Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-29
Californian Was Taken by
Death in Midst of Work
for Institute.
NEED OF AUTHORITATIVE
FARM FACTS STRESSED
Problems of Soil Tillers to Be
Discussed at Par
ley.
By JOHN F. SINCLAIR.
Special Dispatch to The Star.

Special Dispatch to The Star.
HEW YORK, March 2s.- When Da-
wa Luoin, the Californian, created the
international Institute of Agricultura
~ years ago 1t looked like the begin-
ming OF new era for the farming in
oustry throughout the world.
~ came about in this way: David
Luoln was wheat farmer. He asked
the local elevator man in California
Wno set the price Of wheat in that
state. The man told him that wheat
prices were decided in Chicago.
so Mr.. Lubin went to Chicago. He
asked the grain leaders there who
SET the price Of wheat, and they told
MIN it was determined in Liverpool.
the world market center. Undiscour-
aged, but myStifled, Mr.. Lubin went tn
Liverpool. He asked the grain leaders
there who determined the world nrice
OF wheat for them. and they told him
II was largely set in Chicago.
Clearing House Needed.
SO Mr.. Lubin decided that a clearing
mouse OF official and authoritative aRri-
cultural facts and data was most i'm
portant.
But few people were interested. He
rled TO interest President Roosevelt,
out was not successful. He tried To
interest the leaders of several countries
OF Europe. They had more weighty
problems.
But the King Of Italy was interested
ne saw that authoritative facts about
agriculture were important He thought
tney should not be juggled around by
spectators for their own advantage
Ine King gave Mr.. Lubin an old
palace, and Mr.. Lubin set to work to
secure the support Of the various agri-
Nr-fr -
tribute to the institute, asking Shem
70 send delegates to Rome TO discuss
agricultural matters.
IL looked like a world movement
then. Mr.. Lubin was shrewd, success
Iut ana eloquent. But he died before
the complete plans for the great insti-
tute had been contaminated.
After his death, the institute assumed
less and less Importance. His leader
SHIP mas. been. strangely missing In
Last week, a world grain conference
attended by .46 Official. delegates. was
opened IN Rome by Giuseppe de Niche
lis, president Of the International Insti-
tute OF Agriculture. The conference
VIII study this week the. problems of
agricultural production, distribution,
credits and tariffs.
Perhaps the institute viii be revived.
But without another Lubin to pave the
way 1t seems doubtful.
Money, Credit and Prices.
J. Lawrence Laughlin, 81, who began
the teaching Of political economy at
Harvard 50 years ago, and later became
the head OF the department of political
economy at Chicago University. has lust
published q new two-voIume treatise
under the title Money, Credit, and
Prof. Laughlin is an orthodox, old
school economist. He does not talk the
same economic language that such men
as John Maynard Keynes Of Cambridge.
Irving Fisher Of Yale. or Prof. Cassel
of Sweden use.
THE law cannot create in the Fed
eral Reserve system, or in any similar
system, world of credit which will
stand the test in q time of strain" saws
Prof. Laughlin. THE ability TO with
stand stress must inevitably depend on
the effectiveness Of sound banking
management by the member and other
banks"
Prof. Laughlin does not believe the
rediScount rate Is as important In the
control of credit and speculation as. for
example, Owen d. Young does Rather
does he believe that moral persuasion,
rather than the law, is ''the basis Of
6et1A44lH cl1-pECSSINHtlOn.
His first volume Is given over TO a
study Of money and the development Of
the origin Of the money concept; his
second volume discusses his theories
dealing with credits and prices
The book viii be widely read by stu
dents OF money and credit, for no other
American has written more widely in
the field Of money and credit, over such
long period, as has this distinguished
oetogenar1an.
U. s. Deficit.
It is q far cry from an $4,000 900
deficit, which, on the basis Of Treasury
figures, the President estimated in 1880
as the probable deficit for the present
hscal year ending June so, to one sew
eral times that amount. It looks now
as though the deficit Of the United
States Government may run as high as
$700 900, 900 or $500, 900 900 for the pres
ent fiscal year.
What does it spell to the American
taxpayer? Already Senator Borah has
announced that he favors new legisla-
ton, as soon as Congress meets in De-
eember, increasing the higher surtax
brackets.
Senator Norris. Progressive leader,
has announced that he expects the
Progressives to get behind higher in
heritance taxes, to meet the crisis of
the Federal Government.
1t looks as though one of the big
fights OF the December session will be
in this field of taxes, the Progressives
aiming to put back many OF the heavier
income taxes taken of the weather.
citizens by Secretary Mellon, while the
conservatives will fight to spread any
additional taxes over a wider base.
1t will be a pretty fight. For new
taxes, undoubtedly, must be raised 10
meet the mounting deficits.
Night Work Eliminated.
Walter D. Hines, New York lawyer,
chairman of the board of tin Cotton
Textile Institute, Is largely responsible
for the efforts to eliminate 'all night
work for women and minors" now go-
ng on in this industry.
The problem has been very difncult
20 meet because all legislation, dealing
with this subject, must be by the vari-
ous States. Some States are afraid TO
AXE the initiative, lest 1t will be to their
In competing with other
States that do not enact such legisla-
ion. However, many of the mill own
RS, both North and South, Voluntarily
nave cut out all night work.
As . result, SO per cent of the cotton
extile mills, including 70 per cent Of
he night runners, are already conform
ng to this arrangement. Mr.. Hines
avs.
lcopyrsht, 1881, By the North AsasEssan