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The Commoner
. . fcr.,21, NO. 7
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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.
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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.
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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-
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