The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-27
PET CHANT IN
WASHINGTON IS
MONEY; MONEY
New Lawmakers Flock to
Capital, Laden With
Financial Ideas.
ENTHUSIASM IS CURBED
Freshmen in Congress Soon
Find Their Schemes Have
Been Found Wanting.
BY WALKER STONE
Times stan Writer

WASHINGTON, Feb. 27-Money
is the pet conversation topic of new
members of the senate and house
drifting into Washington ito look
around preparatory to assuming
their new duties March 4.
Fresh from the people, where
money is scarce and trade prac-
tically paralyzed, the lawmakers-to-
be voice opinions that jar on the
conservative Washington ear. Some
thing must be done and done quick
ly, they say, to put more money into
circulation.
Their talk is replete with such
catch phrases as "devaluation of
gold" planned money" stabilized
dollars" controlled expansion of
currency"
Many have their own pet money
schemes, which they propose with
vehemence, naively unaware that
similar schemes long since have
been discarded by the infiationists
aTeaQy IN congress.
Others have no specific proposals.
but say they will support amy
feasible" plan to stimulate circula-
ton of money.
Get Peoples Viewpoint
These men as yet have not been
initiated into the Washington
viewpoint" a viewpoint refined by
debate on various initiation pro-
posals, viewpoint tempered by the
warnings of bankers and treasury
officials that panic and disorder will
follow in the wake of initiation.
They have not been listening to
bankers and financiers, who handle
and control the nations money.
They have been listening to peo-
pie who are moneyleSs, but would
like to handle a little of it.
That the nation was becoming
"money-minded" was brought for
chilly to the attention of Washing
ton first in December, 1881, at the
converting of the current congress,
which was marked by a surprisingly
heavy demand for seats on the two
banking and currency committees.
The drive that started then to do
something about the monetary sys-
tenn reached the high points in The
passage by the house of the print
ing press-money veterans bonus bill
and in the Goldsborough rubber
dollar bill Both measures were
smothered in the senate.
Initiation Talk Grows
= There has been almost no action
of inflationary legislation during the
present short session. But talk of
imitation has increased, and the in
flationists have gained recruits.
1t is evident that imitation talk
will be rampant in the forthcoming
short session. Newcomers will swell
that bloc.
A prominent Democratic leader in
congress, who is conservative in all
matters of money and finance, but
who is known as a shrewd judge of
the temper of congress, recently
gave as his private opinion, that:
No inflatiOnary measure will be
passed in the forthcoming special
session of the new congress, due to
the restraining influence of the in
coming Roosevelt administration;
but -.
If conditions have not improved,
no power on earth can stop inf1a-
tionary legislation in the regular
session, which convenes next jan
uary.
Many of the newcomers in con-
gresS are disciples of Father Charles
f. Coughlin, Detroit priest, whose
radio broadcaSJs on revaluation of
gold have swollen congressional
mailbags. Coiner of that fine
phrase, the famine of money" the
crusading priest has an enthusiastic,
nation wide audience.
From Indiana, for example,
where Father Coughlin's influence
is particularly strong, have come in
the last week three of the new ma
tional lawmakers, all talking about
imitation.
Senator Elect Frederick Van
Mugs, who has received 1000 letters
from constituents urging devalua-
ton of gold, is convinced that con-
greSs must direct the federal re-
serve system to expand currency
and credit.
Representative Elect Finley Gray.
whose rowing eye and long dappled
hair mark him as a relic of the
William Jennings Bryan era, says
that the farmers and the unem-
ployed must be freed from the bond
age Of gold.
Representative Elect James I.
Farley, another Democrat, a con-
sentative business man, former
president of the Auburn Motor
Company, says that he doesn't like
any of the imitation schemes that
have been advanced, but is sure a
satisfactory imitation plan can and
must be evolved.