The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-02-08
BY WILLIAM LEMKE

again been introduced in the United
States senate by Senator Lynn J. Fra
zier. It will come up for discussion
before the Agricultural committee in
the not distant future. It is univer-
sally recognized that if this bill IS
passed it will bring immediate relief
to the farmers and the starving mil
tions asking congress to pass 1t With
state legislatures have passed reSolu-
tons acking congress to pass 1t with
out delay, and the Farmers Union Is
unanimously supporting it, as are 9TH
er farm organizations. Therefore, it
is important that we create a univer-
sal enlightened public opinion In sup
port of this bill.
This bill provides that the United
States government shall re-finance
the existing farm Indebtedness at IL
per cent interest and IL per cent
principal on the amortization plan.
It provides that the United States
government shall get the money with
which to do this, not by issuing and
selling bonds, but by issuing Federal
Reserve notes secured by first mort
cages on farms.
This bill asks nothing new. During
the war the government virtually
doubled the money in actual circula-
ton by issuing Federal Reserve notes,
secured by commercial and agricul-
tural paper-promissory notes-en-
dorsed by the local banks. This was
done so that the government-the
people of the United States-could as
sumo the indebtedness that foreign
nations owed to the international
bankers who had bet on the wrong
horse over in Europe to the extent Of
billions Of dollars. If our govern
ment could do this to save the in
ternational bankers why not do the
same thing now to save the farmers
and the starving millions?
New Money Plan
If the Farmers Farm Relief Bill
becomes q law then there will be is
sued and put into circulation, among
the people, several billion dollars OF
new lnoney-Federal Reserve notes.
II will again give purchasing power
to the people-the farmer will pay
his banker, his merchant, his lawyer
and his doctor, and they In turn will
pay their bills, and all will start In
again repairing and improving their
homes. Employment and starvation
will cease, the enforced idleness of
from seven to IA million men and
women will disappear and we will
hear no more of over-production. Con-
sumption will again be normal. Real
property, the kind we had in 1919,
will return.
We have not enough money to do
the money business. Money Is yard
stick with which we measure the en-
ergy of our people-we have not
enough yard sticks to measure that
energy-that Is why there are seven
to IA million people out Of employ
ment and why % to 80 million go to
bed hungry every night, while at
least another 100 million need new
clothes and other necessities.
We are being reduced to a nation
of Indians, to nation Of trade and
barter. Farmers are trading oats for
gasoline, wheat for newspaper sub
scriptions, cabbage and eggs for wear
ing apparel. Ranchers are exchang-
ing horses for vegetables, COWS and
hogs for food-and colleges are even
exchanging education for wheat, and
all because there is not money enough
to do the money business, not SUI
ficient yard sticks to measure our en-
ergy. In Kansas recently, q young
man paid his wedding fees with few
sacks Of wheat and in West Virginia,
a young couple traded basket of
grapes to the county clerk for mar
rage license. There is not even
enough money to do the marriage
business.
Less in Circulation
We have less money today in cir
culation than we had in 1865. At
present, if we deduct the amount that
is in foreign countries, we have $27.32
per capita as against $31.18 in 1865.
But that IS not the whole story. In
1865 we had only q few millionaires,
today we have over $4,000 millionaires,
multimillionaires and billionaires, and
on top of that we have mergers, con-
solidations and combinations, until
practically all Of the money is in the
hands of a few international mon
archs, who are starving and throttling
!. the prosperity Of the nation.
There is less than $40 per capita in
circulation among the people today
as against $31.18 In 1865. Then we
were in the OK and horse age. Today