Show CON CONTROL ROL OF CREDIT A BASIC QUESTION economist describes Conf conflict liot between opposing social views view s on central bank agitation for government banking la Is a phase of the conflict between our present personal competitive enterprise system in america and the compulsory collective security system of several europ european can states virgil jordan president national industrial conference Cont crenco doard board says in III hanking published by the Anic american rican hankers association they involve irreconcilable prin i of human conduct and phil or of lite life and the conflict between them Is vie key to the economic social and political struggles or of today mr jordan says tho the enterprise system of which tile development of tile untied united states has been the unparalleled example depends for its motive power of progress upon the inexhaustible roser reservoir voir of energy in individual desire tor for personal advancement in prosperity but it guarantees nothing to the individual save freedom of opportunity the article says the collectivist security sy system stent lio ito says naya places nil all emphasis upon the maintenance of a minimum standard of 0 living tor for the mass masa without regard to tile ilia creative power of the individual quite simply the security system involves tile modern form of the philosophy of tho the slave society lla continues A sign of the times time tho the matiy many sided movement toward governmental banking deposit insurance and currency management la Is the most direct and decisive express expression lou of tile tho universal instinctive search tor for security which Is the sign of the times in america our so called ballod social security legislation Is 3 nn an important indication of the drift away front from tho the enterprise system toward a collectivist security system with concentration of authority tn lit a federal government the nationalization of credit Js Is crucial and for or complete state control of the complex industrial and business structure of this country the drive toward government banking and monetary control Is most moat determined because the relation of bf tile the state to credit goes gaoa to tile root of tile the enterprise system A collective security system Is inconceivable without nationalization of credit an ali enterprise system to Is inconceivable with it under a collective security torn tem based on government banking the controls llo lie solely in the hands of a few persons and depend upon their judgment will or caprice mr air jordan says adding that it Is they who must determine upon the basis of some soma predetermined plan or upon pure political expediency or of the moment what lines of industry and even what individual enterprises shall have the ci edit advery government Is an organ of party power and must respond to thu the w will tal of lite party that put it in power the jordan article says under unchecked government operation it Is an inescapable tendency of every currency to depreciate and tor for credit to expand however much it may be in the interest Int areat of the abe nation deflation Is too dangerous politically liti cally for any government in the end government banking and currency management resolve thew themselves selves simply into the use of credit as aa a political instrument of power and this instrument tends bands to be used in the long run ran for expropriation of the sayings savl ngi |