New-York tribune., 1922-11-26

III this leads up % pne SUBJECT dis-e
"a intimately and thoroughly by
G tasse ssaseray Of Political Science at Its
M s.nsI a meeting on Thursday and Fri
@ = II last week. namely, the money
gts,s L relative contentnens found
- wage eafners who, the farmers
sssa ..ssrs IRE getting more than they
s..syve Aad there is nothing bnt
ss.:sss.;sfsetioa among agricultnrists.
sT,sss xsss safnsfs have their labor unions
~ III fsrmers have their farm bloc.
4, % dsse the real accomplishments
+, been credited to the unions, but
- iesdsng statesmen and economists
i geIi are convinced that The farmers
f,iessncs aust be reckoned with; that
siIl eeme to focal point in the
1t Presidential campaign, and that
country is facing serious agita-
q in favor of cheap money.
smefhing that Dean Joseph French
,,ss;nson Of New York University
sssol Of Commerce said before the
siemy of Political Science last
lssaday lays the question bare in
ggsage understandable alike by the
s enlightened Minnesota grain
essr and the least we'll compensated
assman.
the yardstick had fits of stretch
and contracting" said Dean John
u -endless confusion would be in
ssfssaced into our stores, taller shops
4 Il aressm making establishments And
lfae bushel basket and peck measure
SHs liable TO change In size over
fsst and every night we would be
5ay ii we escaped an agrarian revo-
Zion. Yet the dollar that tricks peo-
Il BY its changing value works more
asghief than would an elastic yard
I0s or fckle and changeable bushels,
sss, quarts and pints.
b Quest of Standard
So it is the duty of all of us who
sn studied the money question TO go
4 ia guest of an ideal standard OF
sae which people will gladly use as
isedium of exchange. We all know
at the ideal dollar must be. It is
b dollar which will always buy in
fasral the same amount of goods or
eYiees. 1t will guard people against
iss form of artificial prosperity which
sTsated by rising prices. and prevent
ane periods of business depression
siith are the bitter fruit of declining
gse level
Leaders of thought whose money
nseas vary may meet and discuss the
aestOn thoroughly without coming to
ahy eoaelusion. 1t was so in the case
q he men who addressed the Academy
q Political Science last week. Their
/, gas psins of agreement was that the
country ls Likely to be assailed with
M sorts Of fallacious ideas on money
saa fast countepacting campaign Of
assenhaating sound reasoning is very
llea @ be desired. The theories Of
tefa and Edison came up for special
slsgss at the academy meeting.
lsse two men, leaders in their own
4ass OF endeavor ard men whose opin-
MS On extraneous subjects are likely
y ee swallowed by large masses of
lsople, undoubtedly devoted much more
aHe TO the formulation of their
aeoFies than economists require to
glts them to pieces. Congressman 4.
Aan Goldsborough pronounced the Ed
y. sen plan more unsound than the
10 to |" theory that exploded in the
residential campaign of 1895.
!. But 1t was left to William T. Foster,
nfector of the Pollok Foundation for
economic Research of Harvard Uni.
'srsity to lay the Edison plan bare
ma let the light of cold reasoning
same through it. This scheme was
iaaaehed not long ago, but it was so
lsadiiy dismissed by thinking people
nat IT Is worth while setting down
she iaea IN few words. Edison
would have the government erect huge
warehouses;, to which farmers would
orhg their commodities and receive in
.as sa.aashge mortgage certificate. The
fS- fsisiilcsts could then be exchanged for
- eaefai Deserve notes at any bank at
w yer cent Of the value of the goods
- = aesernined by the prices over the
Y iasf twenty-five years, while, in addi.
sion, az ownership or equity certificate
aoaid be given. In order to make the
nVpey seif-liquidatinR the goods must
Z z sod Or redeemed within a year. and
aasa soid the notes originally issued
'ss'ast tho goods must be destroyed.
ittacks Edisos, Plan
TIE first objection to the plan. ae-
ssulng to Mr.. Foster, was that it
sa'a wy extend government control over
sssiness. in that it would call for
ae appointment of vast army of en-
seyeas, who would be political an
s;,atees, having the power to deter
alae what commodities would be ac-
sqsed IN the warehouses and who
seid mus have power over the cur
assey system of the country. Edison's
~ ssiul that the plan would give money
sSefoader and sounder basis furnished
u second subject of Mr.. Fosters at
IN ~ AS requisite to such breadth
81 y sonndness the money would have
i,s sN fedeemable in specific cemmodi~
~, -. u al the money against all the
i:,s.aodities 3. taken in bulk. In the
~ ~ case money issued against a GER
ia i,sa eemmodity would vary in value
,,aa ssa cay to day in relation to that
s. against another commodity as
'ss,, supply Of one increased and the
~ asplIs 10. o. another diminished, while in
asSter case the problem would be
4 ss ,ss. asoluble. Again, 1t was object
ssSas., ADS, 7 the producer should receive
.hs ssaa asa reserve. notes secured By gold |
standard at once would |
retaS;sssf retaS;sssss and the gold standard be |
lunbiss s., II. Parker Willis, of CO.
sssug,.: ohiye rsity, believes that the
.orrssss4oa Of an absolute standard Of I
,ankjaa or soundness in money and |
felias. y IN itself in the nature OF I