The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1934-04-04

Acknowledgement of n letter
suggesting changes in the govern
ment's financial policy has been re-
ceived by Robert w. Hayes of 116
Laval street, the writer, from E.
Il. Forbush, chief of the CORE
spondenco division of the National
Recovery Administration.
Mr. Forbush assures the local
man, who wrote at his invitation,
that his information and sugees-
lions will be given careful study
and the facts contained in 1t
evaluated in detail.
Mr. Hayes. who is secretary of
the Veterans Council but who
wrote to the MIRA as an individual
citizen, expressed the opinion that
the administration Is attacking the
complexities rather than the cause
OF financial evils. He suggested q
"money TRANSMISSION" to put new
life into trade.
Mr. Hayes Replies
EXCERPTS from the letter being
studied In Washington follow:
National Recovery Administration,
Washington, ID. G.
Mr. A. II. Forbush,
Chief, Correspondence Division.
Dear Mr. Forbush--This in reply
to your letter OF March goth
acknowledging my telegram Of
March 18th to President Roosevelt
and wherein you invite me to com
municate further relative to sug-
gestions in behalf of recovery.
1t Is now fairly well established
among the heretofore uniformed,
that our money system Is controlled
by small group Of so-called flnan-
cial giants who are hooked up with
financial giants In other countries
and the entire group are known as
international bankers. There are
three large divisions viz: Bank of
England. Bank of France, and Fed
eral Reserve system. Until re-
Gently, millions of people thought
these banks were government in
stitutions. Their system Of control
Is through bond issues predicated
on gold. Interest being the essence
of their trade. In common parlancc,
their system demands a rake Off
from every conceivable form of
human activity.
Greed for Gain
In their greed for gain they
IOItGu LEtiT SybttIIl " SO OtyOIu
the bounds OF human capacity to
withstand the shock of reaction
They had caused these shocks to
occur In previous times until II be-
came to be known as the business
Cycle" a creature of their own
making and considered inevitable
do not desire to go into a long
letter about monetary history. The
n n tt.te ~ rn te m, ,rI,
better informed than myself. The
question Is complex. when viewed
In its detailed ramifications and,
perhaps, no one person is acquaint-
ed with every phase. Yet that is
the point that have conferred on.
Why Is 1t complex. and who Is re-
sponsible for it's completely? Why
must our system of exchanging
goods and services 20 into such
violent upward and downward
swings?
The answer has been given a
hundred thousand times or more:
Private control of our monetary
system.
Should Attack Cause
With all due respect for the adj
ministration and the sincerity Of
its purpose, ! believe II Is attack
ing the complexities rather than
the cause. It is attacking on
thousand fronts with the result
that the administration Is being
counter-attackcd by selfish inter-
ests all too ready to make capital
of every blunder or failure. The
mass of the people rely on leaders
and are seemingly helpless. Their
thinking Is circumscribed by their
bodily needs. They feel rather
than think, and that Is why Mr.
Hoover suffered such an over
whclmfng defeat In a normally re-