I was requested by The Equity Co-Operative Exchange of St. Paul, Minn., in December, 1915, to deliver an address before the largest gathering of practical co-operative farmers ever assembled, to celebrate, a substantial victory by The Equity Co-Operative Exchange, over the Minneapolis Chamber of Commerce, in the marketing of the farmers grain, by the farmers themselves.
I was unable to be present, but prepared the address, and it was read in part by Grant S. Youmans, of Minot, and in part by Chairman Lee, of Valley City, N.D.
The very flattering reception of the address by that immense audience, estimated at between 8,000 and 10,000, caused me to believe that there would be a demand, as I knew there was a need, for the information I could give along the lines of that address, and which could be only briefly touched on at such a meeting.
I have taken that address as the text for this book, and have developed several phases of it in such a plain manner, and with the official proof for the charges made, that I hope it will prove to be a ready reference for our speakers, more especially on the paramount issue, now up for solution by the American people, viz.: Our Medium of Exchange for the future. Shall it be legal tender, lawful money, issued by the government, and administered without private Profit, as a public utility ; or shall it be, as at present intended, and administered, bank ledger credits, wholly controlled by the bankers as to amount of credit, and rate of interest to be charged, and the more dangerous proposition of the banker loaning a book credit, and insisting on the obligation being made payable in a money that has disappeared from circulation in Europe, Asia and Africa, and practically so in the Americas. What little there is I claim will be hoarded in the vaults of the creditors, to be secured on payment of a premium only.
The meeting was a farmers meeting, and the address was primarily prepared for their information, and I developed it as such, not with a view of asking for any special privilege, or favor; just that agriculture may be placed upon an equal footing with other industries.
Briefly as possible, to make the issues plain, I try to show the discriminations against agriculture, in legislation, transportation, and finance, and its effect upon all legitimate business.
An expose of the insincere, buncombe interest in Rural Credits by the practical politicians in distressbefore electionand the gross betrayal of the farmers after election.
A practical plan for state development by the issue of money based on what is universally conceded to be the best security in the worldproductive landadministered without private profit, with the maximum of security, and at the minimum of expense, by the use of our present political units.
A general treatise of money and its functions.
An expose of the greatest conspiracy ever conceived by the brain of men to control all the commerce and industry of a great nation, through a private monopoly of money, the life blood of commerce, by a group of avaricious, conscienceless financiers, whom for brevity I shall name The House of Morgan.
I trace that conspiracy from 1862 up, but more especially during its rapid development the past ten years, or from the date of the Bankers Panic of 1907, when J.P. Morgan, Sr., was crowned Sovereign by the President of the United States, and The House of Morgan has been supreme in legislation ever since, until now they have full legal control of the issue of money, and the complete control of the two dominant political parties.
It has never been my custom to criticise, or try to tear down, unless I think that I can build better. In accord with that principle I point out how we may free labor from the power of money to oppress.
The subject is such a vitally important one that it would require several volumes to cover it thoroughly. I offer this as a first instalment, as it were ; the result of 30 years careful study and investigation, with an open mind ; seeking the TRUTH for TRUTHS sake.
Because of the very great and vital importance of the problem, I realize fully that there is very much left for future development and explanation.
To this I propose to devote my entire time and ability, as opportunity offers, from the platform, or by means of the press, UNTIL WE WIN.
I am sure that my foundation is builded on the solid rock of justice, equity and righteousness. So believing, I am willing to meet all comers in the defense of my position.