The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1926-03-05

banks in New York and other cities to speculate with In
92O they refused farmers any help although their plight
Pabe This done by the governing board OF the Sys
tenn, and at the time gave bank in New York City
ZOO million dollars to speculate fam products IN the inter
national markets They loaned Armour and company mil
lions to speculate international exchange but not cent for
the farmers
How about their profitsp When farmers and business
failing by thousands and distress everywhere this
accursed thing making profit yearly of about SO per
cent. Think of -you starving Mr.. Man. and this mon
srous system and is making all the way from 30 cent
clear in of its twelve plunderng systems 2 regional
reserve banks) to Us per cent in Others
Here some hgures-their own mind you-for 1920:
Total paid in capital up that time "a million dollars (hs
does not include the deposits compelled be carried
Der banks)
Well, on that capital of 81 millions they made net
profit of 81 millions 234 thousand and few dollars after
deducting immense for depreciation of buildings sala
es and forth What do you think of that? Its over 100
Iper cent in year.
You farmers buy farm for ten thousand pay yourself
big salaries managers, hire your cook and pay
them about 5000 dollars year. hire lots of help pay them
about the build palace to do your business in take
that out build club rooms tor and for women
and take that out build new fences and take that
taxes and take that out pay interest and take that dig
wells and take that out put about FIVE tousand dollars
sinking fund go Washington city three four times and
take that out put away about thousand dollars for depre
aOn of buildings and take that out take about five thousand
Tor protection Whatever that may be) and take that
lay aside about twenty thousand dollars for great palace
building and deduct that and pay yourself sixteen hous
and dollars in dividends and you have copy the Federal
Reserve system for 1920 Oh no. not yet for the
must guarantee you in doing this paging Now you We got
it, Oh yet Because have perfect sime or replica
you would have spend about twenty thousand dollars for
stock and about the for machinery and take all out
and then pay yourself that amount
A few salaries paid in l99-New York bank
Paid one lO0O dollars, raised him next year $500
Another 500 dollars raised him next year to $1,000
Another 1900 dollars, raised him next year to $4,000
Another 1000 dollars raised him next year to 1850
At the time Benjamin Strong governor of the
New York Reserve bank had his salary raised from $50 900
to $4,000 in the time.
he total expense of the 2 banks in 1921 was
over 30 million dollars for running twelve banks Some
pensel
Now, look for minute at the farmer
his system Debated his income down from l3 billions in
I9I9 to less than billions in 1921 And the dollar they got
would purchase only about half much in 92l in 99
Well we have hardly begun describe the greatest pi-
acy ever known upon earth It's the unnaon of capitalist
power Its the complete flower of the capitalist system But
we must stop To describe this system and monstrous rob
Derles would take pages-evey line of which would tell of
other awful wrongs One simply gets lost in the number and
amount OF its egazed piaging operations They are upon
such vast and supendous scale that all the Roman armies of
all the Roman ePerors all and each and every campaign
should be listed and their separate pagng and freeboone
campaigns listed would in the aggregate seem as chd play to
the operations OF this system the few years of its life
After being brought up in the belief that this
country created to give everyone an equal chance
we have been awakened the fact that never before was such
swndng and robbng accomplished and deliberately planned
IN this country OF ours in the past decade or two