The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-12-18
Henry Ford. History,
and Bunk

fN"HNNNWNNMN
Mr. Henry Ford. In an Interview at
Mnscle shoals. assumes ieadersklp 2.
a new movensennt 70 destroy thn rpiu
standard and put the country on "
paper money bnsir.
His initial scheme " very Simple.
He wants the sovernmeuf 20 spend
$4,000. 900 Che says $4,000. Veo has
the aovernment experts say if viii be
nearer $50. 00o, 000l to complete tnt
Wilson dam at Muscle shoals buld
anotheu new dam there and turn 2
whole thing over 10 him. He finds
that the government is reluctant 90
snend the money, The rest ~ ms
words.
"Now I see a way by which eur
government can get this great wcrk.
accomplished without paying a nickel
20 the money sellers, Ihr
government needs $40. 900, oee, that ~
1900. 600 twenty dolinr hiiH Lat
eovernme issue those hiils ana then
pay every expense connected with the
compilation OF the dana
Asked what would be behind this
paper issue. Mr.. Ford saids
s'SimplN this. the good fatth ana
credit Of tha American people
sir. Ford's g,6o0, 600 twenty dollar
bills would be paper flat money;
nothing more. nothing less. They
would not differ In any appreciabie
degree from the fiat money schemes
Of the worlds history. Most Of the
arguments MIR. Ford uses 20 support
his plan can be found In the utter
ancea of John Law, Whose paper
money schemes were exploited W
centuries ago TO bring peace and
prosperity 20 the world. They
brought only disaster. His scheme
particularly resembles the basis Of rs
sue OF the classic nssiEnais OF The
French Revolution. He asserts that
his twenty dollar bills would have he
hind them the security OF the natural
OF the Tennessee river, JUST
"a the early Issues Of a~rsignass were
ostcnaibly based upon the real estate
resources OF the French revolutionary
government. His twenty dollar bills
would not be aa good as the paper
money OF Great Britain by which "aii
trade, all industry were smittan a.
with the palsy; or the paper issues
OF Italy. which drove not only gold.
but silver ana even copper a OF thu
country. They would take their place
with the co~ntinertary currency Of
our own early history though they mt
least presented US with q tamous
phrase. Mot worth a continental"
Unless all economic history IL n he
such an issue OF twepty dollar bills
for Muscle Shoals would be the be-
ginning Of a new craze which until
checked. would brine new disaster
upon ua. higher prices. wild speculh-
tinn, panics and their like. to take the
place Of those from which we are now
| recovering.
These considerations. however. Mfr.
Ford has already brushed aside. He
toes not care FOR the teachings OF
history. In his opinion history Is
bunk"
lie cares nothing for the Gresham
law-thnt bad money viii drive out
good money. Doubtless he thinks
! hi also " bunk
There are some interesting current
parallels well known. for inetancc.
the present purchasing power OF the
German mark. the Austrian krontn
and the Polish mark. These
tries are issuing the equivalent OF MI.
Ford's twenty dollar bids. nut the
prosperity and happiness AIR. Ford
offers are not realized there us yet,
Many Indications recently have
pointed 10 the probability Of q movr-
ment for dehaAing the currency Ia
this country. with the cry that thus
we may avoid the discomforte OF ouf
recovery from the war. II was not
altogether clear who would lead a.
Mr.. Ford. by his Interview al Muscle
shoals has Indicated nj least whp
n willing to lead II.
The interview contains ether inter
esting implications. II exposes tho
objects OF Mr.. Ford In his Muscle
shoals offer. His plans are evidently
political, not Industrial
The Interview also illustrates the
ssfentiai similarity taa q matter of
practical effoct) between Mr.. Ford's
scheme TO get Tho boys out Of the
trenches by Christmas.