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Show OB ATTACKS I RESERVE BOARD Loan Money to Speculators in Stock Market, Not to Farmers, He Says PONCA CITY, Okla., May 26 Sena- j tor Ilobert L. Owen hns Issued a state-ment state-ment in which he ook lssuo with tho views of W. P. G. Harding governor of federal reserve board, In his letter written to the United States senate, declaring that ho objected to the board's raising tho rato of Interest on loans In all parts of the country and for all purposes. Ho said:. "What I object to Is tho board's raising tho rata of interest on loans j In all parts of tho country and for all Kkp purposes and caulsng thereby a period of distrust and a breaking down of valuo of government bonds. Owners of bonds who bought them with the jH Intention of using them as security In Hj obtaining loans now are denied the privilege of borrowing money on tho Hj bonds. The federal reserve board, an arm of the government which urged the purchaBo of government bonds, now f Is In tho position of ruining the people who bought the bonds. ".Tho federal reserve board has no H right to say what is essential and what H Is not essential This matter should be left to the bankers of the country-"As country-"As regards the mobilization of cred Its for moving of the 1920 crop, I say that the fedoral reserve board has in- tterfered with the lending of money by insurance companies and farm loan companies for the production of crops. Under the board's policy, the banks have found it more profitable to lend y to those who -would pay a higher rate V of Interest and use tho money to buy r stocks on a broken market. Those I men gel a loan at a rate of Interest of. 1 per cent and then make 100 per -uL. . cent." |