Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-12-28
ECONOMISTS ARGUE
PROBLEMS OF LABOR
American Economic Association
and Allied Organizations Dis
cuss Worldwide Questions.
DAVIS WELCOMES VISITORS
Seligman Advises Treasury Re-
forms-Wants Borrowing
Discountenanced.

tions the feature was the presentation
Of the report Of the committee on war
finance. This report. which was pre-
pared. IL is stated. at an expense OF
$4,000. was presented by l.. X. \. SeliE-
man, of Columbia University, chairman
of the committee. 1t comprises la7
pages. 1t concludes with the following
recommendations:
While currency and credit cxpan-
sion has been to some extent unavoid-
able. ii has probably been greater than
necessary. To prevent further aggra-
vation during the postbellum period,
the following suggestions deserve con-
sideration:
The Federal reserve authorities
should follow q less liberal policy in
the matter Of rediscount and collateral
loans for member banks.
"A great effort should be made 10
discourage the borrow and buy policy
II the matter OF Liberty bonds in SO
far as borrowing TO buy does not in
voive immediate economies Of con-
sumption.
Recourse TO an,icipatory borrow
ing. by the issue Of Treasury certificates
Of Indebtedness should be avoided
The gold embargo should be termi-
mated. and with the ablishment Of
control of international exchange should
be abandoned.
Finally, the plan OF stimulating gold
production by means Of some form of
government aid IS 10 he deprecated"
PRICE LEVELS INTERESTING:
TOPIC IN EARLY SESSION
Price Lovels' proved TO be one of the
mornings most interesting subjects.
This matter was considered at a join;
meeting OF the American Economic AS
sociation and tho American Statistical
Association. Wesley Clair Mitchell
president of the latter organization,
was in the chair W. W. Stewart. Of
Amherst College. read a well-preparei
paper on the subject Price Fluctua-
tions During the Present War" An
oo,her paper was read by Or. Royal
The Possibility OF Working Out an In
deN Of the Cost of Living
Or. Mceker declared that the proposi-
tinh contained in his paper was not
only tncoretcally, but practically. DOS
sieie. and work on ii had already be-
gun. Schedules. with 600 questions.
-resarding the expenses of families, had
gagged in filing out the spaces for the
answers. All OF these questions We're
being handled from the standpoint Of
reconstruction and readjustment fol-
Professor Irving Fisher. OF Yale. par
ticipated in the discussion and declared
mat comparison of commodities.
D"'ce-lXing. with those which were un
restrained. showed little difference i'm
increased price.
SHOWS PRICES INCREASE
AFTER NEARLY ALL WARS
Charts. which were shown. demon
Went up after the War Between Tho.
states and generally after other con-
.iicts. with the exception OF the
Nanoleonic wars
Yesterday afternoons session was
devoted To labor problems and was mar
.:ciPated IN by the Economic Associa-
non ana the American Association for
Labor Legislation. II was presided
one' by The presiden; of tho latter Or
Raniza tion. samuel McCune Lindsay.
of Columbia Universitv
cuSsed by John e. Andrews He refer
req 10 international labor conferences
which had been held "a, Leeds. England
ana Bern. Switzerland Al both gath
rect that working classes of all coun-
l.1cS shou!d be assured of q minimum,
standard of working conditions. II was
t,,.a, :" oe urged thai the general peace con-
natters Mr. Andrews did not con
sider this is a radical program. II
you'd make the lot Of the people bet
Tor and would stabilize lahorinc CON
thought.
MAJOR PARKINSON DISCUSSES
CONSTITUTIONAL CONSIDERATIONS
!, Major Thomas !: Parkinson l. S. A.,
a!S,sSsea .;nns n;. constitutional cons!dera-
VICE law anecting labor conditions
heierfine TO statement OF Mr.. An
rnSw. rn mat American delegates 20 diff
mad neen embarrassed by the fact that
onr Federal government did not have
tne me, sane sane power in regard TO Labor
Major Parkinson descanteh upon the
,rcat!-making powers OF the Constitu-
,roIie noh re, ne ,:n aeclared that authority to
siitut!on TO the President with the con
cent OF two thirds Of the Senate and
ina ina The me only subject left open for
the subject Of treaty. He refsrred
TO the United States Supreme Court
decision holding that Congress- had no
the several States. Hc also reforrsd
10 the decision that the gove~n,nent bv
treaty with italy was bold to have
nropertv in Marviand From this he
drew tho, conclusion shat much might
We done by trePtv which was nrohib-
test OF whether or not the subject
matter was one which was in.erna-
IONA, Or one which was simply ma
LABOR LEGISLATION MUST
HELP ALL COUNTRIES
George l.. Barnett. of Johns Hopkins
University discussed the subject gen
internationally should be urged. not
on the old principle that uniform
system protected our own industries
from competition of cheap labor. but
on the broader basis that it would he
helpful TO the people of the countries
which h@d not advanced so far in the
making OF remedial laws
With Professor Irving Fisher in the
chair. the subject Of The Psycholosy
of Labor Unrest" occupied the remain
der OF the afternoon. Robert b. Wolf,
Of the Emergency, Fleet Corporation,
read paper on securing the Initia-
tive Of the Workman" He attributed
The present unrest to dfverting tho In
stincts OF workmen from the creative
TO the destructive. He declared that
the men in the ranks, IL given the
9pportunities OF those in charge of in
dustries were equal TO them in abil-
ity and that this was shown by the
iact that tn" majority of captains OF
industry h9f -iscn from the ranks
In his orir'on. unless men were given
better ct~'itions and more Initiative
their tendencies would turn into de-
s,ructivc channels
The afternoons session was closed
ITy.