Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1933-04-20
.DEFLATING THE SUPERMEN"

The ASkov American for some
years has had an editorial policy
expressing ideas on government.
social conditions and the tremen-
dous concentration of wealth
which has proved of such sad con-
sequences to the masses of Amer
lean population. Our hnanclal
supermen who have been so gen.
erous with criticism of Progress
sive leaders in our political life
such as Senators Norris. LaFol-
lette. Costi-an. Shipstead and 9TH
ers of this school of thought;
these supermen who often have
benefited by the cutting in in
come tax rates to the extent or
hundreds of millions and even
billions of dollars loaned to Euro
pean nations possibly never to be
returned Therefore these in
come tax cuts by Mellon in fact
may not have really benefited
these Americans very often, but
really were sent to Europe leav-
ing the American government
with tremendous debt.
An excellent editorial COM
menting on the subject from the
Capitol Times of Madison, Wis,
entitled. DEFEATING the Super
men," follows:
The magic years 1921 to 1929 con-
stituted golden age for supermen.
The insults. Morgans, MELONS,
Youngs, and 'Mitchells rode the crest
of the wave The Coolidge and Hoo
yer administrations were captained
by supermen whose big brains were
supposed to be guiding America to a
great and glorious future.
Then, with the crashes of 1929 to
1893, the stage caved in and the cur
tain fell. The insults. Martin and
Sam, are in exile. fugitives from en-
bezzlement indictments. Sam, Jr., is
under federal indictment for using
the mails to defraud. together with
such big business leaders in Chicago
as Stanley Field, banker and presf-
dent of the Field museum, Harold l.
Stuart, president of Halsey Stuart and
Co., internationally known bond house
and Edward j. Doyle, president OF
Commonwealth Edison. Charles E
Mitchell. chairman of the board Of
the National City bank, and Hugh
B. Baker. president of the Nationa
City Co.. two of the worlds largest
financial institutions, resigned follow
ing sensational revelations of bank
ing practices that shocked even blase
Washington. Back of the Nationa
City organizations is John D. Rookie
Teller Jr. number one in the list o
big business supermen. Owen d
Young, described by publicity men a.
executive extraordinary, is found t.
be on Sam Insults favored list of in
siders to benefit by esoteric stool
double dealing. And no longer do thu
Morgan and Mellon names, powerful
as they are i'm the world of finance
inspire public admiration and re
spect. The day of the superman ha
passed.
When utility empires topple an
bank scandals break, there is Away
a tendency to make some one or tw
figures the goats while the rest of tn
pack scurries to cover. For a Ion
time it looked as if nothing furthe
would be done about the insult de
bacle than the indictment of Sam an
Martin insult, who were safely out
side the reach of the law Then
L. S. attorney, Dwight H. Green, e
busy and 10 indictments have bee
returned against prominent Chicago
ans for using the mails to defrau'
IL remained for the federal govern
ment to act, however. No furthe
prosecution has been forthcomin
from Illinois officials.
In the Mitchell-Baker resignation
from the National City bank organic;
tions it is again apparent that thes
men are being made the goats.
any further action is had on the re-
citations made before the U. s. sena
investigating committee, they wi
take the rap" But the probe shOul
not stop there. These men are sin
ply two in a financial oligarchy tn;
needs searching to the bottom, ar
little will be served by an linguistic
against them that does not inclu(
all involved in the affair.
To the average American the G
gantic financial manipulations
these financial and utility barol
seem almost incredulous. The sign
ficant precipitate of these affair