From the wide open spaces of Minnesota, where grow corn and wheat and financial reforms, comes a new proposal for peace upon earth with the dollar sign as the herald angel. The spokesman is Senator Shipstead, the Farmer-Labor member of the Foreign Relations Committee. His proposition is to establish control by the Federal Government of all American banking and investment credit in the international field as a means of promoting world peace.
The proposal in action is very simple, the principle being that of the small boy's allowance. As long as a nation does not fight or play around with rowdy nations, Uncle Sam will give it all the bright shiny pennies and loans and credits that it may want. But should it do anything that might be called naughty Uncle Sam will be severe and not grant it even the most secured dollar's credit. Thus Uncle Sam with his money bags will stand guard over the dove of peace.
Senator Shipstead, in putting his proposal before the Senate showed a realization, even if a somewhat exaggerated one, of the important position of the United States in world finance. Control of international credit, he feels, gives the United States the "greatest power for good or evil that was ever given any nation in the world to control." He is doubtful of the wisdom with which this power is now being used. The doubts of Senator Shipstead are in many cases justified, but unfortunately his proposal raises the embarrassing question of whether the people of the United States are willing to assert such power or any international power. They have had it for the taking once before.
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