Evening star., 1933-10-06
The Legion for Sound Money.

1t is a highly significant and en-
couraging thing that within the week
two such organizations as the Amer
lean Federation CT Labor and the Amer
lean Legion have, as sounding boards,
reflected the grot<ing popular senti-
nlent in support OF the President against
currency imitation or currency debase-
ment President William Green was
cheered repeatedly and his declaration
against currency imitation and cheap
ened dollars was constantly interrupted
by applause when he spoke Monday on
the opening day of the Federation's
convention. Yesterday in Chicago the
Legion-the same Legion that a year
ago was demanding payment Of the
bonus with Mr.. Patman's greenbacks-
adopted a sound money resolution, as
follows:
Be it resolved by the American
Legion in national convention as
sembled that we favor a careful! study
by our Government Of the dangers of
imitation and that We favor a sound
American dollar.
The members of the American Fed
Grafton of Labor and the soldiers of
the Legion should be interested In the
dangers of imitation and aware Of its
pitfalls as intelligent American citi-
Zens. But it is interesting to note
that both such organizations speak
for two special classes of American
citizens against whom currency de-
basement would work peculiar injur-
les. The American Federation of La
Dor represents the man who works for
wages, who is being aided by the
recovery plans to increase his pur-
chasing power. Initiation, as Presi-
dent Green pointed out, would cheaper
the dollar without commensurate in
crease in the number Of dollars paid
for wages. Prices would mount be-
yond the working mans ability to buy
His means to obtain the essential liv-
ing needs as well as the recovery
which depends upon his spending
would both be placed in jeopardy.
American Legionnaires of them
at any rate-are policy holders OF war
risk insurance and OF the adjusted
compensation (bonus) certificates which
represent form of paid-up insurance,
redeemable in cash in 1945. One OF
the Legion speakers yesterday pointed
this out. You veterans paid good
American dollars worth 100 cents for
rie el- the he dar1o rod
IF We have imitation and wall paper
money becomes the currency Of the land
that $4,000 policy will buy about
$4,000 worth Of stuff for your wife and
your children" And those veterans
dependent upon disability compensation
representing the hundreds OF thou
sands outside the Legion who live on
income from former investments Of one
sort or another-would, in the case Of
direct currency debasement, find their
difficulties resulting from budget-bal-
ancing economies aggravated manifold
by the greater hardship imposed by
cheapened dollars.
There are Legionnaires In the Amer
ican Federation Of Labor. 1t is un-
necessary, and perhaps impossible, to
attempt to single out special groups
which would be hardest hit by the
Nations departure from sound financial
policies In favor of currency manipula-
ton experiments. It is preferable to
believe that federationists and Legion
naires are actuated not so much by
selfshIy personal fears as by thoughtful
realization of the dangers to their
country and all Of its citizens threat
ened by direct currency debasement.
Public sentiment Is being nodded. With
the Legion and the Federation Of Labor
allied in favor Of sound money" the
preservation of sound money policies
becomes more secure.
you can't eat sound money"
shouted an impassioned infiationist
from the rear Of the hall yesterday
when the Legion was about to vote on
the sound money resolution. But
neither can you "eat cheap money"
and. of the two, the latter type, when
swallowed. is most likely to cause
al