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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (July 1, 1921)
rwmmr ' The Commoner . . fcr.,21, NO. 7 I ','"" E fc. The Commoner ISSUED MONTHLY Entorod at the Postofilcc at Lincoln, Nebraska, ns senond-cluBH matter. WILLIAM J. BRYAN, CHARLES W. BllYAN, JCdltor and Proprietor Associate iCrl. and PubliahiT Bdlt. Iimo and Business omco, Suite 207 Press Bldg. One Ynr 91.00 Six Montlin . ....... JCrO In Clubs of FJvo or more per year ... .75 Three MontkH.. ... T Single Copy O Sample coplcB Free. Foreign Post. 25c Extra SUllSClUPTfONN ean bo sent direct to The Com moner. They can also bo nent through newspapers which bavo advertised a clubbing rate, or through local agents, where such agenta have been ap pointed. All remittances should bo cnt bypost ofllco money order, express order, or liy bank draft on New York or Chicago. Do not send Individual chcck, stumps, or currency. IU2NISWALS Tho date on your wrapper sIiowji the time to which your subscription Is paid. Thus, January 21 means that payment has been received to and including the issue of January, 1921. CHANGE OF ADDRESS--Subscribers requesting a cliango of address must give old as well as new address, ADVKRTISING Rates will bo furnished upon application. Address all communications to ' THE COMMONER, LINCOLN, NED. LETTERS FROM COMMONER READERS H. M. Carruth, Norwood, La. Replying to your appreciated letter of June 20 th, in which you express the desire to have a short con fidential talk pertaining to matters of impor tance, beg to state that I am always in sympathy "with any and all movements set on foot by The Commoner and Bryan brothers, knowing as I do that it is at "all times intended for the good of the struggling and downtrodden masses throughout the length and breadth of the entire nation and tho world at large. It is my earnest desire that The Commoner and Bryan brothers continue their efforts in be half . of tho people. I also favor permanent, peace and restoring the "people's rule" in gov ernmental affairs. I want tho Democratic party to "Deserve to Win" and I am willing to assist in every way pos sible to aid the cause. In a letter addressed to the publisher Chas. W. Bryan, Fred "W. Brown, Belfast, Maine, says: I enclose you a list of Democrats and Independent voters and will do what I can to help you and your Brother W J. Bryan. I hope you will win your municipal light, as we need the same is sues here in this small city. If you succeed, it will help other citioT and' towns throughout the na tion. I will see the other Democrats and see how many subscribers I can get and -write you again in a weelc or so. Bill to Amend Federal Reserve Law - E. R, Williams, Buffalo, Okla. I came to the Democrat party in 1906 because of the good name and work of W. J. Bryan. Have always been an independent. I voted the Republican ticket last fall simply as a rebuke to the San Francisco national convention. Nothing but deserving to win can ever place the party back in power. And the measures advocated in your paper will do it IF wide spread discontent and smoldering revolution have not gone too long. ID, R. Parker, Dillon, Colo. I most heartily agree with W. J. Bryan's plan to reorganize the Democratic party on the platform outlined in The Commoner, "DESERVE TO WIN." If the voters would listen to the advice of W. J. Bryan this government would not be in tho predicament it is today. I will see what I can do toward getting subscribers for the Commoner and will do anything that I can to help. ONE SUSCRIBER EACH MONTH Norton, Virginia, June 23, 1921. Hon Chas W. Bryan, Lincoln, Neb. Dear Sir and Brother Believing as I do that W. J. Bryan is doubtless the greatest man of this age, measured by the good accomplished, I will make my contribution by sending you one now subscriber each month Those subscriptions I will pay for myself and charge the same to my tithing account, feeling that this will be a highly proper and a moat excellent to do. REV. JESSE T. BENTON. Washington, D. C, June 24, 1921. Repre sentative Oldfield of Arkansas introduc-d a bill today amending the Federal Reserve Act in tho interest of the agricultural sections of country, Mr. Oldfield stated that agriculture had been outrageously discriminated against in the way of credits to take care of agricul tural industry, while Wall Street speculators have been able to get their hundreds of mil lions through the Federal Reserve Banks with which to gamble. The live stock industry, the cotton and wheat farmers have been unable to get-money with which to carry on their opera tions. And when they did get money it was often at usurious rates of interest. During September of last year one bank in a cotton growing state was required to pay, by the Re serve Bank, 45 per cent interest for the loan of $112,000.00 for the purpose of moving crops in that section. In many instances the banks in the south and west, tho great agricul tural sections, could not get money at any price, last fall with which to move the crops. Yet at the same time one bank in New York was bor rowing from the Federal Reserve "Bank $134, 000,000. Another New York bank was borrow ing $40,000,000, another $30,000,000, another $20,000,000. These favorite Wall Street banks were borrowing these huge sums from the Fed eral Reserve Bank at five and six per cent in terest, while the banks in the agricultural sec tions were paying all the way from seven per cent to eighty-five per cent. The crop moving season will soon be here again and if some thing is not done to remedy this situation the farming sections will be worse off this fall than they were last. Section two of the bill which I have irtroduced forbids the Federal Reserve Board and the Federal -Reserve Banks from charging a rate of interest or discount in ex cess of one per, cent less than the legal rate of interest in the state in which the loan is to be made. Also the bill seeks to limit the amount to bo borrowed by the banks in the several states within the reserve district limited as nearly as practicable to the proportion to the amount of the capital stock in the Reserve Bank which the banks in the state have. If this is not done the banks in some of the states, and especially those with a "pull" .with the reserve hank of ficers, would ret far more than their propor tionate part of the available loanable funds. The second proposition in the bill is: To per mit any owner of Liberty Bonds, being the original purchaser from the government, to bor row on his bonds directly through his local bank, state or national from the reserve bank of ,his district to the extent of eighty per cent of the par value of the bonds, provided that in no case shall any one person or concern borrow to exceed fifty thousand dollars, the same to be borrowed at the regular discount rate, and the maturity of the loan to be not less than ninety days, and at the option of the borrower not to exceed one year the privilege, in the dis cre ion of the bank, of extension. With such ofmriSSB tTlGre C0Ul? be no danger of inflation of credits, no severe strain on the reserve banks Many farmers and small merchants VtUl have their Liberty Bonds. Also many d? the small Jns? e agricultural sections still have "the bonds they bought- during Che war. If they could borrow as much as eighty per cent of their face value of their honds for six months or a year it would do a great deal towardeHeving Ihe litaV1 thG acultural sections. AccVro ing to the Tecord tweniy-four million neonla bought the bonds during the war and it is to the interest of the government (tat the nin should hold their honds instead of being to sell them to the rich few. These people came to the rescue of the government when it needed help and why should the government no? come to their rescue when they need help Whv should not the government help them to keen their bonds and not be forced to rln S2 to Wall Street at a big discSUecia' y $ too government and its agents in selling the bonds, told the people that they would always be worth dollar for dollar. always be Under the new tariff bill wool is -nrn i i on the protected list. We aTsume tfftffiS eludes also all the wool that the tarikmakSa intend to pull over the eyes of the PeK?ih respect to its effect upon them. P WitU LIMITATION OF ARMAMENTS A VITAT QUESTION The country expects President Harding to use all his power to brin about limitation of armaments. "Merest prudence,'" said the Presi dent in his address to congress on April 12 "forbids that we disarm alone." No one in the wide world asks the United States to disarm with other nations or alone. But the world does hope, and it prays, for limitation, or re duction, of armaments, and that is practicable It is jvvhat President Harding is expected to promote by inviting other nations to meet tho United States in conference. Other nations look to the United States to take the lead and would be glad to follow in its steps. Again and again they have been given to understand that Presi dent Harding was deeply concerned about an issue that is paramount in the world today; that it was much in his thoughts; that, indeed', he was going to call a conference to bring about limitation of armaments, although no time was stated. His moving speech at Hoboken, in which he declared his abhorrence of war and said solemnly, "It must not be again," encour aged his countrymen to believe that not long would he postpone the ilrst step toward realiza tion of the world's hopes. It was, indeed, an intimation from Washington of the desire of the United States for limitation of armaments through a conference that brought from Baron Lee, First Lord of the .British Admiralty, the assurance: N "If the invitation came from Washington per sonally, I am prepared to put- aside all other business, pressing though it may he, in order to take part in a business than which there can be nothing more pressing in the affairs of the -world." But no invitation has gone from Washington, The Borah resolution requesting the President to call a conference has been adopted as a part of the naval appropriation hIJl by the Senate, and the Porter resolution, also 'attached to the naval bill, has been "approved by the House! but because of a deadlock on the measure it is now proposed to detach the resolutions for separate action. That, of course, would mean more delay and probably 'greater confusion, for neither body likes the other's resolution. What ever the fate of those resolutions may be, Presi dent Harding can take the initiative and issue invitations for a conference. He does not need to be requested or urged todo. so by congress, His is the responsibility and the American people know it. There is a consideration that should prompt President Harding to take, -early action, the earlier the .better. Nothing would improve the financial and economic condition of the world more than the negotiating of the German re paration bonds and the bonds funding the debt and interest of the allies to the United States. They would he much more quickly 'marketable if the business of a conference to limit arma ments and thus ease the crushing hurden of taxation in all countries -were seriously entered upon. The United States has hut to issue the invitations and there, -will, he a conference. The initiative rests with President Harding, arid it is not necessary for him to stand upon the ceremony of waiting for resolutions by congress requesting him to act. New York Times. C03IMENDS MR; BRYAN'S LECTURE I wish that Bryan's lecture oh the "Menace of Darwinism' was copied hy every publication in the United States. It's the" kind of literature that our people need and that appeals to tho Christian heart, It all our statesmen would take such a stand and promulgate such teach ings our colleges and universities would soon cease to fill the minds of our young people with theories that are purely imaginative and have. the tendency to make agnostics of them, I hope Mr., Bryan will continue this good worfc Sincerely yours, J. M. RINKEL, Medford, Okla. i 1..MI-I .,. i ' a ano amicos "Your Hand, My Friend, Your Hand!" Yourhand; my friend, it means so much, I know the friendly grasp the kindly toicu It means 'far more than ttongue can say, 'When Angel hands have .passed away. And all seems dark, and life is; such -Your hand, my friend! It rneans so mucb. Riches I had an Angel's Ipve, Until the, Angels from above, , My riches took, Now poor. L;stand ,, . No more my friend,- Your hand your biu r Janies F, MintumiVyhe 2nd, 1921- if sl '.".,; a i Ai