The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1922-09-29
PAPER MONEY INITIATION.

The mere fact that currency initiation has been runous
wherever has been tried remedy for economic has not
kept proponents of increased issues OF paper money this country
from pushing their propaganda. Stability business and the
prosperity which goes with it. cannot be brought about b rcsonp
unsound monetary theories The example OF Germany which is
experiencing the disastrous effects Of this policy. highly
National Bank York than whom no one writes more ucy
and logically regarding financial matters Germanys
plight in manner which may well engage attention lie writes
"onc clearly Germany as in all the other
countries that have INDUCED paper initiation and that is
that ii impossible TO relieve monetary strngcncy by printing
paper money This OF great Importance because
every period of monetary ngency there arises demand that
the government or the banks shall issue for the pu
pose of giving relief
he burden of the outcry against the Federal
in the fall of 1920 echoes of which heard this day.
that they refused TO extend their make loans and
currency and the aas of greenbackism have been revived in
some degree by that situation fe-s.. .st.
ut always looks though would be easy to relieve con-
don OF financial stress by issuing People think that in
ability to borrow inability sell satisfactory prices
due scarcity of money that borrowing may overdone
or that prices may be too g that there may be too much
money
"Evey advocate of government paper issues in the United
States refers with to the performances of the
enmens OF Europe in issuing money in such absurd quantities
They only want reasonable amount put outrestraned by the
Judgment OF congress or other public officials just enough to
meet the demands of trade.
THE fatal defect government issues paper money that
the more there is issued the greater the apparent necessity for
Every argument in support of the first used with
increasing force for succeeding issues The currency dprecae
purchasing power the issues increased but pasmodica
remaining comparatively steady for and then sumpng rap
idly When the values decline unless is issued money be-
tight it was
The depreciation of German curranc terms of the dollar
and pound sterling undoubtedly has gone farther
by the issues excessive though they have BEEN In other words
the mark has ae not merely in degree corresponding the
increased issues but At the outbreak of the the Rec
banks gold reserve about 4 per of its outstanding
and the mark exchangeabe for the dollar the about
to On June So 1927 the exchange rate about 400 marks
the dollar and this basis the Reicbank gold ap
proxmed 90 per cent Since then the mark has fallen low
1000 to the dollar. 81. }btftf fafs
The falling currency destructive of credit why should
either sell goods or lend to be paid for reimbursed
future day in money of dpreang value? Why should anyone
practice sedenial in order to lay money bank
account buy securities payable money when the
money constantly falling? Why should anyone buy life
sance pocy' All Of the people who have pracced thrift and
accumulated savings any form which represents promises
pay marks have been despoed The only sensible thing
with such money IS to convert it into property Of kind
quickly possible be found who will give property
for it. The fact that everybody this causes property
to rise in terms OF money which the other way saving that
It causes the money to deprecate.