Show ALL STREETS STREET'S POWER BROKEN Her iter Traces Steps in Big Ch Change in Nations Nation's Fi Financial Financial Fl- Fl System By ny BURTON KLINE KLISE T r how bow m many ny years have two to lit Ill words ds been a sinister symbol s t to tc o. For how many years UZ I the institution behind those iW ids been the great American Amerin whipping whip whip- j ping post 1 Mo io No matter what struck the average averageD D man a as S amiss with his hI life lle he lie laid It ill It to those two words Only too all the ther often f en he was right Of a r on that inexhaustible topic plc What's What wrong with the country country country- he he power behind those thoe little words word words as come up by all ell odds the and the loudest Of all the ways way popularity the easiest has haJ 0 o easy y Sento een to take a sock at that power nd ind of all the charges leveled against t the majority were true With rca n e enough ough the great t convention has been for lor lorr r rears to damn that power In private mn nn It Jt in public damn domn it In pulpit and ind print Few Fe-F other Institutions have loaded more library shelves helves wIth unread books k K Dealt Deadly Blow some Twenty years ago In a vol vol- DM arne entitled Other Peoples People's Money Mone ux ill authority on Juggled finance who has W since tince become Justice Louis D D. Brandeis dealt It the deadliest blow Df all a projectile Ule of facts The in in- not merely survived as recently re re- as 23 two months ago talking a 0 of foul foW weather away looked easier thin than breaking that powers power's pip on the nations nation's neck That miracle with almost no one to notice DOUce the fact is precisely what has WaIl Wall street Wall street Wall street the he menace the monster monster monster-is Is now just mother nother her street Its dominance over overe h e mechanics of credit credi and finance finances s 5 transferred gone gone transferred to where it be be- under the control of or the gov gov- I in the hands of the people ther peoples people's money becomes their IWU wn money at last lut Asks Alks Temporary Change i I Owen D. D Young still asks that the then n nOV nove v be temporary conditioned on onh h hS emergency called a n depression le might as well wen ask if Dinty flinty were rood food for the price of h his swallowed The country will no more ob ck to Wall street domination of s credit than toon- it would think of be- be MImIng a a British colony again The terance between the country and J Ae hi street is final permanent com corn T To follow the steps that have hav led ed change a swift look at the trat leI Ic ia behind 1 is ts enough Taken in orter or- or ter w each step Is clear cear and leads leech to toe tofee fee e next A little less leM than a year ifo LO came the bank moratorium It ut the be whole banking industry brough the ringer 1 Then IThen we went off ocr gold That put be he e c dollar back in America and end presented pre pre- England from pricing Ohio wg dg Next came corni the securities act hit at guaranteed d the buyer of bonds he Ae worth of his mone money Insurance tt deposits came next And Andl I hen the b buying ying of or gold I Meet on Even Ground t tt the fashion now to call that a D allure Just the same Bame the graphs 11 show how that thaL rising prices and the ailing illing dollar met on even ground were here they should Mould Wow comes the move to haul mone- mone STY ary gold into the tre treasury vaults nd take Wee it from managers of the welve elve reserve banks who may be In name but are bankers still nd tod to learn lurn what a Cl banker Is and an n do better get from your our library Adams' Adams book The Law of and Dee Decay It'll tell you toy hy the banker has ruined every In Ill the post past Not because bc I ie has ha a glass eye but because his et eel are too cold Then this step of the two to billion utilization ton fund to keep the dollar dollari i m a l level el In dealing with wilh other And finally this monetary minority to act as a 0 kind of supreme court In judgment over the whole of ol finance Cutting It short from now on if U O rou have a brilliant business idea you want vant to finance you'll go to your gov r ent and not to the street From me e you formerly got a stare from ou be ne oth other you may get your money Move Alon Along Alone Smoothly A final thing remains to be noted These hese e steps up the hill have ha been aken k n without a hitch Congress has for every one one of ot them them for for ex ex- reason The steps t Ps taken and Vt at ti to be taken fall in with the tar taken ar wUl u That is 3 toe the P people have their mon money y under their own and congress reflects this will Curiously one of the things that led wa to this pass pas aSS w was Pecora's exposure W rottenness in the tho state of banking Pies Pie's charged with disturbing ence nee On the contrary he gave the c a sense ense of the urgent need of ot reconstruction In b banking le e Public is getting just that For r the first time lime since the m n ri d descended recovery and recon recon- ruction are at l last t identical The rae me machinery that digs us out of a ast pa past st k Ls' bu buildIng G Cl i solid fu fu- Ire reo 1 only me mental tal reservation e. e over ver the point whether govern govern- eat control ot of credit merely tes Political f for r Wall street control ad d the answer is b that it COUld be worse Address Addre Is II g Recalled And now for a last it little point ippen to remember the inaugural dress dreis of a Q year Q ago o It adumbrated 1 I these little steps leading to a Inge in Lm our financial m mechanics it t leaves Alexander J Hamilton es as uch a classic classic another another polite word l. l Adam Smith It IL begins to be clear at Lt t all these these- apparently casual steps iding ding to such conS revolutionary re con aces c s were thought out lo long ego may be years ago ILs IL's also clear I t. t they sprang from a Cl single head ou may belong to 3 a party 7 opposed to his hb and so may dge e to admit It But Thit Isn't It the rican mean habit to deal out credit 50 e 0 credit Is due And by now head bead that has thought this out Is 19 Isell 11 w ell ll known here and end abroad by the name of ot Roose Roose- t McClura Newspaper Syn Syn- 1 I r |