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Newspaper Page Text
They have a dignified name and
sound pretty good.
Well, a Treasury Note is simply a
form of paper money. When a gov
ernment can no longer sell bonds to
pay for its guns, ammunition and
other supplies in cash it starts the
printing presses making paper money
and pays the people in this paper
money. This is the next step, and
.there is no end to the time that it
can be carried on.
Therefore, don't be fooled by Lloyd
George's statement that victory will
go to the nation that will raise the
last billion pounds. Before the days
of printing presses this might have
been so. When a nation can sell no
more bonds it will begin to issue
paper money. Then watch out!
What will the result of this be? It
will immediately put up prices. As
the government begins to put out
more money, the people will naturally
begin to feel that each individual dol
lar is worth less.
This is simply a question of arith
metic If the real assets of a coun
try are $100,000,000 and the nation
.has 100,000,000 one dollar bills out
standing, each of these bills Is worth
4one dollar; but if the nation with the
same amount of assets puts out 100,
000,000 additional one dollar bills,
making 200,000,000 together, each
one will be worth only 50 cents.
This means that just as soon as the
governments begin to put out paper
money, prices of commodities, de
pendent on supply and demand, begin
to climb as the value of the dollar
The wages of the soldiers, how
ever, are fixed by law and of the other
working people are fixed by custom.
)Hence, these remain the same.
Under such conditions the working
people get no more wages than they
got before, while their wages are able
to purchase only half as much in
food, clothing and shelter.
The ultimate burden of all wars
fall on the working people. If gov-
ing people must ultimately pay them
through increased rents and interest
rates; while if paper money is issued
the masses must likewise foot the bill
through increased prices.
It is too bad that the laws of eco
nomics work out in this way, but they
do; and it is useless to try to fool our
selves into the belief that they don't
The least benefit and the greatest
burden of war fall on the working
Moreover, this burden falls not
only on the working people of the
countries of the war; but, as I shall
show in my next article, it falls also
on the working people of the coun
tries at peace.
COULON IN WOODS TO PREPARE
FOR A COMEBACK
Johnny Coulon, who was invinci
ble among the bantams until Kid Wil
liams came along and copped his title,
is going to try a "comeback." He is
roughing it at Deer Lake, Ont, pre
paratory to a winter campaign.
Coulon expects to book a number
of fights, then get a bout with Wil
liams in an effort to regain the title.
Several clubs have offered Rood
jjrameni bqnda are issued .the work-- 1 purses for the bout.