The Bottineau courant., 1922-07-13
DR.. LADD' 5
WEEKLY LETTER

uucEu more Chaos IMAM tne war lCSeI
IN EHrope that is, the printing pres
for creating noney 1T is the time fo
the conservative business men to walk
4 up and say s tNo!' IL the silver move
mer1t, which at least proposed a con
crete metallic basis for money, wa,
rejected as unsound, infinitely NOR.
important is it to reject plans propos
ing intangible credits as currenc,
basis. 5s MS MS
Upon the soundness Of our none,
depends the safety of our business
/, life. Currency issued in keeping, al
to volume, with the actual needs o1
constructive commercial and industri.
al operations, and, as to quality, on :
basis Of ready redemmability in gold
is sound money. Currency issued, on
the other hand, simply on the basis
of the number of revolutions the high.
geared wheels of printing presses are
able to make per day can lead to but
one result business decentralization
and financial disaster. i.
This is not matter Of abstract
theory, but it is a matter of oft-re.
peated, concrete experience in every
country in the world that has tried the
fist-money experiment. IF we are to
be a farseeing and a growing people
we must be better, educated in the
sound principles of economics that
govern business just as surely as the
laws Of physics govern the world we
live in. Economic understanding
means clear thinking and sound me-
thods." 49,. / Vi. ~ :~zt .fs45ss
This statement was commented up
on at length in an editorial appearing
in The Saturday Evening Post for
June "a, 1922. quite agree with Mr..
McAdams that 1--WE must be better
educated in the sound principles of
economics that govern business. The
difference is that Mr.. McAdarns was
addressing bankers; / am addressing
the people of the country Let our
citizens become better educated in the
sound principles of economics that
govern business and we will soon in
stitute a monetary system that will re-
lease the energies of the nation and
make possible a better living for every
worthy man, woman and child. g
will learn to use our sovereign govern
mental functions in our own behalf in
stead of delegating them to private
bankers to be used for their own pri-
vate gain. We will learn that a soft,
yellow metal, monopolized by a few
big bankers, is not to be the standard
of measure by which every man must
submit his daily toll and the product
of his labor; that it is not to be the
bottleneck through which the undev-
eloped energies and resources of this
nation must pass before they can ser
We our people; that 1t is not to be the
measuring rod that will stint Ameri-
can citizens in the enjoyment of the
comforts and necessities of life; that
it is not to be the straws and brick
that are to dictate to us our slavery.
Man will soon learn that his labor in
producing something to eat or wear,
or a place to live, is more important
than a little yellow metal that can be
useful in filing his decayed teeth, or
bring pleasure in adoring trinkets OF
jewelry. He will soon learn that the
harnessed water power that will do
his labor for him is of more import
ance than the yellow metal that will
please the vanity as projecting ear
rings. He will soon learn that that
which provides the actual necessities
and comforts of life is vastly more
important than that which measures
the manner in which, under controlling
power, they shall be distributed among
the people. #...s a ... .a 5s1, ,~es; 1 =: s5z
No doubt a, great many bankers
will follow the advice of Mr.. McAdams
and will devote q part of their time
to the study of economics from the
bankers viewpoint. But at the same
time the people should be admorished
to study economics from the peoples
viewpoint. s
We thank Mr.. McAdams for the
suggestion. Truly, when such men az
Thomas A. Edison and Henry Ford
are devoting time and thought to this
subject, ii is time for the bankers oi
the country to realize that their dons
nation is to be challenged. Bankers
may talk about the printing press
for creating money, but during the
past few years the bankers in this
country have been more energetic in
using the printing press than at any
time in the history Of America. They
will not continue to @get away" with
that Cd bugaboo when at this time
they themselves are using the print.
. ing press in the issuance of their fed.
eral reserve money. Let the Ameri.
can people issue the same kind ol
money that the federal reserve sbene,
1 fcaries are issuing, and let our people
do it directly in accordance with Con.
stitutional provisions by the Govern
ment thereby taking the unwarrant
ed control and profit away from til,
. privileged banking class and mucl
better condition will confront tht
country OF course, we will have I'll,
bankers warning DC all kinds Of 60