The labor world. [volume] (Duluth, Minn.) 1896-current, 1921-02-19
TIE POWER OF GOLD.

TIE POWER OF GOLD.
Some very good and honest people
are gloating over the t'failure" Of the
Bank Of North Dakota. They seem to
see in it only the routing Of the Farm
ers' Non-partisan league from the field
Of politics, and as that is the thing they
| want, the "failMre'' makes them very
happy.
What the money trust has done to
North Dakota it can do and is doing to
labor and industry. It has the power
to crush all "who do not behave It
boycotted North Dakota when its peo-
pie decided to 60 int othe banking
business. Credit was withdrawn from
| the entire state. Loans were refused.
Small banks were ruined and the state
itself was put on the verge of bank
| ruptcy. All were punished for no other
reason than that the state had the bold
! ness to enter the realm of "private'
business.
During the past five and one-half
| years a group of bankers have made
! billions Of dollars out of the misfor-
tunes and miseries Of the people. 1t has
! become a powerful group. It chastises
owners Of industries such as Henry
Ford who refuses to play the business
game according to their rules.
| It has even gone so far as to en-
force drastic "deflation' Of values
! that will double the value of it's bonds
and cause terrific losses to the nation,
| the immediate effect Of which is the
enforced idleness of nearly 100000
workers and the impoverishment of the
farming population, with incidental
untold suffering and privation.
Oklahoma farmers have abandoned
their cotton fields because they cannot
raise money to pay the labor cost of
picking.
In Wyoming there are millions Of
| pounds of wool that has no market. In
other parts of the country there is an
abundance Of cattle feed and no cattle.
In some sections Of the country scare
ity Of money compels farmers to sell
their horses at So a head, which are
killed and fed to hogs. Southern farm
ers are sacrificing mules at 10 cents
on the dollar and other property is be-
ing thrown over at similar sacrifices
Kansas farmers arc deserving the
land and "ruincd families are becoming
wanderers on the face of the earth. -
Every state adds a chapter to the story
Of destruction wrought by the money
trust.
The Pujo committee several years ago
went after the money trust and almost
succeeded in tracking it to it's lair. 1t
found that the bankers making up the
group are Morgan & Co., The City Ma
tional Bank, the First National Bank
and Kohn, Loeb 6 Co., of New York,
Kidder, Peabody & Co., and Lee, Hig'
ginson & Co., Of Boston and New York.
Revelations that came out Of this
investigation shocked the country and
contributed substantially to the up
heaval that put Woodrow Wilson into
the white house and secured the enact
ment of law creating the federal re-
serve system. This law was intended to
free the people from the tentacles Of
the money octopus, but it fell under the
domination Of New York bankers and
has been made to strengthen their po-
sition and further harass the public.
While the nation has been Frustrated
by the extortions practiced upon it, the
four banking institutions were getting
from the federal reserve banks an av-
erage of more than $11s,0OO,o0o each,
as much money as the reserve banks
at st. Louis, Kansas City, Minneapo-
lis, Dallas and Richmond combined were
lending to more than 1000 member
banks in 81 states, comprising more
than half Of the area of the nation.
The control Of credit and money has
enabled the international bankers to
inflict a loss upon farmers of more than
$4,000, 100000 and this loss, passing out
to the nation, is doubled and trcbled.
When the money trust and it's crimes
are revealed, there will be furnished a
sufficient cause for nearly all the ills
that inflict the nation.
WHY NOT STUDY?