Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1921-08-03
M. 7. .sRATTAN ON
FEDEkx,. RESERVE
Decorahian Writes His Jews on the
Federal Reserve Sys.. Now
in Vogue.
SHOULD BE AN AID
INSTEAD OF CLUB
Asks Why the Bonds Should Not be
Worth One Hundred Cents on
the Dollar.

the Dollar.
M. I. Grattan, of Decorah, gives
in the following article which was
recently published in the Preston
Times, in regard to the Federal
Reserve system:
When the Federal Reserve facto-
TEN disputed my truthful statements
concerning McAdoodledo the editor
of the Times offered me space to
reply. But what was the use? Will
sons henchman had the system un-
der their sinister contro. and no
feeble effort of an obscure democrat
would avail to relieve the Nation of
the incubus of Federal Reserve
tyranny. Now, however, some great
democrats are revolving and under
the enlightened rule of President
Harding the Federal Reserve system
should be made an aid to the peo-
pie instead of a club to bankrupt
farmers.
Senator Ashurst of Arizona, a
democrat, said-July 5, as reported
by The Congressional Record: "Con-
slider the stupid action of the Fed
eral Reserve Board last fall in initi-
ating a defation just when the farm
er, the cotton raiser, and the live
stock grower had some hope that he
would receive a fair price for his
produce the order of defation came.
The only person Debated was the
farmer and the live stock grower.
Senator Watson, of Georgia, a
democrat, said June 9th last, as re-
ported by The Congressional Record;
@You will find from the records
Senators, that between October and
May last there were ten thousand
failures in the United States, sever
thousand more than during the cor
responding period of the year pre-
vious. / beg leave to call the atten.
tion of the Senate to a bill which
introduced to make Government
Bonds a legal tender. If that were
done immediate relief would be af'
forded. If it is not done bank
ruptcies will continue. The Fedora
Reserve Board is financially speak
ing, the United States Government
-
The Supreme Court of the United
States is my authority for sayin'
that the Federal banks are waginl
war upon the State banks; and the!
are waging war upon the eottol
growers of the south and no doub
also upon the wheat, corn, and othe
grain growers of the west, as wei
as the live stock producers of th'
country.
"You must pay up; you must pa,
sp now."
The pressure comes from the Fed
eral reserve banks; in other word
from the Federal Government.
Think of it, the United State
Government making war upon 1t
own people, desolating its own in
dustries; bringing havoc among legl
innate business houses all over tn
Union, driving men to desperation
causing loss of homes, the loss o
Jobs, filling the highways and by
ways with an army of unemployed
and vet we have three and a quartz
billion dollars of gold boarded in tn
Treasury waiting for somebody
come and eat it or drink it or wea
it! What is that gold reserve doin
banked up, useless, in the Treasury
*s* Here are the Federal Reserv
Banks in other words the Unite
States Government boasting ths
they made 100 per cent profit-or
of whom?
What business has the Unite
States Government to make 100 pc
cent =? Here are the pros
pectuses issued by McAdoo. n
said to the people. "Buy thes
bonds. Pay 100 per cent for then
Pay 2 per cent down." The hoo
"a with the 2 per cent, wnie
, almost anybody could rake up. ia
down your 2 per cent and get hooke
TO a bond. The propaganda WI
made almost coercive. They pulit
in everybody who could rake, scrap
borrow, or get in any other way u
2 per cent. =. What were u
inducements held out by meade
when he sold these bonds? | ha'
them here page after page. Inn