Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-03
RESULT OF GENEVA
ECONOMIC FARLEY
HOPEFUL TO BRAND
French Loans to Allies Seen
Giving Her Strong Hand in
Austro-German Issue.
"COIN" HARVEY WRITES
NEW BOOK ON MONEY
Decreased Demand for Copper
Traceable to Electrical and In
dustrial Industries.
BY JOHN F. SINCLAIR.

NEW YORK, May (N.A.N.A).-
W, H. (Coin) Harvey OF Monte Ne.
Ark. author of Coins Financial
School," which furnished william Jen-
nings Bryan and the Democratic party
campaign Of 1896 with its free coinage
of-silver ammunition, has sent me his
latest work on the subject of money and
credit.
He reiterates what he said so effec-
lively in his two famous books, Coins
Financial School, and "A Tale of Two
Nations"-namely, that money, instead
OF being a public, is private monopoly
and, as such, has wrought disaster
through all the ages"
Three copies of the book are to be
placed in vault of reinforced cement
concrete pyramid being built in the
Ozark Mountains by Mr.. Harvey, with
accompanying literature ito aid in its
translation, with the possibility that 1t
may be found by future civilization
rising from the ashes of this civiliza-
ton, If this one is to go down engulfed
in sea Of prejudice and human saw
agery."
In the book, he quotes this statement
from the Greek philosopher Sophocles:
NO thing in use by man for power or
Ill can equal money. This lays cities
AOWp uA1VCS QuleU
dwelling place; this warpS and changes
minds Of worthiest stamp of every i'm
pious deed"
That's probably why so many spend
all their days in seeking it.
How far will the European economic
union get at the May meeting in
Geneva? Frances willy premier, AriStide
BRAND, appears very hopeful of prog
reSs. Perhaps this Is because France
has succeeded in making loans to her
Eastern European allies, including
Jugoslavia. This gives BRAND a strong
hand in the game against the Austro-
German union.
While the French tariff continues to
soar. the import duty on rye has Just
been raised so per cent more. France
hopes to put through a scheme for ex-
changing the grain of the eastern ag-
ricultural states for the manufactured
products Of the western countries. The
French believe they will be the great
est beneflciaries.
At the same time, italy Is taking a
more critical stand, Italian labor de-
manding satisfactory arrangements with
Soviet Russia or withdrawal from the
conference. Italy has just renewed her
credit agreement with Russia. Italy,
treaties more favorable to her and in
this she is supported by Germany, Aus
tria, Hungary, Russia and Turkey.
France has the little entente once more
lined up in her camp through the re-
cent heavy loans.
Thus intimately are politics and eco
Monies mixed up in the European puz-
zle. The constantly shifting politico-
economic blocs and their credit and
.Avffa III. oNio
exporters and importers many anxious
moments.
Out Of a zoe, 00O-ton decrease in cop
per consumption during 1880, fully half
of that amount Is traceable to lessened
demand by the electrical and industrial
industries. Light and power utilities,
however, must be exempted from this
class, as they actually increased con-
sumption slightly-about 5000 tons.
The heaviest decrease in demand
took place in telephone and telegraph
900 tons almost IS
per cent of the whole decline. Elec-
trical manufactures, such as household
appliances, accounted for another $1,000
tons. The third largest contributor to
this slump comes under the classifica-
ton Of "other wire''-about $4,000 tons.
Using these figures as an index, they
would seem to indicate that the light
and power utilities have consistently
and methodically pursued their con-
struction program, while the electrical
communication companies have cur
tailed theirs.
It is possible, Of course, that this lat
ter industry feels it has finished its
program for the present. This would be
a reasonable explanation since their
field Is admittedly more restricted and
slow-moving than that Of the power
companies, who are still working on a
2oyear expansion project.
Another angle on the effect Of the
Federal Farm Board holding large
stores Of commodities in an effort to
sustain the price level is brought to
light by the recent protest to Pres1-
dent Hoover of cotton shippers against
this practice.
Since such commodities, so withheld
from the market, are thus drawn from
the export trade, it is clear that Amer
lean shipping is bound to suffer. Facts
like these serve to remind us of the
dislocation to industry and
business brought about by artif1cially
the natural law of supply
and demand.
In view Of the fact, however. that
the cotton and wheat farmers Of the
country have failed to assist them
selves by such means as reduced
acreage, diversification and co-opera-
tive action, there seemed no ether
alternative for the perplexed Farm
Board than the purchase and storage
of the surplus.
To say that the Farm Board should.
have avoided this policy,
ignores its delegated purpose, which
was to stabilize the prices Of these and
other farm products.