The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1922-09-29
SHIPSTEAD SCORED
THINGS IN GENERAL
CANDIDATE FOR SENATOR
ADDRESSED FOLKS
ATTACK ONT KELLOGG
Declared New Deal and Leader
ship Needed at Washington;
Unseat Newberry
ASSOCIATED Press Dispatch

tacks against the present national
administration, the Federal Reserve
Board. Senator F. B. Kellogg's
amendment to the Norris market
ing bill, the Esch. Cummlns act, the
high tariff duties about to be enact
ed and Capitalization of all govern
ment at Washington were launched
by Henrik Shipstead, farmer labor
candidate for United States Senator
of Minnesota, with Farmer Labor
league endorsement, in an address
here last night.
He also scored the pre- primary
convention law, passed by the last
Minnesota Legislature, which he de-
clared was enacted for the purpose
Of keeping the old reactionaries in
power by handicapping progressive
candidates who might file in the
primaries"
Reopening Of the Newbery case
with the object OF unseating the.
Michigan senator was also urged
ment Of a soldiers bonus from a
war profits and excess profits tax.
Unless we have a new deal and
new leadership at Washington" the
Farmer Labor candidate declared,
I'VE are likely to become involved
in another European war. now
brewing as an aftermatch OF the
last war;"
Attacks Federal Reserve Board
The condition which led to the
war and which forced the United
States into 1t still exists, he said.
I'VE are economically and politi-
cally entangied in foreign alliances
>and the tntrigues OF foreign ma
TONS" continued the speakers.
American diplomacy and foreign
policy must be divorced from Wall
street influence. We must not per
NIT the energies and resources OF
the United States to be used as the
tail to the political and economic
kits Of foreign nation nations"
Mr.. Shipstead charged the FEEDER
al Reserve Board with deliberately
planning and putting in the process
of defation depressed In the past
two years which precipitated "the
worst business depression in the
nations history"
He declared eastern financial in
stitution were favored by the feder-
al reserve board In the matter of
extention of credit over reserve
centers in the agricultural dis
tricts.
Reading from a reports OF John
Shelton Williams, former comptrol.
Ter of the currency, Mr.. Shipstead
stated the Federal Reserve Bank in
Minneapolis carried loans amount
TO 1927 10000 600 for 1000 member
tanks in the northwest district
while at the same time one New
York City bank carried $137 900 900
IN loans with the New York FEEDER
al Reserve bank!
Here is one instance where one
bank doing business with stock
brokers got more money from the
Federal Reserve System than D.
900 country banks that are doing
business with merchants and pro-
ducers OF the Northwest, The stated.
He declared the federal reserve
board, by virtue OF its control OF
money and credits can suspense
the law OF supply and demand and
make the price Of commodities and
labor high or low it Viii by making
money scarce or plentiful, by either
restriction Of extention of credit.
The Esch- Cummins law, he aver
red, legalized eight billions OF wat
cred stock of railroads, on which
rates offreturn were to be figured.
The law also created the railroad
labor board, he added, whose chief
business seems to have been to re-
duce wages and promote the doc
trine of the open shop"
'sThe senators and congressfhen
who voted for this law, voted out Of
the peoples pockets into the Golfers
of the railroad owners, and raised
the cost Ct living to the people OF
this state, approximately $500 per
year for every family Of t1ve, Mr..
Shipstead declared.
Deploring the raising Of passenger
and freight rates to the level oaised
on net returns OF alleged inflated
values Of the railway systems, the
farmer labor senatorial candidate
recalled Director General OF Rail-
roads Hines estimate that every
increase in freight rates was mud
tiplied by middlemen and retailers
at least FIVE times by the time 1t
reached the consuming public.
Analyzing HIS figures, Mr.. Ship
stead pointed out that The Esch-
Cummins' law cost the American
people a total of almost ak and one
half billion dollars, or an average OF
1905 to every family in the country.
Intensive Struggle to Live
The recent reduction of freigbts,
the Minneapolis senatorial candidate
Drought I'D IN his COuIArCtlOA,
amounts to an average Of but six
per cent, instead Of 10 per cent as
announced, due to jokers IN the or.
der OF the Interstate Commerce
commission. Instead OF cut in
Sreight costs of about $3.50 000, 900 he
d&imated the reduction would be
orAk $500, 600, 900.
TSeea Esch- Cummins Railway law
and WaA Streets defiation Of agri-
culture and business has intensified
the struggle for existence" he con-
tinued. "As q consequence, T1rre
women are forced to- leave their
homes to enter industrial employ
lnert and thus compete with men
for work. The mothers Of our future
generations must be liberated from
economic serfdom by compelling in
dustry TO pay q living wage TO tie
husband or breadwinner OF the fam
ily." -
senator Kellogg's amendment to
Senator Norris bill, which struck
6ut those provisions which provided
for the purchase OF farm products
in this country to be sold In foreign
countries. and substituted a proyi-
sion that the government should
loan money to banks, trust com :
panies an middlemen, which help
ed q few large banks that had loan
ed money to small banks" Shipstead
4 -. ssl..a ia 4ho email banker In