V.gabond Editorials

Bv Jack Dionne

First, we run our bills. Then, our bills begin running us. Then we begin to find out what "depression" means.

"A gentlem"rr," ,"*"rrl"U " O*"U of mine, "is a man who immediately makes the other fellow feel at ease, particularly if that other fellow is of lower station in life than himself." ***

A snob, then, is very easily defined. He is the exact opposite of a gentleman. And the same thing goes for the female sex. For "gentlemen" simply means a gentle, thoughtful, courteous man; and "lady" means a gentlewoman.

***

I really believe that the depression has given us a greatly reduced volume of snobbishness, and therefore gets a merit mark for good accomplished. In my crude lexicon of thought, the lowest form of animal life in human shape is the rniser; next comes the snob; then all the other criminals in proper relationship. ***

If I thought the depression would eventually kitl off all the snobs and misers, I wouldn't care much how long it lasted. But, unfortunately, it won't. In fact, some of the worst snobs and misers I know seem to be weathering the depression better than a lot of people with brains and character. So I guess we'll have to abide with them until that hallowed day when the Fool-Killer comes. ***

There is only one aristocracy-that of intellect; only one nobility-that of character. *** iEverything is getting better. It has been steadily but cirtainly improving since the 4th day of March. Pretty soon \rye will be able to pay debts with dollars about the size they were when we went into debt. Then we'll be "going to town."

It seems that we all agree on George Bernard Shaw. The half-wits agree that he's a wit; the bootlickers agree that he's a genius; and the honest people agree that he's a lousy old rascal that has long since forfeited any claim he may ever have had to the attention of intelligent folks. That's perfect agreement.

Last issue in these ".r;"" r*"rr."a for inflation. Four ilays later my friend, the new President, let me have it. That's service, and no mistake.

+*+

It wouldn't be a bad idea to inject a few facts into this inflation bugaboo. Most of those who try to scare us with inflation warnings, aren't telling all the facts-they are holding back the most salient ones. And you can depend on it that the guy who cries "Beware !" every time inflation is mentioned is trying to collect enough 6-cent cotton to pay notes made when cotton was 25 cents a pound. If inflation raised cotton to 50 cents-an utter impossibility and not to be even considered-the debtor would only be getting a 1 to 2 advantage as against the creditor's 4 to I advantage today. Personally I don't want to see 50-cent cotton-but I'd rather have it than 6-cent cottoR. And it would be eminently fairer to all concerned.

*rk>f

Our continued climb toward business health is utterly contingent on infation, price raising, and cash circulation. They tell us with quivering voices of the terrible thing that happened to Germany when infation broke its bonds and went wild. They don't tell us that what happened in Germany-terrific and desperate though it was-was nothing like as bad as what we have been threatened with in this country for the past year and up to the 4th day of March, 1933. They don't tell us that every debtor in Germany got out of debt before infation had been long under way. Of course, it was tragedy to the creditor classtragic beyond words-but tragedy has been all about us for the past year or so. It is tragedy tfty unless we get money into circulation, and credit restored; and that we have been showing no signs of getting. .:;,

**rF

We cut loose and printed a lot of new currency as soon as the new administration came in. Have you seen any of it? Not a dime! THAT effort failed. The Government offered that money to the banks to loan to worthy people and worthwhile business. The ba-nks have done nothing of the kind. I'm not blaming them. Like everyone else they have been fighting for life, and their idea of safety is a liquid condition. But a liquid condition for the banks means starvation for business and for industry. We are still in a deadlock. And finding that no standard means of getting money into circulation seemed workable, President Roosevelt stepped out and said-"Then we'll do it the next best way." And he dropped the gold standard, and announced for controlled inflation.

I predict that this extraordinary announcement from this extraordit aty man w.ll go down into history as one of the most dramatic and fateful pronouncements in this nation's annals.

Since the hour he took office he has been attempting by one bold stroke after another to rouse this nation. With powerful blows in a variety of directions he has been seeking to stimulate our courage, bolster our morale, rouse our fighting spirit, enliven our faittr'- and restore our hope. He has succeeded splendidly. The entire structure of the nation has guivered at his sledge-hammer blows as does the ship-keen for the launching-whose stays are being knocked awa''

And then, finding the course toward prosperity still blockaded by the twin evils of no-cash and no-credit, and all ordinary methods of elimination apparently ineffectual, he takes the proverbial bull by the well-known horns and presto !-we are off the gold standard, and on the way out of the depression over the inevitable inflation route.

Better? Of course things are better! And, as inflation develops we will see trade development and business unfolding. People are taking their money and buying things. They have two first-class reasons. First, things are cheap, so this is the time to buy them before they go up. Second, dollars are high, and this is a good time to invest them while they still have large purchasing power.

And, naturally, the more things they buy the higher the price will go; and the more money they spend the lower its purchasing power will become. When we get a lot of cash in the tread-mill of commerce again, we will all begin buying and selling naturally, just as we used to do. And the next thing we will be looking back and trying to decide .just exactly what date it was that the depression ended. And most of us will agree that it was on the fourth day of March, 1933.

And what of the lumber business? It will prosper. For a few years after the definite termination of this great depression, the lumber industry will follow a rather automatic course. It will swing back toward prosperity rather slowly, because of the lean buying power of the average man. But there has been created a great reservoir of building necessities that will act as an urge to do rnore buying and biilding, and, as the ability of the world to buy and pay for building materials develops, that reservoir

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