V AR debts, eabinets and econ- 'V omles—or the lack of them— drew much of the public attention during the week, Sir Ronald Lindsay, the British ambnssa- dor. spent four hours talking with Presi dent-Elect Roosevelt at Warm Springs, and then started home in a hurry to tell his gov- ernmen. what he had or had not learned about the next admin. istration's intentions, Neither gentleman would inform the peo- ple concerning thelr conversation, though Sir Ronald said he was hopeful that his country and the United States might reach an accord on their problems. Mr. toosevelt’'s spokesman sald little be yond the stutement that the meetings in Washington probably would begin early In March. It was understood in London that Prime Minister MacDon- ald would be invited to come over and take part In the negotiations. The British also were convinced that they would be required to give something substantial in return for even a re duction of the war debt, and gloomily they contended this could not.be done, Return to standard. tariff preferences to and declared Sir Ronald Lindsay economie the gold American goods ceding of territory were all out of the question. Italy and Czechoslovakia were first nations to England's ample and accept the Washington Our the ex- invitation to conferences, follow ollay the own statesmen, of both par- ties, were dubious concerning the wis of the course Mr. has embarked upon. Senator James Ham- fiton Lewis of linols, Democrat, In a speech in the senate warned the in coming President not to emulate the “mistake” of President Wilson in on. dertaking his ambassador, Senator David Reed of Pennsylvania, Republican, supported the position of Senator Lewis and Indicated he would consider it "going over the head of congress” for Mr. Roosevelt to arrive at debt agreements nr understandings with the foreign delegates Invited here to discuss the question. Replying to Reed, Senator Lewis sald he could not believe that Presi. dent-Elect Roosevelt had gone over the head of President Hoover and con- to negotiate on the debts with Sir Ronald. He nsserted that it was his opinion that Europe was attempt. ing to maneuver this country into a position where it could repudiate its eleven of debts. “1 cannot believe,” Senator Lewis said, “that President-Elect Roosevelt would toiernte the British ambassador going to him to deal directly when he knows that if he reaches a judg ment it must be approved by the senate, “lI will say to the senator from Pennsylvania that if the President. Elect were so to fall from his plane of high character, his sense of obliga. tion, his knowledge of statecraft, and his allegiance to the American people as to deal directly over the heads of the President and congress, then I say that would be a folly he will re greet.” dom Roosevelt to he own gress billions \Y, OMENTARILY aroused to meet its responsibilities, the house passed one Important measure de signed to provide -elief In the depres sion, and sent it on to the senate. This was the bankruptcy bill to aid debtors in procuring reduction of their finan- cinl obligations or extension of time in which to pay. Its provisions apply to individuals and corporations, and it is believed to be of especial help to the railroads, Chairman Pomerene of the Recon struction Finance corporation told a senate subcommittee that the corpora. tion would have to continue to finance the railroads of the country unless the banks came to their assistance. He declared the banks were not doing thelr share, adding: "They get the country's money, and then treat it as if it were In cold storage.” XPERT cabinet makers continued to put forth lists of names that would be found in President-Elect Roosevelt's official family, if thetr guesses were correct; but Mr. Roosevelt, just before leaving Warm Springs for Jacksonville to em bark on the Astor yacht Nourmahal, of fered to bet the cor. respondents that 80 per cent of their sto ries on the cabinet would be wrong. An other mime was add ed to the possibilities when Senator Cordell Hull was summoned to Georgia for 4 conference. It was at once asserted by the wise ones that Hull might be made secretary of state or, If another man was found for that post, would be given some other port. Bernard M. Baruch follo. Bernard M., Baruch of New York continued a favorite for a cab Inet place, but the speculators were guessing that he would be appointed secretary of commerce, Mr. Baruch has been very active In devising Dem. ocratic measures to reduce the cost of the federal government and was the author of the plank In his party's platform that pledged a 25 per cent reduction. He thinks the limit of tax. ing power has been reached and has furnished Mr. Roosevelt with an esti. mate of possible economies aggregat- ing nearly $1,200,000000 by which to balance the budget. Mr. Baruch is opposed to current plans for inflation, saying: *It Is not money that Is scarce; it Is confidence in money. If the stabllity of money and credit were established beyond peradventure In the eyes of the world, timid money would rush from hiding seeking Investment, “There would be more sound money asking to work than all the inflated money we purpose to create. It is the key to recovery, and it depends upon the simple expedient of balancing the budget in the only way left for by reducing spending by about one billion dollars.” NSTEAD of trying to get a compre hensive farm relief program throug the short session, the Democratic lead ers in congress are now concentrating on legislation to prevent farm fore closures, This was made plain by Sen ator Joseph T. Robinson of Arkansas in testimony before a senate subcom- mittee that was considering various farm mortgage rellef bills. The bill which Senator Robinson thought should be taken as the basis of a measure to halt foreclosures Is the Hull bill, which would give the IL. F. C. $1.000.0000 of federal be used In paying off farm mortgage holders, the farmer then agreeing to pay the government on easier terms BoE Germany and France have new governments, the former be ing likely to last indefinitely and the latter probably doomed to an early demise. Adolf Hitler, leader of the National Socialists of Germany, was appointed chan cellor by President Yon Hindenburg, who was in a dilemma aft. er the resignation of Gen. Kurt von Schlel. cher. The Nazl chief, however, was com pelled to accept as members of his cab inet enough of his op ponents to leave ac tual control In the hands of the aged president, and to promise to observe the constitution of the republic. For mer Chancellor Von Papen, one of Yon Hindenburg’'s favorites, was made vice chancellor, and four members of the Von Schleicher ministry were re tained. They are Baron Konstantin von Neurath, foreign minister; Count Lutz von Schwerin-Krosigk., finance minister; Baron Eiltz von Reubenach, ninister of post and communications, and Guenther Gereke, employment minister. Dr. Alfred Hugenberg, leader of the Nationalist party, was made minister of economics and agriculture. He Is a monarchist and a warm friend of the former kaiser. Capt. Herman Goering, Hitler's right-hand man, be came a minister without portfollo, acting minister of the Interior for Prussia and commissar of aviation, and Is In control of all police forces in more than half the republic. President Von Hindenburg dissolved the reichstag Wednesday and ordered new elections for March 5. The Nazis are confident that they will then ob tain a clear majority In the pariia- ment. Speaking over the radio, Hitler promised his government would save the farmer and provide jobs for the “army of idle created In fourteen years of Marxist mismanagement In Germany.” The Socialists and Communists planned a united front against Hitler and threatened a general strike. Of course there were many encounters between the elated Nazis and their foes, with a few deaths and consid erable bloodshed. Dr. Wilhelm Frick, the new Nazi minister of the interior, sald the government would oppose the strike plans with the sharpest meas ures, Since the Nazis are mostly antl semites an exodus of Jews from Ger. many is predicted. Indeed many Jews already are leaving the country on various pretexts. When Frick was asked whether he would move to ex tradite any of then he replied: “It these people leave, that Is something which we can only desire.” Continuation of Hitler's rule depends largely on whether he can obtain the support of the Catholle Centrists who have 70 members of the reichstag. They are especially antagonistic to Hugenberg, Von Papen and Seldte, chief of the Steel Helmet war vet erans’ association, all of whom are considered “reactionary.” money to Adolf Hitler THE CENTRE RANCE'S new premler is Edouard Daladler, and his cabinet, in which he is also minister of war, is very much the same as the P'nul Bonecour ministry which the Socialist purty over. threw, Paul-Boncour is foreign minister, Camille Chautemps minister of the inte- rior, George Bonnet has the finance port- follo and Lamouraux that of the budget. Daladier presented his cabinet to the chamber of deputies Friday and is sched uled soon to lay be- fore that body his financial program. Since that is sub stantially the same as that of his predecessor. the politieal sharps In Paris predicted that his ministry would soon be overthrown, The revolt against excessive taxa. tion, in evidence In most countries of the civilized world, was marked In France by two enormous demonstra- tions during the week, The first was a meeting of nearly 15,000 substan tial business men representing 750 syndicates und commercial and indus trial Interests throughout the coun try. A resolution was adopted declar ing that taxation is country's and that If the government attempts to increase the burden of taxation all interests represented will shut down thelr shops and plants, A second meeting was held by smaller merchants, artisans and indus trinlg not included cintion. They adopted a similar reso lution. Edouard Daladier strangling the business announcing new in the above asso CMPEROR -+ Sulonii, HIROHITO the men of Japan, have approved termination of Foreign Minister Uchl da to recall the Japanese delegntes from Geneva when the report of the committee of 19 Is accepted by the League of Nations and article 15, parn graph 4. of is applied. Nevertheless, to her and Prince last of elder states the de the covenant strengthen withdrawn posi tion, Japan has certain of her oblections to the league's form lintlon of the Manchuria the mn kes he not he be accented, ula for cone dispute provided league some in Tokyo was would concessions foreign office that its and admit. irawal from the peful terms ed that Japan's wit) engue Small powers on 10 defeated the iritish in the final two findings In the report on Over the English was mildly supported was probable the committee of drafting the Chino Japanese conflict protests of Anthony Eden, member, who by the French It was agreed In prin ciple to declare that the Chinese boy cott since September 18 1081. when Japan started military operations in Manchuria, should be considered as a reprisal, The small powers consid. ered that this amounted to justifying the boycott Regarding the other finding. it wns agreed In principie to declare not merely that the Japanese actions of September 18 1901, but also since then, could not be regarded as measures of self-defense, Sweden finally got this amended to add that the league alone, and Japan, as that nation claimed the right to determine In such what constituted legit fonse, inerliet % legitimate Moreover, not had cnaes mate self.-de [FARMERS of middle western states continued their efforts to balk mortgage foreclosures on farm lands and property, and in many instances they were successful, either prevents ing the sales or Buying in the prop erties for a few cents and returning them to the owners Responding to a request from the governor of lowa, the New York Life Insurance company announced that it had suspended foreclosures on farm properties in that state. Other com. panies took similar action. In Nebras ka Gd¥ernor Bryan named a board of conciliation to attempt to bring debt. ors and ~reditors together and obtain fair settlements. Farm leaders sald this plan was no good. prass for protracted hearings on the beer and wine blll were canceled by the senate finance committee, de spite the urgings of Chalrman Smoot. Nevertheless its chances for passage at this session were considered re mote as both the repeal resolution and appropriation bills have precedence over it. Senator Walsh of Massa. chusetis sald he would lend a fight to knock out of the bill all provisions for federal control over the sale and manufacture of beer: and Senator Bingham of Connecticut sald he would work to replace the senate bill with the house measure. Representative Fred Britten of Illinois came to the front again with a bill for the repeal of the Jones 5 and 10 law which he declared was now “thoroughly dis credited.” In the Canadian parliament two sep arate moves were made to kill the aw passed by the old Liberal government prohibiting liquor exports to the Unit. ed States so long as prohibition is the nw of this land OHN GALSWORTHY, one of the best of modern English novelists, died at his home in Hampstead after an fliness of several weeks. Author of the notable “Forsyte Sagan” among many other works, he was awarded the Nobe' prize for literature for 1032 Three days before his death England lost dnother eminent man of letters the veterm: George Saintsbury. Sars Teasdale, well-known American poet was found dead in her bath In New York © 1922 Western Newspaper Union, WHAT'S GOING ON IN WASHINGTON Clearing Up This Inflation Thing; What It Is and What It Will Do. By WILLIAM BRUCKART Washington.—It appears from the inquiries I have had that there Is a ly convincing, on this same basis, that inflation talk is going on everywhere, and its widespread character would In- dieate that some sort of inflation is going to come out of the extra session of congress that now appears to be scheduled for April, The unbiased truth is that a very great part of this talk is wholly mean- ingless, because there are millions of persons who have had no opportunity to inform themselves about it. It is a further truth that many men are talk- ing for or against inflation without a background of knowledge that war rants thelr discussions, Their views, in some instances, are worthless but they express them and people who have been denied authoritative infor- mation are thus being misled, Jut what is Inflation? What will it do? Why do so many persons think it is advisable or necessary? The answer to the first requires a detailed statement. The other two questions can be traced directly to the depression, so that “hard times” con- stitutes the answer, Records disclose any more precipitous in commodity prices than this country, and the world have known in the last three nec- as well, Years, essarily must fer to that extensive By commodity prices, one list of » hase of ¢ them steel are or, coffee or foodstuffs suffered a price lower, than The reduc Imes, result is or everyone having and dist irries nn n iuction jistri effect © th +3 work with thel factories of the country, ose who i the shape of wage cuts or part Um or no work Those fn there is so about Pot itself? about Inflation, In com 1, It refers to Inflation of the cur we of which youn and 1 have had the privilege of toucl in days gone by. But there is also Infia- tion of which is another and more intricate matter. The two are inseparably Inflation of credit is bound to occur when there credit linked, however. irrency, al can be complished ithout Inflation of currency. From present Indications, the thing which congress probably will do will be to Our present iar It Ther has been inf inflation of tion of the c thoug! credit igh ae the inflate credit more, unit is the dol ains of gold money represents 20.8 gr there Is our currency. That is It has been deseribed The most paper money as “representing™ the gold coin, treasury that folks mean all of the various Kinds of officials tell me money when they speak of currency. That is not quite true, Currency, nev- ertheless, represents the gold that les in the and the possessor of paper money can get gold for it, ex. cept In respect of the limited amount of paper money known as sliver cerll fieates, Treasury { So, actually, when people talk about inflation of the currency, they are talk- ing about increasing the volume of this currency. » . » Three Methods of Inflation. So we come to the point. How ean this inflation be arranged and what is its effect? There are three commonly accepted ways of accomplishing inflation. One way Is to Increase the volume of the money units, or dollars actually avail able, which means there must be an increase In the gold stock held by the treasury. A second method is to In crease the quantity of the paper that represents the gold, without, at the same time, Increasing that gold stock. The third plan is by creating a new dollar, a different dollar from that which we have been using. All three methods have their partisans, Each has arguments in its favor, if you as sume, believe or know positively, that inflation is the proper thing to do. It may be paid Just here that experts ev- erywheri know the first method is next to impossible, because there is not enough gold in the world to permit it As to the second plan: Some of its sponsors call it a “managed currency,” be maintained at a level consonant warrant the former course, Yet it the paper dollar then represent the gold which it now represents, or will it be something of a rather uncertain character when people are asked to accept it? Insofar as | have been able to ob tain accurate statements concerning this second plan, it contemplates at lenst partinlly disregarding gold. Those who have spent their lives in handling the federal currency insist that to increase the volume of the pa per, without increasing the gold stock. can mean only that the representative unit of that gold is worth less to people, On the other hand, a fair represen tation of the case requires statements to the effect that money of any kind is worth only what it will buy In com- modities, There 18 yet the third plan. It pro- poses a new dellar; it would start from scratch, would be provided with a dollar which we could recognize, If we would, just a8 we recognize that unit now #ac- cepted, Obviously, this plan is suspectible of as many variations as the weather, This is true for the reason that it would be possible to fix the gold con- tent of the dollar (of which the pa- per currency would be the represent. ative) on a basis reached. It could be made to have half as much gold as now, or three-fourths, or one-fourth, or any other variation, Congress could enact a law to set the gold content ai any one of those various figures. The result would be a gradual Increase in the amount of paper currency outstanding. I say the increase would be gradual because the existence of fifty billions of it would not {immediately send that much forth from the treasury, The movement out of the treasury would have to be In response to increased prices of com- modities. In other words, noney won't just leap the barriers and dash out of the treasury on a dead run. It has to go out of there naturally, which means in the course of business tran- sactions of the nation, we do not have a sound currency. Germany has had her experience with rushing out. or else money * . *» Bringing Up Silver. n addition to these methods of | tion, there are a considerable num! of men In and well, who have insisting on greater 11 &n It $ : ’ posing bl-metal CONEress, outside heen the c # 5 ” Po use of silver. he 4 silver just as basis of n ney mo Whee issuing new resentiatives of There is no do silver throug! experiences with It is thelr contention that this type of inflation " aged” and con trolled to serve the country's purposes, the nate danger in paper in- can be Senator Wheeler said In there was a fiation, a of hs aanaGg at at it would get out Such, he con- with his pro tended [Ho Would Raise Prices. One must look beyond the act font aation, Wn however, In question which it | wy doubt of the effect e prices fv MPOrary, af measures the increase in ill be permanent to the extent after the and n conditions as now exist have here will be an easy read- That nor- mal base. of course. can be no other ordinary buying and selling in what we refer to as “good times" There will be an increase in the prices, algo, of such things as secu rites like corporations. In flation might possibly develop another boom market, not so bad probably as the 1020 debacle, but higher levels for virtually all of the quotations. The ef. fect and possibly on pre ferred stock In corporations seems likely to be the reverse from that on common stock, The reason is obvious, Bonds and preferred stock have a fixed amount to be paid to their holders. In- terest is pald on the bonds and divi dends on the stocks. Their holders, therefore, get that amount whether the dollar which they are paid is worth 258 grains of gold, or only half as much. Similarly, wages will The wage earner who is paid £50 a month will continue to get $50, but insist strain of siress worn off justment to a normal base hin than stock In on bonds the higher priced commodities as it now does, or as it does in normal times, Advocates of inflation point to the benefit which farmers will receive in whatever way It is obtained, corn, or his live stock, will enable him to buy more from the industrial plants who need the farmer's trade Opponents of inflation admit, as true, that the farmer will receive higher prices for his products, but they argue he will be at a disadvantage rather than an advantage, For, say the opponents, prices are not going to be stable when the currency is inflated. They add the further argument that, while the farmer is receiving more for his products, he will be ealled upon to pay higher prices for everything he buys, It must be remembered, too, that labor costs enter into the manu. facture and lnbor, paid in the inflated dollar, may not constitute anything like a normal warket, according to the opposition views, © ©. 1922, Western Newspaper Union, About: Howe War Ey ED HOWE ) EW York people lnughed h at us farmers a long time because Mcintyre, a farmer from Missouri, is now in New York, looking up the records there, and has discovered so far that every build ing on Fifth avenue 1s mortgaged, ex- cept Bt. Patrick's cathedral and Tif fany's jewelry store. The only rich man 1 know now cently called on me; he used i« in my shop for eight dollars a and I recall thinking occu was too much. He 8 at ting fifty dollars a week chanieal department of a newspaper, His aim In calling help In saving hi association have on me wae to get 8 little home ing has a on it, and It obligates thirty dollars a m of years, such ps rent and a principal st “Joe, 1 ha 8 good worker and an gra Bil In. “Do you nt 3 ¢ i with » h wages of fifty de continuing over eight been able to pa rent, when dollars to apply gage?’ He thoug! as men do ticed that often seen latels good men and “RT a1] 8 ed, 1 have ave happer been a brave a entered the W ause 1 kept I= response to clar nority Probably sign, but or ha wrobably his nunged in, But today Woodrow Wilson's 1 would have been blessed by the majority as the memory of no nt has been blessed in the history of t i EUCCeS8OT I ory Presi- the Republic In the early sixties Dr. Olix dell Holmes, while sitting Ir in Boston, received a telegrar his son had heen shot throug! at the battle of Antiet tressed father at once start battlefield. The Atlantic reprir the Journey Doctor It while its events were fresh in his m ory, and the horrors of war have never been more powerfully He walked through many hospi look- ing for his son: Inspected many wag- ons carrying dead and wounded: talked with soldiers had buried unknown dead In long trenches like cattle: met other frantic fathers who dead or mangled sons; saw the wreck of the battlefield; heard the screams of wounded: wept at sight of thousands of good-looking boy soldiers horribly mangled All through my reading of the story I kept thinking. And the people who fought and paid for the war never mes tf tals who ordered by a few men who never suf. fered: some of whom profited by the carnage. Out of this unnecessary fighting came Abraham Lincoln, who was never In a battle, lost no sons; Lincoln as President issued the first call for troops. . - - Probably no man ever had a friend he did not hate a little: we are all so constituted by nature no one can pos sibly entirely approve of us, .- = - 1 greatly admire the better class scientists, for this reason: There is no such thing as a first-class man of science who wishes to fool anyone; his ambition is to learn, and, through learning, make life more endurable These men are the one class who al ways wish to tell the truth: who al ways believe honesty is the hest pol fey. Statesmen, writers, doctors, preachers, lawyers, business wen, oc casionally wish to fool us but the scientists never do; honesty is thelr trade. @ 1938, Dell Ryndionte «WNL Service. %
Significant historical Pennsylvania newspapers