The Barre daily times. (Barre, Vt.) 1897-1959, 1922-02-23
BANKERS PUT IN
BUSY SESSION
Continued from First Page.

never more hpFlEnLiys uauceu nlRHlhHu
dances, also the Irish washerwoman
and the sailors hornpipe. They made q
good impression with the bankers in
their costumes and exhibitions. DIR. H
/ NJ Lynde. in his usual drollery, gave
one Of his French dialect readings,
what Never Was More Better" and
/ had to respond. The last number IN
the program was selection by Nicol's
saxophone quartet. This, too, proved
! to be a novelty and was well received.
Miss Betty Stephens accompanied the
dancers and Miss Elizabeth Smith the
quartet.
The stenograplnc report of the pro-
ceedings was taken by Mrs. Francis
Ahern Of this city.
Banquet and Dr.. Fosters Address.
With brief interval, during which
the visiting bank men looked over tie
equipment Of the banks of Barre and
saw the new quarters of the Peoples
National bank and the Granite Savings
Bank Il Trust company for the first
time, the convention gathered at Ho-
tel Barre dining room, where the oan
quet was served Covers were laid
for lis people, and very appetizing
banquet was served by the hotel man
agement. Whites orchestra of five
pieces furnished tuneful aecompani
ment TO the feast.
The retiring president, Mr.. Staples
presided as toastmaster and soon III
troduced DR.. William 7 Foster, Ph.
D., LIZ d., director of the Pollak Foun-
dation Of Economic Research and for
merly president of Reed college, who
was followed on the program by
r. w. Hill, secretary of the educa
tional committee of the American
Bankers association. The latter spoke
only briefly.
DR. Foster said in the course of his
address that "the chief purpose of the
gold reserve is TO prevent the depre-
citation Of paper money by adequately |
providing for its eonyertibility into |
gold. This object can be achieved only |
by the limitation of the volume Of pa
per money. But any limitation what |
ever causes what Ford and the farm
ers' bloc call scarcity of money Aft
err Germany had increased its issues
of paper marks more than one hundred |
fold, merchants were still complaining
that there was not enough money to
do business with
4As there are always people who arc
sure that they would be better ,ff if I
they only had more ready cash. cam
paigns for freedom from the restraint
Of the gold basis occur in every coun-
try as regularly as the movements Of
The business cycle. Particularly in
times Of depression, when currency
seems unusually scarce, governments
are urged 70 issue fiat money-tlat
Is to say, money which is supposed TO
be just as good as any other money
merely because the government says
80.
"Such was the continental currency
II Revolutionary days in the United
States, which the government insisted
was perfectly good money even after
{ had become SO nearly yalueless that
he phrase mot worth a continental
passed current as the paper would not.
suea were the irTedeemable green
,acks' which were favored in the sew
mites by such eminently successful
business men as Peter Cooper. Such
would be the Muscle Shoals green
,ack, if issued according to Mr.. Ford's
Ian.
"Mr. Ford proposes TO take over
nd develop the power plant at Mus
lie Shoals, Ala, provided the govern
nent will complete the plant. The
hirty millions OF dollars which seem
for. this work, Mr.. Fordsd
lares, can be obtained from the print
~ presses at very little cost TO the
Mr.. Ford is right in this
If only initial costs are
Dnsidered; but he is wrong in think
az that he has discovered anything
ew i'm methods of finance. 4
Exactly the same plan was carried
ut in the days OF American wildcat
Ioney until the time came when
Mississippi steamboat captain, who .
sked the price of firewood, received 4
le answer, Cord for cord Exastly Z
Ie same reliance on the printing press q
rought Austrian currency after , the n
-orld war to the point where it took n
n thousand Austrian crowns to buy r
cheap hat
Indeed. it was Mr. Ford's proposal, n
Irried out logically in central and q
stern Europe, that did even more n
ian the war TO demorslize the indus 4
v and trade of the world. say 81
rried out logically, for if the print
q press Is all We need for thirty y
illions of dollars, why not thirty q
llionsg If one plant is a sufficient =
isis for issues of currency, why not
thousand plantss If the government
ould print money TO assist the pro-
cts of one citizen, why not all citi-
nsg And with such boundless issues
paper dollars, how would our own
rreiicy differ from that of Austria
Is Land Safe Basis for Money? III
@Now others are advancing the
ually alluring, equally old, ard
ually unsound proposal that money
ouh be issued representing farm
lds. Why nots Why not eliminate
nksf II a farmer needs money TO
v land, or even to buy plows aud
IDS for the land he already owns,
" should he either stop planting
be obliged to pay interest IN a
M Why should not the govern
mt issue new currency. based on the
I'd. and look to the farmer for pay
mt when the crops are SOLIDS
Then the laborer >would have the
sded money. production would go for
I'd and nobody would make profits
rely BY lending money-which, aft
ali, Il is the sole privilege Of the
iernment TO issue. This j. the most
ractivc form in which the land-basis