Indianapolis Times, Volume 43, Number 301, Indianapolis, Marion County, 26 April 1932 — Page 7

'APRIL 26, 1932.

ADVANTAGES OF INFLATION HELD TO BE ILLUSION Debtor and Taxpayer Gain Little in Long Run, Says Dr. Harry Barnes. Thi I* the third nf three stories hy Dr. Barnes on "Inflation." BY HARRY E. BARNES. Ph. D. France faced a financial crisis in 1925 due to: (1) Increase in interest on the national debt; (2) great expenditures necessary for reconstruction; 1 3 * small proceeds from reparations down to 1925; (A i inadequate taxation to balance the budget. Inflation was resorted to. As early as March, 1924, the franc, normally worth 19.3 cents, had dropped to less than 5 cents. By July, 1926, the franc had fallen until it was worth only a little more than 2 cents—forty-eight to the dollar. The emergency government of Poincare came into power in the summer of 1926. The franc was stabilized at 25.19 to the dollar in December, 1926. This was approximately one-fifth of its pre-war value. Net result was to cut down greatly ♦he French public debt and hence to reduce necessary taxation. But this was accomplished at the cost of a severe penalty to the creditor class. Shift Load to Wealthy Bonds of pre-war issue slumped enormously in effective value and even bonds of the 1914-1920 period dropped greatly in value in terms of the franc. The inflation was justified on the ground that it was the best way of transferring the fiscal charge of war and reconstruction to the wealthier class of citizens. The French middle class was hard hit, but not ruined as in Germany. In Russia the national currency was inflated before the Bolsheviks came into power. The paper ruble had shrunk to one-third of its face value by the late summer of 1917, and to one-eighth by the time of the Bolshevik revolution. But the extrensive inflation began at the time of Russia’s conflict with the White intervention. Total amount of rubles in circulation in July. 1921, has been etsimated at two quadrillons, 344 millions. It finally was stabilized at its prewar value of a little less than two lo the dollar. But this stabilization is internal. The ruble is worth only about half that amount outside of Russia. Riches Are Redistributed Currency inflation arbitrarily redistributes wealth. All fixed incomes, including salaries, are reduced in purchasing power. Debttors get off easily at the expense of creditors. Workers usually are temporarily injured, as wages tend to rise more slowly than prices. Further, one must distinguish between industrials and economic inflation and delation, and the technical inflation and deflations of currency alone. With no very marked changes in our currency we went into a period of vast inflation from 1927 to 1929. due mainly to overoptimism and overinvestment—great demand increases which shot up prices. Since 1929 we have been undergoing an economic deflation as a result of falling demand for securities, commodities, buildings and services. This has been due to normal reaction, lack of confidence, decreased purchasing power of the unemployed and partially employed and the like.

Prices Go Up Much of the supposed advantage of inflation is illusory. Take debtors and taxpayers, the two classes usually singled out as the special beneficiaries of inflation. The debtors are able to pay their principal in money which has less value in purchasing power than it had when they borrowed it. To this extent they gain. But everything which they use in daily life costs them more, since prices have gone up. Hence, gains in payments on debts are partially or wholly eaten up in increased cost of living. Likewise with taxes. The taxpayer can pay his levies in cheaper money, but the government must pay more for what it buys—aside from fixed salaries—and therefore the total amount of taxes rises. If manufacturers get higher prices, they also have to pay more for raw materials and wages! The most statesmanlike policy for the long run is judicious stablization of the value of the dollar, which would check excessive deflation and inflation. WALES STUDIES NEEDS OF POOR IN BRITAIN Visit Heart of Industrial Region. Paralyzed by Depression's Blight. Bp Unit at Prrtz LONDON, April 26.—The prince of Wales set out again today to investigate personally conditions under which the poor of Britain are living. He went Monday night to New-castle-on-Tyne. heart of the industrial area which has been paralyzed by the depression. Although he did not disclose his plans, it was learned that the trip was in connection with measures to alleviate distress in the industrial regions. ARMS PARLEY RECESS Indefinite Adjournment Taken Until Bodies Complete Work. Bp United Pros GENEVA, April 26.—The general commission of the world disarmament conference voted suspension of its work today amounting to indefinite adjournment. The commission decided to suspend sittings until technical bodies determine what land, sea and air weapons should be classed as defensive or offensive. It was expected several weeks would be necessary for technicians to make their reports. Civil Service Tests Slated Announcement of civil service examination for an employment director, Indian service, and an assistant social economist, department of labor, was made today by H. M. Trimpe, local civil service secretary.

THEY TELL ME

OF paramount importance, y*t little recognized by the average voter, are the offices of precinct committeeman and state convention delegate. This year the candidates for these posts, so often disregarded, should be scrutinized carefully by every voter. It is upon the precinct committeeman that the entire political structure of our government rests. In Marion county, for example, under the rule of George V. Coffin, they were his bread and butter and kept in office for years the plunderbund which he fostered. Year after year the respectable element of the G. O. P. revolted, but to no avail. Finally, in desperation, they t’ -d to the Democratic cause In the general elections in hopes that if Cap’s precinct committeemen lost their iobs upon the public pay roll which sustains the organization they would turn and cast him aside. a a a The 1929 election knocked Coffin from the city hall; the 1930 Democratic victory dislodged him from the courthouse and the statehouse. With back against the wall he is calling upon all his reserve strength to continue in charge of the organization for another year, so that in 1933 he will be able to put over a city administration slate. Various groups of insurgents are fighting Coffin, and, in recognition of the dire straits in which he finds himself, he is seeking to elect a county chairman, controlled by him, yet who, by name and past association, will fool the public. To do this he must re-elect the precinct committeemen, who in turn name the county and district chairmen and also indirectly control the election boards which count the ballots. The fight, against Coffin is raging —that he must be ousted from power is recognized by all who have the good of the Republican party at heart. In hundreds of precincts his committeemen are opposed by those who feel that he is a blot upon the party. a a a If you are a Republican, find out who are the Coffin and anti-Cof-fin candidates for committeeman in your precinct and then vote to purge the party. The delegates often neglected in the primary pick the nominees for the highest offices in the state, senator, Governor, judges of the high courts, secretary, treasurer, auditor of state, superintendent of public instruction and other important posts. Coffin has filed his slate of delegates, which he will use to trade for privilege, plunder, and patronage. If you, who are Republicans, want your nominees for state office to make the race this fall without the stigma and handicap of “Coffinism,” learn the names of the candidates for convention delegates and be sure and carefully select those whom you can trust. Both the Coffinites and the antiCoffinites have opened headquarters and they can supply the information you w .nt.

PLEAD MOONEY CAUSE Socialists Plan for May Day Demonstrations. ISii ftrrippz-floicurd Xetr zpaper Alliance WASHINGTON, April 26. May day will be dedicated to renewed efforts to secure the pardon of Thomas J. Mooney, according to Morris Hillquit, national chairman of the Socialist party. Announcement by Hillquit from the national Socialist headquarters says that a series of mass meetings will be held in cities throughout the United States on May 1, in protest against the pardon refusal of Governor James Rolph of California. The largest of these, Hillquit says, will be in Union square, New York City. LIQUOR ARRESTS GAIN More Convictions and Seizures Reports by IT. S. Dry Agents. Bp United l'rczz WASHINGTON. April 26.—More arrests, more convictions and more seizures were reported by the prohibition bureau today in a comparison of its operations for the first nine months of this fiscal year and the previous, one. The number of cases in which federal agents made arrests increased from 54,517 to 67.16®. Convictions rase from 41.235 to 50,466.

Why Fat Folks Slay Fas “The trouble with me, and I guess this applies to 99% of the men and women whg are putting on weight, I didn’t have the energy or “pep” to keep it off. Lost all interest in any healthy activity and just lazed around accumulating the old pounds.” Start, faking Kruschen Salts—(hat's the common-sense SAFE wav to reduce. This is what they tin—they clean out the impurities in your blood by keeping the bowels, kidneys and liver in splendid working shape and fill you with a vigor and tireless energy you'd most forgotten had existed. As r result, instead of planting yourself in an easy chair every free moment and letting Hobby fat accumulate, you feel an urge for activity that keeps you moving around doing the things you've always wanted to do and needed to do to keep you in good condition. Be careful of the Toods you eat—go light on fatty meats and pastry—then watch the pounds slide off! Take onehalf teaspoonful in a glass of hot wafer to-morrow morning and every morning and if they don't change your whole idea about reducing, go hack and get the small price you paid for them. Get a bottle of Kruschen Salts—lasts 4 weeks—at any progressive druggist anywhere In the world, but for your health’s sake when reducing be sure and get Kruschen—lt’s the safe, harmless way to reduce.—Advertisement.

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_ - jlLi *%• Women's Misses' TODIOTrOW Sensational e" \a/ j , /" i The widespread public response to Four-in-Hand Styles WM For Wednesday Only BLOCK DAYS was tremendous and V m those famous sale days established new JBj M records for value-giving! We’re de- ■■ '% i'f - #|||. termined to carry that policy straight f ■■Qw to the fore! Here again is a page of M ■ miraculous values gathered together especially for Wednesday’s selling . . . 2,500 aii-siik and other simulated patent all of them representing real savings! fine fabric ties . . . tn leathers.' Boueles ! _ p - . the season's most pnpu- '' ''".'it; Be Smart! Be ihntty! i.r ~.„ MHBMWMMIIImMra . ers. I nderarm and * Eagle erepes, foulards tiS&SSM pouch styles ... in DU 11/ J J s and plain color crepes. wanted new spring colors. £>C IICTC W (ZCITIBSuCiy . BLOCK’S BLOCK'S L —Downstairs Store. No Mail or Phone Orders! —Downstairs Store. ___________ _ __ jgjii

Just Received ! 3,600 Pairs New Utility Oxfords For Women and Misses SI.OO We’ve sold thousands of pairs of these smart simulated dull-finished kid and patent leather utility oxfords In Indianapolis! Hurry—buy NOW while there Is anew supply. All sizes, 3 to 8. BLOCK'S— Downstairs Store. Women's sl, $1.50 and $2 New Tub Dresses Special for Wednesday! 09c Have you ever heard of such fine Quality wash frocks at such a sensationally low price? We honestly haven't! New colors and tnb fast patterns. BLOCK'S— Downstairs Store. New Brims and Turbans in Smart Spring Millinery For Women and Misses SI.OO Smooth straws! Rough straws! Crochet vlscas! Crepe hats! Fetallne braids and many other fine materials in all new colors and styles! Smartly trimmed! AII head sixes! BLOCK'S— Downstairs Store.

THE INDIANAPOLIS TIMES

Women's All-Silk Full-F ashioned Lace Hose Substandards of $1 Quality 46c Sheer chiffons, service chiffons and service weight; also a variety of lace patterns! All colors and sizes for women and misses. BLOCK’S —Downstairs Store. Women's 59c to 79c Costume Slips They're Washable! 39c Genuine non-cling materials including cotton flat crepes, Willorays, Taferays and muslins. Built up silhouette, bodice top and bias-cut styles. BLOCK'S —Downstairs Store. (§|). Girls' and Tots' SI.OO Voile Dresses Special for Wednesday! 59c Colorful, smart and practical for kindergarten or dress wear. New styles—Sizes 2 to 8. Actually priced below wholesale cost! BLOCK'S —Downstairs Store.

2,000 Men's New Broadcloth Shorts Special for Wednesday! 19c Plain colors and novelty patterns ... all guaranteed col or-fast! Wide waistbands with elastic side inserts. Sizes 28 to 42. BLOCK’S —Downstairs Store. Special Assortment of New Spring Curtains Special for Wednesday! 39c set Pretty priscilla curtains! Tailored sets! New crisscross and cottage sets! Your choice at 39c! Wide variety of patterns, material. and colors. BLOCK’S —Downstairs Store. r' .< / Remnants! Short Bolts Fast Color Wash Fabrics Special for Wednesday! Qc Y,rd w print*, printed voile* nnd smart gingham* at saving* you can't afford to overlook! The quantity ia limited—so we advise yon to eome early! BLOCK’S— Downstair* Store.

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