The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1922-07-06

kAOM. 4It0 HofeTuMeuL possesses
printing presses and paper in unlimit-
ed quantities. If money is all that is
needed, nothing stands in the way of
running off two or three billion dollars
direct, thereby saving all this manipu-
lation of banks, reserves and credit
facilities. -.''-.~ r !.
Specifically Mr.. Ladd desires to
manufacture and hand out to veterans
throughout the country the sum of$2,-
SOC, ,000, 600 currency. He argues that
the issue would not cause imitation
of credits because no new debts will
be created to get it into circulation
among the people" He says nothing
about infiationp of the currency, but
points out that the notes, being re-
deemable in gold, would circulate at
par. Doubtless they would circulate
at par, wherever par was by the time
his paper billions had been absorbed.
The United States has gone thru a
good deal of grief lately trying to
squeeze wartime values down to pre-
war normalcy Mr. Ladd invites US to
go through it all again.
in Russia it is the current practice,
as Mr.. Ladd may have heard, to print
rubles whenever the Government is
short of cash. And the rate of ex-
change on rubles marks roughly the
difference between that system and
sound finance"
This editorial seems to express the
fear that there will be an imitation of
currency, and intimates that such is
the danger of my proposed amend
menk Let US see about it. l think.
the past two years lave proven that
q dearth of currency is more to be
feared than a reasonable over supply.
The World should know that the pro-
cess of drastic Deflation" had for it's
object, not only the defiation of cur
rency but dehation of credits and a.
destruction of property values in pos
session of the people generally. The
defiation of currency could have been
accomplished by ssthe system" in 80
days. It was a process that reduced
bank credits that were outstanding
to an amount approximating fifty bill
lions Of dollars down to a figure ap-
proximating twenty-eight billions Of
dollars. When less than five billions
of dollars of these credits were paid
the currency could have been and
doubtless was contracted far below the
actual requirements Of the nation. But
the high priests Of finance, whose sys-..
tenn the World would defend, were not
content. They must squeeze. every
thing else from the people. So, on
they went with their game. Debts
| had to be paid and there was no
money in circulation with which to pay
them Naturally the prices for basic
products tumbled rapidly The labor
ling man and producer soon felt the
force Of the system. When money
was no longer available debts had to.
be paid with property and property
values tumbled and the money barons
who held the debts received more of
property and more Of labor by virtue
lof 4 dearth Of currency. The little
fellow had no means to protect his
/ property values, all of. the currency
had been garnered ii and all credit
stopped. The nlastehs of finance could
force him to part with his property.
The history Of the past two years
clearly shows that they did 30.
The World should have enough
knowledge Of Russia to speak with
some semblance Of authority. Some
day we hope ii win give Us i real IN
side history If the financial manipula-
i tions that have effected Russia since
the day that Trotxky made applica-
tion for his passport to leave this
1lcountry. IL the World does not ~
ready have the desired information b
1 its files 1t might interview some 81
the high financial wixards who bold
Y forth u some 81 the international
I banging houses il New York and
4 then w1iites us = real inside story d
Il M fina1lcial history of Rnssia' down,
Il fall md ilnanciai flee eeneracy.
The truth Is, ths FederaI System
lhas depleted tn currency of this ~