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Show NO BOGUS DOLLARS NEEDED. There seems to be, in a not inconsiderable incon-siderable section of the public mind, a great deal of confusion of credit expansion with currency debasement. Naive quacks and unscrupulous politicians poli-ticians eager to play upon public ignorance ig-norance have united to inspire much wild Congressional mouthing in advocacy advo-cacy of some of the most fantastically fantastical-ly impossible legislation, with just enough of the truth proclaimed to make some of the schemes have an appeal to those who regularly think specifically on most subjects. No objection can be found, of course, to the restoration of commodity commod-ity prices and the normal bow of money into the channels of business. Indeed, for some time, the government govern-ment has followed a policy designed to bring about these results. But any measure designed to destroy the dollar, dol-lar, suspend the gold standard or issue is-sue fiat money is political shysier-ism shysier-ism of the most poisonous sort. Cheapening of the dollar or the circulation cir-culation of printing press currency would inevitably impair the value of money and thereby rob the American, people. Hut there are many ways in which liquidation can be arrested, a1 "reflation" accomplished, and econom-J ic pressure applied with a view to turning commodity prices upward. The Federal Reserve banks hold $1,-857,000,000 $1,-857,000,000 in government bonds, which means that those banks have placed that amount of money at the disposal of their members; and this credit, can be used for the issuance of a certain amount, of currency, if indeed in-deed there is really need for expansion expan-sion of the circulating medium. Another An-other benignly "inflationary" factor is the increase of gold stocks by about 12 per ci nt since last July. Ami every dollar in gold may serve an the base for $11 in credit. There is no need, v.lia'ever for bogus dollars. - Ft.. Wayne News Sentinel. |
