Evening star., 1923-06-10
BY WILL p. KENNEDY.

| ~ TABILIZE the dollar. Make it
a retail-goods dollar, mar
* ket-basket dollar. instead Of a
symbol of so many grains of
/ gold.
That is the plea that is going to be
made to the incoming Congress. for
| correction Of the imitation and de-
| preston cycles that have been keep
| ing the people of this country worried
and taking the dollars from the pock-
| cts OF the many and placing them in
| the Golfers Of a few.
Congress is asked to do this be-
! cause Of the power vested in Congress
"to regulate the value of money" The
plea is put forward on the ground
| that the money question is at the
base Of all the big national problems
transportation, agricultural, coal.
rents, etc.-and it bears on the big
gest OF international questions, such
as foreign debts and reparations.
Up In Last Congress.
The last Congress gave some con-
sideration TO two supplemental meas
ures for stabilization-the bill of
Representative T. Alan Goldsborough
of Maryland TO stabilize the purchas-
| ing power Of United States money. on
which comprehensive statement was
| made by Dr. Frank A. Wolff, physicist,
IN the Bureau of Standards, and the
bill fathered by Representative Louis
r. McFadden Of Pennsylvania, chair
90 no. 1T
rency committee, which provided for
an international conference to in
vestigate the international exchange
problem and to determine the best
way to stabilize exchange. on which
testimony was given by DR.. II. y.
Lawrie, noted economist.
At the time these hearings were
| held Congress was in the midst Of
farm credit legislation. and this money
stabilization proposal was looked
upon in the nature Of propaganda by
theorists. While Congress has been
| at home. however, the members have
been surprised to find how great
general interest in this proposed
! solution has developed. To briefly
| illustrate:
Abuse of Credit.
! In the report Of Hoover's unemploy-
ment committee. which has tust been
! published. there IL q chapter by
Thomas Sewe1l Adams Of Yale Uni
versity, who is the financial adviser
to the United States Treasury, which
! leads off: THE distinctive evil OF the
| business cycle is due to abuse or mis-
use Of credit" Those who advocate
! stabilizing the dollar say it must
! come through control of bank credit
DR.. Adams deals at some length with
proposals to stabilize. the dollar" as
| essential to the welfare OF this
| country.
Another illustrations: The National
Monetary Association had ita annual
Getting in New York last Thursday,
| with the general theme. How can we
conserve prosperity" The program
participated in by greatest financial
and economic authorities discussed as
immediate steps: (1> To urge the
| earliest possible establishment of the
| worlds currencies on the basis Of
! free conversion into gold at such
/, PARTIES as may be practicable: (2) to
f, defend our currency system against all
| attempts at political or class control
or interferences; and, (3) to urge
such control OF currency and bank
credit in the United States as will
most effectively minimize unemploy-
ment and fluctuations in business ac-
/ tivity. stabilize the general price level
and the purchasing power Of money,
provide loans on sound securities at
all times and prevent favoritism and
discrimination with respect to any
business or financial interest or class.
Still another-and very important
iIlustration-the United States budget
bureau is now definitely interested in
the proposal for stabilization as es-
sential to fulfilling the purposes Of
the federal budget system.
Propaganda Talk.
The suspicion of some committee
members in Congress that this is all
propaganda for selfish interests is
brushed aside by the plea of the
public for appointment by Congress
of a commission which will go
thoroughly into the question, which