|
<br />023C~
<br />
<br />1945
<br />
<br />CONGRESSIONAL RECORD-HOUSE
<br />
<br />10&13
<br />
<br />enterprise under a. free constitutional
<br />gO\'ernment.
<br />A polley of currency expa.ruJon
<br />through the Federal Resen"e System
<br />,,~ begun In 1933.
<br />Now I 'I1!ant to show you .....here our
<br />farmers are being gypped.
<br />In 1930 we h~cl $4,416.~n.631 in elr.
<br />eulatlan. That was on the 31st of July
<br />lSJO. 'On the 31st or JUly 1:)45, 15
<br />~'ears later. 1nstead of having $4.426.~
<br />943.631 in circulation. we had $27,107,-
<br />824.101, and we lla.\'e more than that
<br />now. If we had let the law of supply and
<br />demand, the ewnomlc law, apply. then
<br />wheat, corn, cotton, cottonseed, barley,
<br />hay. and other farm products would
<br />hate gradually rIstn to that le\"e! along
<br />With the advances made In Imlustrlal
<br />wages and Industrial pritt's. But In.
<br />stead ot that they were held down by
<br />the totalitarian poliCies of the OPA.
<br />The AmerJcan people are denied the use
<br />of gOOW that can be produce-d from the
<br />cotton grown throughout the SouUt.
<br />
<br />Today you cannot even get these prod-
<br />ucts. I doubt If you can get a pilloW'
<br />slip In Washington. As 1I. result thry
<br />are drivJng the farmers of this Nation
<br />dO\\"l1. and I do not care whethrr they
<br />are in Minnesota or Mississippi or Iowa.
<br />or Nebra.o;ka; they are driVing the farm-
<br />ers gradually down towards a s)'stem or
<br />peonage. It is the road to serfdom. the
<br />most dangcro~s road thll.t .'\.nJ.cncm
<br />people could follow today.
<br />Mr. H. CARL ANDERSEN. Mr.
<br />Speaker. will the gentleman yield?
<br />Mr. RANKIN. I yield to the gentle-
<br />man from Minnesota.
<br />Mr. H. CARL ANDERSEN. The gell-
<br />tleman from Mississlppl"iS entirely right.
<br />I have seen the OPA hold down the price
<br />of butterfat In my immediate community
<br />In Minnesota to the extent where herd
<br />after herd ot good dairy cows have been
<br />sent to market slrnply because those
<br />tarmers could see no reason to sit there
<br />twice a day. 365 days a year. mllklng cows
<br />without a llttle pront to themseh'es.
<br />
<br />tIr. RANKIN. A man called me trom
<br />home and he said. "The farmers do not
<br />reallze It yet. but It thIs thing continues
<br />1t Is going to ruin not only the tarmen
<br />In thJs sectIon but It Is going to ruIn the
<br />farmers throughout Amcrica."
<br />I am pleading today for those men
<br />who WI the soll anq for those merch:mts,
<br />lawyers. bankers. hotel men. fUUng sta-
<br />tion opcrawrs nnd hu."ldrcds ot other
<br />small businessmen. and thousands ot
<br />others. millions ot others. who depend
<br />absolutely upon the prO.\iperlty of the
<br />farmers around them for their lJvell~
<br />hood and for their own pro.spt'tlty.
<br />Mr. Speaker. I ask unanimous consent
<br />to Insert at th1s point the circulation
<br />statement ot Un1ted States money for
<br />July 31, 1930.
<br />The SPEAKER pro tempore (Mr.
<br />COOPl:R). Is thcre objection to the re~
<br />quest of the gentleman from MlssI.sslppl?
<br />There was no objection.
<br />- The statement referred to ls as fol-
<br />Jows;
<br />
<br />ClrC1llaUan ,tatem"'t 01 Unitt<! St/lt~1 mon~~ulv ,to UJO
<br />
<br />Kllldofmollf,
<br />
<br />ToW
<br />.",ount.
<br />
<br />'Told
<br />
<br />Gold MlllanJ bul1loll_
<br />O"kl....ni~..l......_..
<br />titand...dJll"....dal-
<br />lAn.................
<br />I1Uv~. CO'rtin"U:lI._...
<br />'T.......ul'fUOl..url.....L
<br />!\UMid.....,..U....___..
<br />Mlno.roiD_._........
<br />(TlIll..!.8tal..lIot......
<br />F~d~nl RU"~,
<br />nOI..............____
<br />FtdH.I H.une
<br />bank ""W;._......
<br />!"lior>altoankoolM__
<br />'T9l&11'!1r'I.lll3O.
<br />COlIlPAf&lI~~ tolllo:
<br />Ju",,30.11I3O_____
<br />lulr~l.lm..____
<br />OM. 31. Jm......
<br />M....II.19IL__
<br />JIlIlI3O,191t..____
<br />Jan.l,I~~.._...
<br />
<br />Doll... lJoUo..
<br />'4.~Ill,W\I.1I4 1,""8.4~1,530
<br />'I.MI.~7J.1l7\l_.....____._..
<br />
<br />Mo...yb.ldlulhoT.........r,.
<br />
<br />.\lnounl~~ld
<br />11IIrusl
<br />opwOI,old
<br />andoilnr
<br />....nl_l..
<br />(andT.......
<br />~I':'~)
<br />
<br />R_rn
<br />.,..,~
<br />l.'tlllo:<1
<br />l'taf.fll
<br />I>Or...(llId
<br />-"~
<br />ru>l.rllIor
<br />,-,
<br />
<br />Hold I~r
<br />'F.o;IrrllR<>-
<br />.......bolob
<br />'lIdllfl'lIu
<br />
<br />Anolhe.
<br />mo""'y
<br />
<br />DoUo.. Dollo.. DvlI....
<br />I.Ml.m.6N 15&,Gi9.lllllI 1,7U.O:lO.11l2
<br />
<br />Doll...
<br />4!i,lII'.u,IIIU
<br />
<br />......---..... .--.-----.-- --..........--. .-.-----......
<br />
<br />m.w,6:JJ t9S,4:;'.4:JJ 4'A1.~&41............_______u____.. &,151,773
<br />.1ll9,0",l!I,::>!1_._...._______. .._.n_______. .____...... ..____.n______ ___...._....__
<br />;lki;;T n....'-.i>i.ft:i..i.j :::::::::::::: :::::::::::: ::::::::::::::: '--'-i.,-ilM.'8-i,
<br />IM,ll89.~:II\ t.Xl1.5:!(1___..._..........._._____...__.._........ ..'UI.~
<br />a-od,t;81,016 1.:!tlII.:J:.ll..._.n___._.. ........_._. _._____...__... a.'JfJI.3~1
<br />1,703,;104.6Iil 2,Il!i4,Zli _.....___..... ...__n.............___.... 2,(lIi)6,::l:
<br />"Jill::; 23. r~~~ :::::::::::::: :::::::::::: ::::::::::::::: 23. rfi::"'~
<br />
<br />MOlW,.outl1d~oflhoT,...ury
<br />
<br />11Iclrrol&1lon
<br />
<br />ropnWloo
<br />eJconli.
<br />~"w
<br />Utli~d
<br />lll-al""
<br />(...Ii"'"lfld)
<br />
<br />ToW
<br />
<br />B~ld L,.
<br />Fe&noIRe-
<br />..,,,,,banh
<br />IIIdaa-tllUI
<br />
<br />AllIounl
<br />
<br />p"
<br />""pit.
<br />
<br />DoUo..
<br />1,02!i,02!I.1I~
<br />I.lo4.l.~71,679
<br />.....1>22,100
<br />4!III.u:llI,:/tr
<br />. 1.:l.\OI,"'~
<br />3&l. Nf3. tOO
<br />121.762.>>
<br />lH3,411.1't1
<br />l,rol.t\l'Ol.4tIl.
<br />"161.&1
<br />672,l'tO,137
<br />
<br />.
<br />".."
<br />&'o6,07lt.~7
<br />I,WI.t22.5>>
<br />3fl.I07......
<br />3M.~~
<br />I.~~
<br />m,l'3\'..2:lst
<br />m.2a.:~
<br />287.tIb7......
<br />1,3:II,~15:l
<br />"I.'I!-~
<br />t'M,M/2,1i1
<br />
<br />2-w._.._....._
<br />8.13............
<br />..!\----...----.
<br />3.~.----.--....
<br />.01.._.__.._._
<br />2.'.!1 ___..._...._
<br />.\J6............
<br />2-33_...........
<br />10.71______..___.
<br />.02..___.......
<br />~.I~ n__.__n...
<br />
<br />Doll...
<br />61'1.~9,5:18
<br />W.ll4g,UO
<br />4. tlt.:!II~
<br />107. 7.1. 0"JIl
<br />'-"~'i57:ii~
<br />..5:;,$.616
<br />M,5k.0J2
<br />lI'il.~3OIi
<br />,,~
<br />U.~O:JJ
<br />
<br />'lI3.S7<.t,u ll,252,IU,l'S4I.~652,I1>3
<br />
<br />8, 306,. 564.07t
<br />~o'iIiI3.n5,13C
<br />!l,t"1ll.63l.~24
<br />!,ftI6,.M,r.I
<br />3,"1lI6.t..~7M
<br />1.007.0l4,~
<br />
<br />1I.:It:J.M2,tlS '..CWo2ll3,1IIi7 2.03t.~7.3:ll5 1M.ll1l\l,O~ 1,;U,(W,102
<br />'..rrll.~?!:
<br />'3,S2li,JJ.~!:4
<br />'l."lO,&6!-~
<br />':I,~fI;IJ.313
<br />",W.61_5,~
<br />212,.21\'"
<br />
<br />t.WI',447.(IolIl
<br />t,7IllI,l32,~\
<br />711t,1I7~.~
<br />:l,fi'il,,,,,.!.~!:
<br />J,w;.I~~a
<br />21.l!O:l,Gtll
<br />
<br />1.\6.03ll.Il'>!!~J.7'\oI\,Zl9,2!5
<br />lM,1l39.08!t 1.675,IM.r.9
<br />162,fIn. 1.:il2,-.al
<br />162,W9. _.______.____._
<br />I.IIl.[lOlI.~_....._...__...
<br />IOO,lJXI.OO'l._____......__.
<br />
<br />OI'2Il:'~81(1 e,2l\I,07I,Q6II.141.0I'lI!,~
<br />:IT.,Ii6:J,OI 1i,6M.132.2M l.tI7.:;!lIO.7OI\
<br />~Mn. 6,llll,tao),b'"1'2 1.(Wt3,~16,0IlU
<br />~:::2 ~~~~!r ___~.~~:~
<br />110.1111. 11f,:.1i6,rn__....._.__._
<br />
<br />4.01l,,~,(i,l1 MIlO 'J:.:3.JW.OOO
<br />
<br />gik=~~~' ~t m:~~
<br />lI,MJIt,61 &I.011l1/.t9I.lI'lO
<br />4.I72,W5,Plt 40,:1 lO3.711l.0m
<br />1,4M.1OO,1 Ra:! WoO'.!1,fOlI
<br />81l;,2tlO,1"21 16.a:! 411.2:11,<00
<br />
<br />. RulRd In -.ro...co ..Il~ lllJO C~1I!Wl .nl1lllUOllion,
<br />'lnclud". l'llIwd ~...tn IlIl"'r C:UrfWO b> drmll~n II> 1o...i,D roonl'" and Ule
<br />.mount bo:old b)' 1100 Cuhllln~)' hi rile Fod~nol ~ne 8...k of Allan'.... .
<br />.1".",lIollllclud.toldblll!loll...forel.i:DfOinolbo-.thanlb..tu:~lb,.IMTIMSIlJ"y.
<br />Ftdmll R-"," butb. and FfOd~ra1 R_r~e ",.nll. Gold b<old by F""""", R.......
<br />bowk,ulldn(VttUlr1r. for~~ -=1 iIIucludod. and rold MId .b..-J for )'6d.noI
<br />Jtl:'lf!'~ebutb 1I111clooN.
<br />.T~.",ouot&""'nollnclu.I..!.lnlhetOUlsln""thom""eyh~ldlntrtUto.pJon
<br />ROl<1l111dsih......l1ilklts.ndTreuu,..,.nolftlofll"l1OUIll"hJd<dUlldtrlOldcolu&n4
<br />buJUonandflan_IiJ~~.dnllo.".relpl:!C'li...ly. .
<br />" ThelmOtlnlollnOlI<')'bo:oldIII lrustoplnH,ok!IIId.U...r..I1Ul<'Oll<'SandT(tI.<U.,.
<br />nOleSeJil"JOohooldb.dtdllCredl"'l>Ithilltol.lbfltu",rolllbJnlflC'lwithl"tII"'OOey
<br />OIllsid.ollh.Trt-unryt..............lthertodrollJlon.ylnw..Unll..t"I.It:t.. .
<br />. Tbb t<>llllnrlud.. t.l5.UII._ of nol.. In proress 01 rWltIpUon. $JII.l'IU23 of (Old
<br />d.poolted (or rt<I.mpUo" 01 ....1<>noI R<'!III'rnI noleO. m.372.7!I:\ deplOllwd for ~mp.
<br />lionolbAli""al bonk Il<>t.... SI,\l.Ode\XllllMd ""...llrnowtor,.ddHionIIriro:ulahon
<br />tlctoIM.r30.1llOS).llld..,&iI4.e.58d,pOM..tIllll.~.....aglilO6lP<l5lll1_"lnp
<br /><!'~~~i'! 1lI0fl'" held b,.lbe Cuho.n ogeney 01 the ytd~rel I~..... B""k 01 Allin!&.
<br />
<br />NO"l'f.-GoId OIIt1lllcatoll en- ot>eU~ doner for doll... by 101<1 b.ld In lhe Trrarory
<br />,.,. rhf4r red<lllplion; ,,-I"N ouIlftnota.... -.ued d"lI.... lor dolllu- by .l3ndard .ll.....
<br />doll..... bold 10 lbe 'I'n-I$Ut)' M lbo;. red~Wp"OIl; (JlUlo!d gale.>! no~~ ue I.,ro"'<t by
<br />'1!01d~".oISlf4,\lI\I.lA.'tb.ldinLh.Tl'M!UJ"Y. 'Tbll,",,""lIrlln<!nut.ylOblobe
<br />II.'IOdrortbe~lnpliollo'TrN.suoynol<':teJll:MJ,'II'h1d1....Ilso-...reoIdoll..rfor
<br />dollar by lJt....d...1 sU..erdoU..... bel<1ln 1M TrMSUtl'. rode.1I roaern no"'"......
<br />obl\f'llUomo( r!lot l"nito><1 SIIkoI &1>d .ll~t lltn n<llIllhe ....,..,1. <>tItle lS$uillg Fffi~<~1
<br />Jt_...e~. Ftdenl~nolll$.re~b.l'tMd.poo'l"ll.hi'cd.raIR..........
<br />_t1lsol.hk"IIIIOUlllofi/">ldorol""dllldllUChd_ll.lIl<<Iorp~baw.1po.pe'l5l.1
<br />ehrlb!elln<!e.tb.temuolthe Fe;!rrII. R.......& Act. F"""''''' Resier.'. N.rtumust
<br />~lnfllln'l(Jl<1 reot"..ohll....l40 I><'",",,-r. !ncludinr tbe col<11t!<kmpllon fund ..hich
<br />1n",,1 t>e d~_lted ..;lb Ib. t'1I1te<1 gtal... T.-u"... opjn.l Fe<INIl R_.~o noko.. ilO
<br />8ctuoJrin:ul.!Ion. lawiullO_yhasbocntlrpo.l!tdwilbUN,Treuut't1"n(lheUnl<r<1
<br />SI.t<<sI"""'tl........t...lllouUI...din<<F..tH'lla-....bllIkIlGtes. X.llw1all'>ol'k
<br />nolH ... --urtd by United StltIftI bond, ",...PI- ..-Iw... lI.flll 1lI000ty has mn d....
<br />posltN wltb lhe T,~ of llle UnllodSlaleil r..IM,....ti,olOent. ASporrent fun.J
<br />i1111OC1tn&lnll-i....l!nl.'II'ftIIIJl.....y..-llbIM~oIlb8UnltedSl.t&llI:rrlb&
<br />Ie<ltml-'lkln oll'1ll11onol buill nola MftI,,,,-, by OQyerttment bonds.
<br />
<br />Mr. RA!'o"KIN. Iwant eHr}' one of )'OU
<br />to read It.
<br />No~: let us see what Is going to be the
<br />remedy. You have more than $27.000.-
<br />000.000 In circulatlon now. I have the
<br />last reIXlrt in my pocket, and I keep It
<br />then' but I use this one of the Jl~t of
<br />July. 'The lQ..!;t one was Issued on the 30th
<br />of SeptembE-r. It shows that we ha\'e
<br />$27.825,000,000 In circulatlon. All risht,
<br />
<br />Vo'hat are )'0\1 going to do? I know a cer-
<br />taIn element. of thest:,. mont"y changers
<br />who are International f1nanclers, and are
<br />more Interested in their holdings in for-
<br />eign countries than they are In )'our
<br />prosperity and mine. They are going to
<br />insist on a deflation of the currcncy. I
<br />was surprtsed to hear Members of ihe
<br />Congress get up here and talk about In-
<br />flation. the threat of inf1atlon. Why. the
<br />
<br />poor fellows did not know it. but we
<br />already ha\'e lnnation. We have over
<br />tour times-more than fh'e times. I be~
<br />lieve--a.s much money as we had In 1930.
<br />. We already ha\'e inflation. Now. what
<br />are we going to do? If they begin to
<br />deflate that currency, what \\ill happen?
<br />We ha\'c a naUonal debt of about
<br />$300,000.000.000. Tbe only way in God's
<br />world )'ou will e,'er pay that debt. Is to
<br />
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