Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1920-05-26
FINANCIAL CONTROL
"a New York Weekly NewsIetter)

The New York banks are still refus-
t tome new &C credits and calling upon GUS
This policy was agreed upon nn% 1nf IS
force about the first Of May, and is bart
OF a, carefully prepared plan to force
S n9t t Sf sto tor The big
ana credit has been tied up in stocks Of
goods held for increasingly higher pric-
IS. by refusing extensions of credits
ene banks Will force stocks of goods held
lor speculative higher prices to be sold
and IN this way will check the increase
H "a er3 ICES ana will to some extent, de-
liable instruments which are equivalent
to currency.
tba The ne. ecG ;1 effect of cutting down
Instruments will be. of course, to in
Grease 6e the vaiue of money which will
for which people trade money.
-, inc pig financ1ers are well aware that
orders ORDER to manufacturers. and that again
VIII result in manufacturers laying off
numbers of workmen. And when any
laid off the, margin of unemployed work.
ers Will press down the increase of
This plan has been deliberately form
ulated and will be carried out. And
hardship ana undoubtedl sen add 10t to the
run; it is probably a wise dose of bitter
medicine which the country must take
IN IN order to escape taking a much more
future. VAN
The country has, simply gone crazy
over speculation and getting rich quick,
get pack to a basis of common sense
hara work less speculation and profit
of n g or else Hr fee the certain prospect
But while | believe the medicine the
banks are administering to business is
point Of view which should not be ano oVerr
looked.
Granting that the big fnanciers are
the fact still remains that no BODY Of
private citizens should be permitted to
exercise such sovereign power over the
iaoor ana the fortunes of all the rest of
No people are really free when little
d 5andful 5H OF men can meet in secret and
be allowed to produce and to market
and whether or not, prices shall be high
or shall be low. whether or not wages
shall De nigh or low, and whether or not
everybody shall! be prof tably employed
or only certain percentage be employ
eo w and the rest ha be unemployed
that at at their own sweet will and pleas
are are s eGncerned the most of the people
governed are actually governed without
their consent and against their will and
| IL - OI1y d JOKE TO call themselves free,
The American people can change
presidents and Congresses and pass new
laws till the cows come home and they
will still remain the subjects of the few
men who control the money and the
credits upon which all the activities of
national life depend as long as they al
low the few men to possess that control
whenever we get sense enough to real
lze that insurance, and banking are just
as much public utilities as are the ad-
mlnlstration Of the post office and the
police departments, which we call the
Army and Navy, and put the control of
all insurance and all banking in the
hands of the Federal and State govern
ments we will end the reign Of Wall
Street.
We never will end that reign and new
er escape from the despotism of the
financial oligarchy until we deprive the
invisible autocrats of the means by
which they succeed in ruling u.s.
l happen to be acquainted with a num-
Der OF the men who belong to the big
financial group, and I know what they
think and what they say among them
selves. And the more I know about
them and their purposes and their &C
hievements. and the way in which they
use their power, the more certain I be-
come that the only way in which the
rest of us can achieve real freedom is
to DESTROY the control exercised by these
men over the three fundamental bust
nesses OF banking. insurance and trans
pOrtatiOn
PHILIP FRANCIS.