Indianapolis Times, Volume 45, Number 313, Indianapolis, Marion County, 11 May 1934 — Page 4

PAGE 4

‘MYSTERY MON' JOINS STAFF OF U. $. TREASURY Economist Silent on Plans for Guiding Dollar in Money Market. Th* map who lh itnliniM of the Ameriran dollar tn the mono* market* of the world I* Dr. Jaroh Vlner. •Ilm. economic, eapert. H* probablr I* the aucce.aor of Dr. O. M. W Sprafoe. Who.e relrnatlon aa treaaorr advlaer eao.ed auch a furor, but no one will admit It. H*re'a the first new* of Dr. Viner. BY FREDERICK OTHMAN Vnlted Pre.s Staff Correspondent WASHINGTON. May 11.—The newest ‘‘mystery man'' of the administration is Dr. Jacob Viner, who has no official title and who will not talk about his duties at the treasury department, where a secret $2,000,000,000 stabilization operation is in progress. He works at a littered desk In Room 347 of the treasury, talks freely about his world travels and his knowledge of the men who run the currency exchanges in Paris and London, but has no comment whatever about the opinions of Professor O. M. W. Sprague. Dr. Viner is understood to have taken over the functions of Professor Sprague, who resigned last November after a battle with the administration over its money policy. Author of monographs on balancing the budget and monetary effects of the gold standard, Dr. Viner refuses to discuss them, and even intimates that his mind may have changed since they were written. Not a single volume written by him on present day economic subjects, meantime, could be found in the library of congress today. All were reported “out." It was learned, however, that he is in full sympathy with the President's monetary program, that he favors cancellation of war debts, and that he advocated a program similar to Mr. Roosevelt’s shortly before the latter took office. All questions concerning stabilization operations are answered with blank stares. In discussing his experiences in Europe before and after the war. Dr. Viner admitted, however, that: “I know the London and Paris money markets intimately—and the men who run them." The stabilization fund is concerned directly with foreign exchange. Henry Morgenthau Jr., secretary of the treasury, who has made a diligent search for men with proper background to operate the fund, calls it a “stack of blue chips,” equal in size to a similar fund in use by Great Britain. Dr. Viner received his appointment strictly upon his qualifications as an economist of liberal tendencies. He hardly knew Mr. Morgenthau before moving to Washington, having met the treasury secretary only briefly. His duties are purely advisory and he still is curious to know what title, if any, has been conferred upon him. “I thought my first salary check might tell me,” he said ruefully, vbotit didn't.”

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INDIANA’S ‘NEW DEALERS; Finly Gray — He's Expert on Money

WASHINGTON. May 11.—“ Money mania is the worst form of mono-mama,” once remarked the witty Senator Thomas P. Gore of Oklahoma. “Never argue with a person who wants to talk about money," said the senator. “The mere fact that he wants to talk about it is proof a plenty that he already knows all about it.” The Oklahoman was not speaking of Finly Hutchison Gray. Democratic congressman from Indiana’s Tenth district, but he might well have been. Finly Gray would readily plead guilty to the indictment. Finlv Gray was elected to congress on the money issue. “In my campaign, I didn't talk about anything except money,” said Grav. He has spent practically all of his time in the fourteen months he has been in congress trying to convert his colleagues and the administration to his monetary views. "I haven't made a speech in congress about anything except money,” he said. And money will be the sole issue that he will raise in his campaign for re-election.

“I don’t intend to talk about anything except money,” he said. There is Gresham's Law of Money: “Bad money drives out good money.” And Newton’s Law of Gravitation, which says, in effect, that all things that go up must come down. To these immutable laws, we may now add Finly Gray's law of money: ‘‘More money means higher prices; less money means lower prices.” nan FINLY GRAY would have you know that he is no wild-eyed inflationist. To him, money is not an end in itself, but a means to an end. What he wants to accomplish is restoration of prices to the 1926 level. And he says that the way to do it is to pump more money into circulation until that price level is reached. His formula for preventing prices from rising above the 1926 level is to withdraw money from circulation. when and if prices rise above the level. “Inflation.” says Finly Gray, “is the banker's word for higher prices and higher wages.” The money question is to Finly Gray as simple as the A B C's. “Sometimes it seems strange,” he said, “that some of the wisest men in congress know least about money. Some of the strongest eyes are color blind.” There are many ways, Finly Gray says, to inflate and raise prices. He can tell you about all of them —about remonetization cf silver, expansion of currency, about bi-metalism and symmetalism. Finly Gray doesn’t care which method is used, since all are directed toward and capable of accompishing the same end—restoration of prices. it ft st BUT now that President Roosevelt, bv congressional sanction. has revalued the gold content of the dollar, Finly Gray has cast aside all other inflationary theories, and is content to pursue the revaluation course. “I am standing behind President Roosevelt’s revaluation policy.” said Gray. But "standing” is too passive a term to describe Representative Gray's position. “Standing behind and pushing the President” would be more accurate.

BY WALKER STONE Time* Staff Writer

“So far, so good,” is Finly Gray’s attitude toward reduction of the gold content of the dollar to 59 per cent of its former weight and fineness. Two things need now be done by the President to make the revaluation effective, according to Gray. First, the President should make use of the $2,000,000,000 stabilization fund by bidding for foreign gold. Second, enough new currency should be issued against the revalued gold hoard in the treasury to raise prices to 1926 levels. The government can do this, financing public works with new currency, retiring the public debt with new currency, thereby saving interest, or paying off the World war veterans’ bonus with new currency. The depression, according to Finly Gray, is the handiwork of international bankers who conspired in 1920 to make their war profits more valuable by increasing the value of money. To do this, he says, they increased the value of money by withdrawing currency from circulation and curtailing bank credit. This may sound like hocus-po-cus to the layman, but it's 2 plus 2 makes 4 to Finly Gray. ts tt n BEFORE the 1920 conspiracy, Representative Gray continues, the farmer used one-fourth of his income to pay taxes and interest on his mortgage. The other three-fourths he spent for consumer goods—barbed wire, clothes, plows, chains, ropes and automobiles. Today, he says, farm prices are so low that the farmer has to use all of his income to pay taxes and interest, and has nothing left to spend on consumers goods. Hence the drop in purchasing power; hence the depression. Finly Gray stutters when he is talking privately. But when he is keyed up to speechmaking, a melodious and scholarly flow of English leaps from his lips. A saving sense of humor distinguishes Finly Gray from other "money bugs.” He takes his theories seriously, but he doesn’t take himself too seriously. “I’m a congressman from a landslide district,” said Mr. Gray. “The people who sent me to con-

THE INDIANAPOLIS TIMES

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Finly Gray

gress didn’t vote for me; they voted against the other fellows.” The Tenth district is normally 30,000 Republican. That is the reason Finly Gray did not worry about renomination. He let his primary opponent, William (Reds) McClellan of Muncie. “do his darndest.” Representative Gray considered the nomination wasn't worth much if it left any hard feelings. The hard stretch is the general election. An unfounded rumor that former Senator Jim Watson would seek the Republican nomination to oppose him prompted Finly Gray to confide to the House: “If Jim’s my opponent, there’ll be hell on the Wabash.” tt tt a npALL, gaunt, angular, Finly Gray is a specter of the days of William Jennings Bryan Democracy. He walks with long strides and rapid elbow and knee action. His stringy gray hair hangs down below his ears. His roving eyes look out of the past and into the future. His long, gray coat, of the old-time statesman cut, drops almost to his knees. Finly Gray voted for the economy law, and has done his utmost since to nullify that vote. He has voted for all restorations of veterans benefits that have been proposed. He voted to override the President's veto of the independent offices bill. He bolted the administration also on the tariff bill, the bonus, and the cotton bill. He stood with the administration on all other measures. “I didn't believe in all of them,” he said, “but I thought it all right to try the experiments. The only way you can get rid of an experiment is to try it.” This is Finly Gray's second hitch in congress. He represented the old Sixth district three terms in the Wilson administration. He is a lawyer, a farmer and a philosopher.

NEW IDEA NOME ECONOMIC CLUD ORGANIZER DIES Mrs. A. Rankin Passes, Following Accident to Husband. Funeral services for Mrs. Adelaide Rankin, 45 North Randolph street, were to be held at 2 this afternoon in Kirby Brothers undertaking establishment, with burial in Crown Hill. Mrs. Rankin died late Tuesday night at her home. Her death was said to have resulted from heart trouble, which became serious from the shock of an automobile accident in which her husband, Frank Rankin, was injured. Mr. Rankin was in an accident at Perkins and Raymond streets Tuesday night. He sustained a badly injured arm and cuts and bruises. He is a patient at city hospital. Mrs. Rankin was president of the County Home Economics Association and organizer of the New Idea Home Economic Club in Irvington. Surviving her are the widower and two children. Fred Rankin and Frances Rankin, both pupils at Arsenal Technical high school.

Election Victor Succumbs Only a few hours after he had been notified that his campaign for re-election as Democratic committeeman for the First precinct, Sixteenth ward, had been successful, Frank Severance 44, of 151 Leota street, died. He had been ill a week. Death was the result of heart disease. Funeral services will be held in the Holy Cross Catholic church Monday morning, with burial in Holy Cross cemetery. Mr. Severance is survived by the widow, Mrs. Emma Severance; three daughters, Josephine, Eleanor and Mary Jane Severance; two sons. Jack and Harry Severance, and three sisters, Mrs. Ella Bolt. Crawfordsville, and Mrs. Sadie Bell and Mrs. Bertha Bell, both of Indianapolis, Mrs. Harriet Grave Dead Following an illness of three weeks, Mrs. Harriet Grave, 60, of 240 South Audubon road, died yesterday in her home. Funeral services will be read at 3:30 tomorrow in Shirley Brothers central chapel, 946 North Illinois street. Burial will be in Crown Hill. Surviving Mrs. Grave are the widower, Benjamin D. Grave: three daughters. Mrs. A. N. Klee, Mrs. E. E. Wilmington and Mrs. Henry Geisel, and a son. Harry M. Weber, all of Indianapolis. ♦ Mrs. Lucia T. Craine Passes Funeral services for Mrs. Lucia T. Craine. 83, of 1318 North Pennsylvania street, will be held at 2 tomorrow in the residence. Burial will be in Crown Hill. Mrs. Craine died yesterday in the home of her niece. Mrs. Fannie T. Bryson, -with whom she lived. She had been an invalid eight months. Surviving her are the niece and a nephew, George H. Taylor, Indianapolis. Coal Company Affiliate Dead Ransom Griffin. 66. of 5858 Central avenue, died last night at Methodist hospital, where he had been a patient since Sunday. He had been a salesman for the Central Coal and Coke Company for forty-one years, the longest term of service in this business in Indiana. The body will be taken to Worthington Sunday morning where funeral services will be held at 2 Sunday afternoon. Burial will be in Worthington. Surviving Mr. Griffin are the widow and three children, Frances, Iris and Ransom Griffin. COMMISSION STUDIES PETITION BY UTILITY Public Service Company Terms Rates Inadequate. The public service commission today was studying arguments presented yesterday by the Public Service Company of Indiana on its petition for rehearing of the recent rate case in which rates in 270 cities, towns and communities were reduced. The commission order for a sys-tem-wide reduction was termed unconstitutional and inconsistent with the evidence, by A. W. Hebei, the utility's attorney. Rates already were inadequate before the commission fixed a scale on a $43,500,000 valuation, he contended. Sherman Minton, public counsellor, defended the reduction, saying the rates have not been reduced enough.

$40,000 ESTATE LEFT BY DR. THOMAS HOWE Former Butler President's Wife Named Administratrix. Estate of nearly $40,000 was left by Dr. Thomas Carr Howe, former Butler university president, who died May 4 from injuries suffered in an auto accident. Letters of administration Issued yesterday in probate court revealed the estate's value. Mrs. Jennie A. Howe, the widow, w r as named administratrix. He did not leave a will. Suppose you need $300.00 You borrow 336.00 It costs you 26.88 You receive 309.12 You repay in 12 monthly payments 0f... .$28.00 NO CHATTEL LOANS. We make loans on character ani earning: power THE INDIANAPOLIS MORRIS PLAN CO. Delaware axui Ohio Sts. BL 1536

NOW HERE'S A COOT IDEA!

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The idea of settling down comfortably in a little nest by the water came to this not-so-‘‘silly” coot on finding a discarded life preserver in a lake at South Norwood, England. Here you see him in his floating palace, the envy of all his fellow coots.

# THE SUIT SALE IS ON STORE open Saturday (p o r |y| en anc j Young Men) NIGHT TILL NINE \ \ \ \ \ \ (Many were $35.) From the lightest colors to the oxford blacks---Sports backs and .business suits —Flannels, Gabardines, Custom Worsteds, Tweeds, Twists. This is the spring edition of the famous “Sale Is On!” L. Strauss & Company

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.MAY 11, 193.4

MAY FETE MUSICALE OFFERED AT JORDAN Dramatic Chorus Features Second Event. Members of the Arthur Jordan Conservatory of Music last night presented the second of a series of concerts as a part of the first annual May festival at Caleb Mills hall. A dramatic chorus, composed by Clarence Loomis, member of the faculty, was sung by the conservatory choir. In honor of J. K. Lilly, collector of the work of Stephen Foster, two of Foster's compositions were sung by R. Bernard Fitzgerald. Other features of the concert were numbers by the conservatory orchestra, conducted bv Hugh McGibeny. The third event of the festival will be given next Thursday night and repeated on Saturday night at Caleb Mills hall. The trained seals of circuses are not seals; they are sea lions.