Willmar tribune., 1921-06-29

the wrong is, and heroica1fy apply the
remedy Is it possible that by the
passage OF the Federal Reserve act
we created a Frankenstein that is to
destroy us, or did we create the Fed
eral Reserve system to meet just such
!. an emergency that now confronts the
basic industry of this country 7agri-
culture?" se..-, I. : =. :. -
sweeping in his assertions and blunt
ly charged that the federal Reserve
Board had practiced favoritism and
manipulated credit to benefit the, fin
ancial powers. s'If the Federal Re
serve Board will not act iH the inter
est of the great agricultural army of
the country, as it does act in the in
terest OF Wall Street every time it
crooks it's finger, call upon Congress
to go on record as ordering it to act, y
he declared. .--
u. Pierpont Morgan once said If
you give me control of credit of the
country, care not who make your
laws y Senator Heflin J continued,
':and he was right. The concern that
controls the credit of the country has
the power Of life and death over the
business Of the country. make the
assertion here today that there is
more money in the United States
than ever before in its history, and
yet the channels of circulation are
choked up. This money is not per
mitted to go where it can serve the
needs of the people and relieve them
Of dire Distress.
= Railroads in Bad Muddle
, Railroad owners are also feeling
the effects of their own foolish greed.
AS soon as the armistice was signed
they begun their efforts to end gov
crnment control. Congress was will
ing and the notorious Esch-CuTmins
act was rushed thru almost without
debate Holders of railroad securities
were we'll pleased with themselves
and with their faithful servants in
Congress. But their joy was pre1la-
ture. The increased rates killed traf-
iic and the railroads are getting in
worse condition all the time. Now
they think they may have to go back
government ownership eventually.
S. D. Warfeld, president Of the Ma
tiotral Association of Railroad Secur-
ity Owners, predicted this very thing
in a dOleful statement to the Senate
committee on interstate commerce
recently He said the railroads were
wastefully managed and the neces
Sary economies could not be effected
under private CONTROL That is what
advocates Of government ownership
have conterled for years and it is en-
couraging to have their views veri-
fed by the president Of the security
holders association
Warfield suggested regional consOl-
iaation under government control
and he also urged the government to
fund the debts WHICH carriers owe
the government.
Seamen's Union Hit Again
The House has passed the bill re-
ducing the number Of able seamen
which Great Lakes steamers must
carry in the crew by Is per cent. This
bill removes the safeguards to pas
sengers in case Of accident. 1t is
aimed at the seamen's union and was
pushed thru under the guise Of econ
cmy, altho it was proved that Great
Lakes carriers are making eXorbitant
profits. Sinclair of North Dakota and
Keller of Minnesota voted against the
bill All the other representatives
from Minnesota and North Dakota
voted with the reactionaries.
Military Program Reduced
The House conferees finally have
won their battle with the Senate for
a reduced military program. After
being dcadlockeI for more than a
week agreement finally was reached
TO reduct the army personnel to 150,,
Geo mem and to cut the navy down to
1nG.GO0 enlisted men and officers. The
Senators wanted an army of ITS, 200
and a navy Of 10000. Secretaries
Weeks and DENLY both urged the
maximum military force, and the Sen,
atCrial cOnferees fell into line, but
| the House members had heard the pro
tests about our excessive apprOpria
tions for military purposes which are
being made all over the country and
insisted upon the reduction. Ninety
four million dollars was also loDped
o1l tIlC tliuAy dppl oEI ldtlou uS IL pass
ed the Senate. The conferees dis
agreed on the Rorah amendment in
| str'lcting the President to call an in
ter national conference to discuss
world wide disarmament The House
| prefers the Porter resolution which
calls for all nations to participate in
such a conference instead of merely
the United States, Great Britain and
Japan.
Relief Legislation Blocked
In my last letter I stated that Pres