Evening Star Newspaper, January 24, 1933, Page 10

INFLATION IS HELD DISHONORTOU.S. Senator Lewis; in Radio Forum, Declares Plan Is Unnecessary. Currency infiation would dishionor America before the world, and is un- necessary, Senator Lewis, Democrat, of Illinois, declared last night in a speech in the National Radio Forum, arranged by The Star, and broadcast over a Na- tional Broadcasting Co. coast to coast mnetwork. Linked in with the discussion of money, Senator Lewis took up the uestion of foreign debts, describing the conference proposed with Britain as “a gracious justice.” On the subject of inflation, Senator [ Lewis said, “Let it be known that Ax?lericl has no necessity to inflate its dollar.” “The gold we'have as basis for cir- culation medium, now .of four billion dollars of value, allows in bills or in silver an additional billion of money,” he continued. “If we ever have a de- mand that calls for the increase of cir- culation to such sum we can coin silver of the American silver mines on the basis of sixty cents an ounce, and add another billion of circulation in silver, backed and supported by our excess gold. This would reflate, or restore, ourselves to where we were ten years, and forty vears, before.” Bespeaking conferences with debtor nations, Senator Lewis said, “Let us now announce to each debtor that we trust them to pay us so soon as they can in the way they can. While wait- ing for their revival let us accept frem month to month what these nations will pay in proper currency.” Text of Address. The text of Senator Lewis' address follows: I thank the radio audience for granting its patience to me—on a sub- ject of dull material—the international debts and the threat of inflation of American currency. The time allotted for speech forces the limitation of ex- grzlsfiun and the omission of informing etail. We all recall that Shakespeare has Jacques admonish the duke — that “since the affairs of men still rest un- certain, let us reason with the worst that may befali.” We follow the advice —America refuses to accept at face value the confused currency of England as payment of debts due us when the; new English money value rests on a one-quarter gold and three-quarters silver basis. Likewise we announce that we can- not acceft from France or Italy the money of multiplied paper certificates resting on an open credit of the nations unsupported by gold—perilled with the uncertainty of party politics—or threat of European warfare which beclouds the values of the money, of either land. No American Inflation. We assert that as in our loans we gave gold—and gold value—on the basis of American money at its highest value, we must insist on the return to us of money of the equal value of the money we advanced to them. Two of the principal debtor nations of Europe reply to us that we are now on the eve of puffing—or so-called in- flation—of our currency. That this act of ours will match that of the nations which have bloated their money to a swollen and -explosive volume. I answer this suggestion to say to the American hearers of my views— that America will not degrade her money by inflation or puffed multipli- cation to serve any temporary demand. Nor will the United States surrender .the gold basis on. which rests the American dollar—standing today—as it does—the first and most secure of any currency of earth nations. Evils of Inflation. Today—inflation as threatened of our money would take the form of our one dollar cut in four parts. Each part blown up as if filled with air— marked “one dollar.” This partial dol- lar—equal to only one-fourth of the true dollar—would melt in the hands of the possessor as did the golden apples of classic mythology—melt into ashes. Each toiler receiving such dol- lar would find the grocer and those furnishing the home—giving him only a pereentage of the value in supplies. The banker will refuse to accept the inflated dollar as a dollar payment on debt of note or mortgage. The owner of house and land will decline to take the money except at their own estimate of worth. This course that the inflated money will take, will bankrupt the business house, pauperize the toller and discredit the American dollar at home as it dis- honors the American Nation before the world—in the meantime our unwise act becomes as financial suicide. The result of unjustified inflation would be that we would drop to the lowest base of the fallen or toppling nations. We would by such act fix our position as one of the falling countries and by the course of inflation confess our peo- ple as willing to cheat the laborer and swindle creditors, both bank and mer- chant, all in a manner never before done by America—and that while we see such action in other nations dragging their people to ignominy in reputation—or bringing their land to insurrection or revolution. This was the fate of France pats—and lately of Germany inflated mark. I was in semi-official place in each of these countries when It was as cans cry out: ‘“Lest we forget!” Can Refiate to True Standard. Let it be known that America has no necessity to inflate its dollar. The gold ‘we have as basis for circulation medium, now of $4,000,000,000 of value, allows in bills or in silver an additional billion of money. If we ever have a demand that calls for the increase of circula- tion to such sum, we can coin silver of the American silver mines on the basis of 60 cents an ounce—and add another billion of circulation in silver, backed and supported by our excess gold. This wouid reflate—or restore— MOIST THROAT' ENDED HIS GOUGH! Your throst and bronchial tubes are lined with millions of pores like tiny “bot~ tles” contin sup- Pl moisture to the delicate tissues . .. un~ 1il you “cateh cold.” 'hen these pores og. Phlegm collects -~ dangerous germs nd a | ding place. Tickling, irritation If your throat's the least bit raw or PErTUSSIN dry, take a few of now. It's Illdm‘-h SENATOR LEWIS. ourselves to where we were 10 years and 40 years before. Let it be further remembered that all the money we had through all the last 10 years still exists. It has been transferred to new hands and now only awaits the daybreak of the new day of confidence, which now has begun to flagh its morning lights. America Only Needs Confidence. So soon as we can convince the mass mind of the United States that its people are secure in their possessions and the world confiding in us a new faith of friendship, the great billion of | money covered in hidden places will| come forth and circulate to farmer, | manufacturer, home and children. | What our Nation n is & new equitable distribution of the fruits of | labor and extending the credits to the people of the United States heretofore neglected or purposely discriminated | inst ‘e only need now to join in one pro- /f/%ffg_]?_zé cession—of America—forward to place T g —Harris-Ewing Photo. | n and keep our position as the superior | tions, Nation of the world, and take the nec- | this essary course to ‘assure her people as the most secure and most prosperous of earth, o We need, as the poet exclaims, to continue, as a family— “Still pursuing—still achieving, ¢ Learn to labor and to wait.” Our Nation says to her children, Christ to his deserting.apostles, “Will ye not watch with me a littlo moment?” The New Situation. Now let us have a word on tHe pres- ent relation of our international debts and debtors. To this it is enough now to say that we need not now decide if we could cancel or reduce the in- debtedness of world nations due us; or that we will demand the payments in full at date of their due. We are doing a gracious justice—in giving a udience to England to presen er claim protesting that in the fre. SHOES BARE SPEAKEASY as | Trailed Customer Escaped From Wife, but Mixed Up Pairs. ‘The color scheme of Fred Bocken's shoes interested a Chicago policeman. One was black and the other tan. The cop followed. Bocken entered an alleged speakeasy, the proprietor of which was arrested. Then e phl}é:‘edm' i ; Bocken ex: e, he said, wouldn't I 80 out for a drink. " So he sneaked out without turning on the lights, and gdt his shoes all mixed up. e " qrelles; g 0 TELL you that Chesterfield is the only good cigarette . . . that the makers of Ches- terfield Cigarettes are the only ones who can buy good tobaccos and manufacture cigarettes scientifically...would be noshing short of foolish. For all tobacco is sold in open auctions— where anyone can buy if he will pay the price. Even the machines on which different ciga- rettes are made are alike. This much, however, is true: By using the right kinds of Turkish and Domestic tobaccos in just the right proportions . . . by blending and cross=blending them together in the most care- ' ful way...we make Chesterficld what smokers say it is...a cigarette that’s milder, that tastes better. Just try them. Chesterfield Radio Program—Every night except Sunday, Columbia coast-to-coast Network. FIGHT FOR POWER PROJECT IN GOURT Gavernmeht I_'Ipl&s _'New~River in Virginia Subject to Fed- eral, Commission. ment, Huston special - sel, declared the New River is nn::‘,bl}g and subject to the commission, recall- ing the commerce along the stream half & century ago, that/fell off only. 181 :.’h:e Norlolk‘ c;& ‘Western Ballway built route of the river./. aly. the y is up- If the commission suthorit; " | Beld 3¢ would, have jurisdictian. over e financial set-up of ‘the project right of recapture r sow' '-;’-hn: company is seeking to limit Government - | authority to protection of pavigation on tribytarles of the’ New — the Ka nawha and other rivers—contending the stream itself is non-navigable, At the outset of yesterday’s argu- ment, Judge Luther B, Way, asked counsel to confine 3 argunients of the navagability of the New River, ect of -the constru eff Ho of e proose aim o sl made ty B hiir " © Exactness of dosage in aspirin isimportant to the purpose for ;hlch ’r:: take it. This factor assu to you in uibb Aspisin tablets in tvosqv.yl: chemically, by rigid lsboratory control and, mechanically, by firm'compression of each tablet agsinst crumbling. Hence they reach you exact in dosage. SQUIBB Kok for the name before you buy oo OH; YE GODS! WHAT THICK ENCIRCLING DARKNESS BLINDS THE MINDS OF MEN. ' —Ovid. commerce, the in of the Federal water power act by the Power Commission and whet.hu"the act is cofistitutional if it has been construed properlyiby the commission. Chompson began the argument for the Government. Newton D. Baker, former Secretary of War, was to argue for the company. + Helf-Cent Coin Becalled. 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