Oklahoma Leader (Oklahoma City, Okla.), Vol. 2, No. 237, Ed. 1 Thursday, May 18, 1922 Page: 4 of 4
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oklahoma ltaijer NOT TO BE ENTRAPPED AGAIN
Published every day azcept Sunday by The Oklahoma Leader Co.
- _ ' 0P>'riKkt, 1922. by Star Company.
WHAT OTHERS SAY
Oacar Amerlnger \ Editors
Dad Hogan (
John Haiel .. Bu.lneM Manai.r
One Tear M
Six Months J. M
17 Waat Third Streat, Oklahoma City. Okla.
P. O. Box 777. Teiephcna Maple 7600
Entered a> second rlaas mall matter June J, 1918, at the Postofflce
a* Oklahoma City. Oklahoma, under the Act ot March 3. 1878.
wanted: real statesmen
Historians since the days of Vico, Smith, Ricardc and
Marx have known that human life is ruled by great economic i
laws. Before politics can be cured of its blindness, states-
men must understand these laws. Without such understand-
ing, all political laws are botched jobs.
History so far has vainly advertised for such statesmen
among the ruler* of human destiny. They have all been
ignorant of the basic laws of human progress.
The kaisers, kings, presidents, chancellors, generals of
the ruling classes have always worked against the natural
course of human history. They have never solved a single
economic problem. They have puttered and muddled along
until swept off their feet by great catastrophes.
All the statesmen of the ruling classes, seen by the light
of world economy, have been stupendous failures. Not a '
single one of them has had the gift of seeing beyond the
horizon of his own class. Much less has one of them used
his great powers to work iu harmony with the laws of human
The great World war was one of the many futile attempts
of the ruling statesmen to force history out of her natural
Would the great powers have gone into the world war.
if their statesmen had clearly understood that at its end
victors and vanquished alike would be bankrupt"
Would they haggle in Genoa, as they haggled in Ver-
sailles, Paris, London, Cannes, Sevres, Berlin, Brest-Litovsk
and Constantinople, if they were aware that the world's
peace today can be secured only by a new deal in economic
organization? Alfred B. Adams, an Englishmen j
Would they set adrift new secret treaties and plot new i who has been in the oil business m
adventures in China and Asia Minor after the old model, if ; i|Bhed°inTondon'recenUy an"article J
they knew that the development of the economic basis every- praising President Obregon and giv
ARE NOW SETTIM&
THE ^TAGE FOR
THE NEXT BICsWAR!
Bill White Oils Human Machinery
By E. J. Costello, Managing Editor, The Federated Press.
You can take it from Will Allen j of the "soviet" are held, wherein it J cream in their output?" says White,
seems the workers are privileged to according to Lloyd.
. r ... 4. _ nf it., nnnnln frnm fnroicrn im. decided impetus to sentiment in'White, editor Emporia (Kansas! Ga-1 seems tbe workers are p
where makes for a liberation OI in p . p K Great Britain in favor of renewing zette. that the profit-sharing plan, so offer suggestions which will make That is the story of the constantly
Derialists? relations with the Mexican govern-(dear to the heart of the big business for a larKer bank roll for White, growing success of the Emporia Ga-
ixr^.ai'a Pnacian Q ntMmpn hftvp tried to inaugurate 1 nient* Mr- AtIanis makes an open man who hates union labor, is the White reserve# the right of veto l-e- 7elte__..a broa(1 vtsioned employer"
^Ollld the Russian «. « • confession by saying that the ma- 'oil for the human machinery of the : cause it 8° happens that ha owns the abiy backed by a bunch of helpers.
Communism and a world-wide proletarian revolution in the < hinations of the oil groups have plant." That is, if you will believe1 l)aPer-
niwnt era if thev were as good Marxians as they claim i bo"n responsible for various revolu- Ellwood Lloyd, traveling corre-1 Here's how it is done according to
present era, 11 tne. K tions in Mexico, and because differ- *pondent of the Editor and Publisher. 1'loyd. who says the plan is simple.
to be? Would the Russian people have waded tnrouftn tne ent administrations have refused tojwho seems to be making a tour of 11 can bc applied to any successful
hloodv swamns of a revolution, if they could have known I "bow the knee to Baal." each sue- the country to ascertain the profits P",erP^ls^ J^here w°rke',* "r® fj"
piooaj stamps b re>«iuu«n, j reeding President has raised for him-1 to bin business in prom-sha-riiie p,0,te'1- u hite. as sole oWfler of the
that at the end of a few short years they would be making self powerful financial and political'chemes< j Gazette, issues certificates to bis em-
ii-ith rnnltAliam* enemies who brought about a sue-; r. . * . . . ployes, the amount being 150, multi-
terms with capitalism. , . 'cession of Changes in the Govern- B* it known thdt White has found Jl|led by the yearg of gervice of the
History still cries aloud for real statesmen on the capi- ; inent If Amcrican manipulators of profit-sharing a wonderful agency in employe. The certificate agrees to
talist as well a, on the labor side. When shall we get states- ;n, ^™n,in, and , interest, "erCentage faCC
men who understand the human drift and work with it? of eventR goutb of the Kj() Grande i that what he calls the s<
I w hat eyeopeners thev would give to ' reu* 'n *ke (-,azette office, but
I the people of the United States!— I neglects to tell his readers that •
bank credit versus money
Senator E. F. Ladd, North Dakota.
The great majority of business that has been conducted
since the inauguration of the Federal Reserve System has not
been done with money but has been done with bank ciedit.
The big bankers have been able to easily ^ fool the people in
making a distinction between the two. Very few men who
created debts and made bank loans during the war actually
borrowed money. They paid interest just the same, but the
banker did not actually loan them money. V\ hen we pick up
the papers and read the various bank statements, and look at
the statement of deposits and see that the statement says that
so many dollars are on deposit, that does not mean that those
deposits represent cash. They do not. To a large extent they
i represent credit.
Let me illustrate: Mr. A walks into a bank and says to
j the cashier, "1 wish to borrow $10,000; here is my note properly
endorsed and it is such a note as comes within the provisions
|of the Federal Reserve Act." The cashier says to Mr. A:
| "Well, Mr. A, do you wish this in cash or do you simply wish
fi checking account?" Mr. A replies that he simply wants the
! note discounted and placed to his credit on his checking ac-
count. The loan is granted. The note is discounted, Mr. A is
credited on the books with the amount and he pays his bills
j by check. His checks are deposited by his payees in their
j various banks—who are engaged in the same kind of loan trans-
actions. These checks are then passed through the clearing
house and there "washed out" by matching, or checking, them
I against each other and the banks adjusting their differences
| in cash. The banks have not loaned money. They have simply
| toaned a book transaction, credit, and are drawing interest on
i their system of bookkeeping. It is hardly probable that more
than 5 per cent of cash is required to adjust the differences of
the banks in the Clearing House Association. An interest
I bearing debt has been created solely on the ability of the banks
to keep books, coupled with an unjust privilege allowed them
! under the provisions of the Federal Reserve Act which permits
! them to extend or contract such credit almost at will. It has
been the arbitrary exercise of this sovereign function placed
in the hands of private bankers, that has wrought to much
I havoc during the past several months!
The Federal Reserve System Arrives.
In August, 1913, we were assured by one of the proponents
of the Federal Reserve Act, that the act would
"prevent unfair and undue constriction of credits with its
consequent paralyzing effect on business and on the pro-
ductive energies of the nation." Also
"Men will not be thrown out of employment wholesale
throughout the country by the fright of financial and com-
mercial panic, but finance and commerce will be steady.
Men will not be ruined by violent and abrupt changes of
values. Hundreds of thousands of men will not suddenly
be thrown out of employment during these national waves
of depression. There will be no national waves of depres-
sions nor undue feverish buoyancy."
The above statements were made by Senator Robert L.
Owen, and appeared in an article entitled "The Banking and
Currency Bill" in the Commoner, August, 1913, Vol. 13, No.
all pushing in the same direction.
Lloyd fails to show what White's
profit-sharing scheme means to the j,
worker. He's not writing for the!-8' page 4. .
worker. 1 Senator Owen is a most brilliant man and has given a
Set down in cold figures, if one ot i great deal of time and thought to his subject, out how easily
the Gazette writers should remain on I was he fooled. It is true we have had no bankers' panic but
the paper for 20 years he would have we have had one of the greatest panics among the people that
increased his income iby «a«iy 16 we have ever witnessed. What an era of "unfair and undue
2-3 cents a day, hut he would ha\e .... ,, , , , , , j. ,, , ,
s independence of, constriction of credits nave we had, and we have fully realized
the teapot dome steal
The government owned a proven oil field in Wyoming ^ ^
comprising between six and seven thousand acres known ®s i though*"from'the 'special
the Teapot Dome. now running in newspapers and
Through three national administrations the oil monopoly Bp Happ). Though M(r
has been trying to get possession of it. They offered many , rjCd. •
inducements to secure leases, and at one time threatened to "i Mar.iatc failure- '
.... , , , ., , , .. . , , The tonfessions pf a Wire.
drill on adjoining property and drain it, but they were told , ..How t0 HoW Vour Husb(ind
by Josephus Daniels, at that time Secretary of the Navy, that ! "Why Doesn t He Propose?
if they attempted that game, the government would drill two
holes to their one and thus drain their private properties to "The involuntary vamp."
a larger extent than they could possibly drain the govern-, '•l'"0™,L'tte™ a Dlvorcc
® To which add the news stories of
ment's reserve. high life in Jatzvllle. Cal.. and you
But during the last congress when the very few repre- ha>e an accurate picture of «hat is!
. .. „ •« i i i i happening in the human intellect
sentatives of the people were asleep the oil monoplj tacked Rlchmond Times-Dispatch.
a "rider" onto an appropriation bill which authorized the Sec-
retary of the Interior, into whose hands the control of the I to!
property had passed, to lease the property, and then, without , the grownups' church for the first [
the knowledge of anyone except a few "high ups" in the De-1 ,imP A (la> (,r two afterward they.
, , , . 0. , . , . 'were found in the nursery, whisper-,
partment, the property was leased to the Sinclair combina- inc audi5jv to each other.
tion, a branch of the giant monopoly. i what are you children doing?" |
Thus property worth at least $500,000,000 passed from ,h'we"ru"pia"kn^' church." replied
the hands of the government to the most iniquitous and heart- .lack.
less monopoly this country has ever known. Within a few ."B"'.yo" "houldu't whisper in
. . , . .. .. church, admonished nurse.
days following the consummation of the dirty deal or steal, oh. we re the choir." said Mary.
Sinclair stock rose in value en the New York Stock Exchange I chri.tlan Advocate.
to the extent of $30,000,000, and the Mammoth Oil company, j , U|M Kss „Mti
the corporation ill whose name the newly acquired lease is Magistrate: "So you broke an tiro-
held, from an organization worth less than nothing, became \ you "to ^'v"!l!and" he"'1
worth hundreds of millions over night. Defendant': ii ™ .1 haccident
This unspeakable swindle which Senator La Follette on lfir "
the floor of the senate denounces as the most scandalous in L^'dent'"'
the history of the country, will probably be imestigated, and
with the usual result. For while it will be found that the
people have been defrauded out of hundreds of millions, no
means will be found to restore the property or punish the
in M««ieo would tall ; irreducible minimum. Lloyd declares value on the first dnv of January hlul 10 his ,, , . . . . .
In Mexico uould tell what they know ^ he caMg lhe aoviet )g the , ea(-h y(ar ' > thought for 20 years. In Either words, its consequent paralyzing eftect on business and on the pl-o-
In other words, white gives the1 lf he 8uhml,s t0 tho chloroform | ductive energies of the nation." Men have been thrown out of
employe a participating interest In !" j employment, not by the hundreds of thousands, but our unem-
the organization by issuing a form of:
note which shall bear an increasing
christian Science Monitor.
his' sPoecrrnwh[ch Tat!ess '1t'haPn \ "em p|°>^ have reached the 5,000 000 mark! "Violent and abrupt
a day. if he manaccs to hold out changes of values robbed the fanners ot $o,000,000,000 in
for t«o years he will have }c. and: value on a single crop! Men have been ruined on every hand,
for three years 9. w hen he has i suicides and failures have been introduced into every com-
devoted his fifth year to the cause i munJty, homes have been lost and hope has been shattered,
he might e a e to uy wo pairs o , jt j,as n0^ |jeen advertised upon the billboards of the coun-
...uaic ... try, instead, they have blazoned the enchanting phrase, "Pros-
i perc«tWor"Vchrp"f^|fo^/VVr,7'hf raa>..purcha,e a new Perit5- Is Just Arounfl the Corner!"
1 i'i gu(t of ci0thes for ?4;>-
The advantage of the scheme, so '
interest during the time the employ*
remains in continuous service with
the Gazette. The certificates are not
negotiable nor is the principal ever
paid. All the worker gets is the in-
hich for the first three Vo'^ie^he'-aoviet^an" |trj', instead, they have blazoned the enchanting phrase,
soviet presupposes ownership by the
workers. However, he offers the im-
portant statement credited to Editor
White that "there is nothing what-
ever altruistic about his plan. It is
slimy with self-interest." Lloyd says
White nonchalantly puts it aside
with a wave of the hand, remarking: interest
"Oh! That's oil. Oil for the humay ! years is
machinery of the plant." 1 increases 1 per rent for each period
•'Sofietr* j of three years, the maximum interest |
The writer tells with considerable I'clnc 12 per cent ror 19 years or faf whll(, |s concerned, lies in the
eclat how every member of the t!a- , more of service. ^ (hat (( ,3 mn(|e to l00k big on
zette organization, from the print- inws .ncl "orlters. paper on the theory that the average
er's devil up to the big boss has a If contented cows give good milk, j £0^er hasn-t hTains enough t0 flg.
voice in the management of the why sbouldn t contented newspaper! jt QUt for hjnlf;eif The article
newspaper and how regular meetings "orkcis ha^e a larger percentage of | jn the Editor gnd Publ'isher was not
written by Lloyd for the benefit of
More Truth Than Poetry
By James J. Montague
(Copyright, 1621. The Bell Syndicate Inc.)
i the worker. It was written for big
business employers in tho interest of |
more profits and greater dividends.
co-operation in america
THK FRIENDLY ARCTIC
t to lay him down on
could it be an 1
Though Steffanson may think it nil
Which often crack and drop one
Among the chilly billows.
And though he loves to lie awake and hear the flors about him break
Defendant: "Well. 1 'ad no inten-
tion of breaking the umbrella."—
The Fussing Show.
the ( rime of ( rimes
If the four negroes who were lynched at Kirvin, Texas,
were guilty, their crime was slight compared with the crime
of tbe 500 lynchers.
An ordinary murder—atrocious though it is—can not be
compared in moral turpiture with a lynching — because a
n I I 01 HI I.I.KTS.
"Sc rib son didn't stay long in the
"I thought he went there to get
some atmosphere for a story."
"He did. but a feud was going on
and the atmosphere was too metal-
lic." - Birmingham Age-Herald.
ri iu i.i i in < \tion ti..
! "Do you find much relaxation in)
"Not a bit.'" said Mr. Dubwaite.
"Then why do you play?"
• < Q> i
lynching makes murder :eem respectable. Thousands of chil- iary to be able to hold up my end of
dren either see it or are brought into contact with men who " conversation." Birmingham Age-
saw it and took part in it. Parents attempt to justify it, and H"°'
even boast of it. What could be more demoralizing to a child,: i'm ntmri.i n hukti.sh.
or more likely to make him a beast and a murderer when he n^^Mr^^rTe",'. vhactans^snipie.
grows up? with a sort of frosty, golden beauty.
These villainies are nearly always perpetrated by native ^tm'ci" waT*^ngP.T^hl^nto iu
Americans. Europeans have an ample number of faults, but men. and much to *nmV nomen
they do not indulge in such savagery. On the contrary, they j "'•"'ehwej indict by Mr. Oram,
ask with incredulity if it is really true that Americans indulge \ i itv sinu.wt.
in it. What js there about America that makes for barbarous Jui1 Tunkins profanity is to
^ conversation what jaz* is |o music.
rerocit> r , 1 Washington Star.
i 1 know I sleep more sound and deep.
On mattresses and pillows.
Though Steffanson is fond of meals composed exclusively of seals.
And says to eat that sort of meat
At last becomes a passion.
lhe more I read his Arctic books the more I find I'm fond of cooks,
And realize my love for pies
That mother used to fashion.
Though Steffanson delights to stare at an approaching polar bear.
And will not run and hide when one
(Jets mean and roa-s and rages.
The polar bear T like to ar«.uot untamed and fancy free—
They're in the am. ^Iferf tft£>\pursue
An idle life, In cages.
Though Steffanson may find sublime the glorious sub-polar clime
And says the race will make the place
Its hang-out soon or later.
The more I follow what he writes the more I think what rich delights
There must abound in regions round
The good old warm Equator.
Christian Science Monitor.
If by some miracle the dollar as a unit of currency could
I ~ ~ ~ ~"1 be made to bear a certain fixed ratio to staple commodities,
L"\r hy L/O I' t Soy I many of the economic problems would be solved. Human in-
' genuity has not, of course, been able to accomplish any such
TO DIE IX HARNESS. stabilization of money values, nor do we need to cast very far
i "And with his harness on his back, back in our memories for examples of violent price fluctuations.
| Plunged headlong in the tide." 'One scheme has been devised, however, which has served mil-
—Macauley. ;jons 0f people throughout the world, not only to maintain a
_h.„ .:1V _ „.r„on more even ratio between units of currency and commodity
i Aowaoajp. w nen we «t yvitiuu , .
dies in harness." we mean that he prices, but also to actually increase ilic purchasing value of
kept up with his life work risht un- the money unit. That method is co-operation.
til tbe end. This is an old English example which occurred in England during the war will
phrase, meaning to die in action, and -;i]ustra.te. A certain large manufacturer of thread raised his
probably grew out of the fact that . . , , m .. ; „
j harness is really an obsolete syn- Pnce to treble what it was before the war. The directors of
' on; m for armor. the Consumers Co-operative Stores protested vigorously, but
when Shakespeare had Macbeth without avail, so they investigated and found that by doing
say. At leaat, we'll die with harness town manufacturing they could sell thread for one-thini
| riors'would be kirkd'in battle, or die less than the manufacturer's price. Accordingly they set about
i clad in their coats of mail. ! making plans to add thread to the growing list of products
! a more recent example of the usr j which similar conditions had driven them to manufacture. The
of "harness" in the sense of armor thread manufacturer being thus threatened with the loss of one
AnHcm Rome"nas quo"e7above ° nf llis 'ar«est customers promptly- capitulated and reduced his
price. It is not recorded that he went into bankruptcy in con-
Co-operation has been creeping slowly into the economic
jiifs of the United States. Compared with European countries,
| America lias been backward in this respect. Especially is this
true in the field of consumers' co-operatives, or "stores."
The anti-trust laws have been one of the greatest impedi-
ments to co-ordination among co-operative enterprises, and
consequently to their prosperity. Because of these laws it has
been impossible for small local consumers' co-operatives to pool
their resources and establish large central purchasing and dis-
tributing depots having ample credit facilities, or to emulate
the example of the English co-operatives and engage in manu-
■ facturini. when, it J.tJCpmes advantageous to do so.
For the last tour decades the great organizing genius of
America has been focused on the centralization of production
i and dist/ibution. Huge combinations in the more important
field of production have taken place, and chain stores and other
agencies lor dealing direct with the consuming public and com-
what they him. think.
, The time will surely come
When men on looking back
j To these fool times (struck dumb
By our consuming lack
! Of sense.) will rightly rate us
| With those that ante-date us
A Roman M, or more:
1 Rnough to eat for all
Plus land that runs to'waste;
And wealth so prodigal
That each could have full taste:
. Vet want's a next floor neighbor
To most, and life-time labor
Still leaves the laborer poor'
—l. A. osborne.
SOMITHING W ROXfi.
"You heard me say my prayers
last night, didn't you. nurse?'
•And you heard me ask God to bining the profits of the middlemen have become conspicuous
™ a KOOd g,r1'' examples of successful methods of merchandising. These
'well, he ain't done it. The "trusts'^'have rendered production and selling more economical,
Snark's (Starr Wood's) Annual.
: and to a certain extent the public has benefited. There is, how-
ever. need for bunding up both producers and consumers' co-
operatives of equal strength and magnitude. Experience in
other countries has proved that nationally organized co-opera-
tives are economically sound, and that they can be operated
,-ide by side with so-called private cnterurises without cither
one being harmed.
nriTAI.O. N. V.. May 111. Officers
of the Switchmen's union of North
America report new locals in Moose
Jaw. Saskatchewan, and Burlington,
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Ameringer, Oscar & Hogan, Dan. Oklahoma Leader (Oklahoma City, Okla.), Vol. 2, No. 237, Ed. 1 Thursday, May 18, 1922, newspaper, May 18, 1922; Oklahoma City, Oklahoma. (gateway.okhistory.org/ark:/67531/metadc100025/m1/4/: accessed April 20, 2018), The Gateway to Oklahoma History, gateway.okhistory.org; crediting Oklahoma Historical Society.