PROPOSES NEW MONEY SYSTEM IN PLATFORM
PROPOSES NEW MONEY SYSTEM IN PLATFORM Louis Warner, Seeking U. S. Senatorship from Illinois, Would Discard Gold as Currency Medium (Special To The Progrcssiye) SPRINGFIELD, 111.—An independent...
...The packers have driven trade tinm-from their plants and would now morv nollxe retail merchandising of meai...
...who is making a lively race for United States senator from Hllnots is Louis Warner of Chenoa, who Is maks ing his race on a platform of "peace and prosperity...
...They are far better, for if these metals were not used as money as the law authorizes, they would have but little value because there would be little use for them...
...Mr...
...In other depressions, he said, reduced labor costs were met by lower wage rates...
...They have value in themselves...
...This will inevitably wsult in an <„• balanced situation that will hasten r.: other crisis...
...editor Magazine of Wall Street...
...In order to take core the high-cost, weaker plants...
...Among the Interesting proposals favored by Mr...
...It is most unreasonable that a few men can compel a hundred million others to take up arms against their fellow beings...
...The writer says it is impracticable to declare a ten-year holiday for science and mechanization, but he intimates that monopoly has adopted that policy...
...At the present time, co: tinurs Mr...
...Warner declares that government could let proprety owners have thig money at, about one percent per year, and that as a result all real estate would double in value, money would be plentiful, and unemployment would disappear...
...It appears," says the writer, "'t'c mechanization is actually being srin lated by hard times...
...Machinery Gains In Depressions Declares Editor Writer for Wall Street Paper Says Managers Put in New Machines to Cut Costs in Hard Times NEW YORK CITY—"Mechanization of industry is actually being stimulated by hard times...
...These planus are developing a larg> capacity than heretofore, which mear of course, that the potential capacity ¦¦ many groups of industries is actually it creasing in the midst of a depress'-resulting from overproduction, in p? at least," Concerns that operate on small marr can not secure finances to mecham their plants and eventually they will >-¦ crowded out...
...Warner also favors a constitutional amendment requiring a vote of three-fourths of the voters before war could be declared upon any other nation...
...PROPOSES NEW MONEY SYSTEM IN PLATFORM Louis Warner, Seeking U. S. Senatorship from Illinois, Would Discard Gold as Currency Medium (Special To The Progrcssiye) SPRINGFIELD, 111.—An independent candidal...
...for instance—in order that depletion charges may accumulate to a point where they wipe out the investment represented by the old machines or processes, before the inventions r~* swung into service...
...Labor costs are now reduced by the machine...
...Warner says that war should not "be declared upon another nation unless after careful deliberation among the people is resorted to, and they feel absolutely justified in so doing...
...Knappen...
...One hears gossip that patented inventions are deliberately withheld from application by companies that are in a more or less monopolistic position—the American Telephone and Telegraph Co...
...The decree was signed several years ago by the Department of Justice and the Big Four packers, who now a.-lr that the District of Columbia Supren Court annul the agreement, which pn vides that, the meat packers shall n enter the retail meat trade...
...This means that higher prices must maintained...
...He also advocates that those found guilty of making excessive profits during war time be subject to imprisonment and their property subject to confiscation...
...Isn't your farm and home just as good as the gold and silver stored In the treasury of the United States...
...FARM BOARD WILL All) BIG PACKERS WASHINGTON, D. C. — Chairman Legge of the Federal Farm Board is quoted that every member of his board favors a modification of the meat packers' consent decree...
...Better Than Gold Discussing his ideas on the monetary system...
...there Is a grc spirit to limit production that the wester units of an industry may surv...
...Does any sound reason exist why we cannot issue currency against your valuable real estate the same as we issue it against thi* idle gold and silver in the treasury...
...Other proposals advanced by Mr...
...Weak compan: in fields where mechanization is p. vancing will have tougher and toug^ sledding as the depression continues.' The remedy proposed Is to demoli' weaker plants and excess capacity...
...The effect on workers is not discussed...
...Your farms and homes don't need any law to make them valuable...
...Isn't all of our property money...
...We would have money without limit...
...Deliberation Necessary Announcing himself as In favor of a constitutional amendment against war, Mr...
...declares Theodore M. Knappen...
...Warner in his platform are the doing away with life tenure of Supreme Court judges and electing them by popular vote, the limitation of indebtedness of the national government, and a program of flood relief...
...This tendency is most marker in the more progressive concerns...
...Warner says, "My new financial system means progress and prosperity...
...Warner is a system of fi-nancial organization that would produce an inexhaustible supply of good money based, not upon gold, silver, or other precious metals that owe their chief value to legal authorization, but upon land and other property of intrinsic value...
...Th system, says the writer, is now beins applied and will take on "alarming proportions" if the depression continues...
...Every time a plant manager is confronted by a reduced budget, inadequate to the work that must be done, he seeks some way to shift work from men -o machines...
Vol. 1 • November 1930 • No. 48
