Salt Lake Telegram | 1922-08-06 | Page 1 | Charges Harding Speculated in Cotton

GHAnGES HAnDUIC SPECULATED 111 COTTOfl Senator Hefflln of Alabama Arraigns Head of Federal Reserve Bank in Speech - TTASHUfOTOJ, Aug. 4. Belief that Governor Harding of tha Federal Reserve Re-serve board had epeeulated persona Uy lit cotton while directing the slleitrd deflation policy of the board In 1: was ex pre .. In ths senate tojay by Senator Heftitn, Democrat, Alal-ama, la. -another apeech aaatnst reeiipoint-n.ent reeiipoint-n.ent of Oovernor Harding. Lots of people," said Senator Heff-Jln, Heff-Jln, -believe that the head of tha board waa speculating himself In cotton at tha time of this deflation. What a;her motive eould he have hadT" Benator Hefflln also reiterated charges that Wall street waa behind the alleged deflation de-flation pricee and that portions of the press -wsre suppressing speeches against Oovernor Harding. , -A large portion of the press is clesn and I reepact It, but large portion can be bought Ilka sheep," said , Benator Hefflln. . He gave notice that If President Harding should reappoint Oovsrnor Harding ha would ask for open senate consideration of tha nomination and fight it to the last. Reappointment, j Benator Hefflln said, would be Indole-1 mcnt by Prealdent Harding of tha acta an policies of Governor Harding and he added that any senator who ebonld vote for confirmation should ba defeated. de-feated. . Senator Hefflln said ha would make publlo a letter ha had written President Presi-dent Harding, making charge and protests against reappointment ef Governor Harding, ahould tha governor be renominated, together with other documents, Including a etatement of the ajleged "dummy loan" by the New York Reserve bank of U.OOv.Ood ta William Boyep Thompson, Republican treasurer. That "a very wealthy man" had been advised In advance of the board's alleged deflation policy eras eharced by Benator Hefflln. who also said that ba had reports that Governor Harding had been offered a position psylng lie. (XX. Senator Hefflln sdded that Wsll street desired Oovsrnor Hording retained and ssld hs wss Informed In-formed that promises of Isrgs financial finan-cial support had been made for any political party which would retain Oovernor Harding.