Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1920-10-29
SOUP HOUSES
AND PANICS
Some Reasons Why Many Form
er Republicans Have No Rea-
son to Follow that Party.


From Mercer County Bulletin.)
"a few extracts from speech de-
livered by H. B. Kits at the Wig
wam.)
Some of you may be Republicans.
and if you are, l want to say to you
that nothing I may say is intended
to be any reflection on your intel
ligence or patriotism. We differ as
to the policies that are best for our
country, and if ] can convince you
that the Democratic party and can
didates are the true representatives
of your interests, then l have ac-
complished my purpose. There are
other issues Of importance, though
the peace of the world overshadows
them, and believe the League of
Nations offers the only reasonable
guarantee of future peace. Many of
you remember that in the campaigns
in this country for more than thirty
years, the Republican speakers told
you that the election of n Demo-
cratic president meant the closing
down of mines and factories and the
paralysis of industry generally in
this country and that panic was
sure to follow TO election of that
party, and many of you believed it.
And you also know what happened
when Wilson became president The
financial interests of this country
threatened panic after his inaugu-
ration in order to make him do as
they said. When the farmers of the
west wanted money to move their
crops they went to their bankers to
get it. The western bankers went to
New York and were told they did
not have the money and could not
! lend it. Mr.. McAdoo stepped in and
said that the United States treasury
had enough idle money in the New
York banks TO meet the situation
and he threatened to move the de-
posits to the West. And Immediate
| ly there was a panic-but not the
kind of panic Wall Street had thrent
ened. Instead there was panic
among the Wall street bankers TO
prevent Mr.. McAhGo from carrying
out his threat, and they told the
Western bankers they could have all
the money they wanted. Mr.. Wilson
then proposed that Congress enact
the Federal Reserve Act, distribut-
ing the money control into Twelve
Regional Districts, representing ev-
cry section of the country. Notwith-
standing the bitter Opposition of
Senator Harding and his party the
law was passed by the unanimous
vote of the Democrats and seven Pro-
gressives. And what was the result?
Panics due. to the money power con-
centrated in n few hands has been
made impossible and instead Of a
bank failure on an average of every
81 days-that was the record for
over forty years-there has been but
five bank failures within the past
six years. Under Republican admin
istration the money power, lodged
in Wall street, had q strangle hold
on this nation, and they are trying
to get it again. They put up nearly
two million dollars to nominate Gen
eral Wood in the Republican pri-
maries but failed. But they did not
fail to betray the Republican party
and the country when half dozen
men met at two o'clock in the morn
| ing and nominated Senator Harding,
whose record has consistently been
one of opposition to everything of a
progressive character that has ever
been proposed. Senator Harding con-
scientiously believes that "Big Bust
ness" is best able to govern this
country and ne Is willing for Big
Business to have free hand. And
the money power can afford to pay
fifteen millions, thirty millions, or
even hundred millions if they can
elect a president who believes as
Senator Harding believes. Congress-
man Wells Goodykoontz said in a
speech at Bluefield before the bank
ers meeting that he favored changes
in this law, and he also said that
six percent interest is too little, that
the bankers ought to have seven per
cent. Are you going to vote for Hard
ing and Goodykoontz and a change
i'm the Federal Reserve Act, or are
you going to vote for Cox and