Evening star., 1929-12-08
MONEY STABILITY
IS DECLARED VITAL
Sir Joshua Stamp and Owen
D. Young Comment on
Problem.
BY JOHN r. SINCLAIR
oecial Dispatch to The Star.

special DiSpateh TO The star.
NEW YORK, December 7.--Business
solves one problem only to find an
other one waiting Trade recession;
credit too soft. or too hard; unem-
ployment; growing taxes--all import
anti
\ It's hard to say what is the biggest
business problem in the world today.
/ Sir Joshua @. Stamp, English buSi-
ness leader said recently that "the
problem of the price level Is the most
important single problem Of the age.
Solve the problem OF the price level
and all other problems Of business
and finance become small"
Owen D. Young agrees that the
basis of life. when any sudden
change affects the purchasing power
of money, 1t touches every kind Of
moral question and every kind OF obli-
gation," says he.
The Stable Money Association, or
ganized a few years ago to get people
to think about stable money, has been
expanding and developing. No orgar1i-
zation in the world has affected more
of the worlds business, financial and
How could do business II the yard
stick I use for building cars was 30
\ inches In length one year, rs In
ches In length the next year, ana
40 inches In length the following
year? The thing Is unthinkable. Yet
that is what business Is trying to do
with a 'fiuctuating' dollar. Some
years the dollar. considered the basic
MEASURE Of value, is worth so cents
In purchasing power; other years
100 cents. Stabilize the purchasing
power of the dollar and one Of busi-
ness's big problems will have been done
away with"
With these words Henry Ford
summed up his views while discuss
ing the money question.
! And who is there to challenge the
wisdom of the statement!
Cigarette Smokers Increase.
Cigarettes take the front page this
week with the notice that one large
Arm cuts the price from ID cents
| to IL cents q package.
Not only are the number OF cigarette
! smokers increasing very rapidly but
the number of cigarettes per capita
are likewise increasing at q rapid rate.
THAT yellowish stain that shows on
the fingers of so many smokers Il not
nicotine, as many have supposed, but
coal tar" said J. d. Berger large stock
holder in the Reiss-Premier Pipe co.
of New York. Does that surprise you?
| Every one knows that the base OF all
colors Is oils and coal tar products.
turns brown. But the basic color re-
mains. The coal tar is there. SO when
one smokes the coal tar products are
| released"
A well known tobacco company has
placed on the market q cigarette holder
/ which IL claims viii remove 90 per cent
Of the coal tar. In the last so days q
million of these cigarette holders have
been sold.
Government SaIari
| Once, when I was talking / Sec
| retary Mellon about eeononl4 N the
administration of the Goycrnln mt, the
matter of the salaries paid Government
employees came into the discussion.
MY hardest jo'3 in Washington is to
/ keep around me group of men able to
handle the Government finances at the
salaries which the Government pays.
Many of these men, since have taken
charge, have been offered positions at
| four 10 ten times the salaries paid by
the Government. That's why IL is q
very difhcult matter To keep good men
In the service very long" commented
| the Secretary.
so the Treasury is losing another
good man In the resignation Of J. y.
Ebersole, head Of the section Of imam
c1al and economic research of the
Treasury Department, the firSt Of the
year
Mr.. EbarS dc began his career after
| graduating from Chicago University by
| spending a Summer wi i the First Ma
tional Bank OF Chi g.. He was a
member OF the facui, the University
OF Minnesota for raj years and
| served, even then, as offlcer for three
years of a State ball in Minneapolis.
! Next, he was associated with the Fed
eral Reserve Bank of Minneapolis IS
assistant Federal Reserve agent. There
he spent the next seven years, until he
was called to the Treasury Department
IN Washington to head the department
| OF research.
Upon January he leaves the Treas
ury TO become professor OF finance at
| Harvard University.
Washington is an ideal plaet to live.
| The Treasury Department is an ideal
| place to work. The fiscal problems Of
| the Federal Government at this time
are OF nature to appeal to any student
OF finance. But Harvard University
has made me an offer that I have
found difncult, even impossible, to re-
fuse"
| ava G1bCAoOLC ID ulG Oh LI18 DeSJ
known Of the younger economists In the
United States.
| Drought on Coast.
The West Coast-Washingto and
California particularly-hAVe suffered
this Fall and early Winter from severe
drought. For November, Seattle had
only about one-fourth as much rain
as the average November shows.
The entire State of Washington has
had less rain during the last three
months than 1t has had for q cor
responding period during the last 20
| years.
AS q result, both In Seattle and
| Tacoma, electric power curtailment has
come into effect. The Seattle street
lighting has been reduced about one
fourth, and industries have been urged
to curtail the use of electrical energy.
| San Francisco reports that this last
Autumn will go down in history aS the
drieSt Autumn In the entire history Of
It's Weather Bureau, which dates from
! l849. And this, in a measure, is also
true OF the entire State of California.
The champions of reforestration, in
such time, should have plenty to say.
The movement should have a big inn
| petuS as q result.
| Copyright. 1899. by North American News
| paper AllianeeJ
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