| Show I I I I THE THEORY OF MONEY DISCUSSED ISO BY ECONOMISTS ECONOM ISIS I Chicago Dee DC of ot Money MOM was the I by the r association at lit the tho Ity of ot today Irot J 3 Lawrence Laughlin of ot the Ih University of Chicago David of or Illinois and andA A Platt Andrew of at Harvard read rund pR pa ir after which a It Will was op opened opened ened cited by lJ A Scott of at Prof J 3 I Lawrence I of ot the tho It of at Chicago in III discussing The Theory Theor of Prior saIl saId aldAn An As n II nil rul rule price In Is the outcome ot of condition antecedent to 10 the tM formal act of ot exchange of ot gOode good In thu th market mInkel for forIn any In forms torm of ot money The of at purchasing power In lit not with the tue amount of at tho lie media of or ex cx exchange change In lii circulation hut corresponds rather with saleable goods Very Vcr often otten the media ot of exchange are created an as ana a aI a ft I of or the thu th In 11 Rood goods Hence they can have hae no effect on tho the makIng of ot All the cl ell ole Hunt touching the acquIsition of t f tin sun ai ar tide material etc the thie th litton city Ity of demand for It from consumer Ion tilt the Influence of ot monopoly no pol conditions condition nil all those aro In h constant o operatIon In determining the th i unto e which will be ba settled upon by tM the feller seller this the buy buyer bu or pr the e forces forced orce have done theu work anti a n price has hall been fixed In th the markets the Kooda KOols thus valued In III terms teris of the flit gold goltl are actually ex exchanged x changed by b tome rome medium of ot exchange which In three here IRS days l I III the commodity I h To 10 HIP tue therefore the othor quantity theory wai an In Improper application nf tit atlie the lie law ot or demand and supply since It II I tr only ani of ot the demand II for and the th i I supply of ot money inciter ami did not ev even en tn d tic lA i flue fine thin money as ns regulating the tho i general level lev l of at price whit It omitted i i all nil consideration of ot the tOr fore forced el on the lie I lido ildo the good fool of ot price i DAVID DA vm Y Prof Irot David t ld Kinley ot of the University lIy nf or Illinois a n paper on un Tho The Hela Heln of or th lie Credit System to the 1 or of MOnti Mone MoneIn In speaking ut of the Influence of ot tin the credit on Prices he lie took thi thO round ground that lit Itt general a rom corn will VIII make Its It exchanges with credit or by b nto on nil one or the Ille other oilier U Is I cheaper at III this the time saying that hint the tho credit system Is I really a It regulator of ot prices 8 and a til 1111 n In the volume of ot bu without mak making lag ing Ar any change In Iho the sup supply supply supply ply of ot money y An Alt 11 additional supply of ot money moreover which by IJ Itself would tend to tn make incite prices el rite rise rapidly stimulates credit and thereby business bu co so that the demand tle for or nr of ot In Is In iii time line Increased nail this the upward trend of ot It Is e 1 through long periods ot at time he lie saId ald the Influence of ot credit under tinder the modern system y tem of production U Is to entice came n a 1 gradual full flit of prices Th rh more morp the credit Is extended stud and the tI he cheaper the exchange hy lIy become to the longer lodger In is the tho th price level to tall fall fallA tallA A PIATT 0 Mr A Andrew Andrel at of uni university university spoke of or Credit and tile the Value of ot Money Ills His general wa ah with wIh re To reo gerti to the Influence of or credit r lIl that It tl Itcan itcan can ran only reeve n as ft n substItute for tor coin when hen It In transferable forms The Che forms forum ot credit cannot Innot deft definitely settle nettle payments he hp saId and they 1110 tall fall accordingly of ot snaking ranking any allY real or ur permanent extensions of ot the he currency supply For A it I limited Interval they may mil m make k possible po a more ample trade or nr may InS 1111 support a 1 higher price level but In the long run they only servo sen to 10 enlarge the this subsequent demand for actual currency They are IH In no sens ren tot for motley money only rarely does their existence tend tont to lower moneys value flnOy J R n COMMONS COM MO Prof Piot John It H Commons of t f the th titi nl of Qt Wisconsin In The l of or the time Union Shop Policy Mill MI hI hIThe The union shoo Is III labors protective tariff IRrIN It Is III Ii nw lI eMry siry where that kind kindor of ot U III not hot found l und Wages W Cj In government depends el on Oil universal and nd do du donot doriot riot not fl t need MII the protection ot of the closed thop tiMp employment Is hi i lm lor antI and the railway brotherhoods am d by tI a 11 long bug line of or promotion I while the th oal loat scale ot of WITH 1 ir It is l u d dM M U a I a order 1 the Mil a to 0 non unionIst m s 11 I I I ll iw nil I t I I IU U l lie IOu it ii union ii n iou W hi In It I compelled to tu protect Itself hy h hop In g makes only shop bop u agree rf tI on Ott railroad road W Whore lert employment IK is III In th this the fill beside t nm ll contractors nl ci n In n the building und and tin clothing trades trad Up tUe hop shop la is Tho with rh ChORI at IlI and I tod labor Ibor would drive the union mien out of ot l hull bul u l nee MI In the eov industry out oui milieu minOl am other 01 th thie monte menta an a si open ahli II but hUI thin It Is lie be cAuse rauw the Ih employ n ore are and willing IIII to tl curone Ito HIP on tIl itji JI of or Luau member which the union do pithy duly II by hy the tho ho strike or IO In lii those these races canon 1111 the th open hon iU Is III only Ic to because UM one dose doM d tint not iry 1 to tit deStroy the Ihl nut hUI only to in dc lIe aloe the th tIu of the Iho other A question qU which Ii is I Ih lh realm Im of pw III it nis mid rights pro iou provokes vokes clase ta haired Its It u n so soI I hi Ion when men 1 mutual rights In III many IU tI the employer gets Keta n a to In which he hI is III i entitled only when whet h II agrees o to time the closed shop M III wh when hen B hi h gits ts the he cOver adver of or the th union h cl or 01 when he gets If till the support at df ft union In enforcing A local 11 na AC In thi tho ia ease n e of or the tY the tho thoo o And cn Ui tinny tunny ny others othor Tho thu circumstances differ dl 1 In differ ont IndustrIes and tho question can cull cannot cannot not 1101 be settled on am union 1011 principle l but take the principal circumstance clr Into account |
