The Waterbury Democrat., 1934-11-20
Governmental vs Private Banks

The bankers are apparently aware that they are about to be dethroned. No mat ter which side you take, one thing is cer- tain, the government will eventually take over and operate our monetary system. The President tried to inject reason lnlo the minds of the so-called money-masters when they were on the ropes in March or 1883 alas. to no avail The country at large had lost completely it's confidence Tn the banking system. The wonder is that the President showed the money changers any mercy. Instead, he should have asked Congress then and there to take over the monetary system.
 To listen to the wailing of the Federal Reserve Advisory Council, which is gasp ing in it's last breath gold standard, is like listening to King Midas. People are at last aware of the fact that the Federal Reserve System is the greatest racket or all time. They know they can never ex- pect a fair break from that source. The Federal Reserve banks more than anyoody else were responsible for the breakdown of the economic system.
 They caused imitation of the dollar up to as high as IF to 1 through their check system and control of credit. They gambled away the resources of the people. They will do it again if they are left in control. They are incorrigible, because they open their eyes only to an unsuitable lust for power. They speak of gold as though It were sacred. In the name of sacred gold they have committed the greatest sacrl- leges the world can ever hope to witness.
 The quicker we get rid of private con- trol over our monetary system the quicker we will obtain some measure ot equltaple security in the future. We hear lot ot propaganda emanating from big money ln- terests about the good old American con- stitution, but never do they advertise the fact that the constitution provides that the congress has sole power over money. For congress to continue delegating it's powers to private interests is to continue inviting disaster to the people, The people have u in their power to elect to Congress only those who will look after their welfare
 A United States Government Central bank with branches in every state in the Union is the solution of our economic fu- ture. Business will iron out it's own prob- lems eventually and set up the necessary safeguards. The need for lot of alpha betical bureaus operating out of Washing ton will vanish The government will be simpler to operate, because control Of the medium of exchange will be in its hands thus reducing to minimum the sharp practices of business as they exist under the present system of private con- trol over money and credit.
 The Roosevelt administration will find itself seriously handicapped unless the monetary system is taken over once and for all by the government. The longer the president holds up on this question the more misunderstood he will be. It is one thing to enthuse the people and another thing to hold that enthusiasm. The people are in the middle and cannot withstand much more hardship while the battle goes on between the administration and the private money interests, all due respect to the sincere efforts of the ad- ministration thus far. To cure any afl- ment one must find the cause and remove it. Applying palliatives wherever the economic symptoms break out is of no avail.