Webster City freeman. [volume] (Webster City, Hamilton County, Iowa) 1884-1946, 1922-04-10

ICf the feueral' reserve Banking SyS-
TEN. After, in effect, if not directly.
encouraging imitation for a year fol
lowing the armistice, it suddenly re-
vcrsed its policy and enforced detlation
50 drastically that it's action, both as
to the farmer. and others, was brutal.
It showed that the governing heads
were influenced by a narrow eastern
provincialism that did not comprehend
the needs or problems of the middle
west"
Right here is where Mr.. Pickett had
opportunity to prove that he will not
follow his party blindly." True, the
democratic administration was respOn-
sblc for the policy of the Federal Re
serve Board in encouraging credits in
1latiOn Immediately following the war
directly blamable for the pursuit of tho
credits dcflatiOn program inauguratcd
early in 1920 and for following it up
so drastically that it was really brutal.
Eut what did the republican admin
istration, when it came into power. do
to ease up this brutal policy? Why, it
did absolutely nothing. On the con-
trary the republican administration re-
appointed Gov. Harding us the head
of the board and PERMITTED the board
10 proceed in the same brutal" manner
II: ,1,,
held the republican administration re.
sponsiblc for continuing the policy in
laugurated by the democratic admins
tration, instead of implying that the
democrats alone were responsible. Had
the Waterloo candidate performed such
Il service it would have made it easier
to believe that he will not follow his
party blindly.,"
Much of Mr.. Pickett's announced pro-
gram will meet the hearty approval
of the people of Iowa. He announced
that he is for every sound economic
measure that will benefit the farmer
favoring an intermediate credit system
by which farmers paper may be dis
counted during his turnover" He also
endorsed cooperative marketing and
will support the truth in fabrics bill.
While not mentioning the agricultural
bloc he said:
THE pressing condition of the
farmer brought the senators and repre-
scntativcs from agricultural states in
( to ain alignment for the protection OF
their mutual interests. They have al
ready secured the passage Of important
measures. ! will most earnestly CO.
operate with them in securing further
remedial and constructive legislation
| Mr.. Pickett, of course, favOrs re-
duction in freight rates and taxes ana
hit a popular chord when he said:
IL am in favor of the development of
internal waterways OH the basis OF in
trinsic merit and substantial public
benefit. / am most earnestly in favor
of the proposed Great Lakcs-St.
Lawrence waterway. This is positive
concrete proposal sanctioned as to its
Il echanical feasibility by the best ensi-
neers of two countries. When complet-
cd it will make Chicago an ocean port
and bring the farmers and shippers OF
the Mississippi Valley, so far as freight
charges are concerned, Il thousand
miles nearer the market of the old
world"
While upon this subject MIR. Pickett
lad the opportunity to demonstrate
some courage. 1t is almost certain. that
the east will not consent TO government
laid in the construction of the water
way suggested unless it be linked with
ship subsidy legislation. Iowa is fay
CRADLE to the waterway but opposed t"
the subsidy. What would Mr.. Pickett
do if confronted with this problem:
He should have taken the dilemma by
fine horns at the Grant club and de-
ciared his position on this subsidy prob
flcln. but he failed to do SO, stating
Eis attitude only on problems that II Is
popular in Iowa to support. The md
ole west might as well make up its
mind that if it is going to get the bene-
fits of the great waterways it will have
TO support the ship subsidy, ana II
ought to support it under such circun-
stances.