Worcester Democrat and the ledger-enterprise. (Pocomoke City, Md.) 1921-1953, 1924-10-18
C. O,P. CONGRESS
BROKE FARMERS
Senator Owen Charges Defla-
tion of Farm Prices and
Values Due to Re-
publicans.
BIG INTERESTS GET TIP
Thousands of Agricultural Pro-
ducers and Small Business
Men Ruined Since 1920,
and Depression Not
Yet Halted.
BIG INTERESTS GET TIP

Washington, D. C.-Frequent men,
ton of the "defla- ion' of agricultural
prices and values has been made by
speakers and newspapers since the
present presidential campaign began
several weeks ago and Is likely to be
heard even more often before Novem-
Der 4. Senator Robert l.. Owens
speech on this subject in the Senate
is gaining wide circulation because of
his charge-never denied by the Re-
publican Senators who heard him in
the Senate or by any other Republi-
can-that certain big individuals and
interests had "tip" in advance that
the squeeze" was impending, while
farmers and others were unaware of
the plan for stopping credits and de-
pressing values.
Senator Owen declared that the Re-
publican Congress and then the
Harding administration were RESPONSE
BILE for the "deflation" which has
ruined thousands of farmers and
small business men since 1920. Sen.
ator Owen said in part:
"That Republican convention (1920)
declared in favor of a policy Of defla-
ton. In his Candidate
Harding's) acceptance speech he de-
clared in favor of policy of def1ation.
The time for action had come.
All of the arrangements for bringing
on the panic had been made. The
Farm Loan banks were closed;. the
War Finance Corporation was closed,
and the Republican Congress had
fastened on the Federal Reserve bank
ing system that cruel and criminal
progressive interest rate amendment,
under which the panic of 1920 and
1921 was brought about and under
which bank in Alabama was charged
S7A per cent They never disclosed
to the public their purpose to pro-
duce panic until it was too late for
the farmers. merchants and bankers
Of the South and West, and honest
business men of the country general
ly, to take the steps necessary to pro-
tect their interests. y
Farmers Taken Unawares
think Of the banking system of
the Nation-the currency and credit
facilities of hundred millions of
people-being manipulated in the in
terest of favored few to the en-
barrassment and hurt and injury of
a hundred millions of people!
Zone day I was speaking in the
Senate on this nhaSe of Tho def1ation
panic, and when finished Republi.
can Senator from the West, himself
a millionaire, came to me and said:
You are right about them sending
word to certain people that the panic
was coming. They sent me word
several days before it came and sug.
gested that 1 do the thing necessary
to protect myself and prevent losses
He told me that the panic cost him
thousands of dollars.
"The laboring men and the wage
earners were not notified. The doc
tors, lawyers, preachers, and teachers
were never told that business disaster
was drawing near, that a financial
panic was on it's way to destroy pros
perity and devour the substance of
the people Why were the big finan-
cial highbrows singled out and noti-
fed in advance of the panic and the
masses of the people left without
warning to the fures of storm that
left wreck and ruin and death in it's
wake? Il Il"