White Pine news. [volume] (East Ely, Nev.) 1920-1923, 1923-03-18
DEPLETION METHODS

It was not until after the panic OF
1907 that a person of supposed intel
~ligence could stand up before his fel
lows and tell them that panics were
the result of deliberate plots, that the
ones of 1878, 1895 and 1907 were
planned by conspiracies of men OF
great financial standing and they fur-
ther enriched enormously thereby,
but times have changed until not only
some of the large financial newspa-
pers of the country are admitting IT,,
hut is taking cognizance OF
the fact.
The enspiraey that puf posely and
deliberately brought about the panic
and depression of 1920 has at last
been unearthed. The facts were ex-
posed in minute detail by the Manu-
f~acturers' Record in is issue of Feb
ruary % aa6 in the Congressional
Record of February 2S tic amazing
narrative was reproduced.
The daily press Of the nation,
which OF course is for thu common
people and is not controlled by big
business, was too hard pressed for
space to republish the revelations
when they came out, but here Is a
country weekly. the White Pine
News, which will give them as thy
are.
The federal reserve board May Is,
1920. held what was TANNED and has
proved to be one OF the most fateful
meetings in the financial history of
the world. At the close of the meet
ing Governor W. p. G. Harding, of
the board, made this speech.
1 would suggest, gentlemen, that
you be careful not TIC give out any
thing about any discussion of dis
count rates. That is inc thing
there ought not to be any previous
discussion about, because II dis
turbs everybody, and II people
think rates are going 20 be adj
yanced there will be an immediate
rush to get into the banks before
the rates go up, and the policy OF
the reserve board is that thai Is
one thing we never discuss with a
nevspaper man. II he comes IN
and wants to know if the board
has considered any rates or is like
" to do anything about rates. some
remark is made about the weather
or something else and we tell him
we cannot discuss rates ut all. And
| think We are all agreed it would
be very i'll advised TO give out any
impression that any general over
hauling of rates was discussed at
this conference. We have dis
cussed the general credit situation
and your committee, which mas
been appointed with plenary pow
ers. will prepare a statement which
will be given out to the press To-
morrow morning and we Will all
see what it is. You can go back TO
your banks and of course tell your
fellow directors as frankly as you
choose what has happened here
today. but caution them 70 avoid
n premature discussion of rates
as such. We have had an exceed
ingly interesting day gentlemen.
The suggestions which have been
made have been valuable and we
have profited by your views. J
wish to express on behalf OF the
hoard our appreciation of your
coming here and to thank you for
the unselfsh and loyal interest you
have taken in the federal bank SIT
uotion throughout the country in
giving this matter the careful
Thought and consideration that you
have. And | am sure that the spirit
which has manifested itself at this
meeting here today will spread
throughout all the country, 20 the
member and nonmember banks.
and If IL does we IAN look the
future In the ACE with courage and
confidence
This is "A stenograplio report oil
the speech. For the records OF the
organization 100 s~tenographic copies
of everything that was said II done
at the meeting were preserved. The
public never knew until last month
when the Manufacturers Record
finally got hold of one of those hun
dred CORES what those bankers did
and what was their deliberate plan
for breaking down business n the
country, farming most of all, which
hey impoverished to the extent oil
$4,000, 900, 900
Present at the meeting We're hlty
six men. Besides Governor Harding
there were FIVE members of the led
eral reserve board, fourteen mem
bers of the federal advisory council
and thirty-six class A directors.
The first and most important thinf
they did was to arbitrarily raise the
interest rate on loans from the fed
eral reserve banks to other banks tt
Z per cent and to restrict credit
These measures they explained tt
- -. a. I1 Naoaocarv IN radno1