The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1928-01-27

~>O&A44NA9
capable OIL being organized as is the
case WIN The farmer who has never
9een aple to put a price on his pro
DUCT and has never benefited from
patents, brands. labels. advertising,
s:c''wIliGh come into play Immediately
ms pfouucts are in the hands Oh the
lilailu! acturer and the farmer lacking
oTgaiIizatlon and he only has PRAGUE
any Deen forced to carry the burden
on the war to the extent of twenty
oIlllohs OF dollars which is a matter
OIL RECORD; In other words, to the ac-
!ioh Oh the Federal Reserve Bank III
It's poIlcy can be attributed the plight
anu misery of the farmer who mas
oeeh consistently advised to organ.
ne; cooperate and market his stun
oruerly Which is an imposslblllty
under prevailing conditions.
Inc farmer has every reason TO
have lost faith in the advices given
MN from sources so closely associat..
ca WIN and dominating the poilcy OF
Inc FEDERAL Reserve Bank. His dis
leeartenlng experience has convinced
Illlh mat ne must take the matter OF
cooperation and orderly marketing
INTO his own hands and in order to
make IL lOO% efficient he finds no
Ihlhg better than the McNary- Haugen
Equailzatlon Fee Plan paid by the
oeneIlclary only that will make a just
ana true cooperative orderly market
ing BODY with board made up of
understanding ov1 n I h q + p
IIlehds OF by far the biggest business
Oh the nation, one that creates the
new wealth every year that contrib
ueeS TO the happiness and prosperity
Evils of tho McFadden Act
;, Again, the action of the Federal
reserve Bank through its control of
money and credits caused the closing
OF so many country banks and other
dependent industry which have been
Supplanteed by the rapidly centrali-
/ ZaIlon OF all industry, ie., the cnain
stores, the mail order houses, and now
the chain bank brought into existence
by the McFadden Act which also *
tends the life of the Federal Reserve
BANK and which Representative Nc
fadden within two months Of its ell
actment, sorely deplores as a vicious
FORM OF chain banking through hold
ing companies and menace to the
local bank or unit bank. He has ap
pealed to the Comptroller Of Currency
Mcintosh and Reserve Board Cover
nor Chrlssnger to use all possible ef
forts to prevent the new law becom
ing the nursery of a gigantic credi
trust until the next congress shal
convene. 1t is small wonder thai
President Melvin A. Taylor of tn,
American Banker Association in con
vention at Houston, Texas, Octobe
"a, 1927, stated; "That nothing coulc
be more unfortunate than either agi
tatlon for actual further Legislation
with respect to our banking system
Tor some time to come and that mos
OF all that anything should be done /,
change the fundamental structure o
the Federal Reserve Act"
Certainly he wants no change in
system that through its interlockin,
directorate, control of finance an
Capitalization, is taking into its owl
hands the merchandising of the entir
country to the detriment of the need
tul local merchant and local banker
that means so much to every Commun
lty. Such a pernicious system mus
be stopped forthwith by drastic meas
ures, If necessary, and banking limit
ed to its proper place with no intru
sion into other lines permissible.
The need OF the bank, the merchan
and any other business and the mel
chandfsing OF the community with a
their profits remaihning there to bull
up and malntaInn a community cente
and spirit is essential to the welfar
happiness and contentment of
people and it should become the i'm
mediate duty of the government I
bring this about.
We want no legislation that cor
templates borrowing money by tn
farmer whose predicament os du
largely to the action Of the Federe
Reserve Rank system bringing abou
deflation Of prices on farm product
and enforced liquidation at tremer
dous and rt-Dreaking sacrifice t
the farmer borrower which started i
1920 and 1921 (when the Ninth Fec
eral Reserve Bank made an unwal
ranted profit of 1867 for the yea
and some of the large New York Cit
banks made enormous profits, som
as high as 1890 for the year. whe
deflation and liquidation was foice
upon him as well as the countr
banker and the country merchant, an
has gradually developed into The Ger
tralization of capital throughput Tn
land which Is reflected in the unpre
cedented boom of the New York Stoo
Exchange, the membership Of whic
has scared upwards of 100000 an
the curb $4,000.
Again, early in 1927, the governc
of the Ninth Federal Reserve Di.
trict (Roy A. Young) appearing be
fore the Business Mems Commissio
both in Chicago and Minneapoli