERS, Clerk.
April 20 to May A. 7

LADDS AUDkESS All HULYOkE
Continued from Page ~
but they prove a curse to the people
who have to live under their shadow.
After the demise of the Second
Bank of the United States we again
operated for a while with State banks.
Then, through the Act of February
Is, 1868, and the revised Act of June
8, 1864, the National Banking system
came into effect. With various supple
mental and amendatory Acts, we OPP
Grated under the National Banking
System until the establishment Of the
Federal Reserve System in 1914, our
third, and let us hope it is to be our
final experience with a Central Bank
ing System under private control.
It is interesting to note that the
same character of influence that were
at work at the first two instances OF
Central Banks under private control,
were the influence that were at work
to put into operation Jul present
system modelled along the Central
Bank idea with private control, and
this in spite of the fact that so many
of our really conscientious represen-
tatives in Congress really thought
they were giving the people a real
currency system that was under a
direct control Of the Government, so
that direct Governmental control could
be exercised over the money and
credit of this nation. But they are
not to be so greatly blamed because
they were fooled.
drastic Deaation" has become an
established term in American phrase
ology. 1t has conveyed a terrible
meaning to hosts of American Git
liens. There has been an almost
mystifying submissions to it's exac-
lions due to the belief that has been
propagandized among the people gen.
orally that such a policy was neces-
sary as a matter of reconstruction.
and that it's attending hardships are
the natural results and expected pen
alties that allspatriotic citizens must
pay as their part of a war announced
as victorious. .lBut while the people
of this country have been going
through a process of deflation, the big
banks have been piling up their re-
serves and the purchasing power Of
the enormous debts due them has beer
tremendously increased. While some
of the little state banks Throughout
the country which really seek to serve
( kI11sr ~ ,,ps4Snc houo honIr fNTrnf
to close their doors for the want O.
a few thousand dollars, a Federal Re
serve bank has been able to build
marble palace costing millions of dol
, lars to house it's activities. We have
indeed, been witnessing a remarkable
display of the power of banking in
stitutions in striking contrast to the
h~elplessness of the people. But this
is a condition of affairs about which we
have sufficient warning.
Warning of Dangers Ahead
When we launched our first exper.
fence with the Central Bank idea ir
this country by authorizing the First
Bank of the United States, that great
Englishman, William Pitt who was
; chancellor of the ~exchequer, said:
"Let the American people go into
their debt funding schemes and bank
ing systems, and from that hour theil
boosted independence will be a mere
phantom"
In 1888 Mrs. Emery made a most
striking statement when she said:
"By controlling the Finances of the
country, they (the money power) have
been enabled to form trusts and syndi.
Gates which have reduced the people
to a wage-slavery more abject anc
heartless than any chattel slavery thai
ever cursed Gods earth"
Thomas jefferson also witnessed
the expressing power Of the Contra
Bank System in the operations of thu
First Bank of the United States, anc
he said:
81 hope we shall crush in it's incop'
ton the artistocracy of our moneyee
corporations which dare already t.
challenge our Government to a test Of
strength and bid defiance to the laws
of u country"
How true it is todaysthat they"chal.
lenge our Government to a test Of
strength and bid defiance to the laws
Of u country"
Jefferson recognized the fact tina,
the power to issue and control the
circulating medium belonged to the
Government and that the Government
should exercise that sovereign func'