The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-01-15
Liberal Viewpoint
BY DIR. HARRY ELMER BARNES

ENRIDAY summarized some of the major in
Hation programs likely to be presented be-
fore congress at this session. In concluding I
pointed out that Senator Thomas would depre-
cla&e the gold dollar to approximately one-half
ltS present value, and then stabilize it,
1nlS depreciation and devaluation of the gold
dollar would mean that our present gold reserve
IN terms OF dollars, would be approximately
doubled 1t would amount to some Sc, $50 900 O00
ON the basis of legal 40 per cent coverage this
would permit total paper money issue includ-
ing present paper currency outstanding of some
S21, $780, 600 600.
How much of this the senator will insist upon
issuing at once is not certain but it is likely he
VIII demand the printing of at least the So OOO,-
100000 provided for in his amendment of last
March One thing is certain and that is he
will not demand the printing of more money
than can be backed amply by the existing gold
reserve.
Senator Thomas wants the government to
spend such paper money in public/works, relief
rehnanclng of debts and other projects, so as to
increase mass purchasing power and restore 1928
prices.
He has the good sense to realize that infa-
ton is only necessary incident in a broader
campaign to increase mass purchasing power. He
announces himself as resolutely determined to
resist any menacing fiat money program or anv
| uncontrolled imitation
NTHEN relation is achieved. Senator
w Thomas is in favor of the return to an
international gold standard under mutual agree
ment with Great Britain.
The remaining inf1ationarv nlans which
seem likely to be brought before congress in this
session relate to the silver issue At least two
olIlS growing out of the silver problem are in
possible prospect
The first is the Wheeler bill which provides
Tor the free and unlimited coinage of silver at
l 2 +in Of e
Qe1lnlte reconciliation OF silver for the first
tune IN siXty-one years. 1t is the same ratio
proposed by Bryan in 1896, when silver was
worth twice as much as it was before President
! RooseVeItS silver-buying order of Dec 81 1888
The other bill is that of Senator Pitman. 1t
proposes that the President shall extend his
god-buying policy by purchasing silver above
the market price While not demanding literal
decentralization, Senator Pitman asks that our
currency shall be RELATED with silver to the ex-
tent OF S24000,000 annually-our normal silver
production per year.
1t IS very likely that the Pitman bill shall
be withdrawn in the light Of the Presidents re-
cent executive order Dec. 81, 1888 providing
for the purchase of 4,412Oo0 of silver annually
and the coinage Of half of this.
IT may become necessary to pump purchasing
Il power more directly into the hands of the
people-something no relation plan save that of
Congressman Pitman provides for
Perhaps the most intelligent proposal along
this line is that embodied in w E. Woodwards
Money for Tomorrow" This suggests. that the
government lend directly to every unemployed
adult in monthly payments of not to exceed
500 for period of six months. The total cost
would be about $4,000 100000
AS Mr.. Woodward explains at length. if we
have before us the task of pushing q man out
OF the ditch, it does no good to get him part
way out several times. If We do not get Tim all
the way out, both we and the unfortunate victim
are IN the end the worse for all our efforts.