Evening star., 1922-01-18
CURTA[ED BUYING
CAUSE Of UNREST
Controller of Currency Says
Fault Is Economic, Not
Financial.

The sooner the American people
realize that the present industrial un-
rest Is due to economic rather than
financial conditions the sooner will
prosperity return to the United
States. said Controller of the Cur
! rency Crissinger before the members
Of the Civitan Club at the Shorehsm
Hotel yesterday afternoon.
ITO the cry of the hour, What is
the matter-when will money be
easier"" said Mr.. Crissinger. Il will
but people have nothing to get it
with-credit is shaky. We are con-
fronted today with the appalling
spectacle of one-half Of the country
deprived of it's buying power, due to
insuf1iciency of things to SELL
"It is hard for you living here 10
understand these conditions! but re-
districts of the country make it. quite
apparent to me. The resources and
cash Of country banks that were SOL
vent last spring are gradually dis
appearing"
The controller stressed the vital
Importance of the forthcoming agri-
cultural conference, declaring that
all wealth in it's final analysis must
come from the soil. land short-sight-
ed is the nplicy that advocates any
thing else.
Piled-Up Gold Useless.
He said that at present the farmer
was unable to buy. land IL he can't
buy. others can't make. and conse-
quently can't buy, either. We must
trade among ourselves. Gold piled up
is the same as coal II not put to use In
trade. I have predicted before ina
accumulation of gold in the United
States would be a burden. We are
consuming only 80 per cent OF our
production. which leaves 10 per cent
going to waste. This 10 per cent must
be accounted for before We can pros
per in the regular way We cannot
live by ourselves alone.
schools Of economic thought in the
United States. One believes that inc
ali uation Is the result Of the curtaii-
ment of credit and contrsction oi
money. The other il diametricaiiy oP-
posed. believing that what we can ue
f,ation is the result Of natural causes.
.'Cut out the theory that our trouplc
ia money" he said. "and look 70
economic conditions for the return o.
business and prosperity.
Speakjng of the foreign exchange SIT.
! uation, the controller said the uh,.eu
States was In dlmeuit si.ua W
the case of Germany. for instance ne
! continued with the tremendous dii
ferences in exchange against us we
can only sell to that country necessi-
ties-they have no money. II we es
| tablish a high protective tarin thes
can't trade with U.S.
He then produced safety razor
made in Germany, which. he said, WAS
selling in the United States Tor ~
cents. How can they do it, asked
Mr. Crissinger. "On acnpunt Of the de-
preciation of the mark, and II ieit
alone they could food this country
with such articles at such prices tnat
| no laboring class could possibly live
here"
Stresaes Economic Phase.
1 Mr.. Crissinger importuned his audi
uors to enlighten their fellow citizens
| on the true conditions, and to impress
upon them that the vital question or
| the hour was an economic one entirety
He was rendered a rising vote OF
! thanks.
! Rudolph Jose presided. and. after re-
ceiving Charles H. Stott and James B.
Henderson, new members. ordered the
standing committees for the ensuing
year to be read by Secretary Spencer
! b. Curry. They are as follows: Legis-
! iative, James NJ. Proctor. chairman:
shelton Cameron and J. II. Milans:
publicity. Ernest Greenwood. chairman
Charles e. Hood, Edwin II. Etz. /. L.
lGoldheim and Sidney e. Kent: classifi-
cation, Chester H. Warrington, chair
man; DR.. Grant 8. Barnhart. T. W.
Barrett, Howard Moran and Charles
If, Crane: entertainment. T. Arthur
Smith, chairman: Walter J. Humphrey.
Ira ]. La Motto. Herman Fakler and
James A. Buchanan; public affairs.
William S. Hoge. chairman; Charles }
James, Clarence l.. Harding. Vernon G.
Owens and Fred Mckee; audit. James
NJ. Proctor, chairman: Chester II. War
irington and Clarence L. Harding: play
ground, S. T. Cameron. chairman
Thomas Grant, Ernest Greenwood and
3. W. Murch: badges, A. r. Speare,
chairman: c. L. Harding and E. II. Etz