The Elk Mountain pilot., 1923-10-11
FEDERAL RESERVE wEAKENs

rEDEhaL hfSEhNE WEAkENS
THE dispatches of late have been showing up the
of the federal system there
to be quite general feeling in financial and
remedy the defects the system that it will eventually
meet with failure and collapse
While the system has worked beautifully in being
able to prevent panic has not saved national banks
enormously in many instances the weaker banks
to the wall where those banks have been forced
their paper with the federal reserve banks
The system makes it possible to concentrate too
much in the hands of the banks and they
have piled up fabulous sums for what, to
know They have paid their officers and directors
have made since their creation p''"' '"' 'a"A
Congress should look well into the working of the
system and make such changes the conditions
Grand junction News
There is truth in the above but the view point
of the writer not fixed upon those truths idea
is precisely along the lines of those who destroy
or at least divert its powers unholy ends When the
Federal Reserve act the of the
ment were the great bankers No it on the
books than they possessed turned
vertng the application of the law their selfish
ends The very appointed carry provisions
have been largely the hrelings of the Bankers Trust
But in spite of all the NAL administration of the law,
is reluctantly admitted that panics impossible No
longer may smooth banking crooks in their dens of
iquity in Wall Street, frame up bankers panic and
crush country banks will, la 1907 No
of the Morgan k threaten the Presidents of the United
States in the White House The weakest moment of The
odore Rooseves life when he failed kick Pierpont
Morgan down the White House steps after the infamous
bluff him at that midnight conference. Had the
President thrown Morgan threatened
the American people into his confidence by wire that
night he would have had Morgan his fat belly pleading
for mercy. Just Roosevelt bufed The Steel
Trust its battle that bluff. But they
do it again. After the the Federal Reserve system
used to deate the farmers. That could not have
happened if honest instead of creatures of Wall
Street had been of the created pro-
lection of the people Piling up money place may
be either blessing If the Federal Reserve
banks used for reservoirs to hold the money from cir
cuation then it prosperity If they used
supply the legitimate demands money they may be
priceless boon to humanity Congress will do we'll to lock
into the matter That is excellent advice. And when
they have looked let them devise ys in which the
of the Reserve system not in the slightest
degree under the Wall Street thumb The Federal Re-
system is fundamentally right and too valuable to
be destroyed by its banker enemies And have faith
that the farm bloc in Congress will be able to prevent
that.
IF there was ever example of shortsghtedness il
Is to be observed in the attitude of the financial powers
OF today trying to limit the making perfectly sound
metallic money With Europe pyramidng paper to the
CLOUDS and unable to secure metal to base our
big financial throw every possible obstacle in the
way of silver production and seriously impair the prodc
ton of gold Pretty soon Europe, lead by England go
ing to demonetize gold and go scientifically
paper basis Then this country will have all the gold ir
creation and place it. Every man who has stud
led the money question knows that paper currenc,
based on fixed capita circulation just sound a
one based gold The worshippers of the golden ca
are going to wake to their blunders day ths
awakening is going to be painful in the extreme. This
country is able today establish the standard
for the world. We alone and unaided open mnt
to silver at the ratio of sixteen and do the worI,
incaeuabe good, in fact destruction by tn,
act and at the time do ourselves no harm Nobn,
ou the pleasure of seeing Others suffer keeps our biz
fellows from taking this England forced the pot
standard on us because too cowardy to asser
ourselves Now she is hoist by her own petard The
paper rests metallic base small as to be negligible
The temptation to do what ALWAYS been recopnzed
feasible, arrange for scientific circulation of pane
money based government credit and per capita sup
ply adequate and excessive must be almost over
powering And, yet were this country open her sve
mines and were this country to establish the bmeta
standard we and the whole world would profit thereby