The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1918-12-14

who especially III his handling of the Irish question:
has evnced disposition to shuttle and evade his
former solemn pledges and assurances, and has re-
sorted to all manner of trickery and opportunism in
his efforts to cross his political bridges.
-, AS an exemplar OF that democracy which turned
the scales of victory in the world war the Welsh
statesman does not pass muster
STANDARDIZE THE MONETARY UNIT.
Conditions arising from the war situation with
the amazing advances in the prices of the neces-
sar1es OF lite serve to emphasize the Importance of
further study and consideration of our monetary
system. 1t is obviously difficult, or perhaps inn
possible matter to adjust wages and salaries so
to have them keep pace with the cost of living.
Changes OF this kind would have to be made with
too much frequency to be compatible with safety in
business and industrial establishments, whose
budgets and estimates must often be made for peri
DDS extending for several months or years into the
future.
The man or woman who is employed at stated
wage salary which was fixed six months or a
year ago finds it an embarrassing problem to pro-
cure for himself with his present stipend the same
merchandise and commodities which could be pur-
chased by it at the time his wages or salary was
agreed upon. To restore the equation he finds him
self obliged to get along without of the essen
tlals OF comfort Gas he has always regarded them)
or to look for greater number of dollars in his pay
envelope The latter expedent is naturally the first
he feels constrained to try, but he seldom can de-
pend upon in this direction His request or
demand is usually met with refusal or promise of
consideration involving delay for or less
prolonged PERIOD during which he is forced to battle
as best he can with his mounting family expenses.
The same embarrassments and injustice as are
suffered by workers for stated wages salaries are
met by those who have invested their money in
bonds, mortgages, or other income-producing Sc
curltles The returns from these investments being
at fixed rate covering term of years have, at
present. much decreased purchasing power as COM
pared with the time when the investments orig
inaly made Measured in bushels of wheat wear
that the fixed returns of interest or dividends fall
tar below their previous values and calculations
respecting their purchasing power must be contin-
TALLY changed.
This is brief outline of problem whose so1u-
ton has engaged the serious attention of many
fnanciers and students of political economy through
the country The conditions prevailing during the
war period with the ver-diminishing purchasing
power Of the monetary unit have served to add
phasis to the necessity of an adjustment of the
matter that will afford relief all around. The
est approach to this contamination, perhaps, is to
efound in the suggestion made by Professor Fish
er, Of Yale University, that the dollar shall be
STANDARDIZED from time to time to conform to the
changing prices of the necessaries of life Professor
Fisher has treated of this important subject in sew
eral OF his books on political economy and in
number of magazine articles AS basis for the sta
bilizaton of the purchasing power of the dollar the
prices of certain basic commodities taken at
given time. These commodities are those that are
regarded as universal necessares among the people
of the country for decent and heathful living AS
the composite price of these fundamentals rises
falls the monetary unit is adjusted to meet the
change If, for example, in normal times the pur
chasing power of dollar is 10O and after period
of quarter of year it is found that the same dol
lar will purchase ten per cent less as measured by
the prices of the basic commodities then wages and
salaries would be increased ten per cent to conform
to the advance in prices. This adjustment would
of course necessarily apply to interest on bonds or
mortgages, dividends and other fixed rates of in
vestments so as to insure a fair deal all around
Professor Fishers plan is not without its difficult
ties but in its it has received the indorse
fment of many of the leading political economists
and inanciers of the country. The war has brought
about many situations that have demonstrated the
importance of regulating monetary units to con-
form with price changes in merchandise and COM
modities, and particularly with the changes affect
ing those essential to ordinary living and comfort:
We cannot, of course lift ourselves out of unsound
business and commercial conditions by pulling on
our own bootstraps, as even the Russians ought
eventually to learn. But our monetary system may
be improved and made to meet more adequately its
proper functions, ii it is given careful and scientific
treatment.