The dispatch-news. [volume] (Lexington, S.C.) 1919-2001, 1922-06-07

Congress alone sc bills and reso-
.Iutions were etintroduced to amend
the Federal Reserve Act, and
only 1895 of a total of 1925
state banks and trust companies
eligible to membership have
Joined the Federal Reserve Sys-
tenn. You, of course, know that
the national banks had no alter
native but were forced to join.
This would seem to plainly indi-
cate that it is both the verdict of
Congress and the banks that the
appalling conditions existing in
the agricultural sections necessi-
tate the speedy passage Of finan-
cial agricultural legislation, and
L sincerely urge and beg that you
concentrate your every effort for
this purpose.
'"John c.. Calhoun, one Of Am
erica's greatest statesmen. in an
address in the Senate made the
following statement:
"'Place the money power in
the hands of a combination of
a few individuals and they, by
expanding or contracting the
currency, may raise or sink
prices at pleasure, and by pur--
chasing when at the greatest
depression and selling at the
greatest elevation may COM
mand the whole property and
industry of the community
and control it's fiscal opera
tons.
sit is my understanding of the
Federal Reserve Act that the
Federal Reserve Board should
have been chosen so that it would
have representative from the
various geographical divisions of
the country. representing the
the different lines Of industry, in
cluding agriculture. This pro-
vision, however, seems to have
been entirely ignored Had, it
been carried out, instead Of con
ditions being :: as mentioned
above, firmly :belieTe that to
day the agricultural sections Of
the nation would be prosperous,
. ana this, ;of course: would mean
prosperity to the entire country
Confidence and the debt-paying
and purchasing power Of large.
, proportion Of our people, es-
pecially in the agricultural Sec
tions, have been absolutely DEF
stroyed. It can only be restored
by removing the cause which de-
, streyd> it, 1sand only by furnishing
the means for rehabilitation.
1AThis is one Of the most
serious problems that has been
presented to- the Congress Of the
nation for solution, aud, I beg
your most earnest consideration
of this matter. We are es-
pecially anxious to have the
benefit Of your judgment as to
what we can expect from the
presant session of CnnEress to re-
: SHeJe these distressing condi-
ao1A We have 9. solvent na-
y @dods but a bankrupt agriculture.
At iasrue we have a large PRO
:, portiM .of the monetary EsA of
the World, E He4sever, et,r fonn-
datieR agriculture, has bean
shatteEed Cur civilization rests,
upon seflcnItars and ssnst upes
gold., 80 - Y. ~ 81 At s J,
"DQEvou not feel that the re-
discoths rate charged by the:
variota ederal Reserve Banks
should Sb9 lowered, especially on
agricultnfaE paper? The Fed
= eral ReseWe Banks are carrying
fabulous AMOUNT of unused
gold. A lawet rate Of redis-
count IS tustifiad 9rsEA. every
standpoint, d. sound. ah 8
Won't yot take up with =
eral .Resey1e Board de q 81
lowetlug the redisceuAt II
use every effort tftoshay{ Il
s saudestosranted2s ~ f@te n6 :
cessstof 3 a2sper. cent SLY @
granted by the vafiops Eel 8!
; Reserve Banks.p t::t 80. IA
;. 'SFFpo. you not feel: thatathe Hs&
transportation charges. imposi9N
y, :, upon both the producer and the
eoasanassr a heavy penalty, shoulld
be. lo8ered2 What oaction,j vii!
Congress take to: extend I relief
along this 1ine 'sorr. =! 81 =,
The IN BORROWING otTLlNE
Covers ;ssIGGESTED| PLAN
FOR g FINANCING 'AGRICUL1
s.EBRENfENTIONED nj PREs1t
TtWANNAsIAKER'S LET
TERe To.EHE SENATORS AND
:: CONEKESsMEN,. 1 ii5.:z, @cs
sSUGGEsxED PKAN fFORs>.FT
,.saa,bax xCfNG AGRICUITpREr
sa;BX ONE OF GREAT BUSINESS
Il; .;MES OF aNERICA. 1:, ~sr, so
.sGSia:nuasf bringS hiseemnaod d.
ttx '. iShmlht: tits graded, a and
hsa Seeeasses ttsz,full vaftfetAn gold