The Washington times., 1934-12-14

or correcting SS
the proven
abuses. Lewis Haney
The Old Deal has given us
great productive efficiency.
This it has done by developing
specialization in production,
and 1.viSiOn of labor. And 1t
has developed enterprise and Or
ganiZatiOn in business.
The competitive spirit has
great pOtentialitieS for good.
So do free exchange of goods
and services, and the use Of
credit.
What we should do is to learn
to use these things, not by waste
full random experiments. but by
study and observation of realities.
We should learn to figure costs
more carefully, so as not to waste
our time, energy and resources,
doing things that can't pay.
We should learn to make trade
freer, both within the nation and
among the nations. And we should
make competition a constructive
force. by freeing it from unfair
and destructive methods.
Profiting by a century of expe.
rience, we should learn to control
credit, instead Of plunging from
abuse to abuse, and allowing the
Government to overborrow and in
flate IN a way that makes the pri-
vate excesSes of the new era" pc
1iod look tame.
We don't want a revolution. We
do want evolution.
I am neither paid by nor influ'
enced by any capitalist" say
what believe to be true and moth
ing else. Incidentally, some Of my
radical correspondents could easily
learn that I am liked no bet
ter by stand pat Capitalists" than
by the funny money" people or
the "redS."
Speaking of money, am com.
ing to see why it has been called
"the root of all evils"
Why, the same people who
blame "the capitalists" for hav.
ing so much money seem to be
just the ones who now want
more and more of the stuff!
/ am asked, "Why not print
more money!"
Well, the more money you
"make," the less it is worth.
Unless a dollar is tied to the
value of some commodity, the
more dollars you make" the
less each dollar is worth. Ger
many's experience with the
mark is an extreme example.
So it does no good to print
more money.
But it does harm. People can't
save when they can't count on
the value of money. Business
can't prosper when trade is
handicapped by uncertain and
fluctuating money values.
Money must have a value OF
: its own, determined by demand
and supply like other valuable
things, if it is to play its part
in economic life. Managed cur
rency" could work, if at all, only
in a managed economic life. Do
we want that? If Sos who is
to do the managing?
I am told that production is no
longer a problem! All we need,
they say. is to get rid of "the
price SYSTEM" and then plenty
will fall into every mans lap!
This is a deluSion. There are
two great production problems,
neither one of which will ever
be "solved": Cd What particular
things should be produced? (2)
How much of each thing should
be produced?
And which ones of us should
produce each thing. What par
ticular job should each do?
Where and when should he do
it?
In short, the problem of pro
duction is only partly solved;
for the queSClOn remains: Wnat
are particular things worth?
What about costs, and relative
values?
Look at the mess we have got
into with our plenty" Of COT
ton. oil, wheat, hogs and copper!
Plenty" solves only half the
problem. The problem now is
plenty of which? Plenty ol
whom?
The only answer, short Of
complete cOIleCtiviSm, lies in
values and prices for particular
commodities and services. The
only way to know how much
cotton or oil should be pro-
duced is to know what people
are willing and able to pay for
them.
nTVTnENN INTpE GEN