Show Too Much Money I I IX X January 1910 when prices were not much more than half ns as hi high h ns as the present n. n average level Ic many newspapers set themselves the task of investigating in the I condition which a was jl regarded as alarming The rhe usual conclusions were reached by lV most students of the thc sit u- u tion thou The movement from farms to cities hi higher standards stan thirds dards of li in living supplies not equal to the thc demand for goods the growing tendency of middlemen to take etI excessive ex et- cess toll ton toll most of the causes so o familiarly discussed I now were blamed then Finally what was re regarded as ns the master stroke was given i 1 by hy an nn editor who printed an n article by a professor pro pro- I lessor fessor of economics who held that the great g increase in inthe inthe inthe of at the bottom of the pi production and c gold old was vas the whole trouble In the face of an utterance so o authoritatively au au- of other theories el delivered the proponents promptly subsided Today we are arc hearing more to the same effect The Thc money moncy in circulation in this country has increased by byS 8 S per capita since 1914 I. The issue of federal reserve notes has been heen greatly increased ed It Jt has been proposed that the volume of cir circulating currency be bc decreased With Hh money harder to obtain we wc wo would l get et relief so 50 some sonic believe c Is this true 7 Durin During the period from 1873 to 1896 when prices continued to go down and times to grow harder the thc volume of money in circulation doubled in increasing increasing increasing in- in creasing creasing- from about to a billion and anti a n half dollars This ThiH fact certainly docs does not square with wilh the thc quantitative theory of money Governor Harding of the Federal Reserve bank declares de de- Ic- Ic clares dares that our currency has not been inflated by Y note issues lie He says that the additional volume of currency has been called d out solely on account of t the hc needs of I legitimate business r We c have none too much he hc says for present day lay operations For them in causes of the thc high cost of living Hying then we wc e must look further J Pi The three mile limit has been leen spared some of or the vexations of national prohibition but of what comfort is this to the thc resident of un an inland city Pa rn fm pa Evidently J. J thinks ho lie is bound hound by the dr dry laws ra Jl |