The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-02-03
Liberal Viewpoint
BY DIR. HARRY ELMER BARNES

THE imitation controversy is raging in con-
greSS Sound" money men like Senator
David A. Reed are denouncing the administra-
ton policy as a fatal first step toward the
| abyss in which Germany was pitched in 1923.
while fortnight inflationists complain that the
administration has been intimidated by the
money changers
Perhaps the main danger is that in the heat
| OF the debate we shall forget that more weighty
matters must claim our attention if we hope
to pull definitely out of the slump and to salvage
the capitalistic system.
The sensible way in which to regard the
whole imitation controversy is to recognize that
decisive relation is an incidental but ndis-
pensable item in a broad gauge assault upon
rugged individualSm and the dominion Of the
money changers.
If we wish to reform and preserve capitalism
for any considerable period, we must concentrate
our efforts upon assuring mass purchasing power
and upon conserving the interests of the con-
sumner.
Finance capitalism must be ended. 1t is the
common enemy of all mankind-even of the
money changers themselves in the last analysis
Industrial capitalism may be aided and strength
ened, but the new era of capitalism must be one
of consumer capitalism.
If we succeed, Fred Howe, for example
should become as powerful and prominent
national figure as General Johnson. If the con-
sumner is not armed with effective and adequate
purchasing power, capitalism must Of necessity
fold up-and that rather rapidly. The profit
system can not function unless goods can be
sold, and under capitalism one can not buy
goods unless he has money
To insure adequate mass purchasing power,
steps should be taken to prevent the accumu-
lation and transmission of great fortunes, the
possessors of which can not. and should not
consume goods in proportion to their resources.
Public works and relief projects will have
to be expanded and pushed rapidly, in order
that we may not collapse while the physician
is working over us. Farm relief and reorganiza-
ton must be successfully prosecuted, so that
some A per cent of our population can once
again possess the means of purchasing their
share of the goods essential to life and happiness
T ABOR must be allowed to assist in provid-
IL ing mass purchasing power through COM
plete freedom to organize and bargain collec-
lively The government need not become a
partisan of labor but it must remove the dis
| abilities and handicaps imposed upon it by
finance capitalism and a subServient judicial
system. The government must enter the labor
field at least to the extent of prescribing ade-
quate minimum wages.
No conceivable arrangements within cap
italistic system can provide complete stability
Of the economic order. There will be consider
able fluctuations in our collective well-being-
alterations of prosperity and depression.
To reduce these to minimum, we shall have
to assure a continuance of mass purchasing
power even in periods Of relative slackening
of our economic tempo. This can be done in
efficient and civilized fashion only through the
establishment of federal social insurance-un-
employment health and old age insurance.
All of this will require ample public funds.
Those who absorbed an unearned and unjusti-
fable portion of our social income in the past
have reduced mass purchasing power and have
brought us to our present lamentable condition.
Their responsibility is clear They must turn
back part Of their bounties to aid in the des-
perate battle to save something for capitalism.
Higher income taxes in the upper brackets,
and a great increase in inheritance and estate
taxes are essential at once. If necessary, cap
tal levy may be resorted to. This is in the
interest even of those from whom the capital
may be taken. Half a hog is better than none.
If prosperity is not restored, and that very
promptly, there will be no capital left to
anybody.
When imitation, or relation, takes its le-
Ultimate position in this battle formation against
piracy, oppression and injustice, we shall not
be likely to exaggerate its role. Neither will
we hesitate to employ it to the degree which the
emergencies Of the time dictate.