Evening journal., 1922-01-30
EDITOR URGES
HISTORY STUDY
E. c. Johnson Would Have
Newspapers and Schools
Remember State
T. A. GOLDSBOROUGH
TALKS FINANCE

arspices Of the Delmarvia Press As
ISOLATION was the annual luncheon OF
that organization in the club room
III the Hotel dupont on Saturday at
ternoon. II was featured by sur
prisineiy large attendance in view OF
the blizzard weather. Thanks TO the
ne-sonai interest Of Harry J. Har-
i<ins. manager OF the hotel, and an
honorary member of the association
the luncheon was one Of the finest
ever served in Wilmington's famous
hotel
George Carter. editor OF The Even
ing Journal, and vice-president OF
the association. was toastmaster. Al
the speakers table with him were
Congressman T. Alan Goldsborough,
Of Denton. Nd, who represents the
First Maryland District in the House
Of Representatives former Secretary
of State Everett c. Johnson. editor
of the Newark Post; Charles B. Par
mer. retiring editor Of the Whining
ton Every Evening; s. f. shannahan,
president OF the association and
manager OF the Easton star-Demo-
crat. and william F. Metten, secre-
tary- treasurer Of the association and
manager OF the Wilmington Every
Evening
The first speaker was Mr.. John
son. He urged that greater and
more serious attention be paid 70
Delaware and Deimarvia history by
colleges. schools and newspapers In
Delmarvia.
Mr. Farmer recited several anus
Ing incidents connected with the
Conference on the Limitation OF Ar
maments, which he recently at
tended
Congressman Goldsborough, how
ever. made the chief address, in the
course OF which he said;
II have been a little put to IT,
10 know just what TO talk about here
Today Congress has been In almost
continuous session since the i1th OF
last April. without crystalizing pub
he opinion upon measures OF the
greatest interest. as, therefore. I am
not in position TO praise the Con-
gress for what II has done I feel
that I should not here and now
criticize the majority for what il
may seem to me Il has not done. A
well-known editor suggested that I
discuss tax legislation. but the only
thing I can say on that subject
without criticizing the majority Is 70
suggest that as long as we have
these enormous bills 10 pay and this
great accumulation OF interest
charges they must be met by taxa
ton. A congressional friend sug-
gested that I discuss the Peace Con-
ference. but without criticism OF oui
failure 10 ratify the Covenant OF th'
League OF Nations, practically thu
only thing which can be said To-
tho Peace Conference is that II is II
session and that some agreement
have been made which, while thes
do not amount to constructive
achievement in any internationa
plan OF universal progressive dis
armament or toward the establish
mont of universal good will, are
rnake-shifts which may tend 20 post
none the date Of the next great war.
AFTER going over in my own MIND
,he Arms Conference. proposed ma
tionai welfare legislation, TAXA ION
and the tariff and other things when
aro live. but which might seem 70
tnxolvo a partisan point OF view.
have decided 10 talk little while
todav about something that affects
us all vltaliy. but which we almost
never hear discussed. that'is' the
nerennial uncertainty OF the pur-
chasing power OF the dollar.
I'VE have all been taught to lool
upon the dollar as absolutely staoi'
in value. think l should say rish
here in order to prevent any posi-
HE misunderstanding, that hav
the very highest opinion OF our bank
ing system. II carried US through IN
war with practically no bank ran
urcs. an achievement without pre-
ccdent on the history Of the work.
dollar is % 2e-ioo grains of nur
gold. therefore we say that our do
lar is stable, but as a matter OF ia'
It is stable only in terms II dollar
Instead Of taking gold II we shoul
take some other standard. say, egg
and saw that three dozen eggs wei
dollar, the price OF GIGS woul
still only be stable in terms Of egl
because when the hens stopped Ia,
ing the purchasing price Of the thr'
dozen eggs would be great but wh'
the hens laid freely the purcheaiI
prio, RI tho eggs would be small.
For many centuries the preclo
metals and particularly gold ha
hstn used as monetary standard
Under complex modern ciyilizatil
there is not enough gold TO serve
a medium Of exchange 50 the e
pedient was devised Of using 20
simply as a reserve allowing orc
NARY currency, paper money. etc,
be inflated between different linn
beyond the amount OF gold in !
serve as experience had dictat
would secure a certain amount
stability. Later. bank deposl
which are created simply by boo
Keeping and which are not repI
sented by currency tended iowa
imitation and have TO be restrain
in accumulation by the same met
ods that the issuance Of paper mon
is restricted. Later. and last insoi
as this country Is concerned. {
Federal Reserve Act provides n
ibio currency and tends TO. prcvs
the concentration OF available cred
in the great financial centers. prin
paiiy New York.
at seems to me that the nj
step should be an attempt to prev
gradual rises or falls in general co
modify prices through long peri'
OF years causing all concerned m
erv. misunderstanding and bad fe