The Bismarck Tribune Newspaper, February 15, 1932, Page 3

Sn ee eer ae NORE, RIOR et at the expense of Bismarck and the vaxpayers of North Dakota. Time and again the League of Na- tions has sent friendly Japan to discontinue their war move- ments agaihst China, but so far the warnings have been disregarded. Time and again the editors throughout the state have hinted to Jamestown to withdraw their petitions, but so far “nothing has been done. The time has come when the League of Nations is being forced to arms to protect lives and property On the 15th day of reshape the government, but we can-' not un-make the millionaire.” I also stated that we, meaning the public, had made the millionaire. Judging from A Reader's letter, he is of the opinion that millionaires are made through highway robbery or other. nefarious ways. Undoubtedly there are many who have obtained their money through fraud and trick- ery, but by far the majority of them have obtained it through their busi- ness ability. I bear no grudge against the man who has made a million dol- lars honestly. If I were capable I at Shanghai. ~ PEOPLE’S FORUM Féitor’s Note—The Tribune welcomes letters itters dealing with controversial ‘Yiduals un! ht returned to on subjects of interest. religious subjects, which attack indi- id good taste and fair play will, be @ signed. If you wish to use & pseudonym, sign the pseudo! ur own name beneath it. ‘@ will respect such requests. We reserve the right to delete suc! of letters as may be necessary to conform to this policy. ATTACKS INTEREST Bismarck, N. D., Feb. 7, 1932. mx Since it is pretty well recognized by everybody that the whole civil- ized World suffers financial depres- sion, it is naturally the most dis- cussed subject of all at the present time. The best brains in the coun- try are presenting their views on the Problem, through press articles, ra- dio broadcasts and in the hall of congress. So why not 1? I see the capitalistic system under- Boing the severest trial of its history. But, I hear someone say, when we have operated under the capitalistic blan for hundreds of years success- fully, why does it break down now? ‘The answer is—the excessive rate of interest, usury, and the riotous abuse -of credit. Salesmanship, volume in commerce and production, has come to be a religion in our economic and business world. As if the sky were the only limit we have striven blind- ¥. Jy to gain fortunes on borrowed capi- -\tal, forgetting the everlasting gnaw- ya ing at our vitals by the destructive ‘| worm—interest, = _The early colonists of the New England states by their industrious- ness and thrift soon accumulated some capital. As the settlements ex- tended westward and: needed money to develop new activities, it was fur- nished by the New Englanders at in- terest. The eastern insurance com- panies exploited the new territories in the west and when their profits accumulated faster than their im- mediate needs they -organized loan agencies to finance the growing west. So eager were the people in their quest for new empires of industry and wealth that they borrowed more and more in order to create volime and get rich quick. The money lend- ers were glad to furnish the ambi- tious frontiersmen with the necessary finance so long as they considered the credit good, but their terms were often shameless. It was not uncom- mon here in North Dakota in the early days for the borrower to have to give a note for $100 drawing in- terest at 10% or 12% on the whole whole amount, although he got only $80 or $90 actual cash. Recently, when the automobile in- dustry reached the saturation point, that is, couldn't sell fast enough, they organized separate financing companies and inaugurated the so- called installment payment plan.|- ‘This naturally added to the cost of the machines and in addition inter- est on the deferred time payments. Private Finance ‘Favored ‘Then, finally, the World war with its reckless spending had to be fi- nanced, again on credit, and enor- mous profiteering by private money lenders and manufacturers resulted. This is what broke the camel’s back. The great money lenders, through the international bankers, had al- ready cornered most of the wealth prior to the late war, otherwise they could not have financed it. Instead of issuing their own money and fi- nancing themselves, the governments of the world have always granted this privilege to private financers at huge commissions and interest, Now the big question is whether the people of the various nations will ever be able to pay the war re- parations required by the creditors, which amount to billions upon bil- lions. So serious has the problem become that unless a speedy remedy is found “an almost complete break- down will hit the world within two months,” according to the prediction of Sir George Paish, noted British economist, and other very high auth- orities. To bring the question closer home Jet us see what the situation is con- fronting North Dakota: In the Bis- marck Tribune for November 1, 1929, appeared an article being a report of David L. Wickens, farm specialist of the federal bureau of agricultural economics, which presents these gloomy figures: farm mortgage in- debtedness in all U. S. A., January 1, 1928, $9,468,000,000.00 and in North Dakota, $230,000,000.00. And he shows such mortgage indebtedness is in- creasing. The interest alone on these 230 millions at 7% amounts to $16,100,000.00 annually. Add to this the chattel mortgages on personal property, open accounts, taxes, the millions lost in closed banks (North Dakota in 1920 had 719 state banks; at present we do well to count 150) and you must admit the situation is not very encouraging. Is there anyone optimistic enough to believe the North Dakota farmers will ever be able to catch up, redeem their debt-ridden homes under even the most favorable conditions of farm- ing such as we enjoyed the few years before the war? This applies to North Dakota. Nationally, the as- pect is not any brighter. “Coin” Harvey makes this state- ment: “We, therefore, have in the United States interest-bearing debts to the amount of as much as 150 pillion dollars, as much as the fair cash value of all assessable property in the United States. i “The annual average interest at six per cent, on this 150 billion dol- « lars is about nine billion dollars, **more than all the money there is in the United States. The actual amount of money in existence in the United States is about eight billion dollars, so reported by the United States Treasurer.” No Cause to Boast It is characteristic with the ad- vocates of the prevailing capitalis- tic system to boast of the great achievements and the high standard of living developed under it, partic- ularly in the United States. True, should be expected. considering our marvelous resources, perhaps. The enormous credits of this country have warranted the great expendj- tures, But surely no one would say that the concentration of all this wealth’ in the hands of 5 or 6 per 4 fact that the olling share our a hawer it from its legitimate function, that of promoting industry in the nation, is proof that too much credit may have been extended. ‘When they paused ito take a checkup passe; ich means one of two things: cancellation or repudiation of these huge debts on the one hand, or tuthless enforcement of collections by the creditors through foreclosures Eu a4 even by military seizure if necessary? | ple? In either event it spells ruin to somebody. It spells failure of the present syatem. A ‘Shot in the Arm’ Is the Hoover two billion dollar reconstruction measure the remedy? Hardly. At best it would be only “a shot in the arm,” a temporary brac- ing up of a system that is doomed to die by reason of too much loss of blood already in the body economic. If we agree that the cause of our ills is excessive credit and attendant interest, how can it be. cured by more credit and interest? Yet that is just what the reconstruction plan means. Primarily then; the only effective remedy would be the abolition of in- terest or at least drastic reduction in the rate of interest to a level where business, farming and manufacture could make it pay on borrowed capi- tal. That this has not been possible heretofore, the ever increasihg pyra- miding of debt, public and private, is ample proof. Also, since the chief taproot from which our financial trouble grew is to be found in the fact that the great banks have been given the privilege to issue all the country's money, taking an iniquitous rake off for themselves at the expense of the people, this privilege must be take away from them and the issuance of] money restored to the government where it belongs. Reams, yea volumes, could be writ- ten (and are being written) on these subjects. Right here must the relief be sought. Under our form of rep- resentative government the ballot is our first aid. Are we going to use it wisely next election? ti A CITIZEN. TAKE THAT! YOU VILLAIN Bismarck, N. D., Feb. 2, 1932. Editor, Tribune: “If you don’t like this countr? and its government, go back where you came from.” This is an excerpt from @ recent radio address we listened to, and loud and long was the applause given the speaker. So might a hench- man of King George III have spoken when the angry colonists rebelled rica taxation without representa- ion. Can't you picture the gathering to! which this address was made.. Smug, wealthy folks, well satisfied with conditions as they are. Can't you see the smiles that wreathed their faces at these sentiments? The American people are not communists or reds. They are free, liberty-loving people, daring to lift their voices against in- Justice and oppression. This speaker would use the gag law to supress what he termed ‘communism’ from getting a hold. He would abolish free speech, free press and free as- semblage, the three great preogatives of the pople. It is such as he who would make of the great mass of lib- erty-loving Americans a peasantry, bereft of faith and hope. It is such men, abetted and aided by special privilege, who cause strife and dis- cord among the people. Special privilege, entrenched be- hind huge bags of sordid gold, cares nothing for the rights of the common people. He has forgotten, if he ever knew the words of the constitution which proudly proclaim that all men are born free and equal. He can look unmoved upon the sufferings of the unemployed, He hears their chil- dren's cry for sustenance and offers them @ stone. He looks pleased when the farmer stands with his back against the wall fighting for, not the luxuries of life, but a bare miserable existence. And special privilege, ever ready to call names, terms the people com- munists, reds and radicals. He tells them if they do not like things as they are to go back where they came from. There are many who forget that this country was settled by people fleeing from persecution and oppres- sion. Freedom, love of history is drawn into the very being of the American babe with its mother’s milk. The very traditions of this peal were founded upon truth and justice. upheld them, Lincoln at Gettysburg reiterated them, for them American Patriots fought and died. And, now that millions are in actual want, when men walk the streets in search of work while farmers are losing their homes by wholesale and the small business man is standing with his back against the wall, we have the spectacle of men in power, who stand at least, do not look upon it “scrap of paper.’ ’ And woe “betide —_—_—_—_—_—e— Kidneys : bother you: Heed promptly bladder irreg- ularities, getting up at night and nagging backache. They. May warn of some disordered kidney or bladder condition. ‘ ) Users everywhere rely on Doan’s Pills. Praised for more than 50 years by grateful users the country over. Sold by all PILLS £ FAVORS SMALL BO! Bianares" N. D., estment and have a tendency to circulate as a medium of exchange at a time in need. Laws regulate the extent of bond issues and the guarantee back of these ‘bonds would be considered the best in the land. It would, without a question, eliminate to a very great extent the hoarding of money. mote a strong public spirit and fine loyalty to the community. In 1907, when New York bankers undertook to punish President Roosevelt for his “audacity” in obstructing their wishes, they simply closed their vaults and created & panic, absolutely unwar- ranted in all the history of U. 8. Con- trolling the money, these scoundrels caused notices to go out to the country bankers at large to cause legal holidays to be established where- ever practical and refuse to pay out any legal tender above $10.00 no mat- large. If these clearing house certi- ing house certificates issued all over the country and these I. O, U.’s pass- ed in circulation for Sront 15 months fully legal having the entire wealth of @ community back of them? One thing is sure, that they would over- come hoarding of money which now President Hoover is trying to break Washington at Valley Forge]. American marines are shown In Shanghai as they engaged In a onstrate their efficiency in building sandbag tes ‘al maneuvers with which they have been busy preparatory to the current warfare. ractice workout to i b jes—one of ser Associated Press Photo loose with a similar system viz, bonds of small denominations, which can be absorbed by the public at large. It ‘would undoubtedly have a very whole- some effect on those unpatriotic citi- zens right at home who are so nar- row-minded to hamper progress the refusal to employ our idle broth- ers and sisters, who by no fault of theirs are suffering in silence with scarcely the necessaries of life to keep body and soul together. The day’ of reckoning will come, for it alway’ does, when these people, now hoard- ing their money, will plainly see the handwriting on the wall and in turn suffer the agonies now decidedly borne by a very large number in our city. I could say much more but it would, perhaps, stir up a lot of hard feelings and be to no avail. Respectfully, A CITIZEN. KIDDER IS FOR BISMARCK Steele, N. D., Feb, 5, 1932. Editor, Tribune: T have just read the article on the removal of the capital to Jamestown written by Percy M. Hansen and it reminded me of the time when Alex McKenzie came to Steele and told Col. Steele that he (Steele) had one of the finest sites along the R. R. for a capital. Steele said yes, Alex, we have the site but I haven’t got the money. Alex said you put in a bid for the capital and send a check along with the bid, the check for one hundred thousand dollars, showing your good faith. Steele did that very thing. While he only had about four thousand in the bank, Steele was in- by| troduced as the millionaire of. the Slope and made a fine flowery speech telling what he had done for Kidder county and what he would do for the state if Steele was named the capital. McKenzie congratulated Steele on the speech, but Steele said, “Yes, : Alex, the speech was all right, but for God's sake don’t name Steele as the |capital because I can’t make that |check good. I think Jamestown would be just like Steele could not make the check good. 1 I have lived in Kidder county for 50 years and kept books for Steele during the year of 1882. I think Kidder will be for Bismarck 100 per cent strong. Respectfully, J. A. MARSH. HENRY PAVEY REPLIES | Wing, North Dakota, February 9, 1932. Editor, Tribune: A statement of mine, appearing inj; the January 11 issue of the Bismarck pan. The eyes of North Dakota are! Tribune, in The People’s Forum, was on Jamestown. Japan, for pure self! the subject of criticism by A Reader in the issue of February 2. i In the letter I made the following statement: “It lies in our power toi millionaire Henry Ford. He started in life with too, would have a million. Judging from the number of busi- ness houses and the farms that are in ruins taday one is safe-in assuming that they, during boom times, ex- panded too fast and have thus come to grief. Why were they expanding? To make money? In proof that we have made the let's take the case of no more money than the average American boy of today. Through his ability to invent he brought about a buggy that would run under its own power. He painted it a bright red and regardless wheth- er one could afford it or not, one bought the little red wagon. John D. Rockefeller now enters the Picture. He furnishes the gas to run our little wagon. And did we run them? Nothing compelled ts to bi It is nota necessity. There @ car. jas No re had to skimp on gro-) bent itl p OF GF | that building on the hill, for we be- ceries to buy gas, but we did. Why blame either of the two above named men? Of our own free will we made them millionaires. There was no reason in our going so far be- yond our limit. If we had stayed within our means and only bought what we could pay for, we would have | no quarrel with anyone today. | Of course cars were not the only means of spending our money. They merely serve as an example. Ie seems that “A Reader” either mistaken my meaning or has willfully misinterpreted it. In either case he or she has wasted a lot of: sarcasm. I have no wish to un-make the millionaire and I think any at- tempt to place the burden of govern- ment on them, through an exorbitant income tax, is unfair. No doubt politics could stand a thorough housecleaning and in time it will come. Havirlg the courage of my convic- tions I do not hide behind a pseu- donym. Yours truly, HENRY PAVEY. JAPAN VS. JAMESTOWN Arena, N. D., Feb. 6, 1932. Editor, Tribune: The eyes of the world are on Ja- sain, would gladly crush China. Jamestown, for the same reason, would be more than pleased if Bis- marck would lose the capital, even has” March the people of North Dakota are being forced to arms to protect the property of our state at Bismarck and it is the duty of every voter to cee that this property is protected. When we consider the movements of Jamestown and Japan and if we were to place the two upon the scale ef justice, we would be surprised to find that there is more justice in the movements of Japan than there is in the movements of Jamestown. What will the harvest be for Ja- nan? What will it be for James- town? Only time will tell. Whom soever was responsible for the insane asylum being located at Jamestown certainly must have had tan inspirstion, for how could they| have known at that time that James- the way I do they. will vote “No” 'on the capital change amendment at the March 15 election. Vote No. A. FARMER. WANTS GRADUATED LAND TAX Bismarck, N. D., Feb. 9, 1932, Editor, Tribune: Now that we have a graduated in- come tax, why not also have a grad- uated land tax, with the owner of large real estate holdings paying for the privilege? ‘We could put a low tax on small town was in far more need of it than | farms, with an added increase on any other city in the state? When we consider this foolish capi- tal removal idea we are fully con- vinced that what Jamestown needs is not the capital but an addition to lieve that there are far too many who should be inmates still at large. What will Jamestown want next? Is it Fort Lincoln or will it be the Mis- souri river? } Respectfully, CHRIST WETZEL. ! COLEHARBOR SPEAKS } Coleharbor, N. D., | Feb. 10, 1932. Editor, The Tribune: I just want to say a word about the state capital removal. I am for Bismarck and there is the place for our state capital. I am sure James- town will not get the state capital I am so sure that I have a dollar ; dill to give away if it does and dol- ‘lars are scarce here. I know nine out of 10 voters in this vicinity will ; vote to keep the capital at Bis- ‘marck. Our voters will stop an¢ think before they vote to change it We are voters and taxpayers of this state and we have a right tc say “build the capitol on the old site” and forget Jamestown. Ar Julius Meyer said in his letter, our forefathers selected that place for the state capital and their judgment was good. Times are hard enough |now. We should not impose any |more hardships on the taxpayers by throwing away state money. Taxes are high enough and we farmer: cannot stand any increases, Don’t sleep so long in the morning. taxpayers, but get up early and figh to keep the expenses down by keep- each additional one. In this man- ner, the small farmer would not have a heavy tax and this would also tend toward brenking up the huge con- centration of land in the hands of non-residents. A READER. caiinulaaipatcncass Tomatoes, cooked, canned or raw are one of the most reliable and eco- nomical sources of vitamin C and other regulatory and protective food elements. They are just as valuable as oranges for vitamin content. COLDS must be destroyed and driven out from within the system—where the infection really is. That's why folks al- ways come back to this safe, proved remedy. LAXATIVE QUININE SAE 6. Lire t/ Jace think ‘whit’ thle seams ox Chetechell " Thee grnschouses, tf placed end-to-end, smokers. It means that the larger part of-90 mil- lion dollars is invested in Domesticand Turkish tobaccos that are being properly aged in Na- ture’s way, and cured so as to make them sweeter and milder. CHESTERFIELD tobacco is packed in wooden casks, each containing about 1,000 pounds,and stored for ‘warehouses, THEY'RE MILDER ¢ © 1952, Liccsrr af Mvazs Toancco Co. two, years in: modern, up-to-date would be about four miles in length. Froni floor to ceiling they are filled with these casks of fine tobacco, ageing in Nature’s slow but sure way. Tt takea a'lot of money to make a good ciga- : rette—-money to buy good tobaccos and money to age them properly. CHESTERFIELDS are milder, and taste better ++sthere’s a 90 million dollar reason why! Just try them! me ¢ THEY'RE PURE © «THEY TASTE BETTER © © 4