The Nonpartisan Leader Newspaper, November 18, 1915, Page 12

.._‘n--—::::—-:r::"-—'~-———-——~*.,_« 3 T e " PAGE TWELVE THE NONPARTISAN LEADER: ‘ The Federal Reserve Bank-- Those who at first believed that the Federal reserve ‘banks were:in-/ borrowers, tended. for the plain should’ now see their mistake. The proof-is piling up daily to show that: they are simply: Wall Street feeders. the récent offer of the Treasurer to deposit the peoples tax money with the reserve banks for 8 per.cent and let the member banks take a rake off of 3 per: cent additional is but one of the evidences that show that the reserve banks merely serve as ageneies: to.rob:the public. We: can hardly blame-the reserve banks how- ever, for-trying to dodge the Treas- urer’s offer, because their banks are slready full and they are still bound to charge memher banks 4% per cent and are.not. allowed to loan to the public at. all. Is Not-Impartial. If the administration were as much Interested. to help the plain people as it was-to help the railroads when it used its influence to get: the Intery state Commerce Commission to raise their freight and: passenger rates, it would 'use- its-influence with the Fed- eral Reserve Board to reduce inter- est rates to 2 or 3 per cent. This lat- ter would be for a more laudable purpose; Why should not. the legi- timate business. and industrial:inter- start: individual staté shoizld not' in the least cause us tg: . ByCA. State Action Necessary. the individual staies must act: upon ‘their “own initiative. Then the: re- actlonary states cannot throttle: the progresswe one. Any progressne state can secure results quickly if it acts: within its power to aid proper state organizations, whereas to wait upon the national administration. to act first gives them the chance to hold: back the: progressive state with obstructions from-the others and-with: ‘this- condition prevailing in national ‘politics, it may. take decades to se- cure proper reform and. the. present: generation secure no benefit. On the other hand, if the individual states) do act, the national administration will be forced to act also, for it: can not long lag: behind the most progres- sive. state in dealing with economics. But if we continue to wait uatil the national administration acts: of; its own volition, the trading referred. to will continue to defeat any real re- form. The fact, however, that we let: up one bit in pressing national action. The two should go on vigor- ously. It is plain to see, however, that individual states may lead and It is to get away from such farce- like and, deplorable practices that: initiative: thereby hasten the day when the toil. hy It Doesn’t Work instances, is. not’ entitled to the: con- accomphshed it can immediately be fidence- of the people.. converted, into an offensive to protect No patriotic citizen who has: given their own war loans. That game is the matter thought enough to be fa-|now: being played to a finish. miliar with the. facts, will be other- Maay. Geti Us:in War. wise than deeply disappointed that| The war loans, while they are not" huge foreign loans have heen made unlikely to be the means of involving LGdberg by our people to enable Europe’s peo- [ us in war, will never be directly nam- - ple to murder and destroy, while the. ed as such. The subsidized portion, legitimate. business and industrial in-| of the press will be used in an at- terests of our own country. are fore- [ tempt to trump up collateral incidents’ ed to pay much higher rates than|out of which to fan a blaze of public, these war- nations pay. Have we/|indignation to the extent of creating, come to a condition where we give|a war fever. The pretence that thesew greater consideration to nations des- | war loans are to help the “poor: farm-. troying each other than: we: do: to our er” and “poor wage worker!” is. thes own people? Do we not know that limit. Examine what happened: te these nations. will return again and |the produce -market; independent o again for: additional loans, and that:{ what it would be infiluenced anyway: sinice speculators: are now. managing|by the war, and, then examine wha#* the game, they will wish to.follow: it: happened . to the stock market and: to the end? Do we. not know that|compare the two. Then you will see Europe will never. pay? what the war loans were for. Both May. Repudiate: Debts. the produce and the stock markers. No Independence loving people will | Will be found-in the. daily press. saddle. on the future generations so| The war: bonds:are: certain:to-be re- unjust a debt as.is. now. being heap- | budiated within a. few years.. No- one- ed upon those unfortunate peoples. |Should:buy these Donds.with:thehope- and their foutunes for the follies of | of collecting them in full the existing captalistic system. ‘When the war is over and ppace is declared, they will come to their ‘senses, for they are mostly thinking. peoples, They will repudiate their: follies. and quite likely cancel their ASQUITH. TO ASK' TWO: BILLION. London, Nov. 10.—Premier. Asquith will ask the House of Commons te- morrow for a vote of credit of: two billion dollars. ests get at least equal advantages: with Wall Street spreulators? Wall] Street serves- no economic need, and still’ it is supported by ingenious Not: Entitled: to c‘“’“""‘"" methods through government agencies| An administration which remains ‘The United, States Treasurer should |silent when money is loaned at 1 and never offer the banks the people’s|{2 per cent. on call, and less than 4 tax money and in effect say to them,|per cent on time, to parasite specu- “Pay 8 per cent to the government|lators.on Wall Street, while the Fed- and take 3 per cent additional rake- |eral Reserve Board forces the Federal off from the people, 6 per cent in, all. | reserve banks to.charge 41 to 5 per A nation would not long survive if|cent- to member banks, thus: forcing it, continued to bonco fir;peaple out | the plain borrowers to pay as high of which it exists. X as 10 per cent and even more in some. debts in a new way. not. satisfactory ito the. creditors. Eurthermore, these very. loans are not. unlikely to e the means of getting: us. into the ‘war, and in- some instances. being pressed with that objeet in; view. ‘These same agencies are at work try- ing to create a sentiment for an ex- traordinary preparedness for war, of- fensive and defensive. Only the de- fensive is being advertised, for they. ‘believe that they can commit the: people to a defensive: programme: on so great a scale that: when once it is; This - will- make thq total amount voted for war pur-- poses- in the- current year 634 billion dollars. With the amount voted in the financial year of1914-15, the sam al- lotted, for the war, including the new. note of credit, will reach the aggre- gate of $8,310,000,000. ers. may. reap proper rewards. for what. they produce. Plan to go out a day with your team in your township and: help. the: organizer gather up all farmers miss- ed in the hurry this-summer and fall. % dedoddolvdoddododedod To the Grain Growers of Northi|Dakota: In 1911, there was formed, by farmers, a corporatmn, for the handling of grain: on- terminal markets, known as the Equity Co-operative ‘Exchange. It began business in Minneapolis, Minn. and Superior, Wis. August 1st, 1912—a little more than three years ago. It began in. opposition to the most strongly intrenched combine in our land—The Minneapolis Chamber of Commerce. By that institution we have been maligned and slandered from the public platform: and: in: the - subsidized public press; and-have been pereecutedm, the:courts. But through it all we have won. We are handling now. over 500,000 bushe's of grain each ‘week; and prospects are that this will soon be increased to a million. We are building a terminal elevatorin the city of St. Paul, wherein: grain may be dried, clipped, and cleaned for the benefit of the farmers. Weneed your co-operation. Buy a share of stock which sells at par for $50.00. Consign your grain to us at St. Paul and Supenor, Wis. Help- us grow; grow with us and:become a: part of our great purpose. -Co-operative Exchange »Home office,. Fargo; N.D:. General Offices, St. Paul, Minn. and Supenor, Wis. “J: M. ANDERSON Pres. G. A. THIEL, Secy. and Treas. : : s i : £ t y I 4 L e e Board of Directors. J. €. Leum, Mayville, Ni D:;. @ Hi %anx; New: Roekford; Ni. D:;. Nels Magnuson, Souris, N. D.; F. B. Wood, Deering; N.. D:; J: E. Kelley, Pierre; S. Di;:Liounis: Noltimier;. Valley: City, N. D. : J. C. Berg, Hendrum;, Minm ; Magnus:Johinson, Kimball, Minn:; J. M. Anderson, St. Paul. - Officers of North: Dakota: State Union: Amesican Saciety of Equity : M. P: Jolinson; Donnybrook, Pres:; B. M Gasay;‘L.isbem,.VieegE'tes. : Board: of Directors. A!»W, Eitmer, Vera' : L ‘Ant.hony Walton; Minot;;;‘,' . ; @7 A. Swansen, Driseoll;; Ji E. McAdco, T}lrtle%;;afies