The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-11-04
line Upon Lihs And
hsespt Upoa Erssspt

III (Manefactarofs Rseot6J
Too late for publisstion on, the COW.
lse page Last wseh, but never too hate
TO b. repeated and reiterated: IN the
most conspicuous1 place possible, was
The statement Of President Harding
~ Congressman Mondell, published In
the editorial columns Of our last issue,
IN which President Harding, in very
clear-cut sentences, struck straight
home at unwise drastic financial defia.
ton as the cause Of the terrific bust.
ness 1nd agricultural depression. in
1921.
President Harding's statement,
which we repeat; was as follows:
"The national fiscal policy has been
directed to arrest the too rapid defia-
tiop which had set in, and to this end
there has been a progressive reduc-3
tion Of the Federal Reserve discount
rate. AS result Of these policies
Liberty bonds have progressively ris-,
en- in value. The general financial
situation has steadily improved, and
today the country has brighter pros
pect ahead Of it's business, industry
and agriculture than at any time since
tho mistaken program of drastic de-
flation adopted by those who were
then In control Of government poll
cies." ?
Notwithstanding all the power of
the big financial interests of New
York to secure the re-appointment
Of w. p. G. Harding as the head of
the Federal Reserve Board, it would
not be possible for President Hard
ing, after his arraignment of the
management of the Federal Board,
to re-appoint him without stultifying
himself and making such an appoint
ment the ridicule of the country. Nor
could be properly appoint as COVER
nor any other man who as member
Of the board co-operated in that de-
f1ation work. Indeed, it would seem
that these men, thus vigorously repu-
dated by the president, should i'm
mediately resign, unless they are sad.
ly lacking in the sense of what is
proper under the circumstances. This
nation may, therefore, rejoice that
none Of the men who by unwise man.
agement of the Federal Reserve
Board brought about deflation which
swept out Of existence not less than
thirty billion dollars of value, which
bankrupted hundreds of thousands of
farmers, which caused the suicide of
hundreds of people driven to despair
by reason of hopeless indebtedness,
can possibly be appointed as governor
OF the Federal Reserve Board in the
light of the denunciation by President
Harding of the result of that man.
agement.
Well may the country take courage.
Well may the farmer once more hope
for living profit from his labors.
Well may those who believe that the
financial honor Of the country should
be above reproach, rejoice that that
management, which has been over
ruled and denounced by the United
States Circuit Courts of Oregon and
Kentucky, and by the Supreme Court
OIL the land wherever State banks have
had the courage to fight its iniquitous
schemes, can not again be in power.
II the Federal Reserve System is to
be saved to the country not only
should all the men responsible for
bringing on the conditions so truth
fully denounced by the President b.
eliminated from the board but all
managers Of Federal Reserve banks
who have been guilty of the criminal
ity Of seeking to destroy State banks
that dared to oppose the demands of
the Federal Reserve System should
also go. A house-cleaning is badly
needed among many Of the Federal
Reserve Observation-Disclosures Rec
ord.