The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-11-10
RADICALSASK
CHEAP MONEY;
BATTLE IS ON
East Fails to Grasp
Western Issue
Nv MARK SULLIVAN

WASHINGTON, ID. C., Nov. 1O. -
Even with the plain results of the cleo
tion before our eyes, the country gen.
orally fails to see the thing that was
the chief cause of the radical part of
the result. Even more conspiciously
do they fail to see what it portends
for 1924.
Because the South is contented with
cotton at 2i cents a pound, and be-
cause the manufacturing East is pros
porous with everybody employed at ris-
ing wages, these two parts of the coun-
try have not opened their eyes to what
is happening in the agricultural West
and what is rapidly crystaliZing as the
main issue for 1924.
West of the Missouri river, in the
wheat and potato country, and to only
a slightly less extent in the cattle rails
ing territory there is a condition of
business distress and political radical
ism so extreme that the rest of the
country refuses to take it as seriously
as the facts are. In the writer's recent
campaign trip through parts of thiA
territory the stories about local banks
and individual business in actual or
incipient bankruptcy were so extreme
that one hesitated to print them with
out investigation and verification.
Schools Remain Closed
Among other things, / was told that
in some counties of Montana the
schools would not open this fall be-
cause the farmers could not meet the
taxes to support them. In this wheat
and potato territory, and because of
this condition the issue that all the
local candidates talked about and that
all the people wanted to hear about
was not the tariff, nor prohibition nor
foreign relations nor any of the other
issues that the East talked about and
heard about.
The issue in this wheat, and potato
territory was deflation and the Fed
eral Reserve board in short, the ma
tional system of currency, banking,
and credit. The farmers in this terri
tory blame their troubles on the pol
icy of deflation and that was what
they wanted to talk about and hear
about
The Republican candidates told them
it was the Democrats who were re-
sponsible, because the deflation was
begun while Wilson was still presi-
dent in 1920 and was carried out by
a federal reserve board, whose men,
bers were appointed by a Democratic
president. The Democratic candidates
in turn told the farmers the Repub-
lican administration was responsible
because most of the actual drop in
prices happened after President Hard
ing was elected.
Governor Harding Hit.
Both parties more or less agreed
that the goat" was and is Governor
NY IarJirC &c he Nela
serve board. Thus Governor Harding
and not President Harding was the
issue of the campaign in the west To
an extent that the east knows nothing
about
One political result of the election
is that Governor Harding almost sure
ly will not be re-appointed by Presi-
dent Harding. To do so would merely
store up for 1924 added resentment
against the Federal Reserve board as
a whole. and the system as system.
To yield to this angry sentiment By
throwing Governor Harding overheard
may not be ideal justice, but political
expediency, looking among other
things to enabling the whole Federal
Reserve system to weather the storm,
probably will cause Governor Harding
to his duty as he saw 1t.
But this is merely an incident, what
is more serious is that this western
country is in precisely the same mood
that gave rise to Bryan and Bryanism
and the demand for cheap money IN
the early nineties. And in all probab-
ility a similar expression of this kind
of mood is what we shall have in 1924
That is the fundamental meaning OF
the radical victories in the West.
Ford Outstanding Figure
At the moment the outstanding fig
ure in this connection is Henry Ford
the manufacturer by various utter
ances and by his weekly paper, which
appears to be distributed to the buy
ers of Ford tractors and Ford cars by
the regular Ford agents, breaches q
steady doctrine of suspicion against
banks and bankers and holds out the
idea that gold must be displaced as
the basis of currency.
This suggestion meets perfectly the
preiudices of farmer who want cheap
or money to pay their taxes and the
interest and principal of their mort
cages Ford also gives the idea thai
he can run the railroads more cheaplA
than the present private ownership
and freight rates is the second of the
two issues which the western farmer
is talking about.
The writer has no knowledge what
ever of Mr.. Ford's plans; but it is {
reasonable prediction that in 1872
Ford will enter, or will be entered b,
the radicals. in the presidential pri
maries of both parties with the ide;
of first making as big cleavage a.
possible among the Republicans ant
then actually getting the Democratic
nomination.
Can't Convince East
The East almost wholly fails to SCI
this economic and political condition
in the West. Even when. after visit
ing the wheat country you come bacl
east as far as the corn and hog coun
try, you find business men. editors ant
politicians reluctant to be convinced
The prices of corn and hogs are still
fairly high and that prevents realiZa
tion of conditions where wheat, pota
toes. oats and cattle are the chic
crops. but although some farm crop
still bring reasonable prices, and al
though all manufacturers are bus,
with rising prices for their factory out
put. any open minded person mus
realize that in the country. as who'll
we now have a badly balanced indus
(Please Turn to Page Seven)