Indianapolis Times, Volume 47, Number 238, Indianapolis, Marion County, 13 December 1935 — Page 21

DEC. IS, 1935.

ECCLES' FRIENDS v RESENT RAP BV HUGH JOHNSON Definition of Inflation by Reserve Chief Correct, They Claim. BY THOMAS L. STOKES Time* StaiT Writer WASHINGTON, Dec. 13.—Associates oi Gov. Marriner S. Eccles were roused today over an attack by Gen. Hugh S. Johnson on the la id ol the Federal Reserve system. liv. a ding the field of finance the loin.t r NRA chief took Mr. Eccles to ta k for his definition of inflation as the “condition brought about when the means of payment in the hands of those who will spend increases faster than goods can be produced.” f "Th:„ sentence,” said the general, ‘ reveal., about as much ignorance oi the history it involves and illogic on its vital substance as any 23 words that ever fell from the lips of a Federal officials—and this man controls inflation in the United States.” Friends Come to Rescue This personal thrust provoked Mr. Eccles’ friends to point out that he is not only a practical banker of many years’ successful experience but a student of finance as well. The general added: “It is an assertion contradicted by every fact in history since money became a medium of exchange.” To which Federal Reserve experts retort that the general is all wrong and that Mr. Eccles’ definition, as a matter of fact, agrees in substance with standard economic usage. They went on to say that the cases cited by Gen. Johnson, in challenging the Eccles definition, actually support that definition.

And the Answer Is Yes “Worn the means of payment of salaried people and wage earners in the Contederary increased in the Civil War faster than production when a college professor’s salary wouldn't buy food for his cat?” was the general’s rhetorical question in disputing the Eccles definition. "The answer is yes,” replied Federal Reserve experts. They explained that the means of payment were increasing so fast that they were rapidly losing value, which is another way ot saying that prices were rapidly rising. During some of the recent inflations in Eu\rope, they pointed out, there were* times when people had to rush to the stores to buy things before prices advanced, because the issuance of money, or means of payment, was increasing so much faster than the available goods that more and more of the means of payment were required to acquire any article of commerce. Where Johnson Erred Gen. .Johnson, it was suggested, apparently was confused by mentally substituting the words "buying power” for the words “means of payment.” It is true, the experts said, that buying power decreases in an inflation, because when the process is under way prices are likely to rise even faster than the increase in means of payment, and the public, though flooded with m< tey, may still lack enough to bu;, what it needs. The classes that suffer most acutely, they explained, are recipients of contractual incomes, such as interest on investment and salaries, which change relatively slowly, and during an inflation become increasingly inadequate for the purchase yl necessities. 'postal federation' TO INSTALL OFFICERS Clerks Re-elect Louis F. Decker President of City Group. Officers of Local 130. National Federation of Postoffice Clerks, are to be installed at a meeting tomorrow night in the English. Louis F. Decker is to succeed himself as president. Others to be installed are Albert R. Russell and William O. Coleman, vice presidents; Edward Grimes, recording secretary; George D. Haught, financial secretary; John D. Logan, treasurer; Albert Great batch, Harry W. Blair, Arthur J. Callahan, Clifford B. Moore and Marvin S. Kennedy, trustees, and George Karl, guard. SHELBY GRAND JURY FINDINGS DUE TODAY Fatal Auto Accident Dec. 31, 1934, Thought Investigated by Body. 7ime.i Special SHELBYVILLE. Ind., Dec. 13—A Shelby Circuit Court grand jury which convened Tuesday is expected to report its findings today. Among matters believed to have been laid before it for investigation was an auto acident Dec. 31, 1934, in which Ernest Applas, Shelbyville. was killed. Kenneth Gorrell, Flat Rock, an Indiana University student. was driver of the car which allegedly struck Mr. Applas. 15-YEAR-OLD RAZOR USED BY CLERGYMAN Boonville Pastor, 72, Says Instrument Was Purchased in 1820. By I'nitPil Prest BOONVILLE. Ind., Dec. 13—Levi Ketcham, 72, retired minister, offers a razor 115 years old for the honor of being the oldest straightedged blade in constant use. The razor was purchased by Foster Ketcham. grandfather of the present owner, in 1820 and handed down to Levi when he began to shave. The blade lasted longer than a calfskin cover on a box in which It is kept. IW Vu No Scru RIMLESS GLASSES The Hoosier Optical Cos. , 144 N Illinois St. I . TRUSSES f Wot Every K Abdominal Supports Fitted by Experts. HAAG’S 129 West Washington Street

GRAF SISTER SHIP TO VISIT U. S. IN SPRING LZ-129 to Be Used in Service to . South American Ports. RV l.'nltrr] Prni * FRIEDRICHSHAFEN, Germany, Dec. 13 —Germany s new dirigible LZ-129 is to make a trial flight to the United States next April or May, Dr. Hugo Eckener announced today. He said the dirigible would make its first flight to South America

_ This a Grand and Glorious Christmas • . . 1 Viator Furniture Christmas/ By -VICTOR GUARANTEED FURNITURE-The Lasting Ciftitv Th * Cl " Many Joys For Many, Many Years lONITE 7 to 9 O Clock! See the New 1936 V ictor its® " (T Internals nal we b bottom* WMm BH LIVING ROOM SUITES . Ask the Shi Vhi. Sit in Out . . . Vt.tt'h At . i tot i, Sli 'PER-COMFORTI j ft UL RADIO o' E * f^L W for only ♦WEB BOTTOM is costlier ' r WB m Mm. _ _ and better And has heretofore been Here Is the 79?/? Victor “Internntinnnl” C Jfm flTjl .OQ found only in the most expensive suites. Now P* itcic is nie lifoo t ictor line) national fc.|L. l|i * wv Victor-International Suites in ALL PRICE Lounge Chair <1 An SS? “• sI ™ FOIiT gLM # 1 3 Pay as Little as SI.OO Down! [ JJfißhm ■_ Beautiful two-tone covers—comfortable pieces fi J§F „ * - ~ . I Ii W lilt I *45 in the new 1936 mode—They 11 make wonder- f cabl £ et , co t ‘T' PFtfc PST If n luff/ iP SI ful o-ifts• <?1 fill Dawnt bme t 0 ma^ e this Atv,ater-Kent the M K&ti t u&smW Charles of London, in most beau- ■w U || 3886$ • - ~ ' "TTr— ~. ... ~ ; -—~ tiful rust, green or brown cover- %Ssy WITH WEB BOTTOaM . . . SUPER COMFORT It WILL by a grand and glorious Xmas when the family sits down to Xmas dinner at this new SI.OO DOWN DELIVERS! Credenza Dining Suite ______ This is the latest conservative dining room —for practical minded folks y . here 18 a most Q actual photograph. 8 pieces for only .... 5 #O-50 ■WMgM The Famous De Luxe, Pre-Built Pay as Little as SI.OO Per Week! M B • L A m m Fumitu,.Ciat Y all T.ane' ft.’ *f P Snerial Fnsu Terms chest# just one of th attractive,# M a / J special Cl asy I erms Lane Cedar Chests. It is handsomely fin- Jw_ iiippH A ■ ■■k ■ Arranged to Suit You! lshe . d in Americ an walnut Hawaiian koa, JHh J/ Vs EST WASHINCTuN CTR PPT Nicelyfimshed.comequipped double rising trays. m T T HM v ■ I I IVEk I plete With drawer —i—i- ...i i Pay as Little as SI.OO Down! Direc.ly Opposite Statehouse and biacicboftrd

j *arly in the .pring, inaugurating i the new Rio de Janeiro hangar, and 'hen would alternate with the Graf Zeppelin in regular South Altantic service. The LZ-129. Mr. Eckener said, i would receive finishing touches this , week-end. Inflation is to be started soon after Christmas and test flights about Jan. 20. Inflation is to take two weeks. It is claimed that the Public Works Administration has created three billion hours of employment and benefited seven million persons.

THE INDIANAPOLIS TIMES

OPTOMETRY RULING IS EXPECTED JAN. 1 Special Judge Van Duyn Is to Pass on Legality. T ime* Sperial SHELBYVILLE, Ind., Dec. 13. Ruling on the constitutionality of Indiana’s optometry laws, amended

by the 1933 Legislature, may be expected about Jan. 1. Special Judge Arthur Van Duyn, Greenfield, indicated. Two suits originating in Marion Superior Court were brought to Shelby Circuit Court here on changes of venue. Judge Van Duyn heard oral arguments attacking validity of the measures. An intervening petition, filed after Elward J. Soland, Indianapolis, brought the first complaint, named Atty. Gen. Philip Lutz and members of the State

Board of Examination and Registration as defendants. It was filed by Arza L. Bennett. Hammond. :epresentative of the National Optical Stores. Question is raised as to the board’s powers and legality of certain practices restricted by the revised statutes. Sections specifically attacked are those authorizing the board to revoke licenses of practitioners for aiitged violations; the right to withhold a license while on appeal is taken, and the prohibition of house-to-house solicitation . of optical business.

PECAN PIECES 39= go. T 1"" . ■■■' 1 ii— Mix. I.b.fcU 1 ' —mm Complete line BLACK WALNTT M of nuUs ln thP MEATS #1 %i e i , >w iKci _ |w s.'.Piled :i u t s. ALMOND MEATS H Lb. All new stock ORIGINAL NUT STORE 10> X. PENN.—LEMCKE BLDG. North of Market St. —* Years on Penn.

TRY A WANT AD IN THE TIMES THEY WILL BRING RFSI ITS

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