The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-13
BY WALTER E. SPAHR,
Chairman, Department of Economics

BY WALTER f. SPAHR,
Chairman, Department of Economics
NEW YORK, Feb. 13-Practically
all the wild-money advocates in
Congress are hard at work pressing
their bills. There are new proposals
for paper money initiation, for fur
Their devaluation of the dollar and for
adding more silver to our currency
Then there are bills providing for
the creation of a government-owned
and controlled central bank and
others which will make a govern
ment controlled and dominated in
stitution out of our Federal Reserve
Banks.
The groups behind these bills
recognize no lessons of monetary
experience; they apparently, can not
grasp the fundamental principles OF
money, credit and banking, and they
are determined, headstrong and
stubborn.
Calls Law Dangerous
It was Senator Thomas who
through the Initiation Act of May
II. 1888. gave us the most dangerous
infationary law on our statute books
thus far and who last year proposed
to transfer that 100000, 100000 in
the hands of persons who now have
it, who did not buy it, who did not
earn it, who do not deserve it, who
must not retain it, back to the other
side-the debtor class of the repub-
lie, the public who owe the mass
debts of the nation"
Representative Patman is known
to the country for just two things
his efforts to pay the soldiers
bonus and to initiate the currency
AS a sample of his notions, he said
on Jan. 7: THE Government should
issue currency when in need OF
money instead of taX-exempt inter
est bearing bonds" and mo addi-
tional taxes should be levied Sc
long as we need additional money
Other Bills Offered
Thomas and Patman are not the
only congressional proponents OF
dangerous money and banking bills
Representative Dies of Texas has
introduced a bill to make the silver
dollar our standard monetary unit
and to put this country on a silver
standard, and another bill to de
valuate still further our gold stand
ard and, in addition, the silver
coins.
Representative Cross of Texas
has introduced bill for providing
for the increased use of silver, for
the further devaluation of the gold
dollar, and for other equally absurd
things.
Mr.. Lundeen of Minnesota has
introduced a series of bills relating
to payment of the soldiers bonus
and providing for initiating the cur
rency.
In the field of banking three OF
the most dangerous bills are those
introduced by Representative
Goldsborough of Maryland One bill
provides for the establishment of a
Federal Monetary Authority which
involves the destruction or mutila-
ton of the Federal Reserve System
and the creation of politically
controlled banking system. The
other bills provide for the creation
Of a central bank with a capital OF
S4OO0,OOOO0O and authorizes the
Secretary of the Treasury to issue
$40 900 100000 of greenbacks to pay
of the debt of the United States.
Considered Forgery
This is one of the most astounding
proposals for a central bank, for in
fating the currency and for repudi'
ating the national debt that has ap.
peared thus far.
What Mr.. Goldsborough propose:
to do, in the last analysis, is tt
substitute for the government bonds
which the banks and investors hold
printing press money having behint
it neither the required reserves MOI
securities which will liquidate it
This is forgery.
These are not all the dangerous
money and banking bills now before
Congress, but they are indicative o.
the very real dangers with which
the people of this country are con-
fronted.
Now, what can we as individuals
do about these things? We car
write letters to our CongresSmer
and to the papers.
Always remember that outside Of
war human beings have never de-
vised an instrument more destruc-
tive of human welfare than cur
rency imitation. There are no valic
arguments for imitation. 1t is g
deadly disease. 1t is like dope; il
stimulates its victims while it paveS
the way for their ultimate destruc'
ton. The inflationists in and out
of Congress are the nations dope
peddlers.