Arizona republican., 1921-11-25
THE EXCHANGE MIDDLE
BY DR. FRANK CRANE Copyright, 1921, by Frank Crane)

The curious thing about the chaotic condition that now rules In the rates of exchange of the moneys of the different nations is that nobody seems to comprehend exactly what makes it, precisely what will rem edy it.
 There doubt but what the distress all over the world among aborers the stOppage of production and the other elements of present economical conditon are due to the violent disorder in exchange rates
 Nobody wants to make contract to sell anything for thousand dollars in six months if at the end of that time his thousand only six hundred.
 Of course there many cocksure economists who very shry insist that they know just what is the trouble But hardly two of them agree, and hardly of them is convinced.
 Whatever may be the immediate cause, whether it be the destruction caused by the war; the vast debts or the various countries or the uncertainty or the mes there little doubt that the root cause of the whole thing is that the money which is the blood of commerce. IS controlled by forty fifty nations instead of some one central authority.
 Commerce is International Patriotism and all oth- national sentiments and devotions may be very es able in their way But they do nothing to business cept to play hob.
 Perhaps after all, it may be from the pocket-book of the world that will the bangs that shall compel mankind to that redemptve unity which alone in- sure the progress of the race.
 The dollar is controlled by group of gentlemen at Washington the mark by another group at Berlin the franc by another group at Paris and so This would work all right if each country alone, leach its separate star" But when they live the same planet and have to do business with each oher the result IS only confusion.
 One perfectly absurd result of all is that in Ger many where the currency most depreclateQ, DuSneSS fourishng and factories busy with foreign orders While in Great Britain and in the United States unem ployment is at its worst and business is suffering from paralysis.
 This would to argue that the way to get pros pery speed up the printing presses and make more paper money It furnishes excellent basis for the claims of the greenbackers and natonsts of all kinds So long as nations are complete and independent entire y of each other the that has the most deprecated money has the advantage the one whose money sound.
 Of course, any one who sees few inches beyond his nose understands that initiation is only temporary matter. By and by country, individual, has to pay up Also with inflation prices have way of gal lopng ahead of wages and it does good to have your salary increased to $1000 minute when the price of ham and eggs has been multiplied ten thousand times.
 There are two ways out of the difficulty. One, which is actually insisted upon by many poli- ticans that each country labor for itself alone isolate itself raise high the tariff barriers and work out its own salvation.
 The only trouble with this is that it is impossible. It is an effort to turn back the clock of time to revert to condition of provncaism and isolation which the world has abandoned.
 The other remedy is to go forward and to form some sort of international arrangement by which the money of the world may be based upon standard re- cognized universally and controlled by authoritative body acknowledged by all.