The midland journal. (Rising Sun, Md.) 1885-1947, 1934-01-05
WHAT ABOUT AGRICULTURE
By Miles H. Fairbank, Sec.-Treaa.
Md. Farm Bureau Federation
PART VIII
Basic Problems-The Money

|
other day that only a few men UNI
derstood anything about money.
With the currency question very
much in the public eye, and SO many
different theories being expressed,
most anyone will agree to that state-
ment. Therefore make no pre-
tense of being able to say anything
in this article that will contribute to
the solution Of this important prob
lem, but do believe there are GER
tain fundamental facts apparent to
the average man that might be reit-
Grated and clarity our thinking on
this subject.
The average farmer can be expect
ed only to have "day-by-da," con-
ception of what money really is.
Certainly with him it is not COM
modify to be manipulated for profit
as is the case with the banking in
terests, and the speculative groups.
Money with him has certain definite
characteristics, but it is not an ar
ticle to be bought and sold. II it is
true, therefore, that money as such is
primarily to be used as o medium of
exchange. then it can be said with
some authority that the average
man, and this includes the average
farmer, has very clear conception
of the currency question from that
angle. To him money as such
serves three purposes.
First, to meet his living expenses
rom day to day.
Second, to pay his debts and
Third, to accumulate some little
reserve to meet any emergency that
may arise, or to leave his family per-
naps, a little better off in the event
If his death.
The average farmer has very little
conception or interest in the curren-
~ question beyond these three fund.-.
amental ideas. Certainly he is not
particularly concerned with tie ques-
ion of making money with money,
but he is just as anxious as anyone
else that we have stable, reliable
currency system.
| So much has been said in the press
and on the platform recently about
the currency problem; the gold stan
dard, silver, rubber dollars, boloney
dollars, imitation, greenbacks. credit,
etc., that there is little wonder there
is so much confusion, but it should
oe remembered that before anyone
can analyze the currency question in
diligently they must first overcome
| the psychological effect of words.
1t is true that such terms as Sound
money" ''gold Standard" fixed val
les" etc., have a very stabilizing eff
fect, We like to hear them; they
give us the feeling that we can de-
pend on them. BY the same token
such terms as imitation" loft the
gold standard" commodity dollar, .
ETC., have the effect, when they roll
off our tongues, as being unstable
and unreal
None of us is naturally progress
| sive. We hesitate to relinquish any
hing that in the relinquishirg shall
make us do something also. Man
Kind generally, hates very much to
10 any original thinking, yet in every
panic and period Of depression, the
farmer is the first one to realize that
his hopes fall largely as the result of
something being wrong with the cur
rency. We are told that invariably
it is because the country IS OF gold
standard and therefore, the amount
of currency in existence depending
largely upon the amount of gold in
existence, does not give enough
money to go around.
This is a very elementary, but at
ter all, true statement of what &C
tually happens. The fact that those
; opposed to any change in the cur
rency system counter this statement
by quoting the question of credit as
the chief wheel to keep the industry
of the world turning, does not salts
factorily answer the question.
Credit is an important adjunct to
the exchange of goods aud services,
but it is almost uncomfortable and
may be the chief factor in causing a
depression as we well know when we
think Of what happened Just prior to
1929. Therefore the farm groups
and their leaders have been the first
to demand In each period of depres-
sion, a correction of the currency
system mainly on the idea that the
single gold standard does not provide
Sufficient actual metal to take care