The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1928-07-06
The Story Of the Promotion Of
Brotherhood Banking
By John Gabriel SOItiS
Continued from last week.

Institutions Wrecked by the "Wrecking Crew"
herewith submit a list of institutions that the
"wreckng crew. destroyed in the course of its opera
lions in the northwest. 1t is by complete:
National Nonpartisan League, The League Exchange,
Nonpartisan Publishing Company Courier News, Min
nesota Daily STAR u S. Sisal Trust Consumers United
Stores Company, Northwestern Service Bureau, Scan
dinavian-American Bank of Fargo, N. D.. The Ramsey
County Farmers Bank, Kimbal- Hastings Investment
Company, Federal Development Company, Haggerty
Incorporated, Great Western Live Stock Company
Peoples State Bank of Grand Forks Peoples State
Bank of Hilsboro, Peoples State Bank of Castleton,
Peoples State Bank of Leith
This list indicates that Jack Hastings slightly un-
derstated the fact, when upon his recently in
Seattle he declared that the New England Bank was
the only actual failure record, insofar as the wreck
ing crew" is concerned Furthermore the $4,000 OG0
of which Hastings spoke upon his arrest represents
practically the total that poured into these
destroyed enterprises by the farmers and workers
the northwest Of course, the reader is at liberty to
accept reject the figures furnished by Hastings For
ourselves, believe that they could be multiplied by
two and not overstate the losses
Undoubtedly the reader may be curious to know Just
how the wreckng operated in these corporations
There were multitude of methods employed Howevr
In the MAN, their operations based upon one gen
eral principle
These so-called co-operatives were all organized with
its own sphere of business To any economic student
worthy OF the name, this idea is simply phantasmo.
gorla For Capitalism cannot be destroyed by the
workers going into business, in competition with its
colossal industrial forces. 1t is unthinkabe To OK
terminate Capitalism, the farmers and workers mus
conquer the political power of the state and thus Sc
up new social and economic order upon the ruins q
tn cold.
Inc Wrecking crew" was to capitalize the sentimen
OF rebellion to things they are by forming economi
and political makeshfts, calculated to relieve the uro
ducers from the unspeakabe burdens heaped upon Their
oy capitalism The producers fell an easy prev due
ne pontlcal lmmaturty and to their economic blind
ness corporations were formed. Stock was sold !
vast quanrltes. But fifty per cent of the CON
mon sock' which constituted the majority voting DOW
81 u 'he company, was found to be in the hands OF
=" members OF the wrecking crew." AS rule th
ois Oock was secured by the ''wrecking crew" will
OUT one cent OF cost to themselves It was
ton for their "work" in connections i+,
ton of the company Thus they oo+ =
nothing. They, in reality owned the comnanv WV
someone would offer objection to this sort =, .
arrangement he would be silenced by the statement ~
IL was imperative for "the trusted men If tb 49,.
ment to control the voting block as the enemy -; !
get possession of our institutions" II sonndad 49,,
Ole. But 1t was the rock upon which these institti0
were all shattered to smithereens The word "enor~,
In those days covered many sins OF me "vreoIi,
crew." "1ecAi
think that it is not hard for the reader 70 49,,
the meaning of that fifty-one per cent VOTING So
gave the unquestioned and unlimited mana,a..ss
those enterprises into the hands of the arsa,.,
crew." They conducted them with the results +Lat
have seen. 04's 'nae
{ Continued next weekly