Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-10-14
(To he Continued.)
MATTER WITH THE COUNTRY
Int> Iieent Analysis of the Whole Real
Trouble.

/
| BY DR.. E. F. Ladd, United States
Senator from North Dakota.
| should say that among the causes
OF the present great business depres-
sion and unemployment may be men,
| toned:
One: initiation, encouraging
speculation and waste, with too large
loans to European countries.
Two: Unnecessary rapid deflation so
timed and apparently pre-arranged,
under the guidance of the Federal Re
serve Banking system, as to force the
farmers Of the country to the verge
of national bankruptcy. This saddled
onto the farmer an undue proportion
of the losses, forcing him to dispose of
his products way below cost of pro-
duction?
After the money and credits had
been largely withdrawn from the ordi-
nary channels of trade to the eastern
speculation centers, apparently most of
this'money was used and is still being
invested by big financial interests to
gain spheres of trade influence in for
cign countries.
This is apparently to acquire con-
cessions that will force the United
! States from her Washington idea Of
aloofness from old world affairs and
drag her into the unfortunate political
affairs of European and Asiatic dip
! lomacy heretofore alien to our ideas of
! frankneSS.
The unnecessary rapid and complete
deflation Of agriculture, beyond that
| forced upon other lines of business and
! industry, destroyed not only the farm
ers income, but plunged him unneces-
sarily into debt, also destroying his
purchasing powers.
1t should be remembered that the
| farmer has been the largest purchaser
OF manufactured products as well as
the largest producer in this country.
For the past 16 months the farmer has
failed to buy even the necessities for
! carrying on his business.
Three: With the failure Of the
! farmer to buy, manufacturers as well
as retailers were forced to discontinue
| business. or at least large.y to curtail
their output. thus throwing large num-
bers out of employment.
The railroads, in place of taking
their share of losses, under govern
mental sanction proceeded to raise all
transportation rates until producers
could not ship by rail and secure
enough in return to meet expenses.
Railroad management seems to have
lost ordinary business accumen to re-
organize so as to cope with the evils
within railroad control that now con-
front them any more than they were
abe to manage affairs during the
period of great war activities.
Four: Lack of confidence is big
factor, and while all would like to be
| optimistic few have faith to do more
than TO hope for early revival Of lib
! cral buying and of renewed activity
in the manufacturing centers of the
country.
Five: Much of the present unfortu-
nate conditions have been made pos
sible because of the uncontrolled bank
ing monopoly, highly profitable to the
inner circle. Most peop.e still think
that our banking system ard especially
/ q, Of "a
Federal Reserve Bank. is a govern
mental institution. AS matter of
fact it is undoubtedly the worlds S
greatest uncontrolled monopoly inter-
! locking with some Of the leading
/ speculative interests of the country. 1t
is not at all so designed or conducted
as to furnish our greatest and basic
industry with production credit, but
capable of being so employed as to
wreck that industry or any part Of the
country at will.
1t must so remain so long as 50 per
cent. OF the people must serve and
u per cent. rule and while per cent.
of the people control 6S per cent. of
the wealth of the land.
All this can and should be changed.
1t can be done away with by the
adoption of senate bill 2342 to establish
an honest money system.
In other words, the root Of the great
evils that have come upon us is the
outcome of the method Of conducting
our present banking system which Sa!-
mon p. Chase helped to establish and
later so strongly condemned.
The dangers of this system were
bound to come upon us. 1t was clearly
foretOld by Abraham Lincoln at the
/ close of the Civil War.
Describing Them.-"What kind OF
town is your rival hamlet of G"udgC