New Ulm review., 1922-10-04
SHOWS HOW WALL STREET WAS
DIRECT CAUSE OF THE
HARD TIMES.
ACT THRU FEDERAL RESERVE
BOARD TO DEFLATE
VALUES.


for the United States Senatorship from
Minnesota, when he spoke at Turner
Hall Friday evening. DR.. Shipstead
had spoken at Sleepy Eye earlier in
the day, the meetings there and here
being the only ones scheduled for this
county before election. The candidate
is clear, furceful speaker, who pre-
sents his arguments in manner suited
to the gravity of the subjects with
which he deals. He remarked that he
had been called a pessimist, and he
admitted the charge, believing that
there is sufficient cause for pessimism
in America today, unless Americans
wake up to the fact that they have
been led around by the nose about
long enuf.
La Follette's Victory.
Mayor Fritsche introduced the
speaker to his audience after recalling
to them the several victories that have
been won in the primaries of various
states during the past summer. He
called attention to the trend of the
times, where states that had al
ways been strongly conservative had
suddenly and unexpectedly gone to the
polls and turned things upside down
by nominating progressives. The Mayor
called particular attention to the great
victory won by Senator LaFollette in
Wisconsin and drew a round OF ap-
plause for Fighting Bob" -
Still Hope for America. -. ...
When DR.. Shipstead was introduced
he announced that he had not come
with the intention of entertaining his
audience. His talk was intelligently
free from after-dinner stories and kept
close to the line of the argument. He
first pointed out the change in the
point of view of the American people
and said that the ability Of the people
Of the nation to change their views
was the one hope for life and health.
Inertia means death of the body poll
tic as we'll as of the human body, and
there is life only when there is posi-
Dility Of change. !.
The speaker recalled his visit to New
Ulm two years ago when he had spo-
ken to an audience of New Ulm citi-
zens. At that time he had forecast
the coming Of lizard Tines and at
that time people had thought he did
not know what he was talking about
but time had proven that he did know
whereof he spoke. He told of learn
ing recently that more than eight
hundred chattel mortgages had been
filed in Yellow Medicine County on
crops of the farmers who were unable
to meet the obligations brought upon
them by the flush times that preceded
the tumble in the prices of farm pro-
ducts. DR.. Shipstead said those mort
cages were a very plain indication Of
the state Of affairs in the country to-
day and that they proved his prophecy
of 1920.
Remove Cause. + -
DR.. Shipstead declared that the
thing to be done when a man is very
i'll is to find the cause of his disease
and proceed to remove the cause.
When a nation is sick, as America
is to-day, the cause of the disease
must be found and removed before a
cure can be effected. He then pro-
ceeded to point out the cause OF the
i'll health Of the nation, and offered
the remedy. The candidate lays the
blame for our financial troubles at the
door of the Federal Reserve Board in
that it has usurped powers that were
never intended to be delegated to
it. The Reserve Board was formed
with the purpose Of stabilizing financial
conditions so that panic could never
occur. What the Federal Reserve
Board has really done the past two
years has been to bring about the
very thing it was created to prevent.
~ How 1t Was Done.
The speaker then showed how this
was done. The big moneyed men Of
America had lost a great deal Of money
in their European ventures. Not only
had America as country financed the
warning nations Of the Allies, but in
dividuals had invested heavily and
= . ~ = : T. ii
for them to recoup their losses was to
raid Agriculture which they proceeded
to do by way Of the Reserve Board.
Money had been easy to get and
every one had been encouraged to
spend freely. Farmers, small town
merchants and bankers had all been
encouraged to think there was an IN
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