Evening star., 1921-08-16
&3,000,OD0,0QL0ST
J: AS DOLLAR VARIES.
Senator Ladd BIames Fed
| eraI Reserve System for
Juggling Values.
URGES FARMER ALLIANCE
Saws Tariff Bill Threatens Debt as
Raw Products Go Un-
protected.

GREENSBORO, N c., August 16-
Forty-three billion dollars has been
lost by the people of the United
States through unnatural deflation.
forced through" Senator E. F. Ladd.
republican, of North Dakota, declared
in an address last night before the open
ing session of the Southern Tariff
Congress
Basing his figures on recent testi-
mony of John Shelton Williams, for
mer controller of the currency, Sena-
tor Ladd said the nation 'is indebted
to the workings of the federal reserve
system as now carried out by seven
men who have the power to initiate
and contract without regard to the
government.
I've have recently witnessed the
methods pursued under the guidance
of these uncontrolled guardians of
our money for further enslaving the
people of our country" the speaker
said. Having inflated the currency
until the dollar is worth about 40
cents, the government proceeds to
borrow $4,000, 100000 to help pay the
expenses of a great world war The
real value of these dollars was not to
exceed $4,000, 100000 in the purchas-
ing power under normal conditions.
Purchasing Power Debated.
'"The same seven men proceeded to
def1ate the purchasing power of the
dollar, and now the government will
the common people. the real workers
of the land. will pay for the most of
it on a basis representing the value
of $50.000,OOO.00O when expressed in
terms of agricultural products"
Referring to the tariff, Senator Ladd
advocated hPtWaPn
south and west to prevent the farm
ers from becoming the prey of the
great manufacturing centers." The
farmer is not justified" he said, "in
which affords 10 per cent protection
on raw hides. and then gives $50 per
cent protection on leather products. so
hidden that the average person does not
know what is the trouble
In the Fordney tariff bill. Senator
Ladd said. "a sop is thrown" which.
If accepted. will plunge the farmers
more deeply into debt than ever be-
fore. He said the bill did not afford
adequate protection either to the
stockman, the sheep industry. the
grain grower or to the agricultural
products of the south.
Urges Action by Farmers.
'Unless the farmers of the south
and west make their demands felt"
Senator Ladd said, they will be fooled
into quiescence until it is too late and
the eastern manufacturer has built a
wall of protection about him that will
enslave the American farmer and
force him to lower his standard of
living" The eastern manufacturer,
he said. stood for high tariff on manu-
factured goods but for no tariff on
raw products, which. in reality, were
the farmers finished products.
Senator Ladd said some progress
was being made in the enactment of
laws beneficial to agriculture. and de-
clared the present session of Con-
gress had passed or had under con-
sideration more constructive and
helpful legislation dealing with agri-
culture than had been enacted during
the preceding ten years.
C. w. Parsons Speaks.
C.. W. Parsons. secretary Of the
American Chemical Society, made an
appeal for pressure upon Congress
to continue the embargo against for
eign dyes" charging that the recent
vote in the House of Representatives
against the embargo was due to Ger
man propaanda."
Mr. Parsons stated that he repre-
sented no dyemaker and no part of
the industry: he called for support
of a dye embargo on the ground that
otherwise the American dye industry
will be wiped out. He spoke of the
necessity of preparedness for war.
mo tariff will do" he stated, against
the cut-throat methods of Germany.
now better prepared than ever to