The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-24
Liberal Viewpoint
by DIR. HARRY ELMER BARNES :

THROUGH the monetary problem and the
i imitation controversy do not make the head
lines as frequently as they did six months ago.
the recent controversy over silver provides ample
evidence that these issues still are potent.
Frank A. Vanderlip is one of the few Leading
American bankers who clearly have seen the
distinction between sound banking and anti
social gambling. Moreover, he is one OF the
minority of eminent financiers who has been
able to size up the initiation issue without any
high blood pressure.
His book gives a clear summary of his views
on money which embody the creation of
central federal monetary authority and COM
plete reconstruction of the gold standard
,"TomorrOws Money" BY Frank A. Vanderhp
Revival 81 Hitchcock So long appendix
reprints his splendid articles on the methods
and evils of banking before 1888, and he pro-
poses a thoroughgoing and rational develop
ment of a specialized banking system for the
United States which will harmonic with the
completely of our economy.
Mr.. Hollis takes as his point of departure
the thesis that histories have neglected the
Importance of money a factor in the history
Of mankind and in the growth of governments.
1.-The Breakdown of Money" By Christopher
Hollis Sheed & Ward so centS) He applies
this to the Interpretation of the recent history
of Europe and the United States and illustrates
the Importance of the monetary factor in the
bringing about and perpetuating the world wide
1
and the general reader will find few more salts
factory introductons to the monetary factor in
contemporary civilization.
THE theme Of money in history is also pur-
il sued by Mr. Abbott, but he restricts his sur
vey primarily TO the United States. c. Sound and
'Unsound Money" BY Twyman o. Abbott The
Telegraph Press so cents) His book is Splen
did popular review of monetary history and con-
in oa TIf1ite IJp ic 0f
the gold standard, or at least of the manner in
which the gold standard has been administered
and manipulated in the American past.
With the increasing attacks upon the gold
standard the notion of the commodity dollar as
a substitute has been widely discussed. Pro-
fessor Reed summarizes very Succinctly and
clearly what he conceived to be the major flnan-
cial and economic considerations which render
this eXpedient impracticable. C'The Commodity
Dollar" BY Harold L. Reed, Phi. D. Farrar e.
Rhinehart. 40 cents) Whatever one thinks of
his arguments on this particular point, he Ger
family is sound in his criticism of the single
track monetary panaceas for the solution of a
complex economic phenomenon such as the pres
ent depression.
DARTISANS Of the commodity dollar are wont
i to turn to Sweden for evidence and support
of the practicability of such a proposal. Mr.
K jellstrom has written a very clear and fair
review of the experience Of Sweden with a modi-
fed commodity dollar program since 1881
CManaged Money: The Experience of Sweden"
BY Erik T. H. Kjelstrom. Columbia University
Press. S1.75).
His general conclusion is that the fears of the
alarmists and the hopes Of the monetary radicals
alike have failed to be realized in the Swedish
experiment. AS a stabilizing influence the Swed-
ish experiment has worked admirably. But it
has failed to bring about the steady and marked
rise in prices hoped for by the inflationiStS.