The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-09-19
FISHER
|NONOPOLISTIC
LonOmist Says Its Labor
Have Led Ma
t;on To Bloodshed

|,.rv yORK. Sept. 10. CUP
WA has been diverted in
Pa H,Sa1nr-opoliStic tendency in
~ a self-governing plan
faa ;,5 " and it's labor aspects
"T NOD strikes and led to
I'3sSe6 Prot, Irving Fisher,
us economist, said last night.
kr.h.g IN Two separate speech
S Hl;, i;,cizcd the trend of the
goal isoI and proposed a revision
gu American financial system
' lnDarate monetary and bank
functions.
r.. would be less confu-
y 5e said, "if we were to
,bogt the many parts of the
Ell 1 new deal, which con-
,,.s in fact. at least two con-
[tirg new deals"
IT, NRA, he said, has appar-
H. accepted what i believe is
|t9cIamental fallacy that pur-
Ssing power can be increased
1 Increasing costs"
h. expressed himself as favor
1 nany reforms attempted or
to5mIpd bv the administration,
!, ,bey have so far not helped
4 bindered recovery. The
h followed by the drought,
| js;troyed wealth and income
/ aYr people as a whole and
sbsns for many or most farm
/ despite the studied attempt
rbrIp them by taxing the rest
4 rhe country
+Wv chief criticism of certain
rs of the new deal is that
~ tend to Overturn our Ameri-
4 system of private enterprise,
! system which has made
Fprica the most prosperous of
Eions and made even the
4 erican labOrer better off than
8orers anywhere else.
FThe advisers of the president
La have led him away from
hericsn individualim steward
Ss,ian eollectivism have gone
EoRd merely correcting abuses
the stock exchange and in
stment procedure. They are
fundamentally opposed to the
/|nerican profit system itself.
1"One way may, be called the
bcialis.ic or Russian way, name
for the government to run
6hgs itself not for profit but
employ the unemployed. The
her NAV be called the Ameri-
N way, namely to let business
axe profits again and reemploy
Dor without government aid. |
Eeye in the American way"
In his other speech Fisher Of
red a plan with he claimed
,uld mean 1.-The cessation of in
zion and deflation and Of
Oms and depressions," Fisher
that all monetary oper-
Ons be turned back to the
and that a provision
made for 100 per cent hqui-
y of all bank reserves subject
check. Naturalization of our
tire banking system, however,
uld be a mistake, he warned.
'All | would do" he said, lis
take over the monetary work
the banks, leaving real bank
to bankers. This is the true
nerican way But bank
! should not include the man.
heture of money as it practi-
|ly does today-for the real
|sllating medium of this ma
, today is not pocketbook
Rley but checkbook money, the
ansy We have-or think we
fe-in the banks, deposits sub
to check.
lsher outlined the details of
plan as follows: ..
HSt-the creation of a gov
fmental agency known as a
trFency commission"
SecOnd-The turning into cash
government bonds and other
tIs Of every commercial bank
Ian amount sufficient to bring
cash reserves of the bank up
100 per cent Of its checking
pOSilS.
Fhnd-The maintenance of
commercial bank of this 100
cent cash reserve against
ee deposits. e..
ourth-The giving of COM
saaon TO the banks in the
p OF government bonds to re
gtse them for any loss of
vii, earning assets etc.
sner listed seven major ad-
ages which he declared,
10 result from adoption of
pan. They were:
The elimination of runs
commercial banks, fulfilling
I've requirements.
Far fewer bank failures.
"A substantial reduction in
interest bearing government
-slmpifieation of our none
system. <
sSSit.mphtication of our bank
and Il Of great infla-
elimination Of great .bOoms