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Show f Jff LOOKING I'&gJ AHEAD ef.w GE0RGE s- BENSOH I "VS P"s'ltel-H'"litf Colli fi. not alter the size of a bushel because the peach or potato crops are large or small. Without Restraint The purchasing power of the dollar is now lower than it has been since the establishment of the Federal Reserve System in 1914. And it continues to decrease. de-crease. The Federal government's govern-ment's policy of borrowing money mon-ey to spend over and above the record breaking income from taxes has been a major factor in pushing the value of the dollar dol-lar down. Moreover, the present pres-ent policies, with the gold standard stand-ard abolished and its restraining hand lifted, gives the government govern-ment too much power in the economic life of the nation. "Our present system of irredeemable irre-deemable currency," the 51 economists wrote the President and Congress, "is incompatible with representative and responsible respon-sible government. It places the government in practically absolute abso-lute control of the people's purse. Jt opens the way, as illustrated il-lustrated in this and other countries, coun-tries, to profligate spending and waste by the government and it invites a governmentally-managed governmentally-managed economy." In the Market Basket "Inflation" is a rather vague term to many ipeople. But its effects upon the pocketbook of all of us aren't at all vague. Any housewife can give concrete con-crete facts about the value of the dollar as related to the contents con-tents of the grocery basket. Here are a few samples of what inflation already has done to the family budget: 194z Butter, 36c lb; 1950 Butter, 69c. 1940 Brisket Beef, 31c lb.; 1950 85c. 1940 Sugar, 10 lbs 4gc; 1950 Sugar 5 lbs 45c. 1940 String beans, 3 lbs 10c; 19502 lbs 19c. 1940 Ivor ysoap, 3 bars 29c; 1950 2 bars 29c. 1940 Canned corn beef, 17c; 1950 43c. To halt this mounting spiral of inflation and hold down its explosive, destructive potential poten-tial we need more than the elimination of waste in government, govern-ment, more than the establishment establish-ment of a firm base for our currency. cur-rency. These measures would be stabilizing factors, to be sure; but before inflation can be halted millions of people who now are "looking to Washington," Wash-ington," demanding financial aid, benefits, handouts and subsidies, sub-sidies, will have to "face West" away from Washington. We cannot have a ipolitically managed man-aged Federal "Handout State" spending beyond income, and a sound, stable dollar too. DOLLARS SOUND AND OTHERWISE A group of distinguished American economists have become be-come so concerned about our nation's deteriorating financial condition, with its potentally grave consequences for every citizen, that they have addressed ad-dressed an urgent statement of recommendation to the President Presi-dent and the Congress. The statement is entirely free of partisan par-tisan political considerations. It deserves the most serious attention at-tention of those in Washington to whom the American electorate elector-ate have entrusted the financial stability of the nation. "Inflation, with its destructive destruc-tive consequences, can be stopped," stop-ped," says the statement to which 51 nationally known economists have signed their names. "This nation can have monetary strength relatively free of the weaknesses inherent in a declining value of the currency. cur-rency. To help throw a road block against inflation and its evils, and to promote the strength and safety of the American people, we, the undersigned under-signed members of the Economists'. Econo-mists'. National Committee on Monetary Policy, make the following fol-lowing recommendations:" For Sound Money Their recommendations-; 1. The " Government should eliminate all non-essential and postponable expenditures as a first step toward meeting the new and unexpected demands arising from the present war. 2. The people of the United States should have the benefits of a currency redeemable in gold; and the government should conduct its affairs within with-in the desirable limits which a redeemable currency would impose im-pose upon it. (The U S currency j was redeemable in gold until 1933, when the government i threw off the restraint "temporarily.") "tempo-rarily.") 4. Our standard unit of $1 defined as 13 5th of an ounce of fine gold should not be altered. al-tered. A nation cannot have the benefits of a fixed monetary standard if it is altered with changes in the prices of things it is designed to measure. We do I |