The labor journal. [volume] (Everett, Wash.) 1909-1976, 1921-07-29
RESOLUTION TO
INVESTIGATE
MONEY TRUST

At the conference of the Peoples
Reconstruction League held in
Washington, April 14th and 18th of
this year the following resolution
was unanimously adopted:
Resolved, that the Peoples Re-
construction League Conference re-
quests that Congress investigate
whether the big investment bankers
control or have controlled the Fed
eral Reserve Bank System and why
agriculture and other essential in
dustries have been unable to secure
adequate credit for productive and
marketing purposes"
On May 25th, Congressman Sin
clair of North Dakota introduced a
resolution H. Res. 1902, directing the
House Committee on Banking and
Currency or the subcommittee there
of to investigate and inquire into
the charge that the money and cur
rency of the United States is now
controlled and manipulated by in
ternational banks and banking cor
porations organized for private gain,
and in restraint of trade in vio-
lation of the constitution and anti
trust laws of the United States"
This resolution was referred to
the Rules Committee and the Peo-
pies Reconstruction League request
ed Chairman Campbell and members
of that committee to grant a hear
ing on this resolution which to date
has been refused. The League has
tot nf 60
and labor organizations to go in a
body and ask Chairman Campbell
to give such hearing.
The resolution cites:
"Whereas the Constitution pro-
vides that whatever power there is
over the currency is vested in Con-
gress, it is therefore the plain duty
of the representatives of the people
in Congress to decide this question
of contraction of currency and
credits Of this country, and not
leave it to international bankers
and affiliated banking houses and
trust companies-the owners, agents
and dealers in these debts"
And further,
there is good reason to be-
lieve, while this depression (of I'M
employment and low prices to pro-
ducers) has fallen upon the people
of the United States, that the in
| ternational bankers and banking in
terests organized for private gain
| are controlling the money and credit
| of this country and have made bill
| lions of dollars represented by their
| tremendous increase in assets, cap
ital stock, dividends, and surplus
during the period of this war"
The resolution cites the charge
that the Federal Reserve Bank I'M
der the dominating influence of in
ternational bankers is destroying
billions of dollars in value of the
| peoples property and doubling the
| value of debts and unless arrested
in their plans of contraction of the
lawful money and credit of the
United States will ruin the bust
ness of the country.
| The census of 1920 shows that
the per cent of owned farms mort
gagged increased from 1910 to 1926
from 1876 per cent to Alb per cent
1t showed further that the ratio OF
debt to value of farms in America
increased in the decade 1910 to 1926
from 27.3 per cent to 29.1 per cent
| The average amount of mortage
| debt per farm in 1920 was $3,361
and only $1,715 in 1910. During
the decade the amount of mortgage
debt increased 1925 per cent. These
facts show the imperative neces-
sity for a thorough and prompt in
| vestigation of the money trust and
it's ramifications.
This need is emphasized by the
opposition of cabinet officers to the
| corporation to export farm products,
by the Secretary of the Treasury's
opposition to government loans to
live stock growers, and by the Sec
rotary of the Treasury's proposal
that he be permitted to negotiate
the terms of the refunding of the
debts owed this country by the ma
lions with which we were associat-
| ed during the war.
Every farmer and worker gen
orally should promptly write or tele
graph Congressman Phil P. Camp
bell, Chairman of the House Com
mittee on Rules, and their two
United States Senators, and Con-
gresham, demanding a prompt in
vestigation of the money trust as
dmanded in H. Res. 102.