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Show FARMER-LABOR SENATOR RAPS U. S. DEFLATION Magnus Johnson Carries War on Wall Street Financiers Fin-anciers v to Own Home Town; WanU New Body NRW YORK. Pept. St. A federal reserve board composed of a man- I ufacturcr, a wholesale dealer, a re-tHller, re-tHller, a farmer and a representative representa-tive of organised labor waa advocated advo-cated tonight by tlenator Magnus Johnson of Minnesota aa a medium whereby a government of all the people might temper th power and profit eeeking of Its most powerful class to th welfare of all classes of the country. . The farmer-senator spoke before i the Progressive Labor Forum In Carnegie hall. Ha characterised tha federal re- ! serve hoard ss black with th crime nf deflation perpetrated ag-iinat M per rent of the peopl on behalf of the financial 2 per cent He criticised criti-cised the agricultural department as being loaded up with "meat peck era cotton speculators, grain dealers snd Htandard Oil educatori. WOULD RECOGNIZE RUSSIA. Hecognitlon of th Russian soviet government as a trade measure waa recommended by fcienator Johnson, who said he believed, peace eould be promoted by well conceived treat lea, although he doubted tha wisdom of eugsglng in "crusades to make th world aaf for democracy.' H Insisted, In-sisted, however, that America not be bound to carry on war for an- 1 other nation. j He said foreign conditions hsd been blamed falsely as the principal, factors in bad business conditions, j whereaa 96 per cent of American business waa dons In America. Ths people of Minneaota, he said, were convinced that American strength 1 snd prosperity depended on tha prosperity of the working classes,! adding that the farmer-labor revolt : which elected him wanted a restoration restor-ation of American principles, not aa ! overthrow. i i "W want no convulsions of so i , ciety," hs aaserted, and are doing ; more to prevent them than eome 1 i who pose as tha leading champion; of stability. Frequently using thai phrase "Wall street gentlemen, he ; said th idea that strength and1 : prosperity ml tent b developed by , helping the rich become richer more rapidly wa falsa and -aougrht to show that th federal reserve board's deflation, by ronana of interfering in-terfering with credit, was a poor ixillcy. BOARO CAVE AID. Senator Johnson mid financiers needed government aid and paternalism pater-nalism less than sny claaa of business busi-ness when th board called loans And raised tho rediscount re tea to aid-them, glthoifgh th government thought It would bo a crime to Interfere In-terfere with the taws of suiply and demand when atricken farmers asked machinery to stabilisa wheat prices. Ha said .Republicans hsd urged Cooperation among farmers aa a panacea for deXlatioit, bgt ba found th best organisation feebl when th market were weak from i the higher credit of th deflation: period and ta attendant unamploy- l,c;nU i tv |