Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-06-22
SENATOR LADD ,
ATTACKS BANKS
OF THE NATION
Declares Small Coterie Rules
Nation in Supporting
Bonus Tax Plan
fBy me Assoclated fress.l

Washington, June %. An attack
on the big bankers Of the country was
made Wednesday in the senate by
Senator Ladd, Republican, North
Dakota, In the course Of an address
in SUPPORT Of his plan to tax banks
to pay the veterans of the world war
we have q small eotepie of bank
ers that are patiently more powerful
than the government" declared Sena-
tor Ladd. They control the financial
situation. They can say to the govern
ment how much of the treasury ebli-
cations they Will buy: they can fl
nance new railway enterprises and
new industrial combinations that meet
h stamp OF their approval: they can
even finance foreign ventures and the
rate. of exchange seems to affect them
but little in SO doing"
Asserting that while the soldiers
were sacrificing during the war, the
bankers were plling up surplus and
distributed dividends. Senator Ladd
declared that lit is one of the great
est crimes ct the age that we have not
used the strong arm of this govern
ment to reach into the gold laden cof-
fers of>sthese profiteers and compel
them to divide, in equitable manner,
their outrageous profits" with the for
mer service men.
THE big banks emerged from the
war in the NEST commanding position
Of power of any institutions in the his
tory of the woEld." continued Mr..
LAdd.
asame Old stery.r
The American Soldier emerged
broken. without money, with the flu
ture gloomy and prosperity far beyond,
h horizon. Millions Of them were
literally turned loose upon the ceun-'
try with nothing to do. The banks
were net satisfied. To add to the des-
perateness of their condition they in
a%ugurated their policy of drastic, de-
flation. That not only destroyed jobs
but threw out of employment thou
sands Of others who could be forced
The bankers made their condition
worse by debating every opportunity
they had to rehibilitate themselves.
ut is the same old story of the
fighting man being lauded so long as
the emergency lasts and being dis
carried and neglected when no longer
needed. Even now they are not sat
isfied, but because an ungrateful con-
gress has compelled the soldiers to
same bankers would destroy his
character and blaeken his honor sim
ply to prevent a measure that would
retard their plans for forging the
chains of economic servitude upon the
producers and toilers of free America.
1t is enc of the greatest erimes\of the
age and the American senate. cannot
afford to be a party to it.
While congress continues to per-
nit these banking conditions to pre-
vail We shall be forced te tolerate in
flation and deflation SO timed. and ad-
miHistered Is to benefit the bankers,
finsneiars and SPECTATORS at the ex-
pense of the ~producers, especially the
farmers. laborers and sman business
men, couitry bankers. until ;the farm
ers become serfs to pass with the
land.
ANYONE familiar with the condi-
tions int this country who knew the
situation in the bi-waxs and hedges.
realize that there il no,noney among
the people. We have suhsisted SO
long on bank credit and our CONNER
eial wheels have had to.so complete
~ depend epon hank credits for their
motive power, that upon cessation of