davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28
Place Burden Where
Responsibility Lies

AS a matter Of justice, the pro
posed method faces frankly the tss
that the war expenses Of the Entsta
peoples must be paid by some Ons
and that there are only four pc.
sible sources Of payment-the veal,
owners Of the Entente nations, tie
future taxpayers of these nations
the wealth owners Of the Centrs
Powers, the taxpayers Of these
powers. The choice, If ever 1t Be
open, should admit Of little hesits.
ticn. The burden should be imposed
where the responsibility lies. | ar
assuming-as indeed actually ! hcd
the Entente view Of where TIE
guilt rests. But reverse this under
lying assumption, and there vii
equally clearly stand forth the wise
and righteous method Of Germany
for the ending of her humane, en-
lightened, just and glorious war.
But is it wise that war indemnltss
be accepted and approved as estsb-
lished items in treaties of peae''
They are already accepted, wheths
or no they be approved. No pir
can he applied solely to Victories
nations that have been wrongly a.
cseked and denied 20 aCgressor IA
tons: no victor ever was aggreS%.
for the purposes Of peace. Thus, q
is not to the point that lndemnlar
must, by the very fact that they ~
national profteering, turn war III
buccaneering adventures or natni
piracy. Just this in truth has II
making Of war become. Thus a.
Germany use it in 1870; preclse!yS
the Western nations used it sgaE
China; so have the German peoF
teen assured that it shall be used
this war.
There is, then, no choice. So l@I
as no League Of Peace exists wn'a
is effective to prevent war, so ~!
must it be clear that the nation o.
goes out for wool if it wins ms
return shorn if it loses. Specclil
can never be discouraged By gAf
antee1 against loss. Robbers NJ
not be allowed to operate upon
principle Of heads we win, tails
lose. Those that live BY the 81"
must die blythe sword. |
But all this is to the end that
sword trade cease. There VII
no need for pacifsts, ana there v
be small occasion for Leagues
peace, when once wise policies OF"
finance and expedient method'
collecting indemnities are recogn'
When incomes shall be made to :"
with lives the current burdens
waging war-the tax gathered
separately at the side Of the CD
NEUTRALITY-SUSPICIOUS. OF income /
posed upon the well-to-do insIe'' |
good investments promised-thee
dren of the men that go to the ~
no longer TO enter upon an inN
lance of debt in favor Of the chllD
of the men that stay at home-u i
will be little need for the funS
disbursement Of war through
certainty that whichever nation y Il
finally achieve the yictory-an' Il
victor certify itself as aggrie's |
to this nation shall accrue the pr
lege. or shall befall the duty, OF
Identifying itself against the
feated aggressor through the eT |
priation of the existing proper
classes-by the imposition OF II
alties upon present guilt lns'e''
upon future innocence. /
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28

money as taught by MIL ana other
economists. Driven into corner,
the advocates of sound money had
practically to deny the theory in
order to make any Roadway against
him. This was unfortunate, for to
this day anything that seems to
bring back the quantity theory" Of
money has somehow the faint of
Organism.
Meantime, Simon Newcomb's ideas
are being taken up and placed upon
a firm statistical basis, first by Pro-
lessor +. w. Kemmerer, now of
Princeton, and later and with splen-
did force by Professor Irving Fisher,
of Yale. And it is now being taught
in practically all Of our leading uni
versities, and perhaps in another gen
Grafton we shall have President or
Cabinet or an occasional Senator
or editor who will know and care
something about it.
Meanwhile those who have been so
severely pinched and given so much
discomfort and perhaps real suffer-
ing by the recent rise IN the cost
of living ought to know and think
about it little; and then make q
protest to Congress and to the Ad-
ministration against the present mis-
guided proposal to make these con-
ditions still worse.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28

protest to Congress and to the Ad-
ministration against the present mis-
guided proposal to make these con-
ditions still worse.
Nothing Mysterious
About 1t
In substance, all the theory says
is this: 1t is perfectly clear that If
you take all the goods and things
sold in country in year and the
price which they bring. this will
amount to a sum which will be equal
to the quantity of money in the coun-
try multiplied by the number of times
it changes hands. This is nothing
more than a most obvious statement
Of fact. II cannot be otherwise. If
you take all the wheat at g bushel
and all the pig iron at $50 ton, and
so on, and sell them, TO pay for them,
YOU must have a certain amount Of
money changing hands al certain
rate. This does not LOOK very for
midable. But notice what is here i'm
piled. Suppose you put it in the
form of a little equation. like this:
Quantity of goods (Q) Av. Price
(P) - volume of money tM) x
Rate of turnover or velocity (V).
QXP=MXV.
This means that the average price
will, as the algebras used to say,
vary directly with the quantity Of
money and its velocity, and inversely
with the quantity of goods exchanged.
The smaller the volume of money and
the slower rate at which it passes
from hand to hand, and the larger
the volume of trade to be done, the
lower will be the price.
If, on the other hand, the volume
Of money is large and business is
very brisk and the turnover is rapid,
then with the same amount of goods
produced and sold prices will newt
ably rise. Now let us apply this to
the last two years. First we know
that there was huge addition to our
stock of gold money. In little
over eighteen months the war brought
us net total of over a billion of
new gold. 1t went for war pur-
chases, at high figures, with the re-
suit of greatly stimulating business
and producing a typical and GUS
tomary "war BOOM" Everybody
felt flush.
Meanwhile the actual quantity of
goods which the nation could produce
could not be so quickly augmented.
For example, even after three years
of war, and war prices for wheat and
corn and every kind of food, the
total product of the farms this last
year was only about 212 per cent
over the average for the previous
ten years. There was a big increase
in the production of a few things
like steel and war munitions, and a
tremendous demand for labor, which
gave the impression of a huge in
crease in general production. But
really it was very small.
Now all this could have only one
effect. A big increase in the guam
tity of money and an unquestioned
increase in its velocity, acting on
about the usual production Of goods,
could only mean high prices. And
that is what we got.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28
Just What 1t
Will Mean

1t will mean in this country just
what it has meant in England and
with vengeance. 1t will double the
cost of the war TO US; it will add
tens of billions to the load of debt
which we must bear; and it will
arouse in this country, just as it has
IN England, every kind Of social I'M
rest and discomfort among the labor
classes. This is always the effect
of rising prices, and legitimately so.
Wages, except in certain extremely
mobile lines Of industry. can never
rise as fast as the prices of eggs or
-four or clothing, and this means that
those whose wages or income cannot
be so increased must pay the piper.
The rise in prices of 100 per cent
means a virtual confscation of 80
per cent of the income of all persons
so situated.
But there is another and not less
important side. The legitimate
growth and expansion of the coun-
try is dependent wholly upon the sup
ply Of new capital. And this can be
realized only by saving. You cannot
have your cake and eat it too. The
great bulk of new capital, contrary
20 General belief, comes neither from
the millionaires nor from the savings
bank depositors, but from the thrifty
middle class, and decrease in the
purchasing power OF the dollar by
80 per cent is exactly equivalent to
cutting down the fortunes of this
class by so per cent and decreasing
by one-half the needed supply of new
capital.
1t seems incredible that such a
policy could be deliberately or even
blindly pursued by a great nation
ike the United States. What will
be said then of the foresight and
acumen Of our elder statesmen, that
they should propose not merely not
to stop this, but to provide a new
banking system with possibilities of
initiation beyond the widest days of
wildcat banking preceding our Civil
War?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28
Volume of Money
The two will always be equal
times
Its Velocity
equals

don, has pointed out, resort to
various schemes of initiation, which
nave already borne thei- legitimate
fruit. Prices in England since the
war began have risen by something
like 1875 per cent, and are steadily
rising, without prospect of an end.
This means that the cost of the war
has been more than doubled over
what it might have been, and this
is the burden which future genera
tons must pay. Are we going to do
the same thing, commit the same
folly?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28
Payment in Cash
Terms Hopeless

Terms Hopeless
1t is, however, obvious that, in
terms of cash payment, the problem
must be hopeless. Even the billion
dollars that Germany extracted from
France after the war of 1870 was not
paid in coin, and could not have been.
Nor did Germany think it expedient
to rely for the payment upon any
longtime bonds. France, it is true,
issued the bonds, but Germany did
not take them. They were employed
in government purchases of the stock
of international securities held by
French investors. These securities
were then sold by the French govern
ment in the security markets Of the
world, and the proceeds turned over
in the form of bank balances to the
German government. In essence, the
method was precisely like that of the
later and better English war finance
of the present war. English investors
are accepting their government secu-
rites in place Of the securities which
they are giving up to be sold in New
York.
But, obviously, the Germans-the
Central Powers, to speak accurately
have no fifty billions of war secu-
rites for sale. Nor, with the forty
billions Of war debt which Germany
and Austria together owe, can there
be any promising market for German
bonds either at home or abroad. 1t is
none the less clear that the wealth of
Germany at the opening of the war
was about seventy billions; that of
Austria perhaps sixty billions. That
wealth is still there in almost its en-
tirety. The war debts are owned by
domestic holders, as, indeed, are most
of the debts of England and practi-
cally all Of the debts of France and
Russia. In an international account
ing domestic debt is neutral fact.
1t is serious enough, debt of class
t. class, a mortgage Of taxpayers to
bondholders, the basis of a stagger-
ing fiscal problem-but it is not pow
erty. The lands and houses and
factories are still in Germany-the
railroads, the streets, the franchises
under some measure of deprecia-
ton, it may be, but substantially in
tact. Germany thus far has financed
its war out of its drastic economies
in the current and general consump-
ton of ordinary goods. Germany is
nationally as rich as ever; per capita,
with its diminished population,
richer than ever. 1t can pay, as can
Austria, and by ways that will be
altogether salutary.
For all present purposes, then, it
might be admitted that the war was
not the expression Of the spirit Of the
German people-ss it was; that they
did not will it-as they did; that it
was Kaiser's war, solely-as it was
not; or a ruling class war, solely
as it was not; or a Junker war, ex-
cluSively-aS Il was not. u would
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28
By II. j. DAVENPOkl'
Professor Of Economics in cornell
University

University
TITS clear that Germany, in deh-
nitely formulating her own
L. fate as the alternative Of world
power or ruin, was equally definitely
formulating the fate Of her oppo-
nents in the event Of their defeat.
England defeated will be England
dismantled; France Frustrated,
France despoiled. The billion OF
profit collected by Germany from
France in the war fine Of 1870, to-
gether with the seizure of Alsace-
Lorraine, harmonizes with the pres
ent promise of the German govern
ment to it's people that from the En-
tente nations shall be collected the
entire fund of Germany's war ex-
pense. What, then, shall be the terms
imposed on Germany if the Entente
nations achieve peace through VIC
tory?
If Germany be taken to be, as the
Entente nations declare and believe
her To have been, the aggressor, must
Il not follow that Germany shall
discharge the Entente war bills to
the furthest limit of Germanys
ability? Doubtless this must involve
dire hardship for the German people
the utmost farthing of debt and
taxation; but some one must pay.
The choice appears to lie merely be-
tween compelling the German ag-
gressor to pay, as against Imposing
upon the taxpayers of the nations
that were attacked this same burden
of payment-an alternative OF fore
bearance that Germany has definite
ly renowned.
There are, in truth, only two as
poets in the problem to give pause.
Is it possible for the Entente powers
to collect from the Central Allies all
the expenses of the war they have
contrived? In the interest Of future
peace, is it expedient that so great a
penalty he imposed?
| make bold to assert that the
thing is possible. | believe also that
it is wise. | go, indeed, still further.
| believe that the thing can be &C
complished to the net gain of the
German people in all those things
that make life worth living, and with
frightened promise of future peace.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28
Quantity of Goods
times
the average price

rapidly from one hand to another
chat is to say, in the language of
the professors, the velocity of the
currency was very sharply increased.
Now. if the volume increased one
half and the velocity Increased by
one-third, then on the same quantity
of goods sold the price would be
doubled. And that is just what the
various commodity indexes like
"Bradstreet's," "Dun's" and the
"Annalist" show.
And that is all there is to the
problem Of prices. It is so extremely
simple that a great many minds find
a difficulty in being satisfied with an
explanation seemingly so obvious.
They hunt hither and thither for
other explanations or other causes"
But for all practical purposes that
is all there is to it. Whatever tends
to increase the checkable deposits of
the country and whatever tends to
increase the general rate at which
business is being done. tends TO raise
prices. If these two factors expand
faster than the general volume Of
business, prices will inevitably rise.
The thing is as simple as the law
of gravitation itself.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-28
The Missing
Link Discovered

These two men, almost i'm the same
year, worked out the theory and
found the missing link, the lack of
which had so deeply puzzled and con-
fused all writer's upon the subject
up 10 that time, and ignorance of
which still puzzles and confuses
many Of our most conspicuous teach
ers and writers upon political econ
omy even at the present day.
Simon Newcomb was not a pro-
fessional teacher of economics and
therefore his exposition and his dis
cover;es, and they were genuinely
that, were ignored by most of the
economists of his time. Professor
Nicholson's demonstration was not
nearly so clear and decisive, and
somehow or other the new ideas
failed 10 gain any wide footing.
That is practically always the way.
Newton's discovery Of the law Of
gravitation had 70 wait nearly forty
years before il began 70 be laugh.
or referred 70 as anything more than
a curiosity in most of tho universi-
;iss in Europe.
Yet this new theory Of why the
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09
GARD % THANks.

: / am deeply gratified at the kind at
tention and at the many gifts with
which my friends honored me on the
occasion of my leaving for China.
After thirty-two years OF employ.
ment with the Inter-Island Steamship
Company and q still longer stay in
Honolulu I have decided that 1t would
be fitting to spend vacation In China.
] shall, however, be glad 70 see my
Honolulu friends upon my return in a
few months. r.
cHAcK FooK.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09
INWARD

Arrive Honolulu from r...
a,aiLa and Waianae-ss:s6
arrive Honolulu from Eva nm 80
s rsarl city-t7:45 am, ss.ss
$50 5 s Us p.h1- s4:2l On
Arrive Honolulu from was,s,.
Leilehua-s9:15 am s5.es a'''
1873 pfus .7:1s pm. 80 Pm,
The Haleiwa Limited ..-s.
train tonly first-class ticfets 49,. .,. q
leaves Honolulu every sundaT = y.
Am: Tor HaleiWa Hotel: rein>,'..-
arrives IN Honolulu q 1o.1S 49,
The Limited stops only Il Pse<| k;e-
bwa NH and Waianae. 49,
only. t9el9.{
g. 2. .NisoN. q sn,~<.
Superintendent.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

! Lieut.. and Mrs. Ralph @. Holiday
entertained at MONDAY dinner or
Sunday for Capt and Mrs. Raymond
"A. Wheeler.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

Every day finds q number Of ladies
hard at work rolling bandages and
preparing surgical dressing at the
rooms IN the cantonment, and already
splendid amount Of work has been
finished and sent down to the War
Allied Relief Society for Immediate
shipment.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

The friends OF Capt. and Mrs. Ray.
mond a. Wheeler hated 20 see them
leave as they were 80 well liked 1t
the post. Capt. wheeler has been or.
dered to the 4th Engineers. =.
Mrs. II. B. Niles was the guest OF
Lieut.. Col. and Mrs. William R. Da-
shiel on Monday for luncheon.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

-
Major and Mrs. Guy G. Palmer en-.
tertained at a very delightful dinner
at the Country Club on Friday even
Ing. the occasion being the monthly
moonlight dance. Those enjoying
Major and Mrs. Planners hospitality
were Lieut.. and Mrs. Alfred L Rock
wood, Miss Evelyn Hodges OF Scho-
field Barracks, Miss Dorothy Palmer,
Lieut.. Wallace G. Philoon, Lieut.. Rob
ert A. Sharrar, and Capt and Mrs.
Edwin s. Hartshorn. H..
Lieut. and Mrs Frederick A. Barker
were host and hostess at another de.
lghtful dinner this week, when they
entertained on Thursday evening.
Seated around the table were Capt.
and Mrs. Charles A. Lewis, Capt. and
Mrs. Robert NJ. Lyon, Capt Elmer F.
Rice, and Lieut. and Mrs. Barker. Pink
asters formed the centerpiece OF this
very attractive tabls. =
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

Capt. and Mrs. Claire r. Bennett
were dinner guests Of Col. and Mrs.
Lucius L Durfee Of the S2d Infantry
on Friday evening, when they enter.
tanned at schofield Barracks.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

After q very enjoyable visit Of Z
week with Col and Mrs. Earl G. Car
nahan at Schofield barracks, Mrs
Julia e. Lohmaneis at home again.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

ADV.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

Mrs. Edward Fuller WitselI and Dr.
Harry n. Deiber were the guests oi
Major and Mrs. William B. Cochran
for bridge on Thursday evening.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

Lieut.. Edward c. Rose was the din
ner guest Of DR.. Harry M. Deiber on
Wednesday evening at the bachelors
mess.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09
illEaSE
FORT SKATER SOCIETY


FORT sHAFTER. June s.-The din
ner at which Col. and Mrs. James a.
Irons entertained on last Sunday
night was great success, and was
much enjoyed by all present. The
gracious host and hostess met their
guests In the lobby Of the hotel, and
after laying aside wraps and hats In
the dressing rooms provided. all gath.
cred on the broad lanai until dinner
was announced, when Col Irons. with
Mrs. Frederick 8. Strong, led the way
to the dining room where the beauti.
| full table awaited them. H. b. ssas
The table was In the shape OF an
"F and was adorned with tail crystal
vases filled with deep shaded pink
asters, while sprays OF crinkly ferns
formed q circle around the vases and
down the center Of the table, with de-
corations here and there Of the asters.
The place cards added 70 the whole
appearance, being dainty little Japan
csc maidens, holding fluffy parasols,
pink for the men and blue for the Ia
dies. Mrs. Irons was very handsome
In q gown of blue-green charmeuse
beaded inswhits. 49,
After dinner the music by the Ha-
wsiian orchestra was enjoyed Col.
and Mrs. Irons guests were Mrs Fred.
erick s. Strong. Cmdr. and his. Geo.
II. Clark, Mrs. Louis Clark Of Pear!
Harbor, Mrs. Edward Fuller WitseE,
Lieut.. and Mrs. Ralph C. Holiday,
Miss Dorothy Palmer. Lieut.. Eugene
A. Lehman, Capt and Mrs. Edwin 8.
Hartshorn. Col. William Weigel, Col
Richard Croxton, Mr. and Mrs. Case
Deering, Col and Mrs. William d.
Kendall, Capt. and Mrs. Jack Hayes,
Lieut.. Wallace C. Philoon, Capt Theo.
dore A. Baldwin, Jr., Maj. and Mrs..
Guy G. Palmer, Lieut.. and Mrs. Alfred
J.. lockwood, Capt. and Mrs. Alden c.
Knowles, Maj and Mrs. Frank G.
Bolles. Lieut.. Lester Baker, Miss Isa..
bel Baker. -, a.. -, .. ~ L. -.
. Lieut.. and Mrs. Ralph @. Holiday
entertained at MONDAY dinner on
Sunday for Capt and Mrs. Raymond
A. Wheeler.
Lieut.. Edward c. Rose was the din
ner guest Of DR.. Harry N. Deiber on
Wednesday evening at the bachelors
mess.
Capt. Henry c. K. Muhlenberg was
made happy when the mall arrived
this week, by receiving his commits
sion, and Is now fuilaledged cap
tain. He 10 receiving the congratula-
tons Of his friends, Who are now In
hopes Of q ike occurrence Tor them
selves In the near future.
Capt. and Mrs. Claire r. Bennett
were dinner guests Of Col. and Mrs.
Lucius L. Duffee Of the S2d Infantry
on Friday evening, when they enter.
tanned ct Schofield Barracks.
Capt. and Mrs. william e. Hunt
were delightful host and hostess at |
the bridge club, which met on Tues. |
day evening. Maj. William B. Coch. |
ran was the lucky. holder OF the high
cot score and received the prize |
Those playing were Lieut.. Col. WI.
liam r. Dashiell. Mrs. Edward Fuller
Witsell, Mai. and Mrs. william B. |
Cochran. Col. William Weigel, Mrs.
Julia e Lehman, Mrs. Charles Al. |
Lewis, Lieut. and Mrs. Samuel j. /
Heidner, Mrs. Helen MacAdau, Mrs. |
Alden G. Knowles and Capt and Mrs.
William e. Hunt.
Mrs. Samuel ]. Heidner gave . Jolly
little dinner on Tuesday evening for
Mrs. Charles A. Lewis, Mrs. Claire r.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09
TEA DANSANT

Saturday afternoon on the Roof Gar
den from to 6. Tea service fifty
cents per person, also Ia carte.
Music furnished by the Russian
Quintet
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-06-09

eorN 1yss, srabaIaSeA Eyssszs, gv~
ndnmeE 81 exposure % sun, Dust and Win
1njclly relieved b. Murine Eye Remedy. NJ
cIlar1fnR, lust Eye Comfort. Al your Druggist
o. ~ nail. SOC Per Bottle. Tor BOOK Or the
The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1917-01-29

knonn mag gistrate ln most cases be
succeeded in obtaining the promises
be wished but a. last he knocked AZ
one cottage door Whieh vas opened 20
him b. a sturdy son Of the soil
Ny man. said the magistrate. in
his most persuasive tones 'ars you
willing to flght fer your king and coun-
trys
80. Iibeant sir was the prompt
reply aAn / Be- surpFized At you ask
in' me Tor 10 DO il. Two years ago
come next month you yourself fined
twenty shiHings for fighting vi Bill
Smith. and you said il ror wicked to
fight an I promised you as ! wouldn't
repeat the offense. kn' siias kept ny
word - Buffalo News.