The Omaha morning bee. [volume] (Omaha [Neb.]) 1922-1927, 1922-11-01
COLLAPSE OF THE DEMOCRATIC CAMPAIGN

COLLAPSE OF THE DEMOCRATIC CAMPAIGN
ram frank TO say that think that the policies
thus far pursued With respect 10 credits have been
TOO drastic. but whether or not ] AM right, am
sure that the situation should now be reviewed IN
the light ~ existing conditions. more liberal
policy about credits should be put into effect I'M
medately. think that the bank rates
could b. prUdeDty reduced, and that member
banks could safely be- encouraged 10 make loans
on agricultural products and 10 business generally
On reasonable time 10 those who can give adequate
security, and that the whole situation would h.
benedeisily affected by this procedure William
q. Nctdoo, In the Manufacturers Record, Deem
Der, 1920.
This was the opinion Of McAdoo, after his
resignation as secretary Of the treasury in Deem
ber 1920 At that time Wilson vas stl president.
Furthermore, McAdoo IN his article written for
The Manufacturer Record thus spoke Of the de
9aton that had been In effect for many months
In many parts Of the country, especially Ia
The agricultural districts credit II almost entirely
wanting, and IN many lines ~ legitimate business
and industry great losses being sustained be-
cause Of the restriction ~ credits.
THE point ! wish 10 impress Is that dcdaion
has been carried far and with such rapdity
that must reconsider the situation, make
- effort 10 prevent further distress and suffering,
md bring about revival Of industry and con.
hdcDce
Il was not until the Harding administration
zane into power that this drastic de6aton which
trial body, both labor and employer vas checked.
The emergency tariff protecting farm products from
foreign dumping first applied the brakes. Then the
War Finance corporation, which Wilson had dis
yolyed was revived to extend new credit 10 the
agricultural sections
The democratic policy Of drastic dehation had
been determined by President Wilson as fer back
~ August, 1919. a clear announcement on this
Qas given At that time in speech by President
Wilson, IN which he said:
what We do should do at once, and
there Is a great deal that can do, PROVISIONAL
though II be. Wheat shipments and credits 10
facilitate the purchase NJ wheat can and will
lie limited and controlled In such way ~ not 10
raise but rather to lover the price Of -four here.
fhe government has power within certain limits,
regulate that
This was plain promise TO force down The prices
of farm products The colossal ruin that descended
on agriculture had its beginnings there.
BY this time almost everyone admits that the
bame for drastic defation. well the blame for
undue imitation belongs TO the Wilson sdministra-
ton
Almost everyone, that il to say, except Hitch
cock.
You see he embarked on a campaign for third
term determined to make defation Of the farmer
his main talking point The evidence Las piled up
that contraction Of the currency and reduction OF
prices and wages had been decreed by Wilson long
before the republican national convention or the
Inauguration Of Harding. IN fact, the worst period
Of defation had been undergone before tae repnb-
lean administration took office
Hitchcock must know this but having announced
that defation was his great issue he is unable to
lei 90 and get away unscathed.
That Is why he still talks vsguely Of the begin
ming Of defation without reference to any specific
dates That is another why his hearers have
come to question the sincerity and honesty with
which he deals with great national problems. That
is why also. his speech in Omaha delivered in
ali-Rlled hall fell so fiat
What Nebraska voters are now witnessing Is
The collapse OF the Hitchcock campaign. The words
Of Wilson and Of MeAdoo have punctured his pre-
tense Every farmer knows that banks began fore
.aa collections on notes and that prices Tor grain
md ive stock slumped when Wilson still had many
moutiis in Office.
Better fer had It been for Hitchcock if he had
ne, en- made denation his campaign issue. Detation
is over now. and responsibility has been properly
9iaccd hy the farmer and the voter.
BY bsslng his main campaign on the false issue
of deaation Senator Hitchcock has debated bis al
rea,ly slender chance OF reelection.