Iron County register., 1922-05-04
Washington Correspondence.
BY WALLACE BAssFoRp.

millions unless appropriations were
reduced. The President and the Re-
publican leaders ir Congress have
been vociferating loudly about the
wonderful economies praoticed, but
Mellon is now out with statement
showing that the deficit will be about
four hundred millions instead of fifty.
Another year of such Republican
seconomy" will put Uncle Sam in the
poor-house. If the bonus bill passes
the Senate and is signed by the Presi-
dent, another heavy load is placed on
the Treasury unless way can be
found to pay the bonus out of the in
terest and principal of the debts owed
us by foreign governments. The
chance that it can be paid in this
manner is not promising, as England
is the only one of our debtors capable
of making large payments now or
within the near future.
The President is now urging that a
loan of five millions. be made to
Liberia, the negro republic on the
West African coast. More money
taken from the taxpayers pockets to
throw at birds. Liberia now owes
one and one-half millions with prac-
tically no chance that it will ever be
paid unless tits done out of the money
which the President desires to adj
vance. The chief object of the loan
seems to be to show the colored voter
in this country what great and good
friend the race has in the White
House. Like the anti-lynching bill,
it is intended to produce profound
effect on the colored brother.
The Senate republicans are placing
in the tariff bill duty on hides, to
fool the farmer. They will probably
discover next November that the
farmer is not easily fooled; he knows
that tariff on hides can not compel
the packers trust to pay more for the
live steer by reason of the hide which
covers it. The packers bid their price
for the steer, considering him as so
much beef and viewing the hide as a
by-product obtained for practically
s nothing. It would take an ingenious
Philadelphia lawyer to devise a
method oi getting aEapnds this situa-
tion and compelling thes packers to
pay fair price for both the beef and
the hide; then begins the problem of
preventing such outrageous profiteer-
ing as compels the farmer to pay
much more for pair of shoes than he
receives for an entire beef hide. The
Republicans are not tackling these
problems with desire to solve them;
they are merely attempting to satisfy
the farmer and he can not be satisfied
with bumkuln. The farmer would
probably view with more approval a
real breaking up of the packers trust
Another case in which the farmers
ara being handed prize package is
ia the proposal to add dirt farmer tc
the Federal Reserve Board The Wal
Street Journal is intensely for Hard
ing and all his works, but'it is brutal.
Is frank at times. OF course it is not
read by farmers, but by financiers an6
SPECTATORS. 1t says: ut seems
cruel to set farmers to chasing such 9
will l-o'- the-wisp as this, which &C
many Of them have been made to be,
lieve would make money easier fol
them. The politician dares not tel
tell them it would do nothing of the
sort.n What power would one dir
farmer have to change or modify the
actions of the remainder Of the Board
sitting around a long table voting
down every change be might pro
pose? Why doesn't Congress tackle
the problem Of Strengthening out th'
~ marketing and distributing system
Would they be treading on the toes .
too many campaign contributors
But back Of the Federal Reserv
Board is what? The united and inter
locking power of the money kings 0
the country, led by J. P. Morgan an,
Go. Until the Federal Reserve Boar
is made up of representative citizen
outside the banking clique there wi
be no real relief for the people an
their financial problems. Call none
for use in speeulating on the Ne,
York Stock Exchange is obtainable |
unlimited quantities at 8 l-2 per CEN
on collateral liable to shrink twent
per cent in day, and it is loaned u
to so per cent of the market value {
the stock, but il a farmer wants
loan on his farm he has to pay NOR
than twice this rate, together with
commission, has the greatest difficult
obtaining loan and then can nj
borrow in excesss of fifty per cent
the value OF the land. In New Yor
City time loans on collateral are rang
ing from 4 to 4 liz per cent.
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