Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-01-30

"eoms may uay. what Of ~ where
ono person IN injured another II bens-
fted--but this II not the case. From
about 1879 until 1895 Populiam rose
from small beGinninas. chiefly IN the
great agricultural areas Of tho middlcj
West, tho money lender and tho bond-
holder was held up to every rcproach
and contumcly. tho names OF Russell
Sage and Hctty Green were thought
OF MS the name OF Shylock Discomfort,
had feeling and difncult financing re-
ducod very much economic output and
eliminated in the froe silver campaign
OF 1895.
SHORTY after the beginning Of ths
rise OF 1926, that IL. Mt about the be-
ginning OF this century. tho rise in
prices began to spread tho seeds of
socialism among the worker and the
man with tho fxed income industrial
unrest developed labor unions were
formed and became powerful. strikes
common and many Of the seeds OF the
great war were sown.
Nowhere throughout that part OF
u tho world using our monetary stan
dard was the risc In prices felt with
!, any more cruelty than among the
middle clashes and tho toilers in Ger
many and this discomfort among the
A great bulk OF the people went long
way toward creating the opportunity
!, and In tho minds OF some possibly
[ tho national necessity for war.
"a great teacher once said 10 his
! students Divide the study OF any 90
cial situation into four questions.
What IL Il? Why IL II? What OF TT
} What are you going TO do about III
| Having given to you men OF the press
) this summary OF the first three ques-
tons, brief almost TO a suppression
because Of tho very proper and nee
essary limit placed upon the time al
, lottcd be within which to speak. the
question ar-ises in your mind, What
: are you going to do about II, that In,
9 what Va the remedy7 I am not going
G into that phase Of the matter because
\ am talking about this with you JUST
I ms l have talked about II to great
many others for the purpose OF stimuli
4 lating its consideration. l would not
o discuss II at ALL OF course. X II did
not seem TO mo there were remedy
d and. as a matter OF fact while l have
: thought for long while about just
/, what the evil was and afterward Just
h how 10 remedy II. l never discussed
i IL seriously until II seemed to ms
@ there was remedy, but the chiei
Y thing with me IL for the country u
II get the answer regardless OF wh'
n finds IL. and suggested remedy
n which may not be the real one. tend
n 10 retard rather than 10 stimulate
thought.
k 81 am going to suggest, however
g as an offshoot from this main coneid
{ Grafton, to the Federal Reserve Boart
o and the bankers of the country, ant
g to the great thinking public whose sen.
z timent will 80 largely control the finan
o cial policy Mt this period OF reaction
!, from war imitation, that billions OF dol.
n lars of war bonds OF the government
r were paid for in inflated, that Us. chear
= money, that to double the price of tn,
, money with which these bonds woulc
o have TO be paid. al II being seriousl,
=, discussed as a part OF y policy Of de
= fatlon, Will change the burden on IN,
:, taxpayers of this country from q bill
: lions to the equivalent of so billioni
: of dollars. that Is, Will double the bur
: den: that numberless private con
" tracts were entered into at or nea
tho peak and that practically tn.
. actual contract price would be thu
3 doubled: the millions of dollars worth
e of farm lands were bought and farm
: mortgages given during the area o
thigh prices and that such n polio,
n would probably cut the price of thes
II farms In two and double the burden
IS of the mortgage.
n II am sure you will not misunder
= stand me. AS a reflex from the previ
: GUS high wholesale prices of commodi
Y. ties retail prices scored and have no
= yet come down TO anything like nor
,e MAI or to point which involves mere
l. ly decent profit. Profiteering is sti
= going on, is an outrage on the con
L sumner. the poorer the consumer tn
-, greater the outrage, while on the othe
hand falling prices of farm product
!, due TO an indefensible policy of sud
;, denly restricted credit has prostrate
our farmers. What / am discussing I
: broad financial policy. in othe
70 words, the proper level of the financial
II waters and not the height OF certain
/ waves above the level.
e I'm conclusion, / firmly believe tina
10 the problems of this little discussion
9 can be solved. / firmly believe il Wi
l. be solved and I have the hope that /
may be solved soon for i never wan
n again 10 see agriculture and industria
II enterprise struggling in the agony @
J. long period OF falling prices; or I
II see the young. active. bright bushes
y man, naturally uniformed as to Il
a nancial science and portents, feel tina
n he is rising to prosperity on the It'd
N of rising prices only to find his busi
ness bankrupt and his hope blasted 4
the inevitable crisis just beyond tn
% peak.
II II have chosen this subject which
it seemed to me, would interest bod
= of thoughtful men. You, ! am sur
10 realize with me that 1t Will probabl
II take a long while to work out tn
III problem and that 1t should be al
=, preached as matrimony Is approache
III cautiously
&c Addresses by Others.
is' Former Secretary OF State Evere
II. c. Johnson and Charles b. Parme
u editor OF Every Evening also made q,
ny dresses at the luncheon.
- George Carter, vice-presldent OF Il
association, presided at the Dime
20 and with his customary good felloy
- | chin mazda avery opa IF tho ppaa