Evening star., 1932-04-05


leaders continue using present relief
measures simply to enrich themselves =
At the outset, he tempered ms erhi-
cism by pointing out that the Recon-
str,lction Finance Corporation has done
some splendid work. He said he was
cFticising what he considered the one
mistake that oTRanization has made
and that one nasstake should not be al
lowed to everslaaoow the great goad
that has been accomplished.
Referring aEsaa 70 she Pesmen meas
E~s Senator Ca1pe- continued:
y an not say1nE ] an for aTlytsa.ag
Ike ahls. buf ] am saving that Gig
rn1ssT' IN Ihe Bnibe5 STATES II IN
sisEs on its selfish interests beng served
RhsaE Cf the public Interest can force
such leElslHElBn easily
d 'F7Ehe E13uEe Ranking and Currency
0esEa11TIi1ifr IF EUusiflsIins q measure
WskIish 7 bslteIR Ms 1zIlcA s9HnesT Z.
yrlpui1le than the cash payment OF
The snlE3sr b1nER.
- zasaE the various bills for s. sbsa-
zatznE ce the purchasing power oz the
6oglzx. As haEs said before. there Is
70 excuse EoE this Fz1asT dollar that Is
worth twice AZ much at cne time as at
another.
sahfr friends. we are going TO have TO
EkldIfkE Etl11tE1N VII NBE1lCtSSAoaA OA AAAS--Ss
in the next few years. Incidentally, i
might say we are going to have to
change a lot of our conceptions.
Sees New Economic Era.
The decade ending in October, 1929
my friends, was not the new economic
era that it was proclaimed to be. The
new economic era is ahead Of US, not
behind us And it promises either to
change completely cur economic strhc-
ture-either change 1t or destroy It..
lieve it is true,
"As Stuart Chase, whom regard as
one Of the keen minds of this genera
ton, recently stated, the economic
trend is toward the left. In Chamber
of Commerce parla nee, that means
toward radicalism No use lodging that
fact as ! see 1t.
Que o. the fundamental changes We
are facing is new conception OF the
purpose Of money, or at Least the use
of money.
ing us toward a plan which VIII rele-
gate money to its proper place as a
medium of exchange. At present the
dollar is too much of a commodity q
commodity to be speculated with, 10
have its purchasing power run up and
down. 1t is a rubber yardstick OF value,
and a rubber yardstick is fine for
financial gamblers to play with, but
of little vaiue-and that little harmful
as a measure of value and medium
of exchange.
so l Eeliepe one of the changes
toward the left will be a movement
toward a managed currency. How far
that will go do not undertake to say
] do not know. do know that per-
sonally / would prefer to reach our
goal through stabilizing the dollar But
I am perfectly in earnest when ! warn
you that unless our financial leaders
awaken to the spirit of the time, and
lay of such deals as the Missouri
Pacific loan, we may have radical
legislation.
Other Tendencies.
"other tendencies of the coming
new economic era may include these,
In fact probably will:
Some supervision of new invest
ments, to make these reasonably safe
and productive rather than unrestained
stock marketing and gambling in secur-
tiles, with the International bankers
and brokers of Wall Street having
pretty much their own way. Their
manipulations, through merger, consoli-
Cat4o4is' oiI1Ats' HoLdt'lg cpAtpaLiies ano
other great industrial and financial
consultations, must be eurbed
High income and inheritance taxes
in an effort to break up the danger
Gus Capitalization of wealth and t.
insure purchasing power to the mass
of people commensurate to mass pro-
duction.
1T does no good TO substitute ma
chinery for human power in produc-
tion, unless provision is made for hu-
man power to use the products Of the
machine. A machine has no purchas-
ing power. Only production power.
We must realize this fact. 1t Is fun
damentai of the new economic era