The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-04-19
TO INITIATE OR CONTINUE
DEFLATION

DEF AllON
Announcement is made in Washington
that President Roosevelt is studying ere
flation," preparatory to trying policy OF
mild currency initiation on the country. 1t
is practically certain that any initiation
policy that gets the approval of the Presi-
dent will be of mild type, as the so-called
money power" of the country, alias "Wall
Street." is still to be reckoned with and
the money kings are still violently and bit
terly opposed to currency initiation.
However, millions of the country's intel
igent and informed citizens, including
some of our foremost business men, as well
as authorities on economics and the money
system. favor an inflationary policy and
they, too, must be reckOned with in set
Element of the problem.
It has been pointed out by these authori-
ties and business men that continuation
of tleflation in the country will bring abso-
lutte ruin The farmers, small business
men, small manufacturers and every class
Of citizens except the money kings VIII
be financially wrecked if deflation goes on
for few more years. That deflation will
continue for a long period unless drastic
steps are taken to reform the money syS-
TEN of the country is the belief OF this
large body of citizens. If deflatlon cor
tinues the losses which have already been
sustained by tens Of millions Of the coun-
try's citizens will represent but small
part of the total; and the result will be q,
wrecked and ruined country. The anti-in-
flationists, the class that is determined
that the gold standard shall continue to be
the American fetch if the heavens fall,
will go down in the general crash; but this
class does not yet appear to have observes
the handwriting on the wall
All government measures so far tried
ont or proposed to bring economic relief
to the country are temporary eXpedientS.
Those that have been in operation have
brought but little relief. The business OF
administering Opiates to the country cam
not 90 on forever. Commodity prices must
be returned to reasonable levels and the
millions of unemployed must be put to
work in industry, if business is to be re-
stored to normal condition. What the
country must have, first of all, is work for
the idle. Business must move again in nor
NAL and profitable volume. This cannot
take place while the deflatiOnary process
is still going on.
Many citizens of the country who are
qualified to speak on this subject have
spoken for reform of the money system,
for the reconciliation of silver, for cur
rency initiation or a change in the coun-
try's measure of value which will increase
commodity prices and make money less
valuable. One thing is certain and that IS
that the farmers and the producers OF
manufactured articles must receive better
prices for their products and the debtor
class must be given the chance to settle
obligations in dollars worth somewhere
near the value of dollars when debts were
contracted. Business must move again IN a
normal way before the country can come
out of its present position.
The inflationists say the answer to these
problems is in a cheaper dollar and higher
prices for commodities and better wages
and work for all the people of the country.
The anti-inflationists, represented chiefly
by the Wall Street bankers and the big
money interests of the country, are con-
tending, as they always have, against any