Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-06-17
A MAYNARD CHILD.

Senator Robert l.. owen or OKIanoma, lathef
of the Federal Reserve Law, is plumb disgust
ed" with his child. Senator owens is unique in
public life, in that he is arisocrat of the
aristocrats in his personal habits and friendships,
but a plebian of the plebians in his public think
ing and conduct. He is for the general public.
Theoretically the Federal Reserve Law was
so framed as to make the domination of small
group of big fnanciers impossbility. The
United States was to be broken. Each reserve
power of Wall Street over the business of the
district to be a power unto itself, only lend
ing the others cooperation and support when
necessary.
But it has not worked out that way. Wall
Street has dominated the federal government
The federal government has dominated the Reserve
Board The Reserve Board has dominated the
reserve districts. The district boards have
reduced the banks to state of practical sub
lection to them. Financial independence by any
of these is a joke few men In the east nave
a control American finance, such as was
never dreamed of in the good old days of direct
control
The whole system of reserve banks has been
converted into a gigantic moneymaking device
By their discretion in deciding what paper they
will re-dscount, they control the financial dest-
MES of every little community in the United States
1t is no wonder that Senator Owen is disguised
with his hayward child, from whom he expected
so much in freeing the business of the people.
Nobody dares say word. The bank which
would presume to tell the people the facts of
their enforced subservency would be punished
instanter They are compelled to act as though
they like it.
We republish upon this page a cartoon by
Ding which is much in point. The resources of
the Reserve system are used to help the specu-
lator on the stock market and the general game
of Wall Street. While the resources Of the people
are used for this purpose the agricultural, live
stock and other basic producing industries are
allowed to sink.
The thing has become too raw" in recent
months. The Federal Reserve Board senses
cyclone brewing. The people west of Pittsburgh
are not going to long endure their present SER
vtude and exploitation.
Now plan is on foot to find a way to really
help these Frustrated industries. The Journal is
strongly in sympathy with the idea of finding
way to do this. 1t not resist pointing out
the fact however, that the reserve system has
never been operated with the idea of being adapted
to their needs. An extraordinary plan, of tenn
porary nature, must be devised to alay the i'm
pending storm of public criticism
But mind you, it must be temporary. 1t
must not be such modification of the system as
will be of permanent help. With the storm over,
the ante statu quo must be re-estabshed.
Even the precedent of temporary relief through
government agency does not meet the approval
Of Mr.. J. P Morgan. Being advised by the poll
ticians that something must be done he proposes
to loan $25,O ,0Oo and have other bankers in
the west loan another $25,O0O,OOO to relieve the
livestock industry. In this way bad notions
will get into the peoples heads about the govern
ment being able to relieve their future distresses
No Wall Street playhouses must be kicked
over. The people must not be allowed to think
that public sentiment help them. If they
felt their power they might use it.
Our menace in America is not the radical agi
tator. He makes Roadway among prosperous
and contented people. Our great fomenters of
boshevism these great, greedy moned in
terests They lead people to damn govern
ment which not, will not control their
avarice
American business is back where Theodore
Roosevelt found it. We need another Roosevelt
to take this gentry by the nape Of the neck and
disabuse them of the idea that they stronger
than the government and that the people
their poems
Reaction is in the saddle in Washington and
has been for a haf-dozen years Will someone
arise to warn the people of their peril in a voice
sufficiently loud TO be heard?