The Washington times., 1933-04-26

mild inflationist" It rather relieved my mind.
~ Looking back, the reason for being mild infla-
zionist clear: that nothing else had worked
had accepted the word of great expert who believed
in controlled initiation of credit but had also been
compelled to accept the fact that initiation of credit
had been like large pool of money to which the horse
of industry had been led, but from which he would not
drink M In d way we had aon from the emo mo
to operate; but did not have the effects of infla
ton because one seemed courageous enough to use
the credit for it's natural purpose.
We're Off!
The most pleasing thing about the present situation
is that it puts end to woolly words. We not
only off the gold standard, but permitted to
say so. The Government says so the newspapers say
so. With forward glance, suggesting that may
resume when it is to our advantage to resume, we
plunge off.
To great many of u.s. it is as if burden were lifted
the burden of maintaining a standard did not
impose on ourselves or understand or admire AS an
expanslonlst country, which has had the luck not to
need initiation most of the time we were rked by tight
money. AS a country which lives wages and earn
ings than income, stalled by money
so hard and solid that it had become frozen.
Now that we are off, it would be nice to learn more of
the for staying The offered
is that it was to the advantage of certain groups for
to avoid the initiation which going off the gold standard
implies Two such easily Identified but they
are small people with American incomes who spend their
money abroad and those who possess large amounts of
came che they buy with the amount of dollars
But there must be other vastly powerful groups,
who held up the parade. Who they? And are they
the who, in spite of the brilliant experience of
France insisted that you could check initiation
France now quivering almost alone on gold, stopped
initiation at dangerous point redefated and out
the top nation of Europe.
At Out of 48
With statistics I grow confused yet there is set
(published in The Business Week) which makes simple
It takes the year 1920 and shows who had money
to spend. Some 48 million individuals in the United
States had money in that year Of that number over
unsupported guess that when you have less than 5000
week. the chances are fair that you are earning that
amount in salary wages-or are earning great deal
of it, with only small part coming in interest
unearned income. If that is wrong, you take another
set of figures: four out of five people, who had any
money whatever in the United States in 1929 had less
than $40 week Surely they living their
ings, not on income.
It is again my guess that these four out of five had
nothing to gain by deflaton, it has been going
for three years. and have much to gain by the de-
parture. The end in view remains the same to start
people buying to force factories to produce goods order
to supply what people want to buy-which taking
men to work and giving them pay-which means, IN
turn, that they will be able to buy what they and their
families need.
Germany and France
1t has been my good luck to witness of the most
appalling infations in history-the German, in 1928
and of the most successfutheF FRENCH in 1925 The
iseries of Berlin in the weeks following the invasion of
the Ruhr unbearable although do not know that
they than the mseres of Berlin in the past
six months with Germany holding to her gold renten
mark standard The feeling of uncertainty as money
became worthless in your hand from hour to hour had
profoundly unnervng effect the loss of faith in the
future appalling.
On the other hand, the experience of France which
checked the decline of the franc when seemed to be
going the way of the mark is bracing. Many individuals
suffered in France when the franc dragged back
from SO to the dollar and revaued at about 25 Peo
pie who expected dollar for every five francs they owed
not pleased But the country did not go to ruin
And, watching anXiousy, the French must know from
their experience that we need not any farther