The Birmingham age-herald., 1923-11-13
HEFLIN AGAIN HITS. ON BANKING NOTE.
Declares Republicans Man. aged Federal Reserve And
 Caused Panic Of 1920

The republican administration was taken to task for it's management of the banking laws of the country and the resulting panic of 1920 by Sem ator J. Thomas Heflin, who spoke Monday night to 8 large audience that practically filled the Jefferson theater to hear him and applaud his references to the money kings of Wall street" whom he accused of being largely responsible for priva- tion and want among the farmers of the south and west.
 q never once criticised the federal re.erve system put through with the aid of President Wilson with the purpose of taking the control of the country's finances out of the hands of few powerful men in Wall street and placing it in hands of the peo- Ale as whole for the general good. Senator Heflin said. T have been accused by many people of fighting but all the fighting ever did was to make it serve the purpose for which it was intended and to pre- vent 1t from becoming a tool of the northern millionaires through re- publican mismanagement."
 The speaker described the condi- tion of the southern and western farmers in 1920, when Governor W. P. G, Harding of the federal re- serve board. who was referred to as the one man responsible for the tightness of money. cut off the money supply needed to finance the cotton crop. A vivid word picture was painted of the poverty he met with everywhere he went in Ala bama and throughout the south, when farms had to be sold to pay for fertilizer and it was necessary to make debts that will not be paid for years. Senator Heflin charged that millions of dollars was made for Wan street gamblers and stock Pays Original Laws Tribute.
 A high tribute was paid to the original federal reserve banking laws as the greatest agency ever enacted into law to break the power of the moneyed interests over the finances of the country. Senator Heflin praised it's work during and immedi- ately following the war; when a democratic administration was in power and saw the nation through period of universal prosperity with out it's being necessary even to call the emergencies of the war and postwar period. It was only when republican administration came into power, he said, that the measure was perverted to selfish ends and worked a hardship upon the farmers.
 Governor Harding was charged with being responsible for the pro gressive rate of interest on money borrowed from federal banks to finance the cotton crop, which the speaker said amounted in some cases to as high as S7H per cent. Other troubles for the farmer were brought about by the republican policy of deflation, which contributed to the wealth of the wealthy classes at the expense of the producers of wealth, he said.
 q have been called a watchman at Washington for the Alabama farmer and business man." Senator Heflin said in conclusion. q have tried to fight the battles for my peo- pie, the only people.I seek to serve. I am trying to get a square deal for the farmer, and through prosperity for him, better condition in life for the merchant and local banker. I am trying to fight a good fight and think I have won several victories"
 In concluding his address, the speaker requested those in the audi ence who supported his fight to stand. Practically every person in tba fbaatar did