Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-01-25
THE DOLLAR TO CHECK H. T.. l..
Professor Irung Fisher Explains His Pan Which Attracted
Worldwide Economists Bankers Statesmen

Tor san tTAnclScO, tHe ldte r1ehty
Lee Higginson of Boston, George
Foster Peabody. director, Federal
Reserve Bank, New York: Clarence
H. Kelsey. president, Title Guaran-
tee and Trust Company. New York:
Evans WOollen, president, Fletcher
Savings and Trust Company, In
dianapolis, Ind; Robert Kent. presi-
dent. Passaic Bank of Passaic. \. J.
Among the prominent business
men. other than bankers. are: John
Hays Hammond, mining engineer:
John V. Farwell, Chicago: J. krutt-
schnitt, chairman. executive COM
mittee. Southern Pacific Company:
Roger W. Babson. business statis-
tician: James II. Brookmire, bust
ness Statistician: A. 3. Farquhar.
York, Pa: Norman Lombard. presi-
dent, Western Farm Credit Com
pany, San Francisco; Richard A.
Feiss. Cleveland: Albert H. Now
bray. vice president and actuary.
Liberty Mutual Insurance Company.
Boston.
Several business organizations
including the Bridgeport and
Waterbury Chambers of Commerce.
have formally approved the idea
Other groups have appointed COM
mittees which have not yet report
ed. Labor oreaniZatio have also
shown marked interest. commit
tee having been appointed by the
executive council of the American
Federation of Labor to make d
thorough study of the plan.
Royal Meeker. commissioner Of
la Dor statistics, has favored the
plan both before he was in Office
and while in Office. Assistant Sec
rotary of Labor Louis Post IA
vors it.
In Congress. Representative
Hustled of New York has intro
duced two resolutions on the sub
ject. the last one to appoint ma
tional monetary commission which
should investigate the currency
problem. especially to the end that
the purchasing power of the dollar
may be stabilized
Three other members of Congress
have offered to introduce bills look
ing toward the practical application
of the stabilized dollar plan. Others
have indicated interest in the queS-
ton. In the Senate also some lead
ing members have shown an inter-
est. including the late Senator New
lands, Senator Shafroth. Senator
Myers and Senator Owen.
x x K X
Official interest extends to other
countries than the United States
Sir David NJ. Barbour. one of the
chief originators of the exchange
sta ndard for India. wrote:
- think it likely that some
s sSeh system may ultimately be
New Zealand officials have shown
particular interest in reviving the
idea of an international conference
and in this plan in particular. 1
have received two cablegrams from
the New Zealand Board of Trade
tchief1y concerned with the regula-r
ton of prices and other aspects of
the high cost of living):
That control of the general price,
level by Standardization of the pur-
chasing power of the monetary unit
of value. the sovereign, is the way
out of the economic labyrinth has
been suggested by many economists.
and this solution is being advocated
by Prof. Irving Fisher with a bril-
liancy of statement and wealth of
statistical reasoning that has at
tracted worldwide recognition . .
so hopeful does Prof. Irving
Fishers suggested remedy appear
5 to the board that we earnestly rec
ommend it to the serious attention
of the government.
.-., ,g,.. wv. G. MCDONALD
y. r HART,
''P. HALLY,
Members of the Board"
A bill introduced in' parliament,
empowering the board of trade to
deal with the prices situation, re-
suited in considerable debate I
quote extracts from the remarks of
Hon. Sir j. G. Findlay on the board
of trade bill in the house, Septem-
Der -:
so L would urge on the prime
minister and the government to give
us chance of having this matter
Investigated, as is being done in
America today. 1 would be-
seech the prime minister to regard
this as one of the most important
propositions with regard - reduc-
ing the cost of living in this coun-
try we have ever had before u.s.
The Hon. w. D. S. Macdonald.
who was until recently minister in
charge of the board of trade, is
quoted in a newspaper interview on
the board Of trade bill (Which was
drafted on his instructions) as fol-
lows:
Il am profoundly impressed by
Prof. Fishers scheme, and if ap-
plicable to New Zealand it's inn
portance cannot be exaggerated.
Therefore. l suggest. and earnestly
recommend. that you appoint a
royal commiSSi On to study this vital
question from the point of view of
New Zealand's interest, and to re-
port TO you from time to time the
result of its inquiries.
again urge this matter upon the
serious attention of the govern
ment. The remedy for the
tide OF rising prices as urged by
Prof. Fisher and Sir J. G. Findlay
seems to be the only scientific rem
edy that has been propounded."
X x !: =
The publication by Macmillan.
this January. of my book. "Stabiliz
ing the Dollar" now enables all who
are interested to secure a full dis
cuss1on of the proposal, with a de-
scr1ptlon of the technical details in
vowed In the plan and with answers
TO objections. l hope to see this
soon followed by the formation of a
stable Money Lea que" for the mr.
pose of educating the public and
bringing support to any legislative
action for the adoption of the plan.
Especially will it be necessary to
gain the attention and support of
business men. With their support
there can be no delay in securing
the passage of bill establishing a
monetary commission which can
make searching investigation of
this and other plans to meet the
troub1ouS currency situa ton.