The labor journal. [volume] (Everett, Wash.) 1909-1976, 1921-02-18
LOOK INTO THE
money TRUST
Congressman Baer Introduces Reso-
luton to Investigate Charge Money
and Credit Is Controlled By Small
Group of International Bankers.

(trom the Farmers National Coun-
ell, Bliss Bldg, Washington, D.CD
Congressman John NJ. Baer, of
North Dakota has just introduced a
resolution demanding an investiga-
tion of the charge that money and
credit is controlled and legitimate
commerce and industry paralyzed
by a small group of international
bankers, working through the Fed
eral Reserve System.
The resolution which makes a
number of astounding charge s
against the money trust, and calls
for a completion of the investiga-
tion undertaken several years ago
by the Pujo Committee, has been
referred to the House Committee on
Rules. 1t recites that at is charg-
ed and there is good reason to be-
lieve that the lawful money that
should be in circulation to sustain
values and pay debts has been
drawn to New York by high inter
est rates-running from 20 to 30
per cent--and is being used by in
ternational bankers, members of
the Federal Reserve system and af
filiated banking houses and trust
companies, for speculation and
gambling in the property of the
people and the products of labor
for the private gain" and alleges
that "as a result of the deflation,
three and one-half million laborers
are now in enforced indleness, caus-
ing untold suffering and a loss of
hundreds of millions of dollars in
the productive power of the people
at a time when it is most needed"
Responsibility for the existing
"deflation" is placed squarely upon
"the International Bankers and af-
filiated banking houses" by the Baer
Resolution, which further charges
that the financial interests of Wall
Street "have made billions of dollars
out of the misfortunes and miseries
of the world within the last five
years" and "now are enforcing
drastic deflation which will double
the value of their bonds of debts
against the people"
The resolution sets forth with con-
siderable detail number of the
difficulties alleged to- exist in the
farming communities of the West
and the South as a result of defla-
tion and then directly charges that
four banks in New York City bor-
rowed more than was loaned to the
farmers and merchants of twenty
one states. The resolution further
sets forth that at is the business
of the Representative of the Peo-
pie in Congress to know why money
is so scarce in the interior where
the real wealth of the country is so
largely produced and where money
is so distressingly needed"
The resolution authorizes the
House Committee on Banking and
Currency to hold public hearings
during both session and recesses, to
employ counsel and experts, to
compel the attendance of witnesses,
and specially directs the Comptrol-
ler of the Currency, the Secretary
of the Treasury to place at the
service of the Committee all infor-
nation under their control. 1t was
the refusal of the Comptroller of
the Currency to divulge such in
formation that finally led to the ces-
sation of the Pujo Committees
hearings in 1918.
The Baer Resolution concludes by
a report of Congress on
the profits made by International
Bankers and Members of the Federal
Reserve Bank system during the
war and up to the close of inves-
tigation.
Mr.. George P. Hampton, Manag-
ing Director of the Farmers Ma
tional Council, in a letter to Con-
gresham Baer thanking him for
his service in introducing this Reso-
luton says: at is our judgment
that the big investment bankers are
primarily responsible for this situa-
ton. The investigation which you
are seeking to have made, if fear
lessly and thoroughly prosecuted
will make clear who and what is
responsible for the discrimination
against agriculture in the matter of
securing short time credit"
The Council has also written to
the Chairman of the Rules Com
mittee urging that he grant an
early hearing on this resolution
which is of such vital Importance to
the farmers and to all legitimate
business interests of America.
Letters and kilograms should be
sent to Hon. Philip p. Campbell
Chairman of the House Committee
on Rules, asking him to grant q
hearing on Congressman Baer's
resolution.