Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-10
MONEY MUST BE
STABILIZED, is WARNING
Economist Says Fascist Will
Result Unless Step Is
Taken.
ny Trvtag I'iHher,
Professor of political Economy,

Professor Of Political Economy,
Yale University.
NEW HAVEN. conn. Dee. "a
recent circular gent 60 bankers and
employers expresses deep anxiety
over the Fascist victory in Italy
and the gains OF the Labor Party Ia
England and elsewhere. II predicts
that the same idea Of the political
domination Of labor will soon APP
pear more explicitly in America mud
VIII threaten tho existing order.
believe that bankers and en-
ploycrs. not 10 say the rest of us.
have cause for anxiety. But what
tho circular ovcrloOks is that, as
Roosevelt so often warned us, the
only real escape from the danger OF
an overiurn lies In redrcssins real
grievances.
What is needed Is to Interpret tho
recent inbor unrest as symptoms Of
social diseases nHching TO be cured.
There are several such social dis
eases which could name. and prob
ably several others which would he
revealed by "a searching invcstiga-
ton. But here shall point out only
one-probably by far the most i'm
portan,. This is the unstable money
growing out OF the war
Unstable Money IN Root OF EVIL
But what has unstable money to
do with recent labor unrest? We du
not remember seeing any mention pf
II In the newspapers. Yet 10 find |,
We do not have to seek far. W.. can
trace our way back In three simple
steps from the recent political dem
"nstratiOn Of labor discomfort 10 un-
stable money as Il prime cause
The first step brings us TO unc,n-
41gs l.. al
more than any other. caused labor 10
make It's recent political commo,ion.
The English labor prediction
manifesto" said. among other
things:
"tnenplnyment and low wageE
caused largely by the policy Of the
Liberal aud Unionist governments.
have brought distress 10 tho bulk of
tho working people"
Since the election In which labor
came on second best. the uncm-
ployed have been demanding hear
ing with Bonar Law.
Unrest IL Mlrrowed I'm Vote.
In ether words. labor In England
h"'d the Lloyd George government
responsible for the vas, unemnlnv-
ment during the last two years and
VIII hold the Eonar Law government
responsible FOR putting an end TO
Unemployment.
The opportunity "a work IS like
wise IN. demand OF the Fascist in
Italy. In America also the back
swing or the last election is largely
hGcauEe Of Tn. depression OF trad.
and unemployment.
Mex, We trace hack this depression
OF trade and acknowledgements whether
III Aemrica, ENGLAND. Italy. or else
where, 10 the fan OF prices in 1870
and 1921. Always and inevitably a
great fall Of prices kills cnterprls.
closes factories. diScouragcs farmer.
and throws mon out Of work.
Going still further back. we NAV
trac" the fall Of prices to the dcfa
ZION 81 credi, and money beginning
carry IN l"2o hs Professor Casscl
oi sweden, shows so clearly in hi.
Money and Foreign Exchange After
1915" just published, ana as every
other economies, knows so well. mis-
restriction OF crcd!; which bankers
IN 80 many countries began In 1920
wac The main reason for the fall Of
prices which bankrup;ed thousands
~ farmers and business men and
mhde millions o. workers idle.
muses. Work In Vicious Circle,
Ana there you have IL The chain
"i causes: peliation. fall of prices
employment, producing political
vinaictiv.nsss.
hrne'vr dclation or imitation oc
ours somebody's toes are trcd on ana
discomfort and unrest result. I.Irs,
We complain over tho high cost or
living and then over the depression
OF trade
II those now 50 anxious over labor