The Washington herald. [volume], June 22, 1913, SOCIETY AND DRAMA, Page 9, Image 19

About The Washington herald. [volume] (Washington, D.C.) 1906-1939

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THE WASHINGTON HERALD. SUNDAY. JUNE 22. 1913.
LETTERS FROM FAMOUS AMERICANS COME TO LIGHT
President Brigham Young, of Mormon Church, Addressed
Young Men in Massachusetts in 1864 on the Doctrines
of the Revealed Religion Recipient of Letter, Who Had
Asked for Information, Was Not Interested in New Faith,
but Wished Autograph Epistle from Famous Leader "I
Have Written You a Good Long Sermon," Is Conclusion.
Neah Webster, the Dictionary Maker, Defends His Bwk.
Alteraboas in Spelling Were Not Made tapncwmsly,
He Asserts, -but Were Founded on Reason "I Was
, Educated in All the Errors -and Blunders of English
Books," He Declares There Is a Postscript to His
Communication.
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Or Joseph r. asms.
In the private collection of autograph
letters of a Washington man have come
to light two of more than usual Interest
One Is from Noah Webster, America's
nrst great lexicographer, and etymolo
gist The second is from Brigham Young,
perhaps the most famous of the Mor
mon chiefs
In these da a when national statesmen
are "spelling down" Washington Jour
nalists; when both are being "stumped"
by words from the old blue-backed speller
of our fathers, the while senior living
ex-Presidents and kilted philanthropists
are seeking to apply the rule of reason
to the formation of English words, the
caustic observations of Mr. Webster on
the condition of English philology, both
here and in England shortly after he
published his large dictionary, are of
more than usual Interest Some of Mr.
Webster's observations, moreover, might
be construed as back-handed slaps upon
"trash-writers' and makers of "pot-boil
ers' in the literary world
The letter of Prophet Toung was ad
dressed to a young mn then living In
Massachusetts, in ISM The truth of the
matter is that the prophet was the vic
tim of a more or less practical Joke in
that the name he addressed was in itself
as fictitious as the conviction alleged by
the giver of the name in favor of Mor
monism. The New England Jokester de
sired an autographed letter from Presi
dent Toung. of the Mormon Church In
order to get It he assumed a fictitious
nimme. hired a posttoffice box, and wrote
to Salt Lake that he and about twenty
other joung men had about decided to
throw In their lot with the Latter-day
Saints, but desired some further Infor
mation on the subject
"Was Seeking; Convert.
President Young lost no time in doing
ever) thing he could to strengthen the
joung men in their alleged convictions
After writing the letter to the ring
leader of the Jokesters he addressed an
other communication to the Mormon
agent In New York, urging the latter to
get into touch with this fine bunch of
converts with the view to shipping them
out to great Salt Lake City At last re
ports the Mormon Church had made no
converts in New England as the result
of this correspondence.
The Brigham Young letter follows:
"Great Salt Lake Cltj.
October 31. 16.
'Dear Sir Your favor of 2Jd Instant
Informing me of the conviction of jour
self and friends, respecting the religious
belief and practices of the Latter-day
Saints, and jour and their decision to
throw in tour lot with us in this coun
try, has been duly received and perused
with interest I am pleased to know that
you have taken pains to carefully read
and investigate our doctrines- and prin
ciples as set forth in our own publica
tions, besides perusing what our enemies
say respecting us This course of read
ing must have given you a very good
idea of us as a people
"You inform me that vou and jour
friends desire to become 'Mormons,' and
that oj wish to ascertain if the project
is feasible, and also the best method of
accomplishing this object We have elders
in the East who, if vou could see them,
would readily administer the ordinance
of baptism to yourself and friends, the
pre-requlsltes being that vou believe in
Jesus Christ, the Son of God and the
Saviour of the world, and repent truly
and slncereb of all jour sins. You see
by this that the project of becoming
Latter-dav Saints or 'Mormons.' is quite
feasible, and the method an easy one
for the truly repentent
rrralilent loilnc'i Irivlcc.
' I should recommend 5 ou to take steps
at the earliest opportunity, and If you
go forth with a broken and contrite spirt
believ-ing in Jesus Christ and determined!
to forsake all vour sins, and are baptized
for the remission of them, and also have
hands laid upon vour heads for the re
ception of the Holj Ghost by one who
has the authority to administer these
holv ordinances jou will receive that
spirit and it will bear testimony to you
that jou have obejed the truth the
Gospel of the Son of God. When vou
take these steps, and obtain this knowl
edge, then vou will be In a condition to
understand our views and position, and
you will have the strength necessary to
tnable jou to bear patiently any trials
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you may have to contend with In jour
future movements.
"It Is by taking this course that I and
all the Latter-day Saints, who have ob
tained knowledge respecting tne gospel
of Jesus know that what the world calls
Mormonism is the truth of Heaven, the
gospel of salvation. Jesus said, 'It any
man will do His (God's) will he shall
know of the doctrine, whether it be of
God, or whether I speak of myself This
Is the rule which He gave unto the peo
ple when He was on earth, and bj- obey-
Ing which obtained the knowledge that
he was Indeed what he professed to be
the Son of God
"The will of God asset forth by the
Apostle Peter on the day of Pentecost
in the first Gospel sermon, which was
preached after the resurrection of our
Saviour of which we have any account
to the repentent Jews when they cried
out 'Men and brethren, what shall we
dqr was "Bepent and be baptised every
one of jou In the name of Jesus Christ
for the remission of sins, ana je shall
receive the gift of the Holy Ghost For
the promise Is unto jou, and to your
children, and to all that are afar off.
even as many as the Lord our God shall
call'
Itcvelntlon to the Apostles.
"By taking this course, thej obtained
a knowledge from the Lord that the doc
trine which they had embraced was of
God, and that Peter and his brother
apostles were his authorized servants.
They received the Holy Ghost, which
took of the things of God and revealed
them unto them
"The ordinance through which the
Holy Ghost was usually received is
plainly alluded to In the eighth chapter
of the Acts. 1( to 17 verses, and tha
nineteenth chapter and 6th verse. It is
true that Cornelius and his household
received the Holj Ghost before thej- were
baptised and had the Apostle's hands
laid upon them, but it was evidently
poured out upon them to convince the
disciples that the Gentiles were as much
entitled to the Gospel of Jesus and Its
saving ordinances as the Jews, for It is
stated that thej- of the circumcision
which lIleved were astonished, because
the Holj Ghost was poured out on the
Gentiles and Peter then asked. 'Can any
man forbid water, that these should not
be baptised which have received the Holy
Ghost as well as we" This is the only
Instance of which we have any account
In the New Testament, of the Holy Ghost
being poured out before the administra
tion of baptism and the laying on of
hands
The apostacy of man. through the
changing of these ordinances and the
transgressing of the laws of God, caused
the Holj Ghost and Its gifts and the
power of God to be withdrawn from the
midst of mankind for man generations
For a long period of time there has been
no voice from the Heavens to enlighten
and counsel man, revelation and com
munication from the Lord to man has
ceased, through the latter s unbelief and
harness of heart and he has been left
to grope without this aid as were the
Jews of ancient days after thej turned
from the Lord and rejected the messages
and messengers which he sent unto
them.
God Promlned Communication
"But the Lord had predicted, bj the
momuths of His holy prophets, that the
time would come when he would break
the silence which had so long prevailed,
and commence to perform his great
work which should be a marvelous work
and a wonder, 'for the wisdom of their
wise men shall perish and the under
standing of their prudent men shall be
hid
"The revelator John, in the 6th verse
of his Hth chapter, has left on record
how this marvelous work should be
commenced He sajs that 'he saw an
other angel fly in the midst of Heaven,
having the everlasting gospel to preach
unto them that dwell on the earth, and
to every nation and kindred, and tongue.
ana people saving with a loud voice,
fear God and give glory to Him. for the
hour of Ills Judgment is come ' The mis
sion of this angel to the earth was to
restore again the principles and power
which had been withdrawn through man s
apostacj, and usher in the work which
should prepare mankind and the earth
for the coming of the Son of Man and
the reign of righteousness
"The prophet Jeremiah had his work
in view when he wrote what is found
recorded in his Mst chapter. Mst and 34th
verses, and the prophet Daniel in his In
terpretation of Nebuchadnazzar's dream,
aa recorded in the M chapter of Daniel,
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Brlgham
44th and 45th verses The Book of Isaiah
is alto full of predictions concerning
this great work and its consummation in
glory in the last dajs.
innr IlMiiKhters Shall Prophr
"Joel rajs In his Id chspter and Sth
and rsth verses. 'And it shall come to
pass afterwards that I will pour out My
Spirit upon all fish, and your sons and
jour daughters shall prophecy, jour old
men shall dream dreams, your joung
men shall see visions, and alto upon the
servants and upon the handmaids in
those dajs will I pour out My Spirit'
Mlcah sajs In his 4th chapter. 1st to
4th verses. In alluding to some of the
results which follow the re-establishing
of the work of God In these dajs. thus
speaks concerning the gathering of the
people together for the purpose of being
taught in the ways of the Lord and
walking In His paths. 'But In the last
dajs It shall come to pass that the house
of the Lord shall be established In the
top of the mountains, and it shall be
exalted above the hills, and people shall
flow Into it And manj nations shall
come and saj. come and let us go up
to the mountain of the Lord and to the
house of the God of Jacob, and He will
teach us of His najs. and we will walk
in His paths, for the law shall go forth
of Zlon. and the word of the Lord from
Jerusalem And He shall Judge among
manj people, and rebuke strong nations
afar off. and they shall beat their swords
into plowshares, and their spears into
pruning hooks, nation shall not lift up
a sword against nation, neither shall
they learn war any more But they
shall sit every man under his vine and
under his fig tree, and none shall make
them afraid, for the mouth of the Lord
of hosts hath spoken it'
Ctnlnin Itnmerons Evidences.
"Time would fall me were I to attempt
to give jou the numerous evidences to
be found In Scriptures concerning His
work; in addition we have the living
testimony of the Spirit by which the
Lord witnesses unto us that It Is that
same work of which the prophets have
spoken We know that the Lord is do-
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louag Subscribes "A Good Long Sermon.'
ing a mlghtj work in the earth prepara
tory to the coming of Jesus to reign on
the earth.
"By the proclamation of the pure prin
ciples of the gospel, the Inhabitants of
the earth will be warned, as Jesus said
in the I4th chapter of Matthew. ISth verse,
and those who reject that warning will
THE "BITTER LETTERS"' j
OF ID-COIN'S WIDOW
Item the Kihmi City Stir
The "bitter letters of Mrs Lincoln,
written bj- the wife of the mart j red
President, shortly after his assassination
are to be sold at public autcion. a New
York news dispatch sajs Those letters,
famous because thej" show the way Con
gress neglected Mrs. Lincoln and her
famllj, were written to Norman S Bent
lej, a New lork merchant. Twenty of
them were discovered in an old ware
house fifteen jears ago There are only
twelve to be sold at the auction.
The first letter was dated- May 31, 1S5.T.
and was written from the Trenton House
In Chicago Mrs Llncodn already felt
the strain of "keeping up appearances
na a President's widow. Congress at that
time had not allowed her 3.oro. one
years salary of the President then, at
that time She wrote
'My health Is verj miserable, and my
nerval so completely shattered that quiet
Ik very necessary to me. And what is
very essential to us. In our unexpected
desolation, we find that boarding In the
city In a quiet manner, with two small
rooms and a parlor, costs us jn per day
a third mar than our means would al
low. even If our affairs were adjusted, a
j ear hence."
By December of that jear Mrs- Lincoln
began to write her dlspletsure towari
Congress A letter written two davs
before Christmas said
How truly contemptible the conduct
of Congress is-to be willing to see us
forever without a home
A few dajs later Mrs Lincoln was up
braiding the nation for lavishing gifti
on Grant and Sherman and other war
heroes, entirely forgetting her:
vvnen we renect tnai our roving gen
erals have handsomely furnished man
sions presented to them Indiscriminately
Gen Sherman a 130 OCO one in mill
delphia. and another one in Galena th
question naturally arises, was not my
beloved husband a-reater and better than
all these, and did he not sacrifice his life
for his country It only Indicates the
character of the American people the
widow and orphans of the martyred
President are homeless, truly, and thj
men appointed under their great and
deserving chief have more houses thar
thej' can occupy."
And then when the J3.000 was grantee'
by Congress.
The papers this morning give us ver
Bloomy announcement that only the firs
year's salary Is given us, and that In
consequence we are forever to b without
a home' The large and generous hearts
of the American nation allow this! The
slight addition of 325 000 will Just enable:
us to pay our board In full.
Something; Doing, After All.
Fran Urrinrott .
Mr Underdone Cutlets, proprietor ot
tiic Speedy Cafe, was notoriously hard
hearted The most weeping widow who
ever graced a melodrama couldn't have
wept a slice of stale bread out of his
restautant without the price. So when
a pale and timorous bum approached the
desk and made a faltering appeal. It was
no surprise to the lunch fiends to hear a
curt "Nothing doing Beat it"
in not a beggar," retortea tne nun-
gry man. "I'm willing to scrub floors
or wash dishes. I'm Just out of prison.
and nobody will gl mo work. I'm
starving "
The proprietor betrayed a faint Inter
est
"What were you in fort" he asked idly.
TIL tell you the truth." explained the
ex-convict "I was c kind of a counter
feiter. I used to take a hundred dolla
bill and snllt it in two with a raxoi.
Then I'd take a one and split that and
then caste the halves together, so I'd
have two centuries, if the sucker didn't
took on both sides, it iook em nve
v ears to catch me"
Mr. 'Cutlets beckoned the ex-pnsoner
behind the bar.
urder what you like on me nouse,
be whispered. "I've got a steady Jou
for sou. rn rive voir thirty a week to
Use the ham or my eaadwlebes,
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be punished by the Almighty with the
severest calamities. It is for this pur
pose that the elders of this church si
forth to proclaim these things unto the
people, that none may be left without
excuse.
"I have given jou these quotations
from the Bible. But we have the Book
", .
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THE PROPOSED CURRENCY BILL HAS SPLENDID FEATURES
It Is Especially Notable in
that It Prescribes Just Rule
for Determining Volume of
Currency to Be Issued.
u croncE 11. sitim.KV.
(Director of Amrricsn Biimu of t-olmeml Rttttrdi )
The banking and currencj bill, which
the chairman of the House Banking and
Currencj Committee. Representative
Carter Glass, has made public. Is espe
cially notable In that It prescribes an
admittedly Just rule for determining the
volume of currency to be Issued by the
national board In charge, namely. Jut
enough currency to maintain "a stable
price lev el "
Under such a rule there cannot be any
undue Inflation of currency or of bank
credits, nor any undue contraction of
the same
That will go an exceedingly long way
in getting the bill accepted by the people
They are not posted as to the intricacies
of banking and the currency, but they do
know that principles of Justice should be
enunciated, and here is one that is all
important
The meaning of "a stable prioe level,"
as stated In the bill, is that the average
of the prices of commodities at whole-
rale, represented by an Index number,
shall be kept stable day after daj, and
month after month, and jear after year,
to the extent that the United States shall
be able to bring It about.
At present the Federal government Is
measuring the average of prices of com
modities at wholesale, and has been doing
so for twelve J ears; also, the present
Liberal government In England has com
menced to measure the price level, and
the Canadian government has been
measuring Its price level for a number
of j ears.
The full meaning of this Is that these
governments are measuring the pur
chasing power of money and proclaim
ing it That is a most Important op
eration, as It tells the people Just how
the measure of value is being controll
ed by the government.
Twenty -five v y ears ago. at a time
when the price level ot the gold stand
ard world was falling and great ruin
was being wrought thereby, a commit
tee appointed by the British Associa
tion for the Advancement of Science
reported unanimously that the pur
chasing power of money was being;
measured by Individuals In a scientific
way-, and the committee recommended
that the British government should
provide by law (1) for the official re
cording of prices, (Z) for the con
struction of an official Index number
of average prices, and (I) that Indi
viduals and corporations be authorized
to place In their contracts a provi
sion that the payment of money might
be In the same amount of purchasing
power as themoney represented at the
time of the making of the contract
For example. If at the time when the
payment of money should become due
the purchasing power should be Mn
creased 10 per cent let us say, that
the payment would be In a less num.
ber of dollars, namely, 10 per cent less.
and that should the purchasing power
of money be depreciated, then a great
er number ot dollars would Juia to be
paid.
This tabular, or multiple standard, as
It Is termed. In connection with the
gold sianaara. njis not been adopted
by law In any countr)-, but the first
and second of the recommendations of
the committee ot the British Assocla-J
ton for tne Advancement of Science
have "been adopted somewhat widely,
as above pointed out In the United
States the official measurement Is by
the statistical bureau of the United
States Department ot Labor, and in
April of'thls year was issued a pam
phlet, (or free distribution, entitled
of Monnon and Inspired record, written
by the ancient servants of God on this
continent and the Book of Doctrine and
Covenants, containing' revelations to the
Church of God in these days, which
agree in their statements with the Bible,
and thus we have the testimony of three
witnesses bearing record 'of the same
great truths: by their testimony every
word will be established. Besides tnese,
we have works written by our elders
upon doctrine: The Voice of Warning.
by Parley P. Pratt: 'Spencer's- Letters,
by Orson Spencer, and many other works
of a similar cnaracier.
"You may think that I have written
you a good long sermon and quoted
good many Scriptures, but all this will
profit you nothing "unless you humble
yourself before the Lord to as to receive
His Holy Spirit to enlighten jour minds.
"I remain, yours respectfully.
ISlxued) "BBJOHAM TOCNG,
"P. S By addressing a letter to post
office box 3957, New York, you can open a,
communication with an elder of our
church who Is at present In New York
by the name of William H. Miles. I
have no doubt but that you can make
arrangements with him to have a per
sonal interview with him. and can learn
many things from him that cannot well
be communicated In a letter for want of
space.
There is a good openlrg in this coun
try for the Investing of means In cotton
or woolen factories as a permanent busi
ness.
(Blrnri) "B. Y."
Webster IJlacnases Spelling.
The letter from Noah Webster was ad'
dressed to the editor of a small New
England paper in the cramped hand of
the great lexicographer himself. It is
undated
"Mr. Editor: Soon after I published my
large dictionary, several years ago, one
of our most learned philologists wrote to
me that when he first saw my spelling
of certain words, he had objections to
the alterations, but after reading ray
reasons his objections were removed.
'The alterations I have made are com
paratively few, and my reasons for them
are stated in the American Dictionary.
As this work Is In few hands, many per
sons sec these alterations, without know
ing the reasons To prevent the preva
lence of erroneous opinions on this sub
ject. I have sent to the newspaper press
my reasons for certain alterations of
spelling for the benefit of those who have
not and are not able to procure, my
larger dictionary. To prevent any ob
jection to the republication of my re
marks, in other papers, the remarks
were separated Into short articles, that
they might be inserted without exclud
ing more Important matter But mj'
wishes have not been realized.
The attentive reader of my books and
my observations will see that the few
alterations made have not been capri
ciously made, but that all are founded
Wholesale Prices, 1S30 to 191I," and
It has an appendix containing the
measurement back to 1S60, and the offi
cial Canadian measurement
In this publication the figures for this
country show that there was an era of
a falling price level for most of the time
from the close of the civil war until 1S9.
since which time the price level for com
modities has been rising most of the time
Since the low average for 197 the extent
of the rise to Nov ember, 1912, w as M per
cent, and in Canada. 60 per cent
In England, where there are practically
no trusts, the rise to the end of 1911 was
31 per cent (Sauerbeck s Index-Number,
published In Journal of Boyal Statistical
Society. March. 19Ii p 111)
In Germany, where there are trusts,
the rise to 1310. the latest point for which
figures are available, was K per cent as
compared with a W per cent rise In the
United States (Hooker's Index-Number,
In Journal of Royal Statistical Society.
December, 1911. p. S3.)
In France, there was a SO per cent
rise, as compared with the foregoing
data for Germany and this country
(Hooker's Index-Number)
StHblr Price Level for the Future.
But for the future as a result of the
people's rule revolution of 1919 to 1912.
the government of the United States. If
the proposed administration bill becomes
a law. will exert Itself to so control the
volume of government currency, and
thereby ccntrol the volume of bank credit,
as to maintain day after day and month
after month and year after jear a stable
purchasing power for money In so far as
is practicable
I am perfectly confident, having studied
the subject for years, that a practically
stable average of prlce- for products at
wholesale will be maintained
Following will be some of the results-
LA wholly i new degree of stability in
business affairs Each time that there
has been an era of falling prices for
commodities a fall In the average of
prices the result has been the slowing
down of industrial activity: In other
words, the discharge of some of the
"hands, owing to lack of orders, and
employers have suffered losses, at least,
a loss of some of the usual profits. And
In the pajment of debts the debtors have
been called upon to paj more purchasing
power than they borrowed.
On the other hand, each time that
there has been an era of rising prices
for commodities a rise in the average ot
prices the unjust and hurtful condition-)
Have been reversed. While Industry has
been stimulated greatly and the unem
ployed "hands had been set to work,
the real wages of all employed have been
reduced, owing to the fact that wages do
not rise for some time after the price
level has started up, and then during
our trust era the wages, as a general
thing, have not risen as fast as have the
prices of the things which the wages
purchase. Thus real wages have been
reduced. Also, the debtors are relieved
of the necessity of repaying the same
amount of purchasing power that they
borrowed, and each lire Insurance policy
that becomes payable Is paid with depre
ciated money. At present, there Is some
thing like J-3.CCO.C00.000 ot life insurance
In force, and therefore the need for sta
bility In this field Is tremendous.
For business men, too, a Knowledge that
the purchasing power of money will be
kept stable-will enable them to have a
fixed basis on which to mnk contracts
years in advance. This, combined wl"h a
speeding up In business anJ with no pos
sibility for a general panic for mirey or
even a drop or rise in the price le.-ei b--jond
a point or two. will result unques
tionably. In a wholly new degree of sa.
billty In business affairs A new era in
the business world will have been Inau
gurated. As the Invention of the strain
engine wrought a mighty revolution In
tha Industry, so the estsbllshini; uf a.
stsble price level will go down In hlsjry
as another big event in the world a prog
ress.
2, No discretionary power In govern'
rftfcfe&
on reasons which to me appeared sub
stantial. The ignorance or negligence
which Introduced wrong spelling, and. In
some cases, made words which are non
sense, and then permitted these words
to occupy a place In our best books,
even in the Bible, for centuries, appear
ed to me an abuse of the language not
to be tolerated.
Truuble of Unlearning.
"I was educated in all the errors and
blunders of the English books, and it
has given roe more trouble to unlearn
and correct them than to have learned
the language correctly at first, and I
am still learning as much as I was forty
years ago. Some errors were admitted
into the first edition of my books, be
cause I had not discovered them. These
are now corrected.
"My reasons for what I have done are
before the public: I have written enough
and more than enough. If what I have
written Is not sufficient to Justify m.
the addition of observation! would be
of on use.
"My scheme of forming a series of
books, from a spelling book to'an ety
mological and defining dictionary. Is now
finished. But the incessant attempts to
supplant my books, and defeat my ob
ject without other reasons, would pre
vent me from continuing my labors.
English philology is In a miserable con
dition, both in England and the United
States, old errors are continually re
published, and without more accurate
scholarships In the higher seminaries of
learning in both countries, and without
more accurate scholars for the makers
of books for schools, and for superin
tendents of education, all efforts of mine
to reform and improv eNhe language will
be useless.
(SUDfdl "X WEBSTETt"
"P. S The pamphlet which I have
sent to you will supersede further observations."
THE CITY UKTVEESnT.
I mm tbe IndTclrat
We have State universities, and we are
beclnnlne to have city universities.
Among our cities which have successfully
conducted such universities or colleges
are New York and Cincinnati.
The city university is a new institution
abroad as well as in this country. In
England such are the universities of Lon
don, Birmingham. Liverpool. Manchester.
Leeds, and five others, and sucn are tne
new German universities at Hamburg and
Frankfort The University of Leipzig Is
municipal and old. Our largest cities have
universities already established by pri
vate benefaction within their own limits
or cloe at hand, so that all that is needed
to make them municipal is for the city
to make an annual grant to the amount
for the tuition of students living within
their limits. Why should not Boston or
New Haven or Chicago or Philadelphia
pay the tuition of students at universities
near at hand?
ment officials as to main things Hereto
fore one of the chief arguments against
the direct issuance of currency by the
government has been the claim that the
placing In the government of a. discre
tionary power to issue It would be plac
ing too much power In Its hands, but oy
laying down the rule that no currency
shall be lued except when it Is needed
to maintain the average of pric-s thire
Is taken away all discretionary power to
go wrong.
Take the present situation, for e-camplj.
for the past few months tne business cf
the country has been neediug mvra bKik
credits, or more currencj- and bank
credits, the need being shown in a falling
price level, but the fear of miny people
1-as been that when the new currency law
should be enacted It would b. if such i
character as to leave with government
officials a discretionary power to issue
currency and thereby result In a penna
iient inflation of Its volume .ind th-s
raise the price IeveL That la not to be
If the proposed bill become a law The
command Is that the national board shall
so control the volume of currency in cir
culation as to promote "a suitable price
IeveL"
Space will permit only a very brief
enumeration of some of the other prin
cipal features of the proposed law
The control through the national board
is to be fully in the appointees of the
President Therefore, the bankers will
not b in controL For the past forty
j ears or more the leading speculative
bankers have controlled to a limited ex
tent the volume of money and credit
and thereby have controlled, within
somewhat narrow limits, the price IeveL
For example, the stock friarket has been
controlled within narrow limits by con.
trolling the rate for money Thus, the
few on the inside have traded on what
In mary re.pects was a certainty. That
Is not speculation. It Is using loaded dice,
and thereby vast fortunes have been
vueu up. unaer tne new regime the
loaded dice In Wall Street are to be
cast aside.
Also, under the Old regime, our busi
ness men and the country's affairs In
general were subject to a stringent
money market whenever a foreign gov
ernment saw fit to reach out and take
to lfelf or within its borders any con
siderable volume of gold, gold being a
weapon of war. and foreign bankers
have been able at will to raise money
rates within our country; and so have
the great foreign speculators; but that
can no longer occur should the adminis
tration bill become a law The national
board will be In duty bound to so Issue
and withdraw the currency that sta
bility in the money market and thereby
stability In the price level will be main
tamed .uQuliM,Uk?I" there ars mInor details in
the bill that will be changed by the
House Committee on Banking and Cur
rency, and the Housj may change what
the committee suggests, and the Senate
Committee may propose alterations, and
o may the Senate, for free and fair
'5? fZ"1 oPPOrtunlti- to amend are
part of the programme. But that some
thing should be done, and In the near
future. Is clearly apparent The bank
".Jf" refluiln t " out the needed
additions to the currency, for which
they would have to pay at the rate of S
per cent and the entire nation is suf
fering. ,
No Laomlrr Bills.
He was an optimistic soul and a sports
mana combination that made him a
friend to bookies, both directly and In
directly, says Tit-Bits. His pals, whom
he infected with his enthusiasm. fol
lowed his tips blindly with more often
than not disastrous results.
"See what you've done," walled one of
his friends after a race. "And you told
me I could put my shirt on that horse."
And did j-our
Yes worse luck."
Well, then," replied the optimistic
sportsman, "see the money you'll save
on laundry bills !
32sr.-,w..,s