Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-20

SAY 600 MILLS ON
VERGE OF DISASTER
BECAUSE OF POLICY
Continued From FRS; Page.)
guess why the Federal Reserve Board
Is willing Ia lend it's uppor to
and actually father the ru!nous poll
cy above described.
Finnncicrs DO Thinking.
You must bear in mind. MIR. Hard
inE.. that the average nan does not
study nor ever seriously hin for
hiincslf on subjects of this sort. The
heads of the large financial institu-
IONS do the thinking. and the word
Is Simply passed on. and the average
oeiuded citizen is made 20 feel that
this policy. which is rapidly destroy
ing all confidence in not only his own
ousiness. but that of almost every
Is the only thing that will save him
s!onG with practically all the rest
from utter ruin and financial bank
fnptcy, The country at large Is now
Sy vii! soon Cf it has not already
done SOD wipe out not only tina
FRONTS Of the past few years, hut in
inouSanss OF cases the earnings Of a
more serious. and they are forced at
last TO stop and think they suddenly
reaI!ze that in the discussion OF the
passase OF the Federal reserve act
years ago, the more important imam
Giat institutions looked with decided
diStavor upon the proposition. They
VII also realize that the paramount
would greatly develop, aid and even
pronn3te commerce., and In times OF
real disaster would he so elastic ~
Mt owl save every legitimate business
less total destruction. n peonla
were even deluded into believin~ th.t
ne Federal Reserve Board was nc
suaa.x created 10 help them, and never
policy which would soon, II nersIstaS
m. actually destroy them
r"'"'uGn. t""mt by Natural Cnnxes
n]f htfs9nany' NJ; Harding. believe
causes. Five years Of war laura,
h9,AinE but destruction in Enron,.
ter wers co Supn.ieS OF every charac-
.ne total cessation OF Production owar
arnre only intensified the cali nnon
TITS for goods, OF every nature
with o t%nsa oWn i,,d demanJ together
crease production as well az ,Sos III
most super-demand OF our envo ~
readi,v 'or both men and material,
me price of all commoditIcsu Csc IN
ing this condition 10 be trus I'm,
prjccaasn not De denied. then the high
evitable. ere na,nrai-indeed, IN
high prices would dei at havs; d 'hsfe very
dne same process only reversed by
time IN Would have In n reasonable.
Then the prices would hn nan and
gown slowly. and manv gone
ouStness would have been saved Irr,,nnnn
T.t not entire d~estruc,ion
be mDusamas o. retail merchants. Job
aHH even artisans who bov We HIeaIisa;
"s.nc small savings from he. .aau
;otsi would have been saved frnmm
There has been n clamor for ,ov.
h.GeS, out Il emanated iareoiv 'PPrwcr
nLh PAGES, and when II cSn I'm
due to VOC" io1 OF life: !. was largely
'hrs % the public in The wIsS me
nose from whom 1t got its ire" q,
splration. or course rho 80
some commodities went too hieb %.
some ov yiiI'tioa: but there is ALWAYS
INVESTIGATION by thosn y careful
ssn9on.' rave located most OF these ,,GS
,~r.nihated them completely.
Tive ,"""r'hintS or Policy.
re crave uncertainty OF Whe, ~.
nststht, policy your bOard 20 me
LIZ VIII finally he changed b safsI-
mas So rjoTcq NAM m Industry. ami
.. commercr nm"sted every branch
nS. powerful financial banki Supported
can lutte time. Mr. Harding. tha, Son
ali forms of . ne present raid on
initiative TO end in All eake me
nonA'ry know that from now on me
""n1a to.!ow the Legitimate chan
only by the anes entirely and
rrnnnnitaadi and not longer be hannni
hhup'eo by not alone the suonnr a"n,
R " aSt've leadership Of the HcIc-ooi
people mot o9a ibo That Institution the
ions SO earnestly snnne 'hst',
day the pf FrG q It's formation. The
n law those q, ne act became
I'm" Tor ourselves rctoicea IN, az
""d a' last come when n" M
ness n nnG o. men could raid our bus,.
been dnn ufSlroH 1t ~ had so oficn
quickly, Mr.. Harding. ovc amd mink
Iii" as II exists today. and STU,
ands nf y your policy, many ,bousi
men can b be- ana worthy business
inrh''ha1ns harm has alra,Gy iiuin.
been roST IN" nN 4 deserving man h,s
too lat@ go 70 pcnury.. 30. IL is no,
many thousands who hanyyss' 70 save
ma "te!r AK /; is IA grave si,u,tyn"nI
alan demands serious th6ughr"''t
lures speedy ac,ion ' ""'
hnhin"ss Il PnrniIcJ.
go ~"rS"nally. | have bcrn
,Il'r or cotton hnsi.,u "."nuia
$500 ana in all these ycars "h.tay
d..s ,trh business 50 plral ~
ISaSi' ~ result from the nsnirs IN,
biu,,, 49, i"ii ana 1915. ali con"
boon hrn,S. n"' so disastrous as hn.
Of daea, ,uEHi about hy tho nrocas,
E"t are ia" head Wb",n OF "h!ch
., -, n'Nt wrought with Tho r"neIty
=, -ii"h "" thought wac .v.,ItiS N
I'll are 81 ny in periods n,nanc"
moan tSe ohIy reason Won 49,
nn.Iny H'iugcd with ic,;nr. ""Hs hoi
ana oInno : ago IS because the az.
led jrto ~ me people have hce, ,anh
neccss,y "I.t9IinE this pol!cy w.
rtot.galiy doing your "[,e az pat
p".tIcaily is not, and he II en-
n.SrsSt'y. on the coutrar'' zen
M ~ ne opposite Of wba,'" -
49, . thc more quickly vrn ImoaIn
~ P.i!ty, the more rG1G .nanse
~, 20 nc people at large /" VIII
rn,li 80 ntcoinc too nina ",
49, n"ve been stopped or 49, W. H.
uuhiic ~ n"hkers thcmsely.. Jbyy
-rslIiye ~, Rfahualiy beginning to
49, ''S' your policy is the wo
= ior Their good. So lie, mF3hs
sou that you make hast. To ~ oei
"eto'o inns 'ict Gawns upon ,hN""HEc
~ me- or else an aiyua 'anN
mny sthrth complaint that viii enroon,
So-"t ~ hhaiy ends In d ca;aciy.rna
~ nope. MI. Harding. you may
nmb ,m",,er from the Viewpoint OF IN.
Nh - a. ahn give US a policy wbich
VII give us a quick relief ""!'h
a. MCDOWELL.
Letter tn Mr sT,.,u