The Cordova daily times., 1922-01-25
FIAT FINANCE IS IN THE AIR AGAIN

period Ot lnflatlOn and speculation, comes al movement for currency imitation. The remedy is like that of getting drunk again to cure the headache and general physical demoralization after debauch. Apostles of the people, at such times, arise to remind the debtor that while he contracted his obligations when money was easy he is having to pay when money is tight. Campaigns of this kind are always characterized by great deal of lurid rhetoric about the money barons, the pluto crats, the bloated bond holders and the big interests.
 The United States has passed through sev- eral such periods, the most recent being the campaign of 1896, featuring Coin Harvey, free silver, William J. Bryan, his cross of gold and crown of thorns. Now, with deflation follow ing the imitation and speculation of the, war period, with the day of settlement succeeding the day of financial joy riding, demagogues springing up on every hand with schemes for making everybody rich and happy once more through the free and unlimited issue of fiat money.
 When the federal reserve law was passed eight years ago, one of the leading bankers of the Middle West declared that while the i'm mediate effect of the measure would be good, it represented a dangerous venture of the gov ernment into the banking business and held possibilities of imitation which would ultimate ly bring reaction and the renewal of agitation against banks and in favor of more radical n- flationary measures The time has come, much hastened by the necessity of expanding credits during the war, when that prediction is being fulfilled
 Demagogues with political bees buzzing in their bonnets. are arising to propose all sorts of inflationary panaceas for the evils arising out of the recent process of initiation. Coin Harvey is writing a series of articles for the Socialist Appeal to Reason. Henry Ford and Thomas Edison, who have gained fame in the realms of gasoline and electricity, come to the front with a scheme for the revival of the Assignat experiments of France during the Revolution. They would issue currency based on the property owned by the government. This means an unlimited supply of new money based on the ownership of the national capi- to and other government buildings at Washing ton the forest reserves, the national parks, the Muscle Shoals dam, an+l>maybe, our alrpane and shipping investments during the war 1t is the opinion of Messrs. Ford and Edison that there is no reason why everyone should not have a pocket full of money while there are so many printing presses in the country that could be utilized to grind out bills based upon the credit of the United States
 Germany and Russia are trying this plan out at the present time. The German mark is now one-fortieth its former value An American visitor to Germany tells how the ex- change value of her money shrank considerably between the time when she entered German hank and the time her supply of marks was handed over the counter. In Russia you trade a wagon load of paper money for basket full of provisions. But, as Mir. Ford and MT. Edi- son point out, everybody is at work in Ger many under this system. But that is because| no one practically, can stop working without beginning to starve at once, and the fluctua tions of the currency are cheating the produc CTS for the benefit of exploiting capitalists and aliens.
 However, MT. Ford is candidate for Presi- dent and is interested in the workings of his financial scheme only in so far as it will pro- mote his political prospects, otherwise being boosted in the outcry of publications and poli- tlcians attached to his entourage about the wrong that was done the nations honor when he was prevented from coming to the Senate in place of MT. Newberry. He is ready to ad- vocate the free and unlimited mintage of po- tato peelings if it will help him become the candidate of any old party for the Senate, the Presidency or any other old place.