The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1922-12-07
Bank Credit and PauDers

Bank Credit and Paupers
What happened !? In an attempt to
distract the American people and sat.
isfy their demand for monetary re.
form, the Monetary Commission was
authorized and sent abroad to investi
gate European systems and report K
Congress a Monetary plan. The Com.
mission went abroad and proceeded te
interview bankers and financiers and
investigate European banking systems
but they did not investigate the eco.
nomic condition of the people whe
lived under the domination of these
banking systems; neither did they re-
port to Congress a monetary measure,
but a bank credit measure. They found
ideal banking systems, from the bank
ers' viewpoint and from a standpoint
of banking prosperity; but they failed
to show the pauperizing effects OF
those systems upon the peoples who
endured them. 49,,
The next step was the Aldrich re-
port, which was secretly written on
Jekyll Island, and in which MI. War
burg had such a prominent part. The
Aldrich bill followed, and the Demo-
Gratis rose in arms and defeated it.
They deservedly received the plaudits
of the nation for their fight against
the Central Bank idea. The people re-
warded them by placing them in pow
er with the mandate to effect finan-
cial reform, and that mandate was
clearly against any such idea as en-
braced in the Aldrich bill They con-
Quoted the Pujo investigation and ex-
posed, in part, the Money Trust, and
that disclosure showed that the firm
of Paul M. Warburg-Kuhn, Loeb &
Co.-was declared to be a member of
that money trust. Notwithstanding
that fact they Immediately nestled to
their bosoms this self-same Warburg,
that had been the directing hand be-
hind the Aldrich Bill. The Aldrich bill
was worked over, camouflaged and
disguised and placed before the peo-
pie as a great achievement and as the
means of emancipation of the people
from financial slavery. The Republi-
cans could not, had they desired fight
the measur effectually, because they
were compelled to recognize the fact
that it was the same proposition they
had sponsored in the Aldrich bill. The
result was that the voices Of opposi-
ton were silenced, and the internation-
al bankers had captured both of the
zig political parties.
I do not know that the throwing
over of George Harvey with sympa-
thies for the House of Morgan and
the taking on the ship of Paul NJ.
Warburg, of the House of Kuhn Loeb
& Co. by the Wilson forces had any
thing to do with the capture of both
parties, but l have long had my sus-
picions that it did have a great deal
TO do with international bankers who
are continually battling silently
against each other for financial DOM
nation, and there are many indica-
tons that such is true. However, that
does not mean to say that they are
at variance as to the system to be used
or that there is difference of opinion
when it comes to the necessary legis-
lation for their operations. In these
matters they usually present a solid
front, save where it obviously would
be prudent to adopt a different method
Of procedure. Obtaining authorization
for their system through legislative
channels is entirely different from a
fight between themselves for control
of the system.
Who Can Tell
All of this talk about who is the
author of our present financial sys-
tenn is principally chatter. Some day |
may deem it advisable to say some
thing to this body about Mr.. McAdoo
and his connections with Kuhn Loeb &
Co.
But back to this proposed meeting
in New York, we do not know that
Edwin r. A. Seligman, who is to pre-
side over this rural credit discussion,
was one of the first men to figure in
the plant for putting across" the sys-
tenn, and he has faithfully awaited its
beck and call ever since. Then the pre-
sram provides that we shall get some
more instruction for the farmer from
Eugene Meyer, Jr, head Of the War
Finance Corporation, and another Wall
Street manipulation. There are many
indications that Mr.. Meyer is greatly
interested in the various cooperative
movements throughout the country
and I have been informed that he has
been in close cooperation with Mr.
Aaron Sapiro, who has accomplished a
great deal in the organization Of these
cooperatives, and is supposed to repre-
sent a great many of them as attor-
ney, which representation affords a
comfortable source of revenue. | have
also been advised that Mr.. Sapiro is
very influential in obtaining aid for
the cooperatives from the War Finance
Corporations.
I would like to say this, MI. Presi-
dent, the farmers have a great oppor-
tunity for helping themselves through
their cooperative organizations; /
have devoted a great deal of my life
to a study of the problems of the
farmer and | have long ago come to
the conclusion that if he is to realize
any permanent relife or aid through
the cooperative movement he must be
careful of his leaders. He must be sure