The Omaha morning bee., 1924-07-26
OmdhdWele theMeStis at its Best
MORE THAN MONEY NEEDED. o

~. 80 tho most nonular fallacies that seems en-
dowed with everlasting vitality is the behet tnae
government can cure all economic evils by pruning
money Perhaps this might be done, if government
could only put out enough. No government ever
has Recently in Russia and Germany printing
presses were operated issuing money until worn OUT
New realms of numbers were explored to discover
6onres bip enough to express the new sums. Value
d;sanneared At least it could not be stated in terms
of money. . =,
Not these countries alone, but practically all
others with the single exception OF Great britain,
indulged in money debauch during the war. IN
Hation was the word. Printing presses were put 10
work to provide the currency demanded Inc
"money makers" totally ignored all the substantial
bases of value Everything scared as compared WIN
money! But no amount of money can add single
grain to bushel of wheat pound to ton of coal,
or nail to the yardstick
This 10 what il overlooked by those who delude
themselves with the thought that liberal, never
ceasing flow of irredeemable currency from tho gov
ernment treasury will procure happiness History
teens with incidents that prove the contrary.
few wears ago. in remote China, needed wheel
barrow to transport the copper "cash' needed to
purchase breakfast. The actual metal worth OF the
coins was more than their money value In the
latter DAYS of the German imitation experiment,
In Russia the unit rose from kopeck to a million
rubles.
As to credit The plight Of the wheat farmers
was not due so much to lack Of credit as too much
credit Banks failed because farmers could not
meet obligations, assumed in time of expansion of
credits Farmers did not suffer alone Many OLD
established business concerns found themselves
swept from their moorings by the flood of asset
currency. They were unable to get back to safe
do led Readiustment
been as difficult and painful in part of the busi
ness world another.
If money were the panacea, all the troubles OF
the world would have been solved long ago. Some
thing deeper more durable, than money is involved
Adam Smith, in his "Weath of Nations stated
principle many years ago, that still governs:
mo complaint. however. is more common than
that of scarcity of money. Money. like wine, must
always be scarce with those who have neither
wherewitha buy 1t credit to borrow 1t. Those
who have either will seldom be want either of the
money or of the which they have occasion Tor
This complaint however, of the scarcity OF money
is not always confined to improvdent spendthrifts.
1t is sometimes general through whole mercantile
town and the country in its neghborhood over
trading is the common Of 1t. Sober men,
whose projects have been disproportioned to their
capitals are as likely to have neither wherewthal
10 buy money. credit to borrow 1t. as prodgals
whose expense has been disproportoned to their
revenue. Before their projects can be brought 70
bear their stock is gone, and their credit with II.
They run about everywhere 10 borrow money and
everybody tells them that they have none to lend
Prudence, foresight must have share in bust
ness enterprise no matter what its nature. Credit
alone is not enough, is good intent Talk of
sIincoln dollars" will fall lightly ears OF men
who can recall how those dollars went down with the
fortunes of war and only when the government
of the United States restored to its full might
and prosperity And the government of the
United States is not strong enough to bolster up a
fat currency.