The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-01-30

TN spite of all the turmoil about reckless none
l. tary experiments there is before the country
today quite literally, no inflationary plan, II we
understand by this term the rash and unpre-
dctable expansion of money and credit Whlch IS
portrayed by the DOGGY -mongers.
One must of necessity employ the term in
hation" in any discussion Of our current none
tary developments, because we have been accuS-
toned to it in the news and public controversy.
But imitation, in the historic sense, is straw
man in the United States today.
Most of the so-called inf1ationist proposals
put before the American public today are really
ref1ationary. That is, they aim at a restoration
of a practicable price level which would enable
capitalistic enterprise to resume activity ana
function smoothly Like Warren G. Harding,
they seek return to normally.
Our contemporary ref1ationiSts endeavor to
stabilize money and prices on a reasonably
workable basis They wish to establish a none
cary system which would be free from the dis
astrous fluctuations and uncertainties which
have accompanied our economic development in
the last fifty years.
They aim to help us escape in part from the
crushing burden of debt to past full OF folly
and iniuStice-Without which escape there is no
hope for our capitaliStic economy. They aspire
to create a situation which will assure some
equality of opportunity and reward for all classes
in our social system.
Some groups may suffer more than others
during Ulle Oh Oub oil Will
profit in time by the creation of the new none
| tary order. At the most, the refationistS aim
only at a monetary system which is in accord
with scientific monetary doctrine rather than
with archaic tradition and rule of thumb.
0F all congressional inf1ationists, it is proba-
| ~ BILE that Senator Elmer Thomas is most
| feared by the money changers and by those who
have been alarmed by the latter. 1t is extremely
easy, however to explode the Thomas DOGGY.
The senator appears to be almost a sound
money man. Certainly no plan put forward by
any conventional sound money" champion COM
pareS with the Thomas program in its promise
of aid to national recovery Compared to the
worst results which might flow from Senator
Thomas program, the works OF Herbert Hoover
and Ogden Mills, or the proposals of Senator
David A. Reed, appear to be the products OF
public enemies of the first rank
1t is the calm and measured opinion of the
writer that Senator Thomas plan might be pre-
ferred by some Intelligent people to that OF
President Roosevelt as revealed to date.
1t would not scare the money changers much
more than the Roosevelt policy. 1t would be
certain and speedy in its operation. 1t would
get us where we wish to go much more quickly
than the numbering and uncertain methods
prescribed by Professor Warren.
But this opinion need not be pressed home.
1t is sufficient here to note that the Thomas
proposals are not likely to be subversive of our
economy.
The demand which comes closest to imitation
is Senator Burton K Wheeler's silver policy but
thus is leagues removed from the uncontrolled
imitation which the sound money DOGGY mongerS
hold I'D to us as the alternative of defation.
Moreover there is not the slightest chance that
the Wheeler bill will be c2riously considered.
From the foregoing it is quite apparent that
the very foundations Of the republic and the
capitalistic economy will not be at stake during
the present session of congreSs-at least not so
far as imitation is concerned.
If the destinies of the present order are in
volved in the deliberations Of this body, the
issues will turn about such things as curling
finance capitalism and insuring mass purchasing
power to the American people.