The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-08

suffered from the system Of finances capitalism
for which Mr.. Morgan stands.
But it is not difficult to show that the town
has been blighted, like every other community
which depends upon sound industrial opera
tions by the system Of speculative piracy which
is the arch enemy Of American business.
This city is an old and substantial town, i'm
portant in the annals Of Americ an industry
culture, and craftsmanship. Perhaps no other
city Of its size in the country hfts figured SO
prominently in the history Of our humanitarian
efforts.
Two Of the leading men in the history of
the Republican party in our nation have made
their home here, and many internationally
famous writer's have resided III the community.
In its economic life it has been an oId-line
industrial community, manufacturing basic
and essential commodities, such as agricultural
implements, ropes, stationary engines, castings,
machine tools, shoes, canned getables and
the like. Little direct speculation has centered
here. 1t is pre-eminently business town.
Yet the city has suffered critically because
Of the triumph Of the system of capitalism
over legitimate American industry crushing
victory in which the firm of j. P. Morgan is
the major symbol and outstanding power. Like
most cities Of its type in the United States
it has been sacrificed on the altar of predatory
finance.
There is scarcely a business man, banker
or real estate dealer in it who is not the poorer
therefor, usually through no major fault of his
own. Still most of them regard ]. P. Morgan
as sort of patron saint.
The major industry of the city is at a
standstil, having been absorbed by a great
holding company which has decided to manu-
facture elsewhere. Its banks are unusually
sound and solvent. Every one opened as sooA
as the bank holiday was over and they have
remained open.
But they and their clients have been feeced
as result OF the speculative and brokerage
mania which has dominated the big bankers in
our great cities. The latter have unloaded upon
the dependent small city bankers their dubious
securities and then let the latter and their
clients hold the bag.
Real estate has toppled in value as a result
OF the slump which the collapse of speculation
brought upon us. Electric light and power
cost more there, because it is controlled bv a
great holding company which EFFORTS its pound
of flesh for no tangible service, while milking
dry its sound local operating company in which
many citizens of the community have invested
their savings.
The railroads staggering under the burden
OF speculative water, have been compelled to
curtaiI their services.
The wage--cutting policies which are a cor
nerStone of the system of finance capitalism
have prevented workers from getting enough
10 ouy effectively in the stores The farmers.
ruthIessly debated by the financial moguIs and
by metropolitan spectators in the milk in
oustry, are just as impotent as the workers
when 1t comes to supporting mercantile estab
Lshments effectively as consumers.
The depression has fallen heavily on this
city. Though the citizens have rallied bravelv
IN the emergency, a fifth of the population is
on the relief rolls.
The senate is not crucifying Morgan. but
Morgan and his like have cruci1ed this civ
and almost every similar community in orr
country.