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About The Omaha morning bee. (Omaha [Neb.]) 1922-1927 | View Entire Issue (Jan. 20, 1924)
•DOLLAR AND POUND AS “MANAGED” CURRENCY OF WORLD Ity H. O. WEI,US. Author of "Outline of History.” Special Cable lliapatch to Tlia Omaha Bee. Kondon, Jan. 19.—Among recent •vents of conspicuous importance Is the publication of a new hook by Mr. J. M. Keynes, a tract on monetary re form. Among the largo trivial hap penings of a time of revolutions, movements of crowned heads In and out of exile, new French alliances and antics of eminent politicians, it is refreshing to have something of leal significance on which to make one's weekly comments. 1 incurred great odium a little w hile ago by saying that Mr. J. M. Keynes could claim to have achieved success while at the same time I excluded those popular heroes, Napoleon and . Uoyd George, from the list of true successes. But hers is a fresh book from Mr. Keynes, simple, outspoken, well wril len, making a definite step forward in our understanding of tlie world's prob lems. You might read all the speeches and orations of Napoleon and Uoyd George and you will know no more about men' and tilings than when you began. Mr. Keynes will leave you enlightened. Keynes thinks willi scientific lucidity, says what he thinks exactly and skillfully. What he says stands and will necessarily jiffect the history of money in a real • nd permanent way. Mr. Keynes seems to think the British empire is a permanent instead of transitory arrangement; that the United Stales and empire and the various states of the European patch ^»ork are always going lo retain their ' sovereign independence in financial economic affairs. Disturbing Subject. To write of currency is generally recognized as an objectionable, indeed almost as an indecent, practice. Ed itors will implore tlie writer almost tearfully not to write about money. This is not because it is an uninter esting subject, but because It always has been a profoundly disturbing sub ject. The whole modern world has been brought up on cash and credit reck oned In terms of money. Four or fivti generations of us have lived by faith that the dollar was a dollar, the pound a pound; that if you left them about they grew at so much per cent per annum, also Increased in v alue. Most things became cheaper throughout our young lives. That cheapening seemed in the nature of things. We worked for money, we saved tfut stuff, looked forward to a comfortable old age. Now we live in a phase of fluctuating and on the Whole mounting prices. Even the dollar buys two things where 10 years ago it bought three. The pound sterling Is In worse rase and many of the other currencies have sunken to levels beyond the wildest, fan tasies of 1913. f Private Capitalist” System. Now this as Mr. Keynes points out, is a breach of understanding between society and the common individual, in this System in which we and our predecessors have lived for a cen tury’ or more, a system which social ists Wilt call the "capitalist’’ system, but which Mr. Keynes much more properly- calls the "private capitalist" system, there has always been an im plicit guarantee that the money we worked for Was good. This was the incentive to work, the driving force of the whole hundred years of industrial production from Waterloo to the Marne. And to a large extent the incentive is gone. Money is no longer good. Unless it can be restored, this system of ours must break down, lead either to so cial chaos and human decadence or to a new, different system. Now Mr. Keynes is not a socialist. He believes the existing system of individual competition is "in accord ance with human' nature and has great advantages." But it cannot go on unless money is made trustworthy again. And his proposals to restore pur confidence in money are Iwld and remarkable. The vice of the casli and credit systems has been its tendency to expand debt to impossible dimen sions. Every country at the end of the war found itself owing prepuster otis sums and forced in various mea sure to tax Its productive classes, to tax its creditor class, either directly by income tax or capital levy or In directly by currency inflation, and to bilk its foreign creditors. All Europe Bankrupt. Every sovereign stale in Europe had its own policy, set about business on Its own lines, with a result that today Europe, is a museum of methods of economic collapse, from Britain, crushed by taxation and unemploy ment, to Germany, smashed into com plete economic paralysis by extreme currency Inflation. No country re mains now with a currency based on the gold standard, not even tile Unit ed States. True, you can exchange dollar bills for gold at. Washington, but you lose l>y the transaction. The United States has over bought gold and is still accumulating and hoarding it at a loss, it all America's hoarded gold were minted and cir culated the value of the dollar would fail. The American dollar is an ex treme case of deflation as the explod ed German mark was an extreme case of inflation. Sefap Gold Standard. Now what Mr. Keynes wants the world to do Is to scrap gold altogether as a monetary standard, to suletitute "managed" currency. For the present he would have two independent unit* in the world the dollar and the pound, because he Is sceptical of Americans and British ever working together without friction. J11 both the United State* and Brit ain he would have the banks and the treasury co-operating to keep In cir culation such an amount of currency as would maintain- internal prices at a steady level, They would decrease l he currency if prices fell, Increase it If they rose. Jle would take Hie price of "standard composite commo dity"—so much steel, so much wheat, so much rice, so much rubber and so on—he would make that a new stand ard of value. He tvelleves other currencies in the world would finally steady down into fairly stable relations with the man aged dollar and managed pound. And then we should go on again with our "private capitalism" Xuying, welling, saving, investing, competing as we did lit those-happy days before the v.a r. But there are certain curious im plications in this. Underlying the as sumption of private capitalism Is that human tilings will work better for gnin, will show more enterprise and industry for profit than ter any other motive. Disinterested Manager*. But here, at the heart of the sys tern, Mr. Keynes propose* to estab lish a disinterested group of man agers, bankers and officials, who are not to accumulate private fortunes, though 11 ley could do so very easily by playing with the fluctuations of prices, but with single-hearted devo tion are just to maintain them for the public good. lie seems to realize the difficulty here. He insists at several points that the system of private capitalism cannot survive without moderation, that if private enterprise will insist upon gambling upon the exchanges, working for profits regardless of any other ronsideiation, tXie whole syetem must collapse. Individualism or Socialism. But if we are to rely upon the spirit of service, not upon an incentive for gain In our bank and treasury offi cials, why should we not rely upon it generally'.’ If currency can i-e "managed" in the putdic interest by men working not for profits lint for service, why not also the production of staples and land and sea tr-ans port? But a system of economics run on motives of service is not indi vidualism at all, it is socialism. X think that in the long run Mr Kevues will lie forced to rc-alli-e this. A managed currency is a long step towards a deliberately organized world. The gold standard was the standard of individual enterprise and go-as-you-please. The gold standard Omahan Has Old Violin He Believes Made by Italian Master, Maggini I ’ ' , . W?y. y&itder^oit. J A violin bought for Ji50 and two other violins are now the property of William H. Henderson, 2416 Haven port street, and may bring him enough money to enable him to re tire. Henderson believes this violin Is an early ropy of a violin made by Giovanni Paula Magglnl, world fam ous violin maker of Brescia, Italy. Henderson, who has been in part nership In a barber shop with his wife for 25 years, ia anxious to have the violin appraised. ‘ There are not as many copies of the violins made by Magglnl as by I Stradivari,” said Henderson. "For this reason my violin ought to be worth a good sum. "A friend picked up the violin with the label In Homan letters. ‘Giovan Paoie Maggjni" Inside, mors than 15 years ago In New Orleans, flu gave It to me on a trade, for I r< pair violins in my spare time Henderson is a xiolin teacher also. He played in an orchestra many years ago at Hatharn. 111. He also played for country dances and fajrs. The violin that he believes to be a copy of Msgginl shows marks of old age. The finger board was worn down when he tjeceived It, and a mark Is still on the back of the violin ha* failed and passes. I'nlese human society Is to fnil also the age of *c|en j tific management Is close at hand. Copyright. 19"4 _* where It rested on rosin In the violin case. Scratches and dents are on the upper front of the violin where It had been tapped with the violin bow. The Business Is Better Great Increase in 1923 Over 1922 During 1923 the Occidental Building and Loan Association, 18th and Harney, increased their assets $2,199,152.54. It is altogether a very healthy indica tion of Nebraska's business con ditions. The Occidental Build ing nnd Loan Association safe guards its patrons’ money by first mortgages on homes, and a contingent reserve fund now j amounting to $445,000.00. It pays a dividend of six per cent per annum quarterly. This Association is unique In the U. S. in that its reserve fund is so great in proportion to lia bilities to its members. It has resources amounting to $12, 643,429.92. The Occidental Building and Loan Association is a'mutual institution and one of Omaha’s real assets. hack of the violin is made of flame, maple wood When Henderson plays It the tone is mellow and full. The violin Is about half an inch longer than other violins and the holes arc cut in the Italian manner, it has lawn revarnished and in worn places shows an under varnish of ©range yellow' that was the iisual color used by Maggini. Henderson brought his old violin to light when Dr. William T. Baker of flothenblirg. Neb., made the an nouncement that he owned a violin made in 1628 by Maggini. Maggini w as born in Brescia In 1581 and died in 1628. There are few or. igtnals of his work known in the world. Only 50 sre believed to have been found. Henderson plans to send his old violin to Chicago with the hope of receiving a large sum for it. Sweden has a system by which permits to buy liquor' are issued only to those who do not become Intoxicat ed. Total sales of hard liquor In the kingdom have dropped to one gallon a year for every man, woman and rhi’ld. Your Sight Are you groping through life with weak, inefficient vision? Many go along in thin manner, putting off attention to tlu»>r c>ps, and are thereby missing the best part of life. ij In this day and age, with all the available advantages of modern i Optometry, there is no reason for poor vision. \ If you ha%e delayed attention to your eyes, why not act now? jj Our eye examinations are thor- [ ough. We don’t recommend and pre- « scribe glasses unless you really need them. Remember Our Two-Year Guarantee Glasses $C 00 All Fitted *Jp Styles 2-YEAR GUARANTEE With Every Pair Glasses Fitted Both Branches 1414 tarnam St. 402 W Broadway OMAHA Council Bluffs W inter Curb Peddlers. Chicago, Inn. U -The_ winter «urb peddlers* son son In Chicago is on. In one block on La Salle street can be found: 1 r*Th* Indian prayer rug peddler named Murphy, w ho learned about rugs a.t the University of Calcutta and about prayers in a monastery in Ireland. 2. An Indian \\ !»•*««* wife calls hlrn "Tony ' when he takes off ’he feath ers and blanket, lie sells colored beads. 3. Twenty Hebrews selling every thing 'from the more or less graceful "Three (»race*,” holding aloft an elec tric torch to red suspenders. Brassiere W ins Divorce. 'Kansas City, Jan. 1*5.—A brassiere purchased by V. C. Carr from a local department store and which never saw it way to tiro wardrefce of Mr*. Cora Carr, hla wife, furnished an Inter esting bit of evidence in * divorce hearing here. Mrs. Carr v.as granted the decree. Postal Congress to Meet \at Stockholm in July ' Stockholm. Jar). 19.—It haa been de elded to (mid the eighth International postal congress here July 11 next. . Invitations will be extended to the TO countries forming the postal union and about 150 delegates are expected. Many important questions are down for discussion, including the interna tional agreement regarding postal rates. All discussions will be held in tiie parliament house. WHEN IN NEED OF HELP TRY OM.\W\ BEF. WANT ADS January Sale Hartmann Wardrobe Trunks When tie advertise in the sale Hartmann Wardrobe Trunks at greatly reduced prices, our patrons may be assured of the remarkable value offered. llartmaDn Wardrobes are the standard in trunks and are usually sold according to a conservative price policy. Cushion Top, ^hoe Boxes. Assorted Linings, Good Lock and Bolls. Suitable fur lady or gentleman. Just the trunk for your ■winter vacation. New Prices $35, $47.50, $55, $57.50 and Others . Freling & Steinle Baggage Builders Here for 17 Years 1803 Famam Street Cash buying, quantity buying, rapid and fair selling—that’s the secret of your savings. Brandeis’ February Furniture Sale offers best obtainable values and lowest possible prices. FEBRUARY FURNITURE SALE -Begins Monday, January 21st, on Our Second Floor You will find on our Block-Long Seventh Floor the most complete assortment of fine Furniture ever assembled. You will SAX L 15 l O 50 PLR CENT BX BUX ING FURNITURE HERE AND NOXV. Not only is our great stock of Furniture substantially reduced, but new spring merchandise ordered in early for this event, is included. The Brandeis Furniture Department has grown rapidly. WE ARE ABLE TOPICTl RE HERE JIS l A FEW OF I HF. REASONS. Hun dreds of similar reasons will be found on our Seventh Floor. Come in Monday and spend the day with us. Xou are bound to find what you are looking for_ ' at savings such as we never offered before. And Remember, You May Buy Furniture on Our Easy Time Payment Plan_ Mattresses | 100 50 Pound Felt and *7 A Ck Cotton Mattresses ; Other stores will sell you a Mattress with j I Excelsior center at this prire. The Braudels ! I Store Is offering you a Mattress at less J than the Omaha wholesale price. ** a q 11 A limit of two to a customer * •*x2/ 29.00 Mahogany Davenport Table 15.00 Finished in tha dull mahogany. Tha top measure* slaty Inches. For tha opening day only of the February Furniture Sale.... 15.00 75.00 "Pullman” Day Bed 49.50 * The seat revolver In Into a comfortable ■ Red. Velour or ■ tapestry uphol flj aterlng Finished J In mahogany with cans panel Insert* 325.00 Four-Piece Bed Room Suite, 189.75 •w r_, A fine four-piece Bedroom Suite, in the two-tone American Walnut. We call your special attention to the full Vanity, and the new thin model bow-end bed. Four piece* as illustrated, $89.60. Should your apartntent be small, you may leave out the Dresser Vanity and buy the Dresser, Chiffonier and Bed for $160.00. 3.50 Folding « /jq Card Tabla X •D»7 ■ ui»MfmntIf&lly ttin<1 «9 with metal •raced l»v>< amt protected cor •era. '.75 All steel Spring 3.49 A fully guaranteed all-eteel opting with tha ruat-proof fabrlr top May be had In regular eite. Limit of two to 1 euatomar. The Most Remarkable Parlor Suite Value on Record 221.00 “Master Built” three-piece I’arlor Suite in genuine 1 CQ CA leaker velour of Excellent quality, specially priced at, 1 Ui/iOv V This hwidsnnie “Master Built" I’ailor Suite is strieily hand tailored and ia entirely new and exclusive dealRii, of rare charm and of distinct elegance The-eonstructlon and workninnshlp are fully guaranteed In every detail. h<-;t lit I fill 1 y upholstered In combina tion. plain end genuine llaki r velour. Your choice of Davenport and 1 nr ftft ('hair or Davenport and lilvh bnek t'lialr at the low special price of, X^d*V/vl I- - - ■ - - ..... . . -- . ... 195.00 rour-Piece Bed Room Suite 125.00 , r All finished in American svnlmir. Icet nnv thrca pieces for tlio two-tom’’ You nun- sr 100.00 $14 Walnut Finished j Steel Bed 7.95 A "Simmons" Bed fully guaranteed. May be 1 I i a __ A had in the full or sin- j pie sue Umit of two j to a customer. Febru a ary Sale price I 7.95 j 2.25 Kitchen Chair i Solid Scat, five turned spindles. Two to custom t tr. No phone or mail orders. k 1.49 24 00 Oak Dresser 15.00 Ea»y Tim* Pa) mantt 1 * Made of solid oak, fin ishi'd i:i the golden »iU» French i late mirror. Felv 15.00 22.60 Simmons Steel Bed 14.95 An especially dcsiKiird Bed with the mitered eornere and (iirup fill Inc rodi. rull ale* only. 22.50 50-lb. Layer Felt Mattresses 15.00 A guaranteed nil layer cotton felt matt re»« with the three extra row* of aide stitching Fall roll edge. All reg ular sites. i % / ! 1750 Steel Coil Spring 11.75 lloaiiUfully finished In the (ray enamel. Every roll spring has been carefully tempered and tested. Small helical spring top. I 25 iX) Simmons Day Bed 15.00 The frame Is of steel finished in the Amerl can Walnut, and the mattress Is upholstered In fanes cretonne. Just j like picture. , 450.00 “Master Built” 3-Piece Parlor Suite, 295.00 n The upholstering | is of genuine nio hair. The two • Pillows g? > d are Included. ' I Kat’h piece has !• » spring edge. t spring seat. • siring hack. ’ spring filled !co«e i ushions.