The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1921-08-03

products, while his aim and ambi-
ton was to break down the prices.
Whether this statement be entire
ly correct or not is immaterial,
though it comes to me from a
thoroughly responsible man; it is
nevertheless, in exact accordance
with the methods adopted by the
Federal Reserve System in break
ing down prices through the dras-
tic curtailment Of the food supply
or credit, just as essential to the
life of business as food is to the
human body. Moreover, the people
responsible Tor starving into the
present condition the business in
terests Of the United States have,
as shown by the sworn testimony
before a Congressional Committee
and by proofs submitted before the
United States Supreme Court, been
guilty Of definitely trying to wreck
State Banks which did not follow
their demands as to the par col
lection of checks. You have doubt
less read the statement made by
former Comptroller Of the Cur
rency, Hon. Shelton Williams,
whose word no man can question,
that it was definitely said in a
meeting Of the Federal Reserve
Board, while he was member
thereof, that if some desired plan
could not be carried out in any
other way than by the failure Of
Estate Banks, it would be better TO
let them fail.
The spirit of men who engage in
such a Campaign for breaking
down the established financial in
stitutions chartered by the States
merely because they would not be-
come members Of the Federal Re-
serve System, or yield to its die
tates to the destruction of their own
business, is a spirit Of business
| immortality which has shocked the
country; and \this country cannot
have faith in the Federal Reserve
System until the men responsible
for that condition have been re-
moved from power. Their instant
sremoval by you, for which there
is abundant reason, would be the
remedy which you could promptly
apply to create that confidence
which is now lacking, and to fur
nish proof to the country that while
the policies of the Federal Reserve
Board under your administration
are being rapidly changed from
what they We're, the men respon-
sible for those unwise policies and
for the immortality Of trying to
break down State banks, have
been removed from power.
When a physician has made a
fearful blunder in the diagnosis
and treatment of case, and this
is fully discovered, the family Of
tiIe patient would fail in their re-
spo 1sibility to the sick one if they
continued to permit that physicians
to remain in charge, after con-
sultation Of other physicians had
proven that his method would
eventually lead straight to death.
The patient, knowing this condi-
lion, could not possibly have faith
in any now treatment SO long as
the physician who had blundered
remained in chrage.
Even if there were any ground
on which to attempt t0 uphold
their cutting off Of the food sup
ply to the business interests Of the
country, and the determined effort
to break down prices, there could
not be a possible question as, to
the immortality of seeking by the
most drastic means to violate all
good faith and honor Of the coun-
try by endeavoring to wreck the
banks chartered by different
Estates merely because they refused
Ito yield to the dictates Of the men
in charge, of the Federal Reserve
Board. This in itself not only
justifies, but demands in the in
terest Of the morality Of the coun-
try and Of business integrity and
! honor, an elimination from power
Of every man responsible in part
OR in whole for that work.
The national sickness is not
merely the sickness of a compar-
ativeIy few thousand, or even per-
haps a hundred thousand pellagra
victims Of this deflation and i'm
moral work Of the Federal Re-
serve Board It. is a sickness
of the entire country 1t is a
sickness which has closed thou
sands Of factories, which has kept
freight cars on the tracks, which
has thrown out Of employment five
million or more men eager anu
anxious for work in order to sup
port their families. 1t is a sick
ness which during the last twelve
to eighteen months has brought
about a decrease in the value Of
the products Of the farm and fac
tory and the mine and Of securities
largely exceeding S25, 600, 900.
The sum is far greater than the
actual cost Of the war TO this
country.
Moreover, the war stimulated
some lines Of business and created
employment for men. This fear
full destruction of Taiue.5 has en-
tirely swept out of existence, never
again to come back to the people
who have lost it, this 5000. .ee0,-
600 Of value 1t has created pow
erty in the industrial circles OF
the North and West and South;
poverty in the cities aud on the
farms; poverty for those who We're