The nonpartisan leader. [volume], March 15, 1920, Image 6

About The nonpartisan leader. [volume] (Fargo, N.D.) 1915-1921

Image provided by: State Historical Society of North Dakota

                
TNonpartisan
Official Magazine of the National Nonpartisan League
OLIVER S. MORRIS, Editor.
Entered as second-class matter at the postoffice at Minneapolis, Minn., under the act
of March 3, 1879. Publication address, 427 Sixth avenue S., Minneapolis, Minn.
Subscription, one year, in advance, $2.50: six months, $1.50. Classified advertising
rates on classified page other advertising rates on application. Address all letters and
make all remittances to The Nonpartisan Leader, 427 Sixth avenue S., Minneapolis,
Minn. Member of Audit Bureau of Circulations. The S. C. Beckwith Special Agency,
advertising representatives. New York, Chicago, St. Louis, Detroit, Kansas City.
EXTREMIST OPPOSITION TO THE LEAGUE
t* A
Reform has a chance of success in America revolution has not.
The famous St. Louis anti-war convention of the Socialist
party, which adopted a resolution specifically condemning the
Nonpartisan league and forbidding Socialist party members from
joining the movement, because the League was not "the social
revolution," has not ended the
radical opposition to the farmers'
movement. Victor Berger, speak
ing at Minneapolis recently, said:
Did the Nonpartisan league hope
that by stealing the livery of the
capitalist class they can do some
thing for the workers and farmers?
Six men voted to seat me in con
gress after I was elected by the
workers. The Nonparti
san cowards, Baer and Sinclair, vot
ed to lynch me. I understand in St.
Paul they (the League) elected an
other man who voted against seat
ing me.
The League, of course, welcomes
in its ranks members of all politi
cal parties. Probably 5 per cent
of the League, members are Social
ists who haye joined the League
the -same as the progressive
members of other parties. The So
cialist party, in its present attempt
to keep its members from partici
pating in this great liberating
movement, tries to go even farther
than the reactionary-controlled Re
publican and Democratic parties in
disciplining members.
Hthe
It is true that the League is not
socialism. Its program is not the
Socialist program. But surely hon
est progressives of every party can
unite on the reforms demanded by
the workers and farmers through
the League, and work as NONPAR
TISANS to realize them. It is only
by nonpartisanship that progress can be made, the bitter-end rad
icals and conservatives to the contrary notwithstanding.
CREDIT CONTRACTION
IGH interest rates have been forced on the country," de
clares Curtis L. Mosher, assistant to the director of the
ninth district Federal Reserve bank, "not by the banks
but by public." To support this remarkable assertion Mosher
points to what he calls the extravagant buying of the public and
the public's unwillingness to save.
For Mosher's information, however, assuming that he ex
pressed his honest conviction, we would point out that the federal
reserve board has just raised the rediscount rate to the highest
point set since that institution was established because of our
diminishing supply of gold reserves.
The balance of trade has gone against us in favor of Japan,
China, India and a number of South American countries and as a
result we shipped to them in 1919 gold to the value of $312,900,
000. This does not seem like a large sum in these days of billions
until we recall how our bank credit system is constituted. One
dollar in gold in the vaults of the federal reserve system secures
$2.50 of deposits. This $2.50 in turn can be used by the bank
-Every Week
HE Leader has pointed out from time to time that both ex
treme radicals and extreme conservatives are against the
league—the radicals because, as the last So
cialist Year Book says (page 192), the League is not a "prole
tarian" but a "bourgeois" movement the conservatives, because
thev fear immediate common-sense reform more than revolution, usually expresses himself with engaging frankness. Mr. Babson
WBabson
TWO HEARTS THAT BEAT AS ONE
Drawn expressly for the Leader by W. C. Morris.
PAGE
six
which deposited it as the basis for credit extension of seven and
one-half to fourteen times this amount. This ratio of $1 ip gold
to from $19 to $35 in bank credit shows why our gold exports are
so important. 1
Europe owes us more gold than we have had to expert but..
refuses to send it over consequently so long as we stick -to the-*-'*
gold basis the only thing we can do is to contract credit. And this
credit contraction comes just at the time when we need more pro
duction and it will hit hardest those furthest removed from the
credit centers—the farmers. ,r.
The principal reason why our credit issue had reached the
maximum allowed by our gold reserve is found not in increased
production to take care of popular extravagance, as Mr. Mosher im
plies, but from the unprecedented amount of big business expan
sion and hoarding. The monopolists have had a gay time buying,
storing away and borrowing on their warehouse receipts and using
the money so obtained for more buying and hoarding.
TALKING AMONG THEMSELVES
E QUOTED recently some words of Roger W. Babson,
the statistical expert of Wall street banking circles. Mr.
is sometimes right, more frequently wrong, in his
social and economic opinions, but whatever he is talking about he
ii 1. 1*1 3 _1 TTT
"L.-<p></p>Washington,
has recently established at D. C., a publication called
the "United States Bulletin," in no sense official, but intended for
circulation among banking interests and large employers to inform
them of what is being done at Washington likely to affect them.
In the February 16 issue Mr. Babson, discussing the railroad
situation, admits that railroad em
ployes are at present getting less
than market prices for labor. But,
while admitting that their wage de
mands are justified, Mr. Babson
hints that if they can be forced in
to a strike it will alienate the pub
lic and help some. He says:
T\ /I A AOHA/)
Not only will a strike hasten rail
road legislation, but it will cause the
railroad employes to get less favor
able legislation than 4 hey otherwise
would. Employers of labor may look
upon this action on the part of these
300,000 railway men with a feeling
that it will help the cause of the
employer more than the cause of
the wage-worker.
We wonder if the interests to
whom this is addressed will take
the hint and make sure that a
strike is called?
Next comes an extremely grat
ifying burst of frankness in re
gard to the compulsory military
training question:
Manufacturers, bankers and others
who are interested in universal train
ing legislation—either for patriotic
or commercial reasons—should rec
ognize the significance of last week's
action. The president, who believes
in a modified form of military train
ing—a form based more on industrial
and educational lines—wrote an im
portant letter to the Democrats in
congress urging them not to go on
record against universal training.
gestions. Universal training in some form is advisable but it
will cost a'lot of money and the rank and file of the service men are cer
tainly opposed to it. It is generally admitted that the recent action of the
Legion special committee, favoring a modified form of universal train
ing, represents only the officers of the Legion who are looking for posi
tions and does not represent the members, most of whom are sick of
the word "training" in any form.
Just one more quotation, this time from a statement headed
"Presidential Situation":
Mr. Baruch, who at the present time is steering the Demo
cratic campaign, is asking for uninstructed delegates to the Democratic
national convention. If Mr. Baruch feels that there is a chance to elect
Mr. McAdoo, he will do his best to have Mr. McAdoo the Democratic
candidate. However, Mr. Baruch wishes to be in a position
where he can nominate Mr. Hoover in case the Republicans do not nom
inate Hoover. Owing to the Republicans' determined policy
to eliminate the excess profits tax they are having no trouble in raising
funds. Money is flowing into the Republican national campaign commit
tee as it never came before. Business men are now justified in
watching the events of the next few weeks.
/With "Barney" Baruch, Wall street speculator, running the
Democratic party, and "money flowing into the Republican national
campaign committee as it never came before," the common people
might also be "justified in watching events of the next few weeks.
The Democratic caucus en­
tirely ignored the president's sug­