The people's voice. [volume] (Helena, Mont.) 1939-1969, 1943-09-24

| HAIRY FIEISC7MAN
Of New York City, national secre-
tary of the Socialist party is on
Socialists on plans for next years
| campaign. He will be in Missoula
next Tuesday, September % when
he will meet a group of western
Montana Socialists. Mr.. Fleischman
will be in Helena on the goth. Nor
man Thomas will make a tour of
the country later and is expected
| to speak in Great Falls and Helena.
ing moment, cleared of their power
drunkenness and they saw the plain
good sense of the economic accom-
plishment that was thus simply and
happily achieved.
That is why, Mr.. Virgins, you find,
as you say, no record of the opposi-
ton of any bankers organizations or
of bankers individually to the estab-
lishment of the institution you now
criticize, such as the Production Cred
it System. But evidently you bank
ers have returned to the toxic cup of
power dreams again. You have
reached a stage of inebriety which
distorts your clear vision of that for
mer day of trouble.
But let us return to the pit of 1888
where finance and agriculture Ian
guished together. Uncle Sam set
short term farm credit ON its Produc
ton Credit feet with $12O,000,0OO, and
since that day we have not needed
nor received a single penny more
we are doing fine and, were we to
liquidate Uncle Sam would receive
again his full investment and more
than $24,000,000 in profits. But for
the succor of the bogged-down banks
in the last ten years, the measure
of Uncle Sans assistance was not
but $3,343, $4,000, of
which, according to the latest figures
presently available, $473, $50, 0OO-near-
ly four times the $120,0OO,00O we are
using-is still unpaid and large, but
to me unknown sum, is irrecoyerably
lost.
Now both of the foregoing sums are
taxpayers money, only, the banks
got nearly % times as much as the
peas, and that stupendous circum-
stance is what makes me apprehen
sive, Mr.. Virgins, that your ground
Of attack upon the peas was unwise-
y chosen-we farmers and the law
makers in Washington you know are
so prone to draw invidious compari-
sons.
You say moreover that because the
peas have the use of $120,000,000 of
he taxpayers money, which brings
hem about $3,OOO,OOO a year, your
private lending banks cannot compete
with the peas, yet the facts are that
your banks are loaning to farmers for |
short term credit purposes about eight |
lines as much as are the peas, we
ire not complaining of your competi |
ion, why should our relatively small |
INVASION of your claimed preserves be |
10 disturbing to you, when we remem- |
Der your statement which is on rec |
'rd in Washington, that the country |
banks of America are bursting their
FAULTS with $11,0O0,000, 900 of deposit |
IRIS money, which is available to |
hose banks for both lending and in
vestment purposes, all, or nearly all, |
n uub ioh ic inf f,san 70
hould you not be able to compete
With the peas who have to pay the
,oing rate of interest to investors and
o discount banks for all money that
hey loan?
A contemplation of the facts makes
most obvious that you have drawn
our dagger against us, not because
We are subsidized, for you have en-
Dyed and still enjoy more of what
re essentially government subsidies
han we do. You have besides the
normous advantage of interest free
illions poured into your laps to freely
Sc. If today we turned over to you
very loan in every Pea pouch, the
train on the hinges Of your vaults
vould have no appreciate relief, the
levitable conclusion for us, yes, and
Or congress, Mr. Virgins, is that you
emand our death so that you may
einstate the good old ABA. funnel {
nd deprive us of free access to mon
y reservoirs, and lay our free enter
rise bleeding in the dust ;
So, Mr.. Virgins, thank you on
ehalf of the peas for the service ;
on have rendered by making this
sue plain. / honestly do not believe
nat you have accomplished much for s
.BA. in suggesting for it this pro-
ram against the Pea system, but
on have certainly made it easy for [
S to talk in our turn, to our senators I
nd congressman and, believe me, {
hey do want to talk to us about it, Z
nd they do see the point, and if you ]
ersist in pressing your program, we {
i'll be most happy to meet you in |
where, as you state with 6
Ich president understanding, 1T will
e the farmers of America who will
etermine the pattern of agricultural l
redit" In
With utmost sincerity, s
(Signed) E. F. LYMAN.