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July 17, 1936 - Image 2

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Michigan Daily, 1936-07-17

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'-HE MICHIGXN ]DRILY

FRMAY, JULY" 17, 1936

FRIDAY, JULY 17, 1938

THE MICHIGAN DAILY 'Money' And The Party Platforms
Official Publication of the Summer Session
-Five Suggestions In Han ling The Currency Problem-
N -T_ - L\ -- T Y---- -

CLASSIFIED ADVERTISING

By LEONAR
(Professor

RD L. WATKINS executive powers with respect to money. Governor
r of Economics) Landon also submitted his own interpretation of
foretell just how much im- 'sound currency" to mean convertibility into gold,"
provided it could be accomplished "without pen-
alizing our domestic economy." In a sense, though
Pthi b niih e ri~ilr

wi L m wo neecio. ruwi opinion is divid~ed
as to the desirability of the gold standard as
against a managed currency or commodity dollar,
and both parties are seeking to appeal to each
sector of voters by fine phrases and relatively
vague statements. The Democratic platform as-
serts: "We approve the objective of a permanently
sound currency so stabilized as to prevent the
former wide fluctuations in value, which injured
e producers, debtors-. We assert today that we
n have the soundest currency in the world." The
Republican platform, on the other hand, states:
"We advocate a sound currency to be preserved
at all hazards." It goes on to specify a balanced
r budget, the avoidance of further devaluation, the
4 repeal of executive powers over money, and the
cooperation of this country in securing interna-
s tional stabilization, as elements entering into the
definition of "a sound currency."
It is significant that both parties have avoided
mention of "the gold standard," "managed cur-
rency," "commodity dollar," or "silver" in con-
; nection with the term "sound currency." Nor is
reference made to price level policy or "reflation."
What implications, if any, can we read into these
platforms?
It will be recalled that President Roosevelt, in
a speech on October 22, 1933, stated that it was
the government's policy to restore the price level,
and it was generally assumed that he meant the
pre-depression level. He stated, however, that
"when we have restored the price level, we shall
seek to establish and maintain a dollar which will
not change its purchasing and debt paying power
during the succeeding generation-We are thus
continuing to move toward a managed currency."
The controversy raised by these statements will
readily be recalled, the general assumption being
that the President was to be taken literally.
But as time went on, he ceased to talk about
the necessity of raising prices, despite the fact
that the pre-depression level of prices was not re-
stored. Moreover, the price of gold was left un-
changed after the devaluation of the dollar early in
1934, and we have been on a virtual gold stand-
ard since that time. It was made clear, further-
more, in statements issued in Washington last
year, and again this year, that we were ready
to enter into stabilization agreements with foreign
nations. The administration thus moved some
distance to the right with regard to monetary
matters since 1933. The statement of the Demo-
cratic position, therefore, in moderate and innocu-
ous terms, with the avoidance of all controversial
matters, is scarcely surprising.
The. Republican platform makes more definite
commitments by its recommendations of a bal-
anced budget, and the repeal of the emergency

the Democratic platform makes no mention of it,
both parties are on record as favoring interna-
tional stabilization.
The Republicans specifically oppose further de-
valuation. Though the Democrats are silent on)
this point, there is no reason to suppose that they
contemplate further action in this direction.
There is, in fact, one good reason for silence con-
cerning devaluation, on the other hand, and the
repeal of the emergency executive power over
money, on the other. If a stabilization agree-
ment should be made with other countries, it might
well require some further small shift in the price
of gold t least the power to make such a shift)
in order !o. adjust the dollar in the proper rela-
tion to the monies of those countries. As past
experience has shown, it would be difficult to se-
cure such an agreement if it had to be ratified by
special act of Congress.
Following are five suggestions for meeting the
monetary issue. There are difficulties about squar-
ing them with the generalities of either platform.
1. An earnest effort should be made to curtail
government expenditures. To this end relief ex-
penditures should be scrutinized with a sharper
eye to economy. This is a crucial- issue on which
the Democratic platform is silent.
2. The Silver Purchase Act should be repealed.
It serves no good end.
3. Though the dollar has been relatively stable!
since early in 1934, we should work for a definite
stabilization with other countries, especially Eng-
land and France.
4. Further changes in the price of gold should
be avoided, except as an accompaniment of such
a stabilization agreement.
5. It appears desirable to postpone repeal of
the executive authority over money until such an
international agreement can be worked out, pro-
vided assurances are given that the authority will
be used in this connection only.
We need not be greatly concerned over the
"managed currency" question. We have a gold
bullion standard at the present time, but it is
not very significant in the absense of interna-
tional stabilization. He observed that we have
for a long time had a large degree of monetaryi
management under the gold standard. We arel
likely to have a somewhat wider sphere of manage-
ment in the future than in the past, whether the
Democrats or the Republicans win the election,
and whether we call our standard "the gold stand-
ard" or something else. The gold standard, intel-
ligently operated, provides certain checks and
stabilizing factors which are superior to those1
likely to accompany a currency not anchored
to gold.1

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The above rates are for 7%,z point type.
DAILY OFFICIAL
BULLETIN
VOL. XLV No. 16
FRIDAY, JULY 17, 1936
Notices
Excursion No 6: Ford's Greenfield
Village, Wednesday afternoon, July
22. Round trip $1. Busses leave
from in front of Angell Hall at 1 p.m.
Party returns to Ann Arbor by 5 p.m.
Fee of 25 cents will be charged at the
Village. Reservations must be made
in the office of the Summer Session,
Room 1213 Angell Hall by Tuesday
afternoon at 4:30 p.m.
Excursion No. 7, Saturday, July 25,
General Motors Proving Ground at
Milford. Reservations must be made
and round trip bus tickets must be
obtained before Friday, July 24, 4:30
p.m. in Room 1213 Angell Hall. The
party leaves at 8 a.m. from in front
of Angell Hall, returns to Ann Arbor
about 3 p.m.
Teacher's Certificate Candidates:
All candidates for the Teacher's Cer-
tificate to be granted on recommen-
dation of the Faculty of the School of
Education at the end of the Summer
Session are required to fill out ap-
plication blanks available in the of-
fice of the Recorder of the School of
Education, 1437 University Elemen-
tary School. These blanks should be
secured and filled out, immediately.
The attention of students in the
Literary College is called to the fact
that this application is in addition to
the application made to the Commit-
tee on the Teacher's Certificate of
that College.
The Graduate Outing Club will
meet at Lane Hall on Sunday, July
19 at 2 p.m. sharp where they will be
taken to Silver Lake for swimming,
games and picnic supper. The ap-
proximate cost will be 45 cents. Those
planning to go who have cars call
4367. A refund will be made to those
furnishing cars. All graduate stu-
Now!
JESSIE MATTHEWS
ROBERT YOUNG
in the Singing, Dancing
Musical
"I T'SLOVE

AGAIN"I

LAUNDRY
LAUNDRY WANTED: Student Co-
ed. Men's shirts 10e. Silks, wools,
our specialty. All bundles done sep-
arately. No markings. Personal sat-
isfaction guaranteed. Call for and
deliver. Phone 5594 any time until
7 o'clock. Silver Laundry, 007 E.
Hoover. 3x

LAUNDRY 2-1044. Sox
Careful work at low price.
WANTED

darned.
lx

FOR RENT
WANTED TO RENT: Furnished
house until September 15 by couple.
Required immediately. P h o n e
2-3557. 12
FOR RENT: Forest 928. 3-room fur-
nished apt. Electric refrigeration.
private bath. Electricity fur-
nished. Will rent for short or long
terim. $10 per week. Mrs. Fergu-
son. Phone 2-2839. 11
FOR SALE
REMINGTON Standard Typewriter
in excellent condition, $25.00.
Phone 3236. 1208 Ferdon Rd. 10
SWIM PICNIC
N EW PORT
BATHING BEACH
PORTAGE LAKE
STRICTLY SUPERVISED

Am interested in obtaining an old-
fashioned lantern of the type used
on horse and buggy carriages. Reply
Box 160.
dents are cordially invited to attend
all meetings of the club during the
summer.
Weekly Reading Hour: Miss Helen
IHarrington will read the story of
Queen Guinevere from Tennyson's
"Idylls of the King," Monday eve-
ning, July 20, at 7 p.m. in Room 302
Mason Hall. The public is cordially
invited.
The University Bureau of Appoint-
ments and Occupational Information
has received announcements of Unit-
ed States Civil Service Examinations
for Legislative Reference Assistant,
Social Security Board, salary, $2,300;
Extension Specialist in Parent Edu-
cation, Extension Service, Division of
Cooperative Extension Work, Depart-
(Continued on Page 5)

I'

Week-End Special
HATS
Felts, Crepes, inens

9 5c

._THEFORUMJ
Letters published in this column should not be
construed as expressing the editorial opinion of The
Daily. Anonymous contributions will be disregarded.
The names of communicants will, however, be regarded
as confidential upon request. Contributors are asked
to be brief, the editors reserving the right to condense
all letters of more than 300 words and to accept or
reject letters upon the criteria of general editorial
importance and interest to the campus.
Rhythmical Tantrum
ro the Editor:
(In re: news item)
I see in Detroit they have moved a church
steeple;
What a glorious thrill for machine-age people!
Mass does not bother them, weight is a trifle,
The laws of motion (by Newton) won't stifle
Their ardent ambition.
The world is their oyster, and in their conditionj
Of rheostated power and micromatic exuberancy
They can laugh at the grimness of old mutability,
And sneer at the forces which would twist and
destroy them,
Whip them down, and then calmly employ them
For DYNAMIC construction.
-Pessimist.

BOO0KS
"GREEN LAURELS: THE LIVES ANDACHIEVE-
MENTS OF THE GREAT NATURALISTS," by
Donald Culross Peattie; (Simon & Schuster).
THE WRITER learned what Donald Culross
Peattie could do toward making the mysteries
of nature palpable one day when, in celebration
of one or another of his books, Mr. Peattie enter-
tained a luncheon party for an hour by talking
about ants. Ants ceased being unpleasant little
six-legged organisms. To this day we hate to
step on one for fear of interfering with one of
the dramas Mr. Peattie described.
That day we heard that Mr. Peattie was en-
gaged on a history of natural science and looked
forward to seeing the book. Yet "Green Laurels"
is not a history of natural science, exactly-or
rather it is one written from an unconventional
angle.,
It is in theory a collection of the life stories of
many of the great-naturalists. But the author is
one of those men who willingly lie on their stom-
achs in the mud to watch the wiggling tadpole,
and he could not more write the lives and achieve-
ments of Linnaeus, Lamark, Cuvier, Buffon et al.
without dramatizing the aspects of nature these
men revealed, than he could avoid eating for any
considerable time.j
Which makes the book a delight. The out-
rageous Buffon steps out of the pages, trailing
his lace and his quarrels, and a whiff of the Pom-
padeur's perfume as well. The querulous Swam-
merdam works himself to death for the reader
and Leeuwenhoek, the perfect amateur, looses his
gusty blasts at random. Mr. Peattie leads the
reader down through Darwin to our doorstep. He
necessarily omits a good deal; you can't squeeze
the world into 368 pages. -J.S.
Mr. Farley, noting in a speech that postal rev-
enues for the country have increased more than
six per cent over last year's probably tempers
his satisfaction with the thought that the in-
crease is probably due to the number of requests
for dollar campaign contributions being sent out
by the Republican party.

c
yA
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t
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n
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9
p
p
4
fl

Clearance of dark
shades - limited
number of pastels
29c
Jacobson'

III

Fir

iii

In an interview with Mr. Sinclair Lewis as re-
ported by May Cameron in the New York Post of
July 9, 1936, Mr. Lewis strongly believes that Fas-
cism can happen here. He is even more con-
vinced that Fascism can happen here than he was
when he wrote his book: It Can't Happen Here.
What is needed more than ever at this time, ac-
cording to Mr. Lewis, is that the average man
must think for himself instead of letting other
people do his thinking for him. People talk about
freedom as a priceless heritage, yet they do noth-
ing about preserving that heritage. Mr. Lewis
thinks that there is right now in the United
States an ideal beginning for Fascism which
he finds in the Lemke, Coughlin, Gerald Smith,
Townsend combination. These people promise
everybody something for nothing. At the same
time, like the beginnings of a Fascist movement,
they offer a great liberal program-they are doing
the same thing that Hitler did in Germany. That
dictator reached power as a result of promising
workers and small shopkeepers new economic ad-
vantages and freedom from interference from the
outside world. Coughlin and Company are. build-
ing an organization the way shaky businesses
have been built up-entirely on promises. Unfor-
tunately, there are enough people to believe these
demagogues and that is where the danger lies.
Should somebody like Coughlin get in, "there'll
hi-, heirl to M." A demaguephas n scruplesinI

Comedy, Cartoon, News

I

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Book Bargains

F

equally sound economic data for both kinds of
promises."
Mr. Lewis concludes his interview by dwelling
upon the apathy and indifference of the Amer-
ican people in regard to ,politics. "It's a very
slack country politically. Most of the citizenry
want to blame everything on their leaders. They
should blame, primarily, themeslves. The general
feeling of the country seems to be: 'I should worry
as long as my own problems are solved.'"
Anybody who cares at all about the country
should watch day by day to see who goes rushing
to the fold of the Lemke-Coughlin-Townsend
party. That party contains the germs of Fascism.

I

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We Are Offering Hundreds of Volumes of
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