Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-06-16
DAVID and GOLIATH
John SkeItOn Williams Making Brave
Fight Against Reserve Board.
POWERFUL ODDS AGAINST The RIGHT
Private System that Formerly Con-
trolIed American Finance Through
Private. Means Now Exercises Con-
troll Through Official Means.

troll hrough Oricial means.
A r. Pinci in Dearborn Independent.
1t is many years since l have seen
| Thomas w. Lawson, the Boston fl
nancier; it is only a few days since
l have stood face to face with John
Shelton Williams. These two men
have had a common object-that of
educating the people to a better un-
derstanding of misdirected or auto
cratic or evil manipulation of private
and public funds. Both were partici-
pants or witnesses, in given ways, in
the acts and deeds which they have
wished to expose.
Lawson was the first man openly to
challenge the System" as the anoint-
ed and privileged financial group of
New York is called; he banded about
in the public print such names as
Morgan, Rogers, Stillman and Rookie
feller. Williams has been the first
man to dispose in detail the methods
by which the treasury department at.
that same System" still controlled
by the same men or their lineal sur
vivors.
1t is important however, before
proceeding further, to refer to n pc
culiar trait of what may be termed
mass psychology, trait that is en-
countered by independent editors and
writer's The great public is said to
be hungry for facts and not hearsay,
records and not imagnativeness, yet
when men like Lawson or Williams
come forth to say few things about
which they know, and which they be-
lieve the public should know, and that
the said public could never learn ex-
ccpt through them, it is set aside with
the feeling that such information is
dramatic and interesting, but
Lawson, as a speculator of great
note, was necessarily a clever mass
psychologist. Because of that, when
he had concluded his recital about
frcnzied finance he indited, in 1906,
this Warming:
l have explained to the readers of
this magazine that there is at This
moment little more I can do to rouse
the American people 10 n sense of the
dangers that surround them; yet un-
I'll the people are further aroused I
cannot disclose to them my remedy.
For as soon as it is before the people
all the energies of the System" sup
ported by untold millions, will be
bent to prevent its adoption: end once
it is circumvented, it is dead, and for
all time.
There is, however, a very great diff
ference between the Lawson and the
Williams campaign pro bono publico.
Lawson was dealing with private in
diViduals at a time when the money
of the people was not supposed to be,
as now, under the direct and immedi-
ate control of the United States gov
ernment. The Federal Reserve sys-
TEN had not been devised The ma
tional Treasury was supposed to be an
adjunct of Wall street AS a matter
of fact, analyZing the charges of John
Shelton Williams, former controller of
the currency and ex officio member of
the Federal Reserve board, the treas
ury is today an adjunct of Wall street
as or yore. There, is of course, no
evidence OF collusion, no evidence of
double-dealing, no evidence of graft,
but there is evidence that the results
attained by the Federal Reserve board.
which is all that there is to the treas
ury department, have been of the kind
that would have warmed the cookies
OF the hearts of the most predacious
OF last generations famous financiers
What is John Skclton Williams try
ing to do?
According to the Federal Reserve
| board, he is trying to prove the i'm
possible but succeeding in convicting
himself Of inefriciency as controller of
the currency"
According to Wall street echoes, he
IS trying TO foment distrust in the
minds of the people by accusing
others of that which he himself an
proved as member of the board.
According to the unhonorcd voice of
the little banker, he is publicly ey-
Posing mismanagement.
According TO J. s. himself, he
wishes to call attention to the fact
that the Federal Reserve system is y
national blessing, but its mismanaee-
ment a public calamity.
81 do say. and the plain facts plain
ly show. that exactly what the Federal
Reserve system was intended to pre-
vent has happened. 1t is the tragedy
tof artificial deflation. The collapse
in prices of agricultural and other
commodities was contemporaneous
with the enforcement of the Federal
! Reserve boards ruinous policies
"We have to judge OF performance
by results. The board simply failed.
in my opinion. to measure up to its
responsibilities"
SO has spoken Mr.. Williams. He
calls attention-minc, yours, and that