The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-06-08
AGGRESSIVE IS
CONTINUED from Page One)

lrnjustified prices. which are stupid
"a we'll as unlawful are subject now
to ample punitive laws. Those laws
should be enforced. others If neces-
sary. added, and the offenders both
great and small should be pursued and
nunished. not in the headlines of the
newspapers after the manner OF the
present attorney general but quietly
thoroughly and efficiently, in the
courts of the United States.
Another deep-seated cause OF the
rise of prices. more effective IN It's re-
suits, although less obvious than
profiteering, is the abnormal increase
per capita of the circulating medium
This has doubled since the war began
and if in the space of a few years the
amount of the circulating medium Is
doubled it has a most profound erect
in stimulating and advancing prices.
During the war credits have been
enormously inflated and there nave
been large additions to the currency
through the federal reserve banks.
Here it is possible to check the adj
vance of prices by law. We can pro-
vide for the control or credits in such
manner as to give preference to the
most essential products. We are also
able to reduce the amount of the cir
culating medium in the form OF fed
eral reserve bank notes, the authority
having been given during the war to
increase the issue of these notes from
two billions to four billions. 1t should
be one of the first acts OF congress 10
deal with this ESSENTIAL point and 1t
would have a marked effect in reduc-
ing prices by steadying them and
bringing them down to lower and
more normal level
Remedy Lies in Production.
The most potent remedy of all
against advances in the high cost OF
living, however, lies in production.
which cannot be reached directly by
statutes If production begins TO
fail and fall off, the cost OF everything
will be advanced by the simple force
of scarcity which inevitably drives
prices upward. The most essential
remedy for high costs is to keep up
and increase production and particu-
larlv should every effort be made to
advance the productivity of the farms
There is, however. one measure
which cannot be passes over, single
great law which has been enacted and
which in any period would be sutfic
lent to distinguish congress as one
of high accomplishment. This is the
railroad act.
For six months able committees in
both houses, committees where nc
party line was drawn, toiled day after
day upon this most intricate OF prob
lens There was much serious debate
in both senate and house and then the
bill. signed by the president, became
law.
No doubt. time and experience will
show that improvements in the act
can be made. but in the main it Is a
remarka Bile piece of legislation and in
general principles is entirely sound
and nothing could be more unfair than
to Criticise the present owners con
lending with the legacy of misman
agement waste and confusion be
queathed by the government when il
returned the roads only three months
ago. The railroad law possesses also
an importance wholly distinct from
its provisions. which have beer
framed with extreme care.
Declares National Policy
This act declares a national policy
and, so far as any law can do it. es
tablishes that policy as a rule of &C
ton. The policy embodied IN the bill
comedies at the outset that it is Of
course impossible TO return to the ole
system or lack of system in the man
agement Of railroads. They must
henceforth be under thorough govern
ment supervision and also the govern
ment must have over them a large
measure of control. The transporta
ton system of the country can nc
longer be suffered to continue withou
such supervision and control. Blu
the policy also represents the princi
pie that the government must not as
sumo the ownership OF the railroads
Their operation and management
must be left in private ownership
The phrase government ownership