The Tomahawk. [volume] (White Earth, Becker County, Minn.) 1903-192?, 1921-08-18

January by Senator Jones of Wash
ington, chairman Of the senate COM
, merce committee and author of the
present shipping act, in which he stat
ed that the British were determined to
, retain their maritime supremacy and
were willing to go to any length to do
it.
Senator La Toilette declared the
, British had gained control of the ma
TONS merchant marine through COM
panies that were posing as American
concerns but were in reality English.
To these, he said, the shipping board
had allocated it's finest vessels.
"If the British board of trade had
controlled the affairs Of the shipping
board, it could not have done worse for
our merchant marine than the ship
ping. board has done," he declared.
FEDERAL RESERVE DEFEATED
! FARMERS
John Shelton Williams, formerly
comptroller of the treasury, recently
told the joint committee on agricul-
tural inquiry some pointed truths
about the discrimination practiced by
the federal reserve banking board
against the farmers Of the country.
He showed that during the period Of
defation certain New York banks
were loaned more money than all the
country banks in the agricultural
states. This money was in turn hand
ed out to bank officers at special rates
to be used for speculative purposes,
while Governor Harding of the fed
eral reserve board told farmers they
could not get money with which to
hold their crops because this would
laid speculation" The federal reserve
board charged country banks higher
rates than it charged New York banks,
and, according to Mr.. Williams, DELHI
erately tried to debate the prices of
farm products.
All economists who have studied the
question from an unbiased standpoint
have come to the conclusion that the
federal reserve banks have been run
in the interests of Wall street, and Mr..
Williams corrobates these conclusions
by citing definite instances which
prove this point. Progressives in
congress are demanding that business
men, farmers and workers be given
representation on the governing board,
but this demand will be resisted by
the administration, which wants to
keep it's control exclusively in the
hands of bankers. Naturally the bank
ers run the board for the benefit of
themselves and their fellow bankers
and the rest of the country suffers
through their unreasonable greed
and stupidity.
TARIFF MUST BE REVISED
In previous letters I repeatedly
pointed out that the Fordney tariff bill
was a monstrosity, full of jokers,
which imposed such high rates that it
would shut off all imports and kill
foreign trade as we'll by causing re-
prisals in Europe. I also pointed out
that the Republican majority limited |
debate, practically made amendments
impossible, and rushed this make-shift |
measure through the house before it's
members had time even to read the |
bill-much less to understand it's ini-
quities. The truth of my assertions is
now being proved by the widespread
protest from business interests all |
over the country. -
The Fordney bill was so stupidity de-
signed that it actually would ruin
many independent concerns not given
special advantages by some "joker."
Representatives of some of the largest
manufacturers and importers in the
country have appeared before the
senate finance committee to protest
against the so-called "American valu-
alton" plan and it is generally conced-
ed in Washington that the senate will
have to write practically new bill.
Representatives Sinclair of North
Dakota and Keller of Minnesota are
entirely justified in their votes against
this measure. 1t is a worse bill than
the Payne-Aldrich measure, which
caused the reputation Of the Republic
can party in 1910. '-:1.
,MILLIONAIRES FAVORED
According to INSPIRED" newspaper
emanating from President
Harding, Secretary Mellon, Chairman
Fordney and Nicholas Longworth, the
inside. circle" Of the house ways and
means committee intends to report
revenue bill which repeats the excess
profits tax, reduces the higher income
surtaxes by more than one-half, re-
moves the $4,000 exemption on small
incomes, retains practically all the
burdensome transportation and "nui-
sance" taxes, imposes $40 tax on