The Elk Mountain pilot., 1922-01-19
FORD INTERVIEW ON MUSCLES SHOALS

Continued from First Page)
ablish gold by law the basis currency they could
then control the capital of the world by combining to
control the worlds gold"
"But what have you to substitute?" asked.
THAT is where Muscle Shoals in,' said Mr..
Ford "Army engineers say it will take S3O00O00O to
complete the big DAM But Congress economical Just
and not in mood to raise the money by taxation.
The customary alternative is 30year bonds per
wishing pesky S3OOO0OO0 to complete great public
benefit, is forced go O the money sellers
"At the end of 80 years the Government only has
back the S30000000 but it has pay 12O per
interest literally has to pay S66OOOOO0 for the of
s3ooooooo for 80 And all the time it is the Gov
ernments money. The money sellers created
it, they it from the Government originally The
eminent first credit and then pay for the
of what it gave
Think of it, could anything be childish, more
unbusinessike? Now, see way by which Govern
ment get this great work completed without paying
nickle to the money sellers It's sound granite
and there's just thing hard abotu it, it's simple
and easy that maybe, folks can't see it,
"The Government needs s3O,OoO,0O0 That's 100000
$50 bills Let the Government those bills with
them pay connected with completion
running and within shorter time than you would sup
the entire s3oOooooo issued be retired
out of the earnings of the plant" .tss
But, asked, Suppose the contractor would be un-
willing to accept that kind of currency payment"
There's not that kind of suppose the situation
at all said Mr. Ford smiling "He would take Govern
Here" said the manufacturer pulling $50 bill
from his pocket he wouldn't hesitate about taking
kind of money would he? Of Well what is
there behind bond this bill, that make them accept
able? Simply the good faith and credit of the American
people And $50 bills issued by the Government
plete this great public improvement would have just
much of the good faith and credit of the American
people behind them any bond other American cur
rency issued. You it's just question of faith
in the American people,
But plan would upset the money system of the
world and might work incalculabe harm"
Mot necessarily not at ALL We need abolish
anything. We need not abolish the gold
Simply forget that there is any such thing a gold
standard and whenever the Government needs
great, serviceabe and profitable public improvement
instead of thinking of bonds with their heavy drag of
teres charges think of redeemabe bearing
currency.
"Do you realize how the interest charges of our Gov
ernment up? Do you appreciate so cents of
every dollar raised by taxation in payment of in
teres? The debt nothing more nor less than
the nations interest liability pile Every public improve
ment this country makes increase the ma
tiona debt Here's way get the improvements with
out increasing the debt The breaking
down whole financial SYSTEM we've got to stop some
where
But in sense there would be no security behind
this kind of money! it was suggested
There would be the best security in the world Here
you have river capable of furnishing 1,0OOO
power 1t has here for say years 1t will
be here long there and mountains to send
the rain into the rivers This energy wealth
productive form Now, which is the more imperishabe
the secure this power site its development or
the few barrels of gold make S300000OO
This Site with its power possibilities will long
after the Treasury building is ancient ruin"
But have you worked out a standard of yalues?" Mr.
Ford was asked
| Yes we have. We will have that ready when Con-
gress wishes hear about this plan It's simply case
of thinking and calculating in different
laid down to by international banking group
which we have grown accustomed that think there
| is no other desirable standard