The Washington times., 1933-04-28

Digging through
GILBERT sEDEs tions for light and leadership, was
impressed by two OMISSIONS and as thlnR tle
only information need now must come from tne fresl-
dent forecastng his and declaring his prlnclpes
shall make few note on what has been missing instead
of attempting to clear through the forest OF op
ion and conjecture.
Long and Who Else?
The first notable absence is any that the whole
problem has been pressing down for at least two
years heard Senator Huey Long on the radio ascrl1e
to himself certain amount of leadership in the battle
for initiation during the past sessions of Congress- but
most of those who have talked about going off the gold
standard have given the impression that was bright
idea which occurred to Mr. Roosevelt last Tuesday and
which he acted Wednesday, Actually the whole busl-
nes every phase it, has been considered by economists
at least since the first moratorium ION war debs) tailed
of its purpose.
It would be easy to explain this strange state of mind
by saying that Americans notorousy lacking IN MS
torcal sense That is quite true generally but insult
ficient in the present The for pretending
that initiation became necessary only few days ago IS
that by this preense you up the dsagreeabe
truth-whch is that staying the gold standard
positive advantage to some people and that they fought
for this advantage to the last ditch The
disadvantage to others might also be mentioned
Imaginary Men
Some forty years ago. told, professors at college
used to tell their students about the economic NAM
an imaginary Individual who always acted in accordance
with the rules of economics laid down in the books The
unfortunate circumstance that human beings are not
purely economic men,, that they are full of greed that
the strong choke and hamstrng and punder the weak
that mentioned. Nor was much said OF the
miserable idea that of the best ways to grow rich is
10 Jake advantage
This type of economics-n-av went out of style
in the colleges but it to have returned in the dis
cussions of initiation The antnfatonsts for instance
say that they prosperity to and rise in the price
level but the way to get it, they is to stay on
the gold Standard continue to deflate UNTIL the weak
having gone to the WALL there will be such demand for
goods (after have out shoes on the bread
nes) that the surviving factories will be flooded with
orders It is weatherproof argument, but the phrase
about the "weak going to the wap needs explanation
Carried Out
It is quite true that if have enough bankruptcies
and enough unemployment for long enough time will
get out of the depressonfeet first the comedians
say. Why, then, not mention the fact? Why not say
that defaton has always favored the powerful and that
but on mortgages and other fixed incomes? Why not
say that deflaton misery for millions when we
are so frank saying that initiation danger for
all? Why not say that proper initiation means rising
to keep with rising prces put that controlled
initiation does not wreck and ruin?
Other Countries
Fnay among the missing has been any recognition of
the fact that for year the American price level
has been at the mercy of foreign exchanges and that
has always been exactly to the advantage of foreigners
to make things easy for Why is it suddenly brought
up that going off the gold standard gives great
bargaining point because we have been whlpsaWed as
commentator puts it, for several months, without
bow to those observers who have for months suggested
defending the American position? If it is good for us
to be where we are now why didn't take at least
few steps in this direction few months ago?
Our economics are still befuddled with the idea that
group of laws operates plane at about the level
of the Pole STAR and human beings operate another
the dust in spite of hreeday BOOM The truth is that
gold the problem is largely problem of human needs
and human ambitions It affects everywhere turn
We are entitled to know more about it.