Word: inflationists
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...more cheering decors of the Potomac shore-line is the vision of that veteran inflationist, Senator Thomas of Oklahoma, in cahoots with Mr. Carl Conway, the president of the board of the Continental Can Company. Normally, one would suppose them to be separated by intellectual and political incompatibilities too great to be reconciled. That these should have been forgotten, even temporarily, is a beautiful tribute to the power of an ideal. Human frailties, vanities, all the pathetic weaknesses of politicians and capitalists recede into the deep diminuendo of momentary oblivion. Oklahoma and Continental Can are at one! Osanna...
...also a matter for expert judgment. So, ever since the Administration began tinkering the dollar, there has been argument whether 1) only a few wild-cat economists approved the experiment, 2) only a few old fogy economists opposed it. To find out how expert opinion stood, the inflationist Committee for the Nation polled economists but declined to publish the results, alleging that economic opinion was "divided." So the Economists' National Committee on Monetary Policy, composed of 90 leading economists including Kemmerer of Princeton, Reed of Cornell, Angell of Columbia, Sprague of Harvard - most but not all of them hard...
...there will be no silver legislation in the near future." But the President could not afford to ignore a subject so dear to the heart of Congress. It was indicated that if necessary the President would have Senator Pat Harrison of Mississippi introduce a White House silver proposal. Such inflationist outcries as were heard came chiefly from the Senators and Representatives of the six large silver-producing states,* where remonetization of silver means profit first, inflation second. For the moment at least the President's "stupendous" budget message (see p. 17) had stilled Congressional demands for Greenbackery or other...
...latter he was introduced to his big issue, for 1) he planned to finance the Bonus with greenbacks, and 2) two years ago at a hearing on the Bonus bill he met and made friends with George LeBlanc-French Canadian by birth, Manhattan banker by training, and inflationist by theory-the same Mr. LeBlanc whose friendship with Thomas was the basis of Banker Warburg's charge (TIME, Jan. 1) that LeBlanc wrote the Senator's speeches. Whatever theories Senator Thomas may have picked up from Banker LeBlanc the push behind his drive for inflation...
Meanwhile at Manhattan's Economic Club the night before the President's monetary policy and those who back it once more came under critical discussion. First speaker was Senator Elmer Thomas of Oklahoma. No. i Inflationist of Congress. Next House Speaker Rainey flayed Hard Moneyman Sprague for flouncing out of Washington as a presidential ad- viser. Frank Arthur Vanderlip, ex-banker and onetime enthusiast for Technocrat Howard Scott, burbled his delight at the President's monetary experiment. To answer them up rose the fourth and last speaker, James Paul Warburg. 37-year-old vice chairman...