The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-11-04

have within recent date been iSsuec
to a few large banks in q few large
cities in the east. There was not 8
penny of gold or silver connected
with the transaction. When the big
boys get it 1t is not fiat or soft
money-but when the soldier boys OF
the farmers ask for 2 billion of these
federal reserve notes on the sans
terms and conditions that the inter
national bankers get them, then the
international bankers and their in
telligent followers begin to yell fiat
money and soft money. It is sound
money when your government gives
it to the international banking clique
for the cost of printing, and then
when 1t gets four or five billion dol
lars in the red, borrows its own
money back and pays 2, 3 and 4 per
cent interest, then 1t is sound money
in the minds of unreasonable people
Again, the national bank notes are
based on debts and not on gold or
silver. Wall Street is careful never
to explain this to it's unthinking fol-
lowers. They think that these notes
are based upon gold. The truth is
that all that money is unit of ex-
change yardstick-with which we
measure the muscular and brain
energy of the people, and there are
not enough yardsticks to measure the
energy of our people at present.
Ninety per cent of the homes and
public buildings in this nation needs
painting. If the owners of those
buildings had money enough to buy
that paint and hire the painters the
farmers flax would 60 up to So and
81 bushel over night.
Therefore, we are for the Frazier
bill. which provides that the United
States government shall refinance
existing farm indebtedness at / liz
per cent interest and 1-2 per cent
principal on the amortization plan
not by issuing bonds, but by issuing
federal reserve notes secured by first
mortgages on farms-the best secur-
ity on earth.
During the war the government in
flated or increased the money in cir
culation by giving us an additional
2 billion dollars-mostly federal re-
serve notes-to use as revolving
fund with which we bought % bill
lion dollars of Liberty bonds, and
then in 1920 and 1921 it debated and
took two billion dollars away from us in
the short space of eight months and
wrecked the prosperity of the nation
When 1t gave us those two billion to
buy Liberty bonds with it was not fiat
CT soft money, but when we ask for two
billion dollars now to use as revolv-
ing fund with which to refinance 2
IL billion dollars farm Indebtedness
then it becomes soft money in the
minds of Wall Street and it's unrea-
soning followers.
Just why any person who is fairly
we'll Informed on what money is and
it's functions should be fraid that If
the Frazier bill were passed that
then there would be too much money
in circulation, when as matter of
fact the average individual that par
rot like repeats the expressions, fiat
money" and soft money" has not
got $3.50 in his pocket, is more than
we can comprehend. If these people
would only open up their eyes and
look about and calmly view the
wreckage-whole communities with
out banking facilities-90 per cent of
the homes and buildings in this nae
ton implanted and in sad need of re-
pair-millions out of employment
and millions more starving, and all
because we have not enough money
enough yardsticks-with which tt
measure the muscular and brair
energy of our people, then they
would realize that we have no.
enough money to do the money bust
ness, and that is why the nation i.
stalling in the midst of plenty.
WILLIAM LEMKE.