""' "KRZ'g'T'Sm ' T" .
The Commoner
JULY, 1921
15
SURE' was not the cruel injustice,
the desrogard of every principle for
which the Federal Heservo measure
was created, which it would involve,
hut the probability that they
"WOULD BE A LONG TIME IN
PICKING UP THE PIECES" i. e.t
the dead bodies "CAUSED BY THE
MANY FORCED FAILURES."
ONE policy "might" caused renew
al of dangerous inflation and specu
lation. ANOTHER would mean acute
panic forced by unskillful or Indif
feront management or wanton mis
management of the machinery ably
devised to .give relief and prevent
panics. It is proposed to check
disease, and give the doctors, ana
nurses surcease from troubles and
responsibility by killing all the pa
tients in the hospitals a plan ac
'tually under discussion being to re-
' " " I-""I ' I I I I. aia. . j
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CASH PAID- Mail us your Discarded
Jewelry, "(ibid Crowns ' afid Bridg6s,
Watches, Diamonds; Silver,' Platinum.
Highest Prices paid. ' Wo. pay $1.00 to
?2j.06. .per, set ,for., 01dvFlso-. Te.eth
(brdkert or'' not); Money ooht by ro
'turn mall. Packages held 4 to 12 days
and returned at our expense If our of
fer is refused. United States Smelting
Works. (The Old Reliable) Dept 7,
Chicago, in.
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FOR SALIS liANDS
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Cnnndn
SACRIFICE r7 quarters unimproved
good lq,nd near railroad. Edmonton
district. To close an estate, Cash and
terms. Write, A. G. Koetch, Wetaski
win, Alberta; Canada.
FOXt SALE
Honey-
BEND FOR PRICE LIST of our select
quality, -new, 1921 crop Clover, and
Basswood Tioney. Sample 15 cents. M.
Y. Facey, Preston, Minn.
Dog
AIRDALE DOGS The most wonderful
dog. Gfreat watch, stock, iat and
hunting dog; does anything any dog
will do; does it better. Thoroughbred
puppies at farmers' prices. Descriptive
circular free. T. C. Sprague, Maywood,
111.
Tolmcco
KENTUCKY TOBACCO -Direct from
growers, Save 75 on your tobacco
bill Rich, mellow leaf, aged In bulk.
Chewing and smoking, 3 lbs. $1.00
postpaid, . Kentucky Tobacco As&n.
D356, Hawesvllle, ICy.
TOBACCO NATURAL LEAF -For mild
smoking; 10 lbs. $1.50; 20 lbs, $2.75;
Will furnish free receipt for preparing.
Leaf Tobacco Exchange, Mayfleld, Ky.,
Star route.
" "i mi ii f ii i. ii i i
HOMESPUN smoking, or chewing to-
bacco, 10 puunds '$2.50; 20 pounds
$4.00, collect on delivery Farmers'
Union, Mayfleld, Kentucky
PATENTS
PATENTS Send for free book. Con-,
tains Information for inventors. Send
sketch of your invention for Fee Opin
ion of its patentable nature. Prompt
service. (Twenty years experience).
Talbert & Talper't, 460l Tftlbert, Bl(gs,
WashlngtonfWCV .....
store business to general sound con
dition by a preliminary MASSACRE
of business.
The now prevailing method is
supposed to be a compromise be
tween these two, and we are told
there Is a consensus of opinion among
the governors of the Federal Reserve
Banks to let it continue. The sug
gestions offered by "the "important
official" of the Federal Reserve Bank
quoted above, are, I assume, a re
flection of the attitude of the board,
for which I can conceivo of no ex
cuse. Apparently it has not occurred
to the board that it may be possible
by anxious and alert vigilance and
careful responsiveness to daily sit
uations and varying sectional re
quirements, to avoid either of the al
ternatives described above delirium
on one side, death on another, or a
sleeping sickness, as-at present.
The man who put an automobile
on the road with steering gear set
and let it run; or the doctor who
failed to adapt his treatment to stim
ulate or retard heart action, as con
ditions indicated, would be liable to
indictment for murder. ,
.The policy outlined in this news
paper paragraph, as obtained from a
Federal Reserve Bank official, is pre
cisely that against which I war, and
against which I hope all of us will
war. It is the policy of setting the
steering gear and getting er go; of
applying the same treatment to high
fever and paralysis the "Bureau
method of hard and fixed rules.
The Federal Reserve System was
not intended to be worked that way
it pre-supposes attention, intelli
gence, flexibility of thought in those
who operate it,, the capacity tp foel
and understand and to value the
welfare of the country and of each
of the individuals composing it as
niore important than official dignity,
pride in an adopted policy, or blind
4hd slavish allegiance to rul2s by
'those who first creato them; and then
abjectly worship them.
ii ...... -...
"Iiquidntion Needs Time if Disaster
Is To Be Prevented," Said Profes
sor Laughlin.
. The method mentioned by the "im
portant official" of the Federal Re
serve System, as quoted by the New
York financial writer, Is directly
contrary to common sense, fair deal-
ing and the most elementary prin
ciples of economics. In painful con
trast 'with certain board theories and
practices, are the mature conclusions,
not only of leaders in business, but
of the ablest thinkers, and teachers
of economics. For example. Profes
sor J. Laurence Laughlin, of the
University of Chicago, a distin
guished and accepted authority, nine
years ago, in discussing the subleof
of banking reform, made the follow
ing statements, which in the inter
est of the country I respectfully sub
mit, it would be well for our Re
serve Board to ponder, inwardly" di
gest and aft upon:
"A crisis comes, because credit has
been uncluly expanded in a period pf
prolonged prosperity; in an optimis
tic spirit men have entered into
transactions beyond their actual
means, as i shown when the test
of actual payment is exacted, and in
a time of fright collateral as well
as goods falls in price. IN SUCH A
SITUATION LIQUIDATION NEEDS
TIME IF DISASTER IS TO BE PREVENTED.
'' the great need is some
means whateyer it raaybe which
will enable a bank to MAKE LOANS
TO A CLIENT WHO CAN THERE
BY BE SAVED FROM FAILURE
AND FROM HASTY AND RUINOUS
LIQUIDATION."
Contrary to this sound, practical
and humane doctrine the "import
ant Federal Reserve ' Bank official"
announced that a plan actually' un
der, discussion,' iconscienceless thdiigh
it be, contfenipjates "PpTTIQ ;ON
STILL MORE PRESSURE," and It
appears that the only argument he
mentions against that policy is, not
the cruelty and suffering which such
a plan would entail, but "THE
LONG TIME" which would bo con
sumed in "picking up the pieces,"
which ho frankly tolls us "the many
failures," i. e. financial ruin of
thousands of firms, corporations and
individuals would involve. Brad
street's Mercantile Agency reports
that there had already been in the;
United States in the six months end
ing on the first instant 8,007 failures,;
an increase of 0,775 over the same
period a year ago. Now.it is sug
gested to put on "STILL MORE
.rjtiussuithJ" and "FORCE" many
more failures!
Federal Reserve System Intended
for Good of the Whole People, and
Should Bo Administered Impartial
ly. I believe, gentlemen, the Federal
Reserve System was intended and
should be used for the good of the
whole peonle. I also believe the
rural sections and agricultural Jn-j
terests have not been given the share
of advantage's, and benefits ' they
should have had and havo suffered
from that denial. I know that leg
islation can aid .enormously In as
suring to those sections and inter
ests their fair share, and can make
our banks stronger and safer oven
then they aro, which would bo good
for all of us. . .
I am here to say what I think, and
to share with you what I havo
learned and to assure you that I
shall never neglect an opportunity to
use voice, energy and Influence, and
any knowledge or ability I have, for
the purpose of having tho protection
nuri benefit of our wonderful Federal
Reserve System designed and con
structed for all bestowed equally
and impartially on all.
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THE COMMONER, Lincoln, Neb.
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S THE COMMONER, LINCOLN, NE& - - .'''"'"
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