Evening star., 1932-05-02
Dawes Lauded for Stand
On Initiation of Currency

Picturesque language by Gen. Charles
G. Dawes, head Of the Reconstruction
Finance Corporation, warning the
country against imitation of the cur
rency In connection with proposals for
issuing greenbacks for payment Of
further soldiers bonus, reminds the
public of his similar vigorous action in
the days following the World War
His eutspoken declarations are called
a welcome contribution to national de-
bate. 1t Is declared that he has re-
newed the confidence Of the people, and
has given fair warning of danger, al
though a small minority suggests the
possibility that he Is mistaken about
imitation.
I'VE imagine if the people Of the
country in the large could in some
way express their reaction to the Dawes
speech" says the Rock Island Argus,
"they would tender the general vote
of thanks, and buy him a new pipe, If
he needed one" The Chicago Daily
News believes "it was precisely what
Congress and the country at large need
ed to hear" and that when the hour
was uP, POEoOi4OuS R1llC, WillCl4 VA
late has polluted the purlieus of Con-
gress, so that some lawmakers were
submerged In 1t to their chins. had
been shunted toward the nearest
sewer" The Daily News adds: Thus
Gen. Dawes once more performed a
notable service for his country"
Fundamental faith, backed by
thorough understanding of q big SUBJ
ject and q determination to win-that
sums up that Dawes philosophy" ac-
cording to the Cleveland News, which
concludes that 'it inspires more con-
fldence than any public utterance on
the score In recent months" The
Newark Evening News thinks that I'VE
need q lot of unvarnished Dawesian
plain speaking, Just now" and suggests
that maybe the hippodrome trappings
the general clothes it with help hally-
hoo it into the mind of the rest of us"
Everybody gets the point" declares
the Cincinnati TimeS-Star. when he
says that. compared with the aggregate
business Of the country, the New York
Stock Exchange is nothing but pea
! nut stand If the course of Congress
and the Administration in setting up
the $4,000 900, 900 Reconstruction FL
needed any defense against the dema-
overlooked the common man. Dawes
provides It by showing that % per cent
Of the loans made by this corporation
was TO banks In towns of less than TO-
600 and So per cent to banks in towns
Of less than 100, 900 population. As he
pointedly says, the important thing is
the number Of depositors affected
Dawes says: The mass attitude has
changed from q condition Of pessimism
to a condition of cheerfulness.' Merely
seeing the man around and hearing
his vigorous and practical counsel tends
to cheer up the body politicl"
able, experienced and forward-look-
ing inancier that he is" remarks the
San Antonio Express, Mr.. Dawes per-
ceives a truth which many less discern
ing persons probably have overlooked:
Special devices hold no virtue for heal
inging economic ills; recovery must
come from the people themselves.
Common sense and industry may con-
tribute more to that end than any
amount Of credit expansion. At best,
that measure Is but o stimulant for
speeding up the reconstructive proc
esses. Az for bonus advocates plan to
issue q billion dollars In fat money,
that ID o noStrum which would have