The Waterbury Democrat., 1935-03-12

branded CoughIin and Long "a pair of political termites."
 Johnson first expressed hts will- ingness to lead a non-pRrtisan. non-poIitical ''exterminatiOn" cru eade. but later modified that state inent to ask persons of like views to express themselves. Their re- sponse, he said. would determine his future course.
 Only the Beginning
 Political observers felt sure Coughiin's reply to Johnson's de- nunciation was merely the begin- ming of a furious controversy like ly to occupy the American public and the radio for months. Cougn" lin pledged himself to an unend- ing flight against the forces which he said Johnson represented. Jonn- son last night spoke of fighting Coughlin and Long through their own mediums - ''the radio" Since Long delivered his reply last week, no one has doubted that he was 'in" on the fight to the finish.
 Coughlins speech was militant, challenging. He minced no words. He defended himself eloquently against Johnson's charge, voiced his admiration for President Roose- welt. Often he addressed Johnson direct, referring to him in vocal infections that conveyed a mul- titude of emotions ranging from IOathing contempt to heartfelt pity. as My Dear General"
 s'I am well appraised of the fact that your own vociferous volu- ability which you characterized last Monday night as 'howling', IS but the opening gun in a well organized attack against me-" he said. Therefore, I shall doubly bend my efforts to the task of handing back America to the Americans and of rescuing our be- loved country from the hands of the internationalists."
 Coughlin's address, in effect, was divided into his reply to charges Johnson made Monday night; a denunciation of the monetary sys- tenn and bankers: review of hls political record, and statement of his hopes for the nation.
 Baruch Acting President
 Baruch, he said, was "the act- ing president of the United States" the uncrowned "Prince of Wall Street. The man, he said, "who put this thought. in your mouth (Johnson's assertion that Coughlln wished 10 make money out of iothing,") is nothing but a thief yelling stop, thief!' bear with me. general, as I refresh the memory of this audience on the nature of money and how it is manufacture out of nothing by your masters"
 For more than 100 years, the people of this nation have per- mitted a small group of men to possess the privilege of making money and thereby controlling the flow of wealth." he began, pre- facing an economic Assertion the substance of which, paraphrased, follows:
 There are three kinds of money, .'au monopolized for use by the baAker-metal, paper currency and credit" The latter is 90 per cent of the total. It is created in this manner: Wealthy men obtain a National bank charter, "the right to counterfeit legally" They de- posit money with the treasury and receive interest bearing bonds, which are kept in Washington as security, with the interests going to the bankers. For this they re- ceive the amount of their deposit money in new currency. This cur repcy is lent at six per cent on collateral representing double the value of the loan. But instead of money, the borrower receives q check book, the banker marking on his books that the amount has been deposited" not lent. By this means, he asserted, bank CTS lent $1,000,O0O with $100,000 of printed money, at six per cent, thoreby making money from nothing. . Bankers Blamed for Depression.