The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1919-11-25
nII1I<o " axe, MI~r.

AIu.ul ration followers uuSiacy seized un
w.. Appreciation ur srptr'H values 10 point %
p,pl -, .u"fur .,n,r.a rejection Of rho g"v"mn'
rncvnop. asserted Hly1 d"'I moro goal tnr"
logic 'hnr lhr ro9'olon ri 'hr treaty was almost
immediately reflected ln 'hr markets nud fnnn.
aaI ,pnda luu. .unmrdruI or so IL socms to ms
of the ,'corIv s-tubliil'd nc, 'hht ihr 7".
.uri,, mstrr has been under prrssurs for 10
d.,s. and lhnt II almosr immediately pcrkrd up
after thu i"uule action
uu that n neither here or There since the
financial conditions and general business Htu
alton is not parihan matter unless lh"r" u"
ln.,asnce by friends Of the ndmiui5arntion that
It be made 40. In such an c'"nr l"' 1t hr ""
aoce.tcd
In casting about for facts with which {" set
the publ, right III this matter. our attention iH
attracted to the folh,wng presen'ment by the
Omaha Bee which no clearly covers The sub
jcct that little remains to b" spid
initiation Of the currency was inevitably
an accompaniment 0f IN" war, but care.
flI business men hoped the operations ~
the federal reserve banks would be mod"r..
at--d by actual needs Of IA" country con
trary experience has rmHu"d WIN circuit
Of The government ltScdf available through
the medium Of spormous bond lTsu"s. IN"
effect has been quite dishlr"uH In ils gen
oral aspect.
A. iong ago July last the federal re
serve board became apprehensvc OF the
siiua tApD that was developing aud 'onsd-
cred Its recourse Of raising the discount rate
10 check further cSpa nslOn of the currency.
Desiring 10 favor legitimate business enter o
prises IL was deemed prudent for the timc
a. least To lay no furchor hurten on com
mercial paper ana 1hs rate was not
hanged. II now drl"Volpr that large loans
have been made against Liberty bonds ana
currency Issued on notes -upp"rt"d. IN"
proceeds being used to speculate In wall
street
This psrysrsion Of tho intent of the law
has broagh, with II the unescApnhlc evils
that follow too much poHSy. The price
lcvcl continues TO rise, In epite of the earn
est effort made 20 check proftoerlng Npd
The general conditions have not hcch i'm
proved IN any way Warnings from the
hoard have brought about temporarily the
lrssrning ~ tho dangerous proceedings IN
~" atonI market hut the end has not hcon
r"'ch"d a frm"r policy and II more rigid
enforcement must cnsuc, or a husincss
crash may come. Tho gamblers must he
restrained. Nr honest business veil suffer.
Accepting the charge that the senate ma
Jority was Responsible for the rejection OF the
covenant we are still unable TO detect any
Connection between than fact and Me facts dis
closed In the above quotation
We understand that The senate minority
olpims fun credit for tho creation OF the tod-
eral raaerve bank system. which rs chief
protognnists assured the public would ever
lastlngly save the country from tho effects "
intla ton financial depression or business lbs
OF whatever nature. tho cStrnvcgancc employed
at the time ns We recall It, hclnr very similar
% that used In advocating the covenant as
cure FOR war
We simply suggest these things In passing
discover whittier its arguments are leading.