The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-11
Professor Fisher of Yale
Addresses SchOOlmaSters

| tically applied in the wood pulp Indus
| try and elsewhere by devices whereby
the worker may picture graphically each
day his actual share in production and
his own work as compared with that of
others. This brings a definite satisfac-
ton. The men who used to make trou-
BILE have now become the best workmen.
This Is natural because their very trou-
BILE making indicated initiative and
ginger"
prof. Fisher merely sketched this sug-
gestion as a sidelight on the problem
and not at all as q satisfaction Of all
OF the instincts. He did insist. however.
that to look at the matter wholly from
the point Of view of self-preservation Ii
to Wow. at the most. just one-seventh
OF the problem.
As the second large phase of recon-
struction. there arises the question Of
paying for the war The idea that the
$3.50. 900. o0o. 900 Of bonds already issued
by the nations was q burden passed on
to future generations he refuted utterly.
He argued that these billions have al
ready been paid through sacrifices OF
food. clothing. &C. in the course of tho
war. and for equipment and ammunition.
For the future. the taxpayers will pay
the debt and the bondholdera will re-
eeive It. This merely means In many
instances from one pocket to another
II every workman 10 a bondholder he
Will share in the receipts. Here IL
where a significant change has come
about It used to be in times past that
the poor men bore tho taxes and the
rich meh held the bonds. The situation
IL now almost reversed: the rich men
pay the taxes while the poor men hold
honda In nnf trfIa IN
treme, but by and large. The impor-
tant point Is that future generations will
be paying themselves. One OF the won
ders OF the world for US to realize will
be the quick recuperation from the de-
struction of war. II will doubtless como
within our lifetime.
A third phase of the reconstruction
problem Is the purchasing power Of the
dollar. Here this has been reduced
more than one-half. and in Europe two
thirds. The question which most inter-
ests everybody Is whether this purchas-
ing power il likely to increase. Prof
Fisher feels that II will not have
marked increase, since he believes that
costs are not likely to fall materially.
He thinks they will never approach pre-
war prices. and that It is doubtful
whether they will, normally speaking
idil more imam . OF AZ per cent.
Prof. Fisher then argued that II
the purchasing power of the dollar
which always, throughout history. has
changed. could be stabilized. II would
tend to keep prices down. A suggestion
for this stabilization Is to change the
present gold standard so that a dollar
would represent the actual price of gold
and not the price OF gold as arbitrarily
fixed by the Government at present
He said that President Wilson favors
this plan and that serious consideration
Is being given TO It by fnanciers
throughout the country.
To help Prof. Fisher in this effort, the
association moved to appoint a commit
tee to consider his plan OF stabilization
and TO place the association on record
In this matter. Alfred c. Bryan, as
chairman; Arthur p. Warren and Will
liam r, Hayward were appointed as
such committee,
FRANK S. HACKETT, Secretary.