Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-20
Economic Ills Blamed
On Lack of Currency

The conference of the Republican
Democratic Progressives ended its pub
lie sessions at about 80 pm, 18th IN
slant. Never in recent years, in my judg-
ment, has more earnest body of sin
cere, thoroughly informed American
men and women conferred, intelligent
ly voiced, reported by committees and
passed by unanimous votes upon an
agenda submitted for discussion.
Under the caption of Industrial
Sterilization" of the agenda, one speak
er stated that money was at the bot
tom of all industrial ACKNOWLEDGEMENT
and of agricultural depression in the
United States, especially. 1 was sur
prised and disappointed that the sub
Ject OF primary, non-redeemable, coined
money was not discussed. However, de-
hation of cur currency after the World
War was mentioned by one speaker.
Let me call attention to the fact that
after the Civil War there was deflation
of the "greenbacK' and that deflation
was primarily, if not solely, the cause
Of the panic of 1873. After the World
War the Federal Reserve Board debated
our currency and Immediately there
after Except for one and a half years
OF mad stock and land speculation) the
production Of the farm leSsened in money
return to the farmer, though prices con-
tinued to rise higher and higher to the
consumer until, in the Federal Reserve
Boards def1ation, the United States
reached the financial and economic
condition 1t is in now. What national
tragedy! Wheat at 70 cents a buShel!
Cold-storage plants overlooking with
butter, eggs, fruits, meats, etc, and
from five to seven millions of men out
OF employment, from two to three mil
lions on part-time employment, CHI
NAKED with nearly twenty-five million
men, women and children living far be-
low the usual American standard of
living, some starving, some semi
starved.
The greatest of all the remedies to
relieve these conditions, in my iudg-
ment, is the reconciliation of silver
There is not money enough ready, in
pockets or in banks--money in the pos
session of our 122,000,000 of people
There is not in circulation SIS per per-
son. -Four or five per cent of the pop
ulation, If not fewer, possess rs to 80
per cent of our wealth and ready
money. From 1928 to 1929 there was
SOS, 000, 100000 in bank creditS-not
dollars, but credits. To whose credit?
To the credit of corporations and
trusts, the go or 95 per cent of the
owners, possessorS of American wealth.
Ninety to ninety-flve per cent of work.
ing, producing Americans are virtually
money-beggars with paltry $4,500, 600
900 of gold reserve-moStly in bullion,
not even represented in toto, but by a
small part in paper currency-for the
wants of 122,000,000 Americans. Eight
hundred million people, who have used
silver as money since gold and silver
have been in use as a medium of ex-
change, forced to gold standard; non
employment starvation and death for
hundreds of thousands of them, less of
trade the world over
Every country in Europe, Asia and
Africa, all the people of the United
States also, would welcome a gold and
silver primary money. At this writing
the United States and France hold
about $500, 100000 of the $l1,000,000-
900 of coined and bullion gold in the
world. There is not nearly enough
coined bullion and boarded gold in
the world today to meet the money
wants Of the worlds people, especially
the American people 1t is up to our
Government to call upon the nations
of the world to send representatives to
Washington for the purpose, and for
that purpose only, of making both gold
and silver once more primary money.
If such a call Is made every nation IN
the world will gladly respond, even
France with her $3,000,000,000 in gold
w. E. RYAN.