The Waterbury Democrat., 1933-12-08
Prompt Action Only
 Cure For Initiation
Unified Objection on the Part of the Public Only Way
 to Prevent Inevitable Ruin Says John I. Flynn

Nav York. Dec S-With the as- sembling of Congress in January, the most important agitation will no for infiation of some kind. and fhe only thing that can stop 1t is O prompt and unified popular Oppo- sition, according to John T. Fiynn, economics expert in Golfers Weekly,
 ..The whole mass of the people, who will be the chief sunerers' have their chance now" declares Mir Flynn, summing up a survey or the dozen imitation schemes wnicn are being prepared for Congres- sionai action by various leaders.
 You can begin imitation in many ways" says MT Flynn. But YOU will end always. in the same way-with the printing press: When it is all over, the result VIII be about as follows: The farmers will be impoverished; the workers will be reduced to pauperisfn; the debts of the country will be cut 5O percent, 75 percent. or more. The ordinary business man Will De ruined. The beneficiaries will be specuIators, and they will be few: We will have brand new crop Of depression in hation millionaires.
 .'Speculation, more than any thing else, got us into this depres- sion. The notion that we can get out of it by another orgy of gov crnment-started imitation is the maddest notion of all.
 "One thing at least Is obvious that there are many differences be- tween the infiationists and that these must be ironed out before q program can be put through. But, if they should succeed, what will happen to the country? What will be the effect of imitation upon the different groups in our population?
 '.The worker-what will be his fate? If the price of everythinR were to go up at the same time and in the same degree, the result of imitation would be nil. But thls does not happen. The prices of many things will rise ut once. But one thing we may be sure Of: The price of labor will not rise. MIL lions are out of work. But many more millions are at work Cut tie value of the dollar and you will immediately cut the wages of al those at work. Our crying need is more purchasing power. Cut the value of the dollar and you promptly cut our purchasing power.
 What of the farmer? He is the most insistent battler fo rinfiation. He wants higher prices. But high CT prices will not benefit him un- les,, he can collect them. And fro a whom will he collect them: Fr,,.n the workers in the city whose wages have been cut by the decline of the dollar? Moreover after the farmer sells. he must buy. And does he imagine that whatever advantage he gains in selling for fifty-cent dollars? h. decd, he must buy before he sells. He must buy now and all. winter. He will not sell until his harvest is in.
 What will be the fate of the merchant? If the imitation is ac- cornplished at one stroke, he VIII make money on all he buys before the imitation and sells after 1t. That will be the end. Thereafter he will reap the penalties. For, With prices higher and spurchasing pow CT smaller, he will sell less and, perhaps, see his profit disappear altogether.
 If the ination is achieved in doses and at intervas progressive Iy the mechant will be able to make money to the extent that he knows the difficult art of specula- tion. He must cease to be Q mer- chant and become gambler.
 Imitation is supposed to be the debtors paradise. If being rid Of his debts were all that there was to the adventure this would be true. But alas, while riding himself of q debt of few thousands he may end by ridding himself of dou- ble that amount in actual income. Who are the debtors? They are the farmers and home owners who owe money on mortgages. whose debts will be reduced by the fall of the dollar, but whose incomes will suffer more severely than their debts, since their incomes are gen. orally, over a period of a few years, larger than their debts.
 What is more, the debtor who owes money on a mortgage may very well and probably does have money due him, perhaps great deal more. from his savings bank. his small bondholdings and his in- surance. When the balance is struck. he may find he has suffered as a creditor more than he has benefited as a debtor.
 "The chief gainers-perhaps the only gainers-will be the profess nacYn rNYrI ICIH 10