The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-03-16
Liberal Viewpoint
by DR.. HARRY ELMER BARNES

by DR.. HARRY ELMER BARNES
VXTHILE money and credit are incidental and
" subordinate items in the larger problem
of economic rehabilitation, nevertheless they are
important and can not be neglected in any we'll
rounded scheme of reform. These books present
in various ways most aspects of the problem of
money and credit which must be reckoned with
in the literature of recovery.
Mr. Wharton has written a sensible book in
so far as one of a conservative slant can today
be sensible (This Road to Recovery, by John F.
Wharton Primer of Economics for Be-
W1ldered Americans. Morrow $3.50. In short
1t recommends tinkering of a reasonable type
even though the net result of this tinkering
might have no vital influence upon our economy
as whole. He is for a sensible gold standard
limited defation, prevention Of over-investment
IN capital plant and overt swindling in financial
dealings. He regards profits as the life blood
OF prosperity, but fails to reckon with the fact
that profits dividends and INTEREST," were
higher in 1890 and 1881 than they were in 1929.
Mr.. Wharton admits that this is the last
chance of capitalism, but he fails to see that
1t will need something more than MeuonisnI
Plus dash OF honesty and common sense to
turn the trick
Dr. Hubbard presents a good factual sum-
mary OF money banking and credit develon
mentS from 1880 to the present time LAYING
special stress upon the crisis of March 1899
ana subsequent reform legislation (The Banks
the Budget and Business, by Joseph B. Hubbard
macmillan, $1.75). 1t is a useful survey. but the
author wrongly attributes the collapse of early
1883 10 previous monetary crisis abroad
HE symposium on monetary and banking
problems covers the whole field fairly
thoroughly and represents MANY varieties of
PROFESSIONAL 0nlnlOn U7.a
taton Problems. Edited by F. Cyril James and
=. LLOYD Wilson. The Annals of the American
academy OF Political and Social Science. $2).
The imitation issue is thoroughly threshed, The
ARTICLES constitute an excellent anthology of
american opinion on "the morning after"
DR.. Dulles has produced first-class summary
OF French imitation in the postwar period (The
Dollar, The Franc and Imitation. Bv Eleanor
Lansing Dulles. Macmillan $125). The book is
written frankly from the anti-inf1ationist point
OF view, but the historical material is reliable
While France went much farther than any
responsible American proposes that we should
go, the book is far more relevant as basis for
comparison than the late DR. Whites volume on
lnhatlon during the French revolution
DR.. Sprague resigned with some heat as a.
financial adviser to President Roosevelt but his
little book fails to reveal much reason for anv
bitterness on his part (Recovery and Common
Sense. BY o. M. w. Sprague Houghton Mifflin.
SD. His work is more in the way of a critical
commentary on the administration policy than a
savage attack upon its aims and methods This
book is probably the most sensible of the many
non-inflationary volumes now appearing
DRoFESsOR ATKINS has written one of the
l. most useful books on the money problem
which has appeared in our day or in any other
day Gold and Your Money BY Willard E.
Atkins. Mcbride, s1.75). He explains clearly
and thoroughly all the essential elements in
VOWED IN money, banking and the inflatiOnary
controversy. He is ant-inf1ationist in the sense
Of refusing to believe that purely monetary re-
forms lie at the foundation of our economic diff
hculties. He severely criticises Father Coughlin
Professor Fisher and Professor Warren for thus
dlStorting the significance Of purely monetary
measures.
If he refuses to regard imitation as a panacea
neither does he worship the gold standard as
guarantee Of recovery. He recognizes the pri-
mary Importance of underlying economic condi-
tons, such as inadequate purchasing power
The book is an admirable antidote for the bed
time stories" OF both inllationiSt and anti-in-
hationists.
Professor Kemmerer is the high priest of the
calamity howlers among the academic opponents
OF imitation (Kemmerer on Money BY Edwin
Walter Kemmerer Winston. s150). Professor
Atkins book would have been strengthened if
he had castigated Kemmerer along with Fisher
ana Warren Though ne certainly knows bet
Ter, Professor Kemmerer goes to the extreme of
waving the DOGGY of the German imitation of
l9Zz-2S as warning to the United States But
the book constitutes by all odds the most au-
thorltatlve defense of the gold bedtime story"
BaSNtt Jones, already well known for his
striking book on Debt and Production" argues
that inhationists and defationists alike are COM
pletely unscIentlfic in imagining that they can
build up any reliable index of wholesale prices
IN wide variety Of commodities which will be
at all comparable through the years (Horses
and Apples. BY Bassett Jones. A Study of IN
dex Numbers. John Day, so cents) His argu-
mentS are beyond The uninitiated but they are
worthy OF study by experts.
An even more devastating assault upon the
monetary point of view IS contained in Mr.. Hen
dersons little book Foundations for the Worlds
New Age OF Plenty. BY Fred Henderson John
Day SD, which contends that the whole system
OF finance capitalism is wrong-l1eaded. It must
be modified in Sucn fashion as to assure ade-
quate consumption and social exploitation of
increased chronological capacity to produce
goods. The work represents the clearest brief
reaction OF sensible technocrat to the whole
monetary controversy.