The Washington herald., 1922-02-26
LESSON OF BLIND
IMITATION CLEAR,
SAYS GRAIN CHIEF
i3i.. -
Governments Now See
Need of Preserving
Stability.
PROGRESS VISIBLE
Financial Sanity Again in As
tendance and Europe
Is Awake.

NEW YORK. Feb. 2s.-Bankers
and business alike are evincinx a
nswly-found interest in the rapfd
strides which have been takinS
place in the agricultural situation
OF the United States during the
past few months. following the in
formative address on this subject
delivered recently by Julius II.
Barnes. former U. s. Wheat Direc-
tor and president of the United
States Grain Corporation.
The substance of Mr.. Barnes ad-
dress follows:
FOR eight years the world has
been great laboratory Of social
and financial experiment. Financial
and economic maxims hitherto un-
questioned have been thrown Into
the crucible of a worlds wreck.
The precipitation Is only now ap-
preaching. and we are still so close
10 these mighty events that we
must leave the ultimate Judgment
TO posterity. We may, however, re-
view the record of these eventful
years and we may. with great difi-
dence to be sure, arrive at certain
conclusions even now.
rs Lessons of War.
-Four years of gigantic warfare
dtsproyed all the accepted theories
of the abilities OF peoples to with
stand crushing financial burdens.
Fantastic paper currencies since
have been stained with the tears
and blood of an ignorant and mis-
guided people. Political theories
preached In the abstract for gen.
erstions have discredited them
selves for generations to come, ~
the utter wreck occasIoned- So
cial theories that discarded the
primary impulse of individual hu-
man nature have brought their own
disaster upon peoples unable to un-
derstand or unwilling to fight for
the fundamental principles OF hu-
man liberty on which alone human
happiness could be based.
From all this wreck and tur-
moil we see emerging certain great
truths on which human happiness
ard human progress must rest.
Weed of stability.
For instance. it is clear to US,
as never before, that the primary
obligation of constituted govern
ment is to preserve in stability its
measure of value; that It has a
sacred obligation never to deliber-
ately innate or deliberately debate
its currency valuations; that 1t
must bend every proper effort to
preserve this relative value stabil-
fly. in the protection OF the pos
sessions, the Employment, the
means of Livelihood on which the
happiness of its people must rest.
Il will illustrate by the German
example of deliberate printing
press imitation. and the resultant
depreciation of currency values
The bonds and mortgages of 1913
Germany represent the security
through life insurance and trust
estates crystallizing the lifetime
thrift and industry of citizens ac-
tuated by a great conception OF
after-death protection for their de-
pendents.
IN paper figures those accumu-
lated savings OF thrift and industry
stand today nominally the same,
but the current income secured by
them will buy today but per cent
instead of 100 per cent of the
everyday necessities needed by
surviving dependents Hold before
A people by millions of instances
this example of the utter defeat o.
the lifetime impulse of after-death
rrotection for those dear to its citi-
zens and measure. il you can, the
dLadeninr effect on the fundamen-
IA virtues of thrift and industry
today. 1t will be a marvel, indeed,
IL tho former thrift impulse OF the
German peopIs survives this temp
tation to immediate use in extrava-
cant waste of all their current
earnings 1t would be a marvel II
n did not breed a disposition OF
heartless unconcern for after-death
protection.
almost all the countries of Eu-
rome Welded to this easy delusion
that Aheir paper token. with
propkr designatio nof value. could
in same magic manner be ex-
changed for the products OF real
human effort
Extreme I'm Russia.
IN Russia the extreme has been
finally attained. until that country
of cormerly premier position In 1000
exporting surplus, now In the midst
Of Universal Industrial and agricui-
tural desolation, has really attained
the ionged-for ultimate ideal oy
which one may barter bushel OF
wheat for even exchange with a
bushei of money.
TN fortunate America we have
tasted the frinEes of doubtful devil
alton from sound finance. A period
of partially deliberate Initiation,
justified perhaps by the necessity
Of war loan flotation, brought in
its train of increased prices. myriad
instances of universal suffering
~ Hnr ~ rrAa NJ