OCR Text |
Show Inflation, Fiat Money Palliatives; Silver the Cure for World's Ills mm Fantastie Schemes to Stimulate Recovery From Economio Chao Parallel Effort to Create Perpetual Motion Remedy Rem-edy for Depression Needed, Not Narcotie Shot In the Arm Of all tha divers proposal, for the restoration of canonic stability, moat call for a doubtful synthetic proa-pcrltjr proa-pcrltjr aractad on a foundation of inflation, in-flation, aoma of thara going so fax a to aarioualT propoaa what is tanta-mount tanta-mount to flat money with which to raiae tha price level. Afore aj founding. In view of the fact that they leave out of coMidera-Uon coMidera-Uon tha maintenance of tha national credit, are thoae (uggeeted adventure which would undertake to go no further fur-ther with the worldwide situation than to atabtUia affairs In the United States and truat to luck that other nations might follow suit and thus gradually bring about bettarmenU everywhere. In the light of historic experience with artificial stimulation of trade through the use of currencies without a metal base, the vital Importance of remonetiiation of silver becomes apparent ap-parent to all except those wedded to the single gold standard for reasona which will not (land up under the teat of patriotism or humane regard for tha necessity of preserving the soclsl order. The ultimate outcome of unswerving adherence to the single sin-gle gold base for world monetary systems caa only be forfeiture of economic eco-nomic Independence for the msases the world over, end tha centralization centraliza-tion of wealth to tha point where it becomes a world menace. This point Is dsngerously near, INTKKNATIONAL BANKIKS It has coma about largely through tha vicious inclination on tha part of International bankers here snd sbroad to place the precious metals In the classification of ordinary corn-modiuea corn-modiuea and to traffic in money for gain rather than to employ It as a medium of exchange by which the fruits of labor and production may be beneficially distributed for the maintenance of Institutions and stsnd-srds stsnd-srds of living set up by sn advancing civilization. Through Its sinlater machinations, international banking Interests have virtually seized the government in England, France snd the United Statea. Before the overthrow of the German empire and prior to the world war, tha same situation existed exist-ed with respect to Germany. For many dscsdes, government fiscal policies poli-cies in the United Suites have been framed under the dictatorship of America'! money kings, in complete disregard of the well being of the nation as a whole. The sophistry of this money power has been so adroitly adroit-ly -sugar-coated that our congresses in a long procession hsva been deluded de-luded Into acceptance of programs that have now almost reeched the point of destroying the economic foundation of society in this coun- 'Tt Is this condition which Is respon- which to build a perpetual motion machine. Tha monetization of silver has in It none of the aspects of reckless experiment. experi-ment. Employment of the metal In world currencies tsksa Into account Its Intrinsic worth ss s rsre and, therefore, there-fore, precious metal. It la money metal as fundamentally as is gold, lit each case the metals derive their accepted ac-cepted value from the facta that they are rare, that their worth Is fsr in exceaa of the cost of their production snd that their recovery from the earth releasee new wealth for the use of mankind In forwarding intercourse and trade. ACTION NEEDED To understand the destruction that attends placing gold and silver In the category of commodities snd to hsve clearly in view the reasoning behind various proposed ratios In coinage programs, the history of sliver in fiscal fis-cal setups from remote times is valuable. valu-able. It clearly sets out the validity of the clsims msde by silver sdvo-cates sdvo-cates that recognition of the place tha metal should hold in tha world economic eco-nomic program is to provide, not a palliative for world distress snd a crutch on which peoples shall limp through a prolonged depression, but a cure for the money shortage, a means of restoring the purchasing power of the mssses snd a medium by which the price level may be brought to normality and stability. All of these therapeutic processes must be availed of if the economic health of the world is to be restored and civilization civili-zation and the social order preserved. It Is this fact that calls for inter-national inter-national action. Leadership looking to such action will be sought in vsin outside out-side of the United Steles. So far, in spite of political promises to tha contrary, auch leadership Is utterly lacking In the only sources where it should logically be sought In the United States. A primary need of these times, then. Is to crests nationwide nation-wide public opinion developed by intelligent in-telligent and understandable exposi-tion exposi-tion of tha perilous conditions confronting con-fronting the world through the power of centralized money manipulated by international bankers. Such opinion, founded in sound snd basic controlling fact, could not go unheeded. Inflation proposals now before congress con-gress snd they number more then two scorecannot fall to fall short of the msrk because of tha interdependence interde-pendence of nations In economic relations. re-lations. " It is a vital part of tha entire en-tire problem to understand why this is. Gold standard champions who would deny silver Its proper place in tha sun dismiss thsir opposition with the swseping charge that all plana for silver spring from discredited populist popu-list and socialist sources. They utterly ut-terly overlook hiainrir foot whlrh mn. trsdicts the unfounded contention. (A second article will discuss outstanding out-standing historical facta concerning monetary economics from the viewpoint view-point of dispassionate consideration of silver in coinsgs snd as a commodity) com-modity) . ibis for ths self-evident fsct that in America today there is no lesder-ship, lesder-ship, politics!, economic or social, fiatriotlcslly devoted to ths reslizs-ion reslizs-ion of ths fundamental Ideals which inspired the founding of the republic ana possessed of the virility snd the capacity to striks out for the common good to rebuild what ths money power has destroyed. NEED POOB MAN'S MONEY Therefore It has corns about thst our statesmen srs today giving serious seri-ous consideration to fantastic schemes for pumping up money, credit and trade, utilizing nothing more substantial sub-stantial then wind, wholly disregarding disregard-ing the fsct thst worldwide conditions demand introduction of silver, "poor man's money," Into the world monetary mone-tary program. Such schemes possess unlimited danger because they may sppear on the surface to be wholly workable. The simple fact Is thst they srs in accord with no established economic law. Fiat money, stamped paper, irredeemable currencies and other expedients proposed for meeting meet-ing the emergency lack the basic requirement re-quirement thst they be backed by actual stores of precious metals of established vslues snd parities. Such delusory propose Is are comparable com-parable with a hypodermic injection which momentarily relieves the patient pa-tient of suffering snd pain. As soon ss ths nsrcoUc effect hss worn off, ths victim returns to the egony from which the palliative only temporarily released him. Experience demonstrates ths Impossibility Im-possibility of a man lifUng himself by his bootstraps. Synthetic currencies curren-cies offer nothing better than an attempt at-tempt eoually fruitless. They hsve s much, but no mora, to recommend them than Has s fsntsstic theory upon |