The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1920-01-16
STABLE DOLLAR
ISSUE IN | 900
Prof. Fisher Wants to Re-
form Currency
ny HARRY H. HUNT

WARRINGTON. Jan. ia new
campaign against tho high cost OF
living. which may b. carried into the
1880 campaign on the issue OF n re-
vision OF our money system. in being
organized hy Prof Irving Fisher. Of
Yale. political economist OF interna-
tionai rcpute.
Prof Fisher II IN Washington with
N. draft OF bin designed Go s,ahli.
lxs the value. the purchasing power
Of the dollar. once that Is done.
he says. tho problem OF dealing with
tho high cost OF living win be solved,
Prof. Fisher does not expect early
favorable action by congress. how.
ever. Ito anticipates long and
hard fought ngh, before his plan
which hs says he has spent years
In evolving from tho merely aead.
cfnie to a practicable working tsasis--
IL adopted. hut adopted IL must be.
in, tho long run. he contends. II w.
arc 20 eliminate tho injusticcs and
hardahips that nova result in a dol.
lar today buying only half OF the
same article II would buy In 1919.
To support his nEht and carry II
into tho coming campaign. II need
be. Prof. Fisher In organizing n
Stable Money League In tho ranks
Of which no hopes 20 enlist every
man and woman who want 20 know
what the dollars they are saving to-
day arc going 10 b. worth nrxt year.
lilo opened tho campaign In Wash
inEton with an appeal 70 members
Of the National Popular Government
league 20 set In on the ground floor
In the fisht for n stable dollar.
Senator Owen. president of that
league and former chairman OF the
senate committee on banking and
currency. ono Of the authors Of the
federal reserve act. ~ Understood TO
have given approval 20 Prof. Fishers
now bill and TO be ready To sponsor
In the senate, Former Secretary OF
the Treasury Glass. now n member
Of the senate. has also gone over
tho proposition and In declared 10
have given IL approval.
Under tho plan proposed by Prof
Fisher. tho index number OF all gen.
crai commodities entering into the
cost Of living would be taken. IA
Of some fixed date. for computing
the value Of the dollar. II the index
number % today were accepted. as
compared with tho basis Of 1918
prices from which cos;-ofllving in.
crcases are now figured. II would be
ie2. and tho gold dollar resulting
/ En A. A.
OF tho gold dollar Of today. In other
words. tho actual purchasing power
Of tho new dollar would be tis2 as
compared with tho present dollar. IL
would have the same purchasing
power az tho gold dollar OF 1913. on
which present index figures are
based
From month 10 month, or year 10
year. as the index number of com.
bodily values fiuciuates in terms Of
gold. tho weight OF the dollar would
vary corrcspondingly and its value
remain constant
"A yard was originally tho girth
OF a chieftain OF a tribe" says Prof.
I Fisher. Suppose our yard OF meas.
urement had not been standardized
that II was. instead. the girth Of tho
president Of the United States. How
would tho buyer como out who CON
tracted for yardage goods under
president Taft's administration and
received deliveries after Wilson be.
came PRESIDENT Yet tho idcprccn
ton OF tho yardstick between the
Taft and Wilson administrations
would bo no more than the dep-e-
citation Of the dollar between 1895
and today. The depreciation OF the
dollar Is just as disastrous as n cor
responding change In any unit used
Ia commcrcc."