New-York tribune., 1922-02-12
By Caret Garrett

ticing politicsl and economic IN
unis.. 1t is a grievous, exciting NAL
ady. But people have been mad before
What gives this occasion it's ghastly
REGULARITY is the fact that they know
4 and arc yet helpless. This, so ia:
IS we know has never happened before
Imagine AZ Asylum. with the gate
~;ac open and people within wildly
E.portunins passcrshy thus:
Help. Help. We seem to be insane
becauso VIC do mad things. But we do
'nc,a becausc we cant set out. He!p
rs "a get OUT
Tie pssscrSy says: "'rhc gate 4s
cpeu. Nsik out.'
They say: Eve can't"
"Why not"
Why, because to 80 through the gate
we should tave to stop doing the things
5hst make us scem mad. That would
no fatal. Help Us to set out some
ether way"
= you csr imagine it, that is Europe.
Substantially That dialogue took
p'ac" between the mentality of the
.c's-incarccrsted Old World aud Frank
y Fander'p. formerly president Of the
National City Bank. sane and sympa-
'aetlc rssscrhy. lie has set It down
Tremendously II his latest book, What
Eest in Eurooc?' (Harcourt, Brace
+ CO...
The naddest single procedure in tho
I'D World Asylun, is that o. debss-
"S The currency. Europe prcsent
night says Dr Vandcriip. as not il
the main the result Of the losses c..-
tailed BY war; Il i, rather the result o.
ne discrTcuiIatiou os Tic mac:inory
"a our 'roderu world for the exchange
- good The cause Of FRAT dl.orssn,-
alton IS primarily money imitation.
"oe al tho ,iaitations of OWL upon hu-
IAN society Us il IS now o~ranizcd."
e ss,s, chose tne. follow IN the train
tl unlimited currency infatior have
tbs profourdcst effect II brings on
me people OF a nation. through every
sve' Of society, an endless chain o.
~.serv and suffering.
'toney Imitation One Of
Worlds Greatest Curses
Ns Ar]s IN Tho dusk q 4 ar,aw
strec. ali old p-pcr woman whose re
co'pts III the form of phantom money,
'e.t down by a stone, maize Il pile Is
h'g' a. .er stack oF nowypapcrs l.,
Nonatan,lnople he IS offered 1000 900
"ransie ruhle. FOX = dollar Bit
When Germany entered the rur the
'0tal circulation Of papev marks va.
100000 900. Now the German govern
merits presses print 1000 600 .ooo or
1.00o.ooo, 900 u week, There arc man
,aspects,' he writes. from which to
N''" tn's Monstrous creation Of paper
money There follors o,,cf,
oreal down OF The virtues OF industry
'a'ift aNd forcthouyht for the future
'nat the result IN the way or deteri-
ration Of moral fiber may we'll class
'nnatto" IS one Of tl,c greatest curses
AZ, ras ever fallen on mankind. IL
nas been discovered that the very
foundat;on Of the capitalist:c order
can lie attacked by this irsidious
"osns o; coniiscatorv taxation. for
that IS orc Of the effects Of innat;o..
But more important. perhaps.
IS the barrier which imitation
esec-s II the way Of industrial and
commercial relationships
"hc IS -eoponsibleo
The governments are tespousjble
Ahey print the money in this inebriate
manner. Government printing presses
an Day and night. 1t IS the only very
'ourishing industry IN Europe. Then
Nfe the governments crazy? Are their
nance ministers and banking counsel
oro mad, ignorant, cynical, Bolshevik
" infamous, perhaps? Not at all. Mr..
'anderIip talks with them.
He says: Bat this is suicide"
they say: Yes. We know it.
lie says: "why don't you STOP
They say; I'VE can't stop. To.r.
hsa got to be son,e form OF govern.
n'cnt- Whatever it is, it must nav ;ts
t.as. No government can raise enough
money by leans and taxstion "a do
inst. Therefore we have to print 4b-
money to pay with
He says: But this 10 suicide"
worse II will be-
They say: ~We know that. too"
Then Mr. Vanderlip asked himself
wnas he would do Il be were a govern
rent IN those circumstances, and he
fe't Obliged to answer that no would
probably do the same thing. "rhe
finance ministers who have been re-
Sporsible for the disastrous imitation
% currency" he says, "have had no
other course open TO them.
They have not been fools They have
been victims. They ere not blind.
Fhcy are helpless, and one after an
other they are being drawn into
ortex from which they have no means
VI escape in their own power"
Nevertheless, there it is.
This imitation which nobody can
stop "underrnines the morals Of III.
9eople, makes a jest OF thrift and in