Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1922-02-16
that today they can hardly be distin-

that today they can hardly be distin-
guished.
chose who are nominally in control
of the political government dare not
make a move without first consulting
those who rule the economic world
and the exercise of their power has
been made manifest on this floor time
and time again; and they have been
forced time, time and time again to
abandon or reverse their most sacred
" pledged policies when their fnan-
cial masters so directed.
Inequality of Wealth.
Through this process of accumul-
ative monopolization and protiteering
there has been created in the United
States an inequality in the distribution
of wealth which is without parallel in
the history Of the world.
3'This inequality in the distribution
of wealth, produced primarily by
special privilege legislation, is in itself
a prime cause for the amending cycle
of panics and depression with which
this nation is afflicted.
'This is how the process is worked:
During the period of high prices and
apparent prosperity the small proper
ties which people have acquired by
their industry and thrift are mort
gagged on the basis of the inflated
value of the dollar in order to pro-
vide the working capital which they
need to carry on and expand their
enterprises. Such mortgages are
placed upon the farm, the small fac
tories and the stores Of the trades
men.
Paralyzing Effect of Deflation.
I'm the meantime prices inevitably
advance faster than wages and several
times as fast as salries. The point
is thus soon reched where the amount
of commodities which can be pur-
chased by the people appreciably de-
clines, and there is no longer market
for the full output.
Loans on: farms, factories, stores,
and homes are foreclosed and those
who control the credit of the nation
come into possession or control Of the
which have been given as
security for the loans. Thus financi-
ers become the residuary legatees Of
the nations Distress
'In ten years the mortgages upon
the farms in this country have more
than doubled. At the times those
mortgages were made they represent
ed q per cent Of the total value of
the farms of the United States. To-
day they represent fully so per cent
Of the value Of the farms. A loan
which was made when half a bushel
of wheat was worth dollar must now
be repaid in dollars each Of which
will buy full bushel of wheat"
The Senator said that it was COM
monty believed that deflation was first
applied to the. farmers. He did not
feel that was exactly accurate. III
his judgment it was first applied to
the Liberty bond holders.
ssThe financiers of the country had
decided" he said, as they proclaimed
in their confidential publications, one
Of which has been under my eye, that
Liberty and Victory bonds must be
gathered into strong hands. To this
end the banks called the loans based
on Government bonds and thus forced
the holders to throw the securities on
the market, for what they could bring,
"The next great step" said the SEN
ator, twas the deflation Of the farmer
But n the meantime steps were taken
to deflate some Of the industries, such
as automobiles, whose control did not
rest securely in the hands Of the great
financial powers.
Gin ali the history Of the world, sir,
there has probably never been an act,
unaccompanied By violence, which
caused such great destruction and sui
ferinx Is the def1ation Of the farmers
during the past two years.
During the autumn Of 1920, while
crops were being harvested, and when
the farmer was looking forward to A
winter Of fair prosperity, the process
Of deflation began.
An Suffered Except Big Bankers.
Loans were called, and renewals
were refused. ii Tie meantime
freight. rates had been raised - high
81 the Esch-C unlnins law Chat TIE