The commonwealth. (Greenwood, Miss.) 1896-1923, 1920-07-28
N. 7. BLACKWELL
WRITES TO THE
COTTON OIL NEWS
ASKING 'IS THE FEDERAL RE-
SERVE BANK TRYING TO
PULL OFF A PANIC?"

mands it. Just at this time, however
it appears that the Federal Reserve
Bank is unduly limiting rediscounts
from the most reputable banks in the
country in their efforts to obtain suf-
ficient money to meet the legitimate
needs of their customers. The mar
row policy of the Federal Reserve
board in endeavoring to reduce the
volume of public business to suit
what they conceive to be the proper
amount Of money, looks like Wall
Street, or rather like the hand of Re-
publicanism trying to discredit the
Federal Reserve Act so as to reflect
discredit on the Democratic admins
tration before the next election.
We strongly condemn the unbusi-
nesslike and obstructive pawnbrok-
ing methods of any set of men or
bankers who seek to hamper the bus
mess of the country by Withdrawing
or contracting credit. 1t is quite cor
rect to discontinue discounts where
the money is necessary to carry on
any established business, it would
seem to be a broad and constructive
plan to furnish all the money which
individuals, through their banks and
by the wisdom and counsel of same,
may feel justified in using.
Not only are the Federal Reserve
Banks acting in a very nigardly man
ner in restricting loans, but the rail-
roads are doing their best to limit
business to their ability to handle 1t,
instead of providing facilities to take
care of the increased business that
growing population demands
This paper has no defense to make
of any profligate or unsound enter
prise which may be denied money
for they are not worthy of credit at
any time-but the regular and nee
essary machinery of worldwide
commerce is, or will be, badly crippl-
ed or hampered unless the Federal
Reserve Board and the transportation
companies rise to the situation ere
ated by rapidly expanding trade ana
corresponding expansion OF credlt
and demand for money.
The railroads are asking for an ad-
vance both in freights and passenger
fares Both would be welcomed by
the public if a corresponding eftici-
encv were gained or assured.
At this time it takes six weeks TO
get freight from Pittsburg to Texas
common points and this company mas
freight on the road from Detroit
which has been on the road seven
weeks.
After all the freight advances have
been granted to the railroads that
thew had the nerve to ask, and that
is plenty, we have no reason 10 eH-
meet improvement, because labor as a
rule is demanding more and giving
less in return.
/ At this time we know that build
ing is rapidly growing less and less
Commerce and trade are contracting
70 degree that we may have a
"hread- line" before January l, II the
same spirit of filibustering in order
to "discredit the Wilson administra'
tion though the whole world is II
flames and millions starving Cd
t,ins in the apparent obstinacy OF the
Federal Reserve Board like it did II
the opposition to the League OF Ma
tions.
The Department of Justice too
sooms TO be asleep on the job VI
course YOU will hear of some obsolete
groceryman being hauled up because
be has charged &c per pound to'
much on two pounds of sugar, pu
What about the big fellows? Is i
hocause the officials have fear ina
h;a income taxes will not be so pif
e the big profiteer is brought t'
book? nu
s+o,I Of 20 to 100 per cent! Not I
dailv paper, the Interstate Commerce
: commission, or any State Railroad
Commission has made any audlOi'
; protest. Why ? -,
Hogs and cattle are cheaper tna'
~ This time last year, yet meat an
beef are higher than year ago.
Hotels and restaurants have Gu
! down the portions and raised Tn
nrice right along within the pas
var. hut no one has been sent to jai
Can the people expect anything bu
+ anarchy and socialism when the rlr s,
are accorded privileges like The Pull
man Company, while a brakeman Q .
: other railroad worker asks IN val
n for raiser !.
a I'VE believe that Justice should 9
r u;tb equal footstep to the hut OF tn
!. nauner and the Palace of the kinf
Y hit that something is terribly out Q
;o;nt anpears when we comtempia'