The dispatch-news. [volume] (Lexington, S.C.) 1919-2001, 1922-11-22
WEDNESDAY,, Nov. %, i ls2a
line UPON LINE AID
PRECEPT UPON PRDCEI,T.

.tyssSNOo late IOr puOilcSsAlCI Inc CoSSi
{ page last week. but never too late to
be repeated and reiterated in the Most
conspicuous place possible, was the
statement OF President Harding ITO
! Congressman Mondell published in
the editorial columns Of our last issue,
in which President Harding. In very
ciear-cut. sentences. struck, straight
. home at nnwiset drastic financial de-
flation as the cause OF the terrific
business and agricultural depression
{ in 1921.
President Hardins,s statement,
W hich we repeat. was as. follows: .s5
.'The national fiscal policy has been
directed to arrest the too rapid defla-
tion which had set in, and to this end
there has been a progressive reduction
OF the Federal Reserve discount rate.
4 AS result OF these policies. Liberty
bondH, have progressively risen in
value. The general financial sitna-
ton hs s 81 eadily improved and today
the county hasa brighter prospect
ahead OF its business. industry and
agrieulture, than at any, time since the
4 mistaken .progrwnn of3drastic deflation
adopted by. sh9ses witos were then in
control q saf Gi;eyera paapt policies /.
NotWtth tthsta;ta isss; al all ~ he. mower of
the big, financial I'm ,erests. of New
York 70 secure stlhe the ge-appoirt rtnent OF
I w Ga Ga fHagdi Ing ass the head OF the
FedeFai sRssrx. Board. IT. woule not be
5 possible forspresident Harding, after
: his ignasnt pk the nlsnagesn esnent Yf
J. the Federal Reserve Board, tp re-ap-
point him. without stultif Tying himself
and making SUCH anappointmentz the
ridcuie of the country. Nor, could he
! properly aPpoint as governor, any
Board c9-operated in that deflation
work. Indeed, it would seem that
these men. thus vigorously repudiated
5 by the president should Immediately
resign. unless they are sadly lacking in
the sense of,what is proper under the
circumstances. This nation may, there
fore. rejoice that none OF the men who
by unwi5e management Of the Federal
Reserve Board brought apour a defla-
ton which swept out OF existence not
less than thirty billion dollars OF value,
which bankrupted Hundreds of thpus-
ands OF farmers; which caused the sui
eide Of hundreds Of people driven to
despair BY reason of hopeless indebt
edness. can possibly be appointed as
Governor OF the Federal Reserve
Board in the light OF the denunciation
by President Harding OF the result OF
that management.
Well may the country take courage. :.
Well may the farmer once more hope
for a living profit from his iabors.
{ Well may those who believe that the
financial honor OF the country should
be above reproach, rejoice that that
management. which has been over
ruled and denounced by the United
States Circuit Courts. or Oregon and
Kentucky, and by the Supreme Court
OF the land wherever State banks have
had the courage to fight its iniquitous
schemes, can not again be in power.
If the Federal Reserve System is to
be saved to the country, not only
should all the men responsible for
bringing on the conditions so truth
fully denounced by the President be
eiimtnated from the Board but ali
managers OF Federal Reserve banks
who have been, guilty. OF the crin1inai-
ity; of sseakIng to destroy State banks
that dared ,toi oppose the demands sof
the, Federal Reserve System5 st1oulis
also go.6 A hcusc-cleanfng Is BADLY
needed among rnany OF the Federal
Reserve banies. Acknowledgement Fssc-
\ ord. Ba,tisnpre. tyis p - &. q s. safl
CHANCE no RBY ,sHdAIEn FA1saxss
I willssetl lsndair farms on Ionssttnns
and easy, lterrnstt 10 work,ne tfarsnsrss
Will cut the land rt1iauit.5 Near, fyxaiis
road station and sei1ool. In western
Fairxisids aesfiry.sfa4 s.th sss9 Sl-fs
lerzsSsJ. SdesGAx1Afss q
at Il Gclufdbia, s!SCs
- g. 1.sss = s5s4Jss . 5ff5, III