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Show Friday, February, 9, 1940 UTAH VALLEY NEWS II Mb News Utah Valley Ml FvblbM UTAH 1 VALLKT FrMw M-mfrUBUBHINQ hr Fiaa Aa a utea anal Ha aIUr A BMaW Mu AT CO. Jtartk Ftrat Wat mat Uuh. MILLENNIAL U. UIT M U7 A .M 4 CHORUS PIONEERJUNDAY Uak attla THE MONEY ILLUSION It took many, many yeara to convince the people of the world that the aun did not revolve around the world, but that the world turned on its own axis and revolved around the sun. Students of "Monetary Reform declare the "money illusion is just as deep set in human thinking. They say that money values change and not property values, when booms and depressions cocur. Since money measures everything, the scarcity of money causes the value of everything to fall. When money is plentiful or becomes more abundant, and the volume of commodities is unchanged, then property and commodity values increase. In other words, they argue that people have a general illusion that money is stable and that property values rise and fall; whereas, it is the money which falls and rises in purchasing power because of its abundance or scarcity. The intrinsic value of property and commodities does not change. For example, they point out, a farmer may borrow 100 bushels of wheat and later pay his debt back with 100 bushels of wheat, but if he borrows $100, he might easily find himself compelled to sell twice as many bushels of wheat with which to obtain the $100 for the repayment of his debt. Every person knows that repeated booms and depressions occur, at least 27 distinct periods being known in our history, during which a serious change took place in the purchasing power of money. In every period the cause has been directly due to the increase or decrease of the volume of money, according to the Monetary a The famous Millennial chorus of Salt Laka Cltjr. organised several years ago In the British Mission, under Joseph Cannon, will be In the Pioneer ward Sunday at :S0 p. m. to present a program of song and music. states The public la Invited, Bishop W. D. Norman, to hear this chorus which has toured In Europe and attracted attention throughout the L. D. 8. church. Doors Open 9 A. M. Table Cloths B. Y. U. Chorus To Appear Sunday HOOVER Rayon and Cotton 52x52 At Sixth Ward Chapel Heres a whole big Mill Shipment of the fastest selling item weve had for a long time. Buy Plenty ! Music lovprs will thrill to the program to be presented Sunday at (.10 p. m. In the Sixth ward chapel when the B. T. U. chorus, directed by Drs. Franklin and Florence Jepperson Madsen. The publle Is Invited to hear this splendid chorus, led by these Ij rfl BIG TABLE 1 outstanding artists, announces Bishop T. J. Oldroyd of the Sixth Ladies and Growing Girls ward bishopric. Genuine Friedman Shelby Shoes, values to $5.00 These will clear out in no time! DAY BANQUET i commit . Mid the llaokloft Rjmtrm". The quantitative theory of money is simply that the value of money depends upon the supply of, and demand for, money. The colossal demand for money is well known. It takes $12,000,000,000 per annum to pay the interest charges on borrowed money. It takes $14,000,000,000 of money to pay the taxes of the United States, the States, and their subdivisions. It took $845,000,000,000 of check money to meet the requirements of the American people in 1926, and if their growth had been normal from that time to this, it would have required approximately an increase of probably 4 per cent per annum. This increase is estimated variously as from 3 to 5 per cent in America, yet in Great Britain, under managed money. Sir Reginald McKenna reported in February 1938 that the increase of the industrial production of Great Britain had been 50 per cent in 5 years. The supply of money in the United States, based upon debt, has suffered violent fluctuations. At present time, the volume of check money is estimated to be at the rate of $530,000,000,000 per annum. This is far less half of what it was in 1929. Modern students of monetary science now know with certainty that the value of money depends upon the supply of money in relation to the demand for money. Gustav Cassel, professor of political economy at the University of Stockholm, in his lectures on Post War Monetary Stabilization before the University of Columbia and the University of Chicago, sets forth these correct principles. His lectures are published in book form by the Columbia University Press. A THOUGHT FROM THE KORAN: When a man dies they who survive him ask what property he has left behind him. The angel who bends over the dying man asks what good deeds he has sent before him. FROM OUR ATHLETES we learn that he who wrestles with us strengthens ns, and sharpens our skill. Our competitor is our helper. 16.7 $1.00 pair Reformers. They point to the 1929 collatme of the stock market as an example of how fluctuation in money values occur. The New York stock exchange reached a high market value of $89 billions for its common and preferred stocks. By June of 1982 the same stock; had fallen to a low of $12 billions. The purchasing power of the dollar in the stock market had increased over 600 per cent because of the scarcity of money, or bank credit, and the superabundance of stocks for sale at the bottom of a depression. Orthodox professors of political economy hold that gold is Nature's money, and that nothing else is money. As late as 1912 J. P. Morgan said, as recorded in the Pujo investigation records: "Gold is money, and nothing else is. Gold is accepted as money, they say, because of its stable volume, and because it can bis measured in value more readily than anything else known to the human race. It is in demand constantly because of its beauty, malleability, ductility, resistance to corrosion, handy size in relation to value, and various other qualities which make it a convenient measure of value. It was authorized to be stamped by the Congress of United States in 1792 as United States money, and it has continued as legal tender until 1934. If one accepts this theory of money, one must accept the statements of orthodox economists who declare that money does not fluctuate, and therefore cannot account for the violent market fluctuations in the prices of stocks and commodities. ' In 1933 the Congress passed an act making all currency legal tender, later retiring the national bank notes as money and demonetizing gold in domestic circulation. Upon the premise that gold and legalized currency alone constituted money, the orthodox economists denied the quantitative theory of money which holds that purchasing power of money is determined by its volume. They held that the overproduction of goods caused the violent fluctuations in the market price of commodities. They held that gambling on the stock exchanges accounted for the change in prices of securities. They held that the lack of public confidence caused the changes in . market prices. Many other theories exist by various economists, and the world has been flooded with these theories, most of which have been answered by Professor Irving Fisher in his book Booms and Depressions. The Monetary Reformers hold to the Quantitative Theory, and deny that nothing is money except gold, or currency redeemable in gold. What is the Quantitative Theory of Money? lit ROBKRT L. OWIX uuarr from hb book on Katkmal VACUUM CLEANERS SHOES REPUBLICANS PLAN LINCOLN Shop Friday and Saturday and SAVE1 SPECIAL PURCHASE HURRY! S Only MEN'S YEAR GUARANTEE Every Moving Part Brand New Work Socks MEN! Stock up completely. Youve never seen such qual- 5c y Price I ity at this Well sell out in a hurry I Give-Awa- 100 ONLY! MENS Dress Shirts Values in this group to This Bargain for $1.00 Saturday only! Preshrunk-duroize- d colars. 50C 1 Franklin Rlter. prominent Salt Lake attorney, will be guest speaker at the annual Lincoln Day banquet of L'tah County Republicans, February 12 th at Hotel Roberts, according to J. Rulon Morgan of Provo, general chair- man. Mr. Rlter has been prominent In Utah Republican circles for the last SI years, said Chairman Morgan. He served several times on committee the State's platform and Is one of the original opponents of the New Deal. A world war vetrean he has served as commander of the Salt Lake Post No. t, American Legion, and is a past president of the Sons of the Revolution. American He Is chairman of the property section of the Utah State Bar association. Lincoln Day committees were named Saturday by the chairmen as follows: BANQUET A DECORATIONS: Mrs. Lottie Worthen. chairman; Mrs. Russ Traher, Mrs. Eldon Clark, Mrs. Alta Thomas and Miss Grace Cheever. PROGRAM: Verl Dixon, chairman; I. E. Brockbank, Byron Mr.s Maurice Harding, Dastrup. Denali Brown, Mrs. Alta Faux and Mrs. Maud Markham. TICKET DRIVE: Jerald By bee, rhalrman; James P. Christensen, Salem; George C. Chase, Payson; Jack Swenson, Spanish Fork: Glen Bu melon and Mrs. Gladys Nielsen, Sprlngvllle; Lynn Johnson, Pleasant Grove; O. Wootton, American Fork; Daryl Fowler, Lehl; Mrs. A. L. Booth, Mrs. Nellie McEwIn, Mrs. Bolls Bachman, Mrs. Emma Jonee, Mrs. WUford Hall, Mrs. Violet Vincent. Mrs. D. B. McBride, Mrs. Ralph Elliot, Mrs. Lacle Thompson, and Mrs. Lynn Roberts, all of Provo; and Mrs. Deloe Pyne of Orem. Shirley Oldroyd will act as secrets ry to the drive committee. RECEPTION: Mr. and Mrs. Alfred C. Johnson. County Chairman and Mrs. F. C. Packard, Sprlngvllle; State Committeeman and Mrs. Henry Jeppson, Payson; Mr. and Mrs. James Tattersall, American Fork; Mr. and Mrs. Sherman Christenson, Mr. and Mrs. Ed M. Rowe, Mr. and Mrs. George W. Worthen and Chairman and Mrs. J. Rulon Morgan, all of Provo; Judge and Mrs. Joseph E. Nelsen, Spanish Fork; Mr. and Mrs. Lee Powell, Lehl; Mr. and Mrs. 8. A. Kirk, Pleasant Grove, and Judge and Mrs. A. H. Christenson. Orem. PUBLICITY: Shreman Christenson, chairman: Neff Bmart, Provo; Frank Gessford, American Fork; Mrs. Manila Brown. Sprlngvllle; Joseph 8. Robinson, Lehl; Mrs. Effio 8. Dart. Spanish Fork; Mrs. Emma Wilson. Payson; Mrs. Mable W. Jense. Pleasant Grave. FINANCE: Ed. M. Rowe, ChairClaude Salisbury, Sprlngman; vllle; Earl Thomas, Reed Clegg and Howard Graham, all of Provo; James A. Anderson, Spanish Fork; Wesley Jense, Pleasant Grave. De-Ve- re COMMUNITY CHURCH Sunday morning Church service at the Community Chnrrh at 11 be will o'clock. The theme Spiritual Discovery". Lew Brown. Sylpha Johnson and Helen Halbersleben are taking charge of the Toung People's Service at 7 oclock. Don Beebe I will play a violin selection at this service. 1 Church School as usual at S:4I a. m. CHAUFFEUR CAPS a fine Heres a Bargain Q ft forfVJI vr S U 98c quality Chauffeur Cap with an extra top changing at no extra price, BUY NOW SAVE! Brushes, Wheels and Motor Guaranteed for 1 year. The only reconditioned part is. the housing itself. Adjustable Rotary Brushes. FRIDAY and SATURDAY! MENS Dress Hats For 2 Days Only we are selling our New Line of Genuine Felt Hats for $1.00. Be here for your savings I MENS WATER PROOFED plenty outer Napline Suede All Sizes Now $2.17 Wardrobe $j.oo bring Firmages you a Wardrobe at a new low price! Good big size, Dust Proof! each I X SPECIAL PURCHASE Jackets Heres a regular $3.00 value thats reduced 00 E BIG BRIGHT COLORED LADIES FACTORY CLOSEOUT TABLE FULL FASHIONED MENS Cloths Hose SHIRTS 49c 49c PAN-L-DOO-R Wardrobe Moth Proof Dust Proof Panel door or drop door! An attractive wardrobe $2-9- 8 for any home . Heres a new shipment New linen finish, bright patterned Table Cloths 52x52 size MEN! A special purchase of Dress Shirts bnngs you of a Factory Close-oBetter Shirts in rayon and fancy patterns! ut of new Spring colors in a better quality Hose! EXTRA WEIGHT TERRY SPECIAL PURCHASE TERRY SPECIAL PURCHASE Towels Throw Rugs 5c Stock up now and SAVE an Close-out- s of Better Towels at New Low Price -' each Mill I- BIG HEAVY BATH T o wels Regular 25c and 39c Towels Thirsty Terry Bath Towels, extra large size SAVE ! 15c 25 c Blankets 50C Regular 79c 72x84 size. Selected white cotton A Saving that means mch 0 Regular 15c Quality in new colars and new patterns. Good Big Size Chenille Rugs Bright new Japanese Floral patterns rich in color high in quality and at a Price that will make them sell out in a hurry! and WHITE SHEET 1 BEAUTIFUL NEW BRIGHT COLORED T owels 5c Rag Rugs 59c 15 ONLY! KIDDIES $1.49 Floral Chenniles 1.00 (24x48 Size) (Size 24x86) A Quality Rag Rug of popular size for any room in the house SAVE! Lovely gay colored floral Chenniles will enhance the charm of the nicest rooms ES --THE HEART OF PROVOS NEW SHOPPING CENTER Snow Suits Youll have to come early for this Closeout. Sizes Zipper front Fine -3 quality Assorted colors! 86C JUST ARRIVED! NEW SHIPMENT Suit Gases New Airplane StripeLuggage or plain black. Double lock Sturdy frame! (j a -- An $ JLI SUU CENTRAL UTAHS Home of Scientific X-RA- Y SHOE FITTING |