The labor journal. [volume] (Everett, Wash.) 1909-1976, 1921-05-06

remedial Legislation on the coal sit
uation. The national coal associa-
ton he stated consists of fifty local
operators whose members produce
sixty per cent of the coal output
of the bitumnous mines of the
country and whose income derived
from tonnage duties is approximate
ly 100000 year in addition to
which local associations also collect
tonnage dues.
The Credit and Banking System
Hon. John Shelton Williams,
whose service to the American peo-
pie as Comptroller of the Currency,
made him a national figure, discus
sing what Congress Should Do"
recommended that Congress should
make the Secretary of Agriculture
eX officio member of the Federal
Reserve Board and give him author
ity to deputize an Assistant Sec
rotary of Agriculture to represent
him at meetings of the Board which
he may be unable to attend. He
stated that while the purpose of
the Federal Reserve System is as
nearly perfect as the human mind
can produce, it had not operated
to serve the people as it should
and that the farmer, merchant, man
ufacturer, in the south and else
where, found money scarce at the
six to eight per cent rates he can
afford to pay because New York
was offering from ten to thirty
per cent.
He said: Congress should enact
i. H. ! L, I
serve Act which would provide that
no Federal Bank shall loan money
to member bank which charges
it's customers as interest on any
| of its loans rate more than that
which Congress may regard as a
reasonable rate.
Congress should amend the Fed
eral Reserve Act to make it not
only fool-proof and crook proof,
but immune from the disease which
call "bureaumania." | filed pro-
tests as strong as | could make
them, against failure to use the
Boards power to correct or modify
the wrongs and evils which l thought
| could see very distinctly"
Congressman James H. Sinclaire
of North Dakota handled the men
ace of monopoly of credit without
| gloves. He asserted that while one
of the constitutional functions of
Congress is the power to coin mon
ey and regulate the value thereof,
during the nations peril in the Civil
War the bankers first saw their
opportunity to grasp more profits
by discrediting the national cur
rency through inducing Congress to
limit the legal tender qualities of
the paper money issued. This they
did through the simple device of an
amendment on full legal tender
notes Except duties on imports and
interest on the public debt"
Today, said Mr.. Sinclair, eve
have not a national currency in
circulation among the people, but
bankers currency. Practically all
the business of the nation is done
with this credit currency. The eff
feet of such a system has been that
the banks can levy a tribute upon
all the business and commerce of
the nation. Not only that, but I'M
der the Federal Reserve Act they
are enabled to issue money on the
debts of the people, thus giving
the opportunity of collecting inter
est as often as ten times on their
own capital"
Spokesman for the Church En-
dorses Leagues Program
Reverend DR.. John A. Ryan, pro-
fessor of Industrial Ethics at the
Catholic University of America,
discussing the peoples program as
serted that as the Leagues legis-
lative program is designated by the
| League as one of economic justice
the planks of the program are a
proper subject for discussion for a
meralist. He said: "The most hope
full development of the present
rather discouraging situation is the
| holding of this conference. The
farming and laboring class have
more common interests than any
other two important groups in the
community. What is Immediately
and urgently necessary is that both
classes should recognize this COM
| munity of interests and make it
the basis of a constructive and eff
fectively organized program of re-
form" The Catholic Church, he
said, has never accepted the politi-
cal philosophy of laissezfaire and
has accepted the principle of "just
price" which is fundamental in Cath
Ollie social teaching, that the con-
sumers should not be required to
pay prices sufficiently high to pro-
vide excessive interest to the own
ers of capital.
Packer Control Legislation
Mr.. Ed. C. Lasater, livestock
grower and dairyman of Falfurrias,
Texas, presented the plan for pack
er control legislation to majority
Leader Mondell, with a large dele
cation from the conference. Mr..
Lasater endorsed the program of
packer control legislation of the
Peoples Reconstruction League
stressing the necessity for manda-
tory registration system for all in
dividuals, partnerships, etc, engaged
in the business of conducting our
stockyards, slaughtering livestock or
processing, preserving or storing
livestock products or perishable food
stuffs of any and all kinds, and the
prescribing of a uniform account
ing system for all such persons or
agencies so engaged. He also urg-
ed legislation that will bring about
the acquisition and ownership of
all stockyards and special equip
ment cars by transportation agencies