The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1922-01-11

10W
springing up on every hand with |
schemes for making everybody rich
and happy M more through the free
and unlimited issue of fiat money.
When the federal reserve law was
passed eight years ago, r OF the
leading bankers of the middle vest
ldelslared that while the immediate
effect of the measure would be good,
it represented a dangerous venture OF
the government into the banking bust
ness, and held possibilities of infla-
ton which would ultimately bring re-
action and the renewal of agitation
against banks and in favor of more
radican inflammatory measures. The
time has come, much FASTENED by the
necessity of expanding credits during
the war, when that prediction is be-
ing fulfilled.
Demagogues with political bees
buzzing in their bonnets, are arising
to propose all sorts of inflationary
panaceas for the evils arising out of
the recent process of initiation. Coin
Harvey is writing a series of arti-
cles for the socialist Appeal to Rea-
son. Henry Ford and Thomas Edison
who have gained fame in the realms
of gasoline End electricity, Gene 70 TIE
front with p scheme FIR the revival
of the Assignat experiments of
France during the Revolution. They
would issue currency Dase3 on the
property owned by the government
This means an unlimited supply of
new money based on the ownership
of the national capitol and other gov
eminent buildings at Washington, the
forest reserves, the national parks,
the Muscle Shoals dam, and, maybe,
our airplane and shipping investments
during the war. 1t is the opinion of
Messrs. Ford and Edison that there
is no reason why everyone should not
have a pocketful of money while there
are so many, printing presses in the
country to grind out bills based on
the credit Of the United States.
Germany and Russia are trying this
plan out at the present time. The
German mark is now one-fortieth its
former value. An American visitor
to Germany tells how the exchange
value of her money shrank consider
ably between the time when she en-
tered a German bank and the time
her supply of marks was handed over
the counter. In Russia you trade a
wagon load of paper money for a
basketful of provisions. But, as Mr..
Ford and Mr.. Edison point out, every.
body is at work in Germany under
this system. But that is because ne
l one practically can stop working with.
} out beginning to starve at once, anC
, the fluctuations of the currency are
cheating the producers for the bene
fit of exploiting capitalists and aliens
= However, Mr.. Ford is a candidat,
for president and is interested in thu
: workings of his financial scheme onl.
in so far as it will promote his polit
ical prospects, otherwise being boost
i nthe cutlery of publications and pol
= ~iticians attached to his entourag
about the wrong that was done tn
nations honor when he was pr'
= vented from coming to the senate
= place of Mr.. Newberry. He is read
to advocate the freee and unlimite
=. mintage of potato Feelings if it w
help him become the candidate of al
old party for the senaSe, the pre-
dency or any other old place.
1t will be the part of wisdom f
people who believe In sound prin'
pies of government rather than IN d
asstrous revolutionary experiment
ton, to take note of the multiply
symptoms Of the near approach of {
other inflationary movement, and
- the conditions which make possil
the rapid spread of sentiment in fa'
of quack economic nostrums for
tional ills. The conditions in
country are not dissimilar to those
1894, which led up to the histc
campaign of 1895. Two things
necessary to ward off the possibi
of the success of the forces Of in
tion and reputation: the fulfillm'
in so far as this is possible, of
expectations of the people in restt
IT, ton of industrial and ogricultl
%rosperity; second, the education
the people in the fundamentals
finance.