The labor world. [volume] (Duluth, Minn.) 1896-current, 1922-02-11
Big Sum Anassed In Vaults;
Government Could to Pro-
mote Public Works.

WASHINGTON, D. c., Feb,
9-While unemployment figures
were rolling up over the country
accumulation of surplus dollars
were rolling up in the Federal
Reserve bank, until the total
reached the enormous sum of
$3O0,000,000.
The labor and agricultural
forces in the United States SEN
ate joined hands and forced
through an amendment to the
Federal Reserve Act, compelling
recognition of agricultural as
we'll as industrial interests on
the board of directors.
On this important situation
Arthur E. Holder, veteran legis-
lative representative, has writ
ten for the Labor World through
the International Labor News
Service, an article setting forth
the t''ll truth.
BY ARTHUR F.. HOLDER.
BY a vote Of SO to 8. the United
States Senate passed bill, on jan
uary II. 1922, which has caused a
great deal of excitement in admins
tration circles.
The Federal Reserve Board has
been under fire because Of the dis
II of1 ~ lei, +I,1
GUS midsummer days of 1920. The
agricultural bloc" in the United
States Senate is convinced that a
large part Of the industrial calami-
ties which have visited farmers and
wage earners, have been due to the
fact that no representative of either
Of these two elements has a place on
the Federal Reserve Board.
Bills We're introduced, in the Senate
to instruct the President to appoint
upon the Board "a farmer" who
would be naturally expected to speak
for the agricultural interests during
the deliberations Of the Board. If
the members Of the "bankers' un-
ion" were charged with class consci-
BUSINESS, they would Indignantly de-
ny it. yet the results Of their work
as dominating factors on the FEEDER
al Reserve Board speaks louder
than allegations Or denials.
Bankers Resent Proposal.
The "bankers' union," though thu
Financial bloc" and the social
bloc" which are now in the ascen-
dency at Washington. Immediately
raCanfn1 no tn int
with their professional jurisdiction"
by allowing a dirt" farmer to be-
come a. representative administrator
of the nations financial interests
and as a consequence, the bill which
passed the Senate has been modifi-
ed.
The original proposal has been
changed and extended so that now
the President, whom making appoint
ments to the FEEDER Reserve Board
is specifically instructed that he
shall have due regard to a fair
representation Of the agricultural,
commercial and industrial interests
and Of the geographical divisions
Of the country"
1t will be interesting now to OBJ
serve how falthfully the present cas-
ual in the White House and his sue
Cessors will obey this requireme nt.
The democratic idea of full repre-
sentation upon all administrative
boards of Federal and State govern
ments is thoroughly wholesome and
in accord with the trend of the times.
All it needs now is further and
more continuus demand on the part
OF the people to see that this ideal
is extended to every depa1 tment Of
Federal and State government so tn
the interests of all the elements Of
society may be properly safeguarded
and not permit any one element like
the bankers or the lawyers to be con-
stantly in the ascendency, allpower-
full, all-dominating.
During the discussion, in the Sen
ate, upon this particular bill, and the
Federal Reserve Board in general,
many charges and counter charges
were made as to extravaganza, inef-
ficiency, Partially and lack Of inter-
est In the general welfare Of the peo-
pie. Singularly enough no Senator
made single reference to the extra
ordinary profits which have been