Arizona republican., 1920-05-26
some of our ..Thinkers,,

Some of Our -Thinkers'
 One of the evils of the times-it has been an evil of all times.-but of late years it has been more pronounced in America-is the tendency of people to think. who learned think-to think out loud. think through the public prints. think in books and magazines. And that great many erroneous notions became scattered about. These amateur untrained and unbaked thinkers per eeive something which they regard as symptom They seize upon and without connecting it with other visible symptoms, construct a theory a dction. They remind of the three blind men of Ispahan who described elephant by feeling of him. To the man who his tan he an object very rope;" the who had fallen against a leg he 'tvery like tree"
 Now we have people predicting about future prices they will higher and that they will be lower. Each rests prediction fact, some one experience without giving consideration to other altering modifying facts experiences We have people predicting hard times because money has frightened a little. They only know that frightened past times did get hard. But they do consider the of the tightening of eeoney then and the now-two very widely diff causes. Then money frightened auto maticalIy; frightened itself and sought ah asylum Prices fell automatically and to the regret of every body. money s being frightened with design for he purposes of forcing down priees-something that .he people want to done. quickly and thoroughly
 The untrained thinker curiously avoids the plausible. the direct the simple and seeks the the circuitous and the absruse. He realizes clear him he intensifies the mystery.
 The most sensible thing we the subject is in Washington dispatch to the Kansas City Star:
 We are ending our grand national spree follow ing war" of the nations biggest financial authorities commented We've begun to dose down the castor oil It's unpleasant to take Thereh be sauirmng and protests and crying But castor oil killed anyone. And we'll all feel better when the national spree head is gone"
 Ban careful o refer to steps by federal reserve system a start of defation-rather they call it the absolute check further imitation. very evident it the prevailing opinion that the price has come the downward tendency has started. They do lay much the widely advertised epidemic of cutting that is running through the nation certain commodities, noticeabIy women's wearing apparel and in some instances mems cloth 8 ing they other things particularly the evil dences of returned sanity to the public whole in <. the matter of buying. There must be particular reason, such as over-production in that particular commodity, particular tighness of credit those
 ncsor the refusal of the public prevailing prices ln definite opinion that the z general price trend has started downward
 There confirmatory evidence from every part of te country that the mad orgy of reckless buying without regard to price with the notion kfckng they T be higher soon is deflnely passed. r The psychology that everything would go higher with .. it's attendant wild bidding of the available ply, contributed finarciers here to the present unreasonable level than Il production. Prices generally going down Z with bang and low many consumers would like because production hasn't increased it should K have in industry as a whole. has E laying factor tae downward movement. is the general belief that prices will q more reasonable and trter relation to production and !, ply than they in the spree of buying
 The action of the federal reserve banks apply relief by defation regarded by the correspondent as something than that-as operation of one of it's functions which yet been exercised:
 The big test of federal reserve system, it's s efficacy as a piece machinery, ! comes proved in the the Democratic Y politicians never permit forget, that could do one part financial It provided easy money and itself quick expansion the Y credits which made financing of the tremendous borrowings a successful operation In fact, Repub- lican politicians charging it lent itself to easy imitation in part, responsible the nigh o prices credits expanded. Now i must demonstrate defate what has beer ss inflated Credit expansion with attendant soaring prices or soaring prices with attendant credit expan sion produced a national howl at high prices a everybody's pocket was hit
 In 1878 after everybody had felt the need de fation and for some years had wondering anC .rguing how it should brought spec navment should be resumed John sherman. secre
 arv of the treasury ended it with single word Resume" followed by single action, resumption and it was done. By equally simple process tn federal reserve bank entered upon the ou ,erplexity by the removal of of the causes tn prime and principal one-too much money.
 The Misadventure of President Desehanei
 We know nothing the personal habits of Mon
 fe1r Deschane president of the French republic .yc have never heard anything his discredit. Bu