Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-01-21
CONGRESSMAN LlNDDURGH SAYS
PRESIDENT ACTED FOR
MONEY TRUST.
FEDERAL RESERVE BOARD
APPOINTMENTS DENOUNCED
Minnsseta Representative Flags Finan-
eiaI Interests Which He Says Arc
Trying to Dictate Conduct Of Re-
serve Bank system-Bis Banks
Dominate.

Washington, Jan. 21-President Will
Lindbergh of Minnesota with having
BETRAYED the country" when he ap.
pointed Paul NJ. warburg and other
members of the federal reserve board.
Mr.. Lindbergh, rising to question
Of personal privilege in the house. at
tackled not only the president and the
members of the federal reserve board.
but also Henry B. Joy, of Detroit,
George NJ. REYNOLDS and James B. For
gan. Of Chicago. Prof. j. Laurence
Laughlin of the University Of Chicago,
and the federal reserve system.
While the Minnesota congressman
was denouncing the so-called money
trust" on the floor of the house. Secre-
tary OF the Treasury McAdoo was
carrying on diplomatic negotiations
with Senator James Hamilton Lewis OF
Illinois. In an effort to get the latter
to let up In his fight on the directors
OF the Chicago reserve bank.
The secretary asked Senator Lewis
to call on him to talk over the situa-
ton. The senator Is confined to his
bed al his hotel here. He replied that
he would be glad TO call as soon as he
RECEIVERS sufficiently. He intimated,
however that ne intends to continue
his fight on Messrs. Reynolds and For
gan.
Friends of the latter say that the
senator has discredited himself with
the public by seeking revenge for
Illustration OF his efforts to get Chi
caso reserve bank Jobs for politi-
clans.
Reply to Joy Letters.
Mr.. Llndbersh was recognized In tho
house on his request for permission to
reply to a letter which Mr.. Joy sent to
every member OF congress. denouncing
the congressman for introducing res
olution to investigate not only condi-
tons in the Chicago reserve bank but
the entire federal reserve system.
Zoos emf en- en- cmoivb vbgkqjaoina
Mr. Joy is a fair sample OF the kind
Of men," said Mr.. Lindbergh. who have
been selected to control the federal re-
serve banks. He manufactures an ar
ticle which only the rich can buy. He
need not mind how high interest rates
are. He says ne has not opposed For
gan and Reynolds in any act which
they have taken with reference to the
management Va lIe NA1ltx1BO AuoSA ~
bank. and. II so. he supported them in
their efforts with the federal reserve
board 10 keep the rates of rediscount
SO high that the country banks were
compelled TO do business with the
banks controlled instead Of making use
OF the reserve bank"
No Benefit For Public.
Mr. Lindbergh conteDded that ii is
not the purpose OF the reserve system
or of the various reserve banks ~ low
er interest rates or provide better
banking facilities for the general pub
lie, statement made by George NJ.
Reynolds. president of the Continental
and Commercial National Bank last
October.
Mr. Reynolds said. In effect that the
federal reserve banks are banks for
banks and not for the general public.
In his statement he also said:
The plan. RS covered by tic law.
is not calculated TO lover the normal
or reasonable rates whic. have hereto
fore prevailed
Mr.. Lindbergh asserted that by Mr..
Reynolds own statement TIE new sys-
tenn was convicted OF being part OF
the money trust
Control Of Banking Absolute. =
Mr. Lindbergh stated that the BIB
banks. thru the cooperation Of Presi-
dent Wilson. obtained the passage of
the federal ieserve act in form which
gives them absolute domination Of the
country's banking.
20, for a president OF the United
States OF 'titular head to preside
over the des:lii'es of an oligsrchy for
the distribution of political patron
age. he exclaimed. What an oppor-
ttpity President Wilson, mad. but ,hai
rank injustice he perpetrated. when
| with whip and spur supplemented by
gag caucus rule. he shaped the federal
| reserve act for the benefit Of the money
trust"