The pioneer-review. [volume] (Philip, Haakon County, S.D.) 1920-current, 1920-10-21

Piez, both republicans, controlled
the Emergency Fleet Corporation.
Frank Al. Vanderlip, a republl-
can, managed the War Savings
campaign.
Furthermore a Republican con-
gress after ten months investiga-
ton by eight-three smelling COM
mittees" at a cost of 100000 of
the taxpayers of the United States
has found not one Democratic Of
ficial in all America guilty OF
olarne, not one Democratic Official
has been indicted or accused or
even suspected of blame. How does
this compare with the embalmed
beef scandal of the Spanish Amer
lean War?
You say. He does not refer to
the financial initiation that has
brought upon us something near
TO ruin.
Now | want to ask you, Mr.. Edi-
tor: Do you not believe that if
one-half of the worlds property
and wealth is destroyed by war,
will it not disturb the financial
conditions of the whole world
The people of this country re-
member the twenty-third day of
September, 1907, under republi-
| can administration, when two gam
)lers on Wall street, by name
Rogers and Rockefeller, broke Mr..
Hines, who was trying to get a
corner on almagated copper, to
the amount of S14,0O0,000, and brot
four banks down with him. Moth
ing went up in smoke, what one
man lost other men gained, but
for four months after this we
eould not draw our own money
from the bank although we did
have it on checking deposit. The
1rice of live stock deprecated
twenty-five cents on the dollar and
did not get back to former prices
for four years. The republican
,arty was in power for five years
tfter this panic and absolutely
| nothing was done to improve the
inancial system. Under the demo
| ratio administration the Federal
Reserve System was passed, over
| he combine opposition of the re
,uhlicans. This act supplied the
ountry with an elastic currency
controlled by the American people
Under the Republican system
| here was an average of ones bank
failure everv twenty-one days for
4 period of nearly forty years
After the passage the Federal
Reserve Act here were, in 1915
four bank failures; in 1916 and
1917, three bank failures; in 1918
one bank failure; in 1919, no bank
failures at all The Federal Sys.
TEN enabled America to withstand
the strain of war without panic
and made our country the greatest
creditor nation of the world.
/ Referring to what you say about
| the Federal Reserve System enrich
| ing the cotton growers of the
| South destruction of stockgrower;
and agricultural interests of the
i North-If you void devote small
part of your time to the study o.
the markets of this country yol
| will find the price of cotton ha.
| slumped to greater degree thar
any agricultural product of th,
North.
| As to President Wilson's keeping
us out of war, do you know tha
both Houses of Congress in join
session voted by over four hund
red votes to twelve in favor o.
war?
/ / conclude my comment by ask
| ing: What do you think of Sena
tor Harding's statement, France
has sent her spokesman to me in
formally, etc? "The situation
seems to be this Senator Harding
slipped away from his intellectual
guards, and met a Bolshiviki whom
he mistook for a spokesman o.
France. Poor Uncle Warren
bought the first gold brick Offered
him.
H. j Mcmahon.