The people's voice. [volume] (Helena, Mont.) 1939-1969, 1943-08-06
July 80, 1s43

The Peoples Voice
Helena, Montana
Dear Mr.. Bruce:
A friend of mine brought me a copy
Of Commercial West" bankers maya
zine, July oath, 1943 issue, which con-
tains the proceedings of the Montana
Bankers Association held in Billings
June 21st, 1943. l have been reading
the address of the president, Mr.. Fred
Heinecke who is also president of the
First National Bank & Trust Co. of
Helena, and others printed in this
magazine, very expensive, high
class publication, and feel every farm
er should know what their bankers
are thinking about and trying to do
to them. Therefore, this article.
Possibly should just send the mag
azine to you, let you reprint the
speech of Mr.. Heinecke and others,
and let the, farmers draw their own
conclusions. However, l would prefer
quoting excerpts from Mr.. Heinecke's
talk and then add some comments of
my own, giving my own reactions.
In making his report Mr.. Heinecke
deplores the aid that has been given
farmers by the federal government in
making loans at lower interest rates
and says: "The Montana Bankers AS
sociation did it's part in fighting this
competition, and which is resulting in
socialized credit" l am quoting this
sentence to show the Montana Farm
ers, (who I am sure God knows
needed the help who their friends
are. Anything that seems to help the
common people in the minds of the
bankers and other leaders in indus
try, ETC., seems to be socialism, in
their opinion. If that is true l am
beginning to wonder whether social
ism wouldn't be a good thing.
And so that the common people, |
whom the bankers seem to think |
would rather be exploited by the pri- |
vate profiteers than to get lower in
terest rates If that be called socialism,
might know about this great danger
to them?, the Montana Bankers Asso-
citation has sponsored a series of ad
vertisements, which were carried
(mind you) in papers that are sup
posed CD to be representing the
farmers, Montana Wool Grower and
the Montana Stock Grower. By buy
ing advertising in publications sup
posed to be controlled by farmers
and operating for them they most
subtly get their message across, and
are better able to mislead their vic
TINS so they can continue with the
of the same people.
Mr.. Heinecke further charges that
these government loans to oppressed
peoples at lower interest rates would
destroy our entire system of democ-
racy." Now there's a cry of "wolf,
wolf" that ought to scare the victims
Of their high interest rates right out
If their pants and make them oppose
l2%.
The very facts are that instead of
destroying our entire system of de-
nocracy" as Mr.. Heinecke states,
government and /or cooperative oper-
alive operation of business would ex-
end democracy into the economic
'ield as well as the political field.
lust where is democracy in our bus
ness system today when the farmer
las no voice whatever in establishing
he price of either the things he sells I
,r buys? And the unorganized work |
n?
Instead of restricting democracy as {
Mr.. Heinecke says we would be broad
ming it, and for him to make such q
statement either shows his ignor c
nee or else he is deliberately falsi
wing to preserve system that might
10 ok for what few bankers are left, C