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If inflation is naught or less the authorities are unable to stimulate the economy by reducing interest rates below the level of inflation.
Buyers were scarce, and the once accommodating banks displayed a heartless disposition to scrutinize collateral and to ask embarrassing questions in regard to commercial paper. Rates of interest on loans were ruthlessly advanced, and additional security demanded. A pall of dejection hung over Benham. Evil days had come; days the fruit of a long period of inflation.
It is vain, however, to disguise the fact from ourselves that a speculative inflation of our currency without a corresponding inflation in other countries whose manufactures come into competition with our own must ever produce disastrous results to our domestic manufactures. No tariff short of absolute prohibition can prevent these evil consequences.
On VJ-day it was clear to all thinking people that the danger of inflation was by no means over. Many of us can remember vividly our disastrous experience following World War I. Then the very restricted wartime controls were lifted too quickly, and as a result prices and rents moved more rapidly upward.
It is vain, however, to disguise the fact from ourselves that a speculative inflation of our currency without a corresponding inflation in other countries whose manufactures come into competition with our own must ever produce disastrous results to our domestic manufactures. No tariff short of absolute prohibition can prevent these evil consequences.
Many persons are for one reason or another out of employment altogether. According to Mr. Hoover, a summary of the unemployment bureaus in Europe in July, 1919, showed that 15,000,000 families were receiving unemployment allowances in one form or another, and were being paid in the main by a constant inflation of currency.
Our obligations to the people who won the war will not be paid if we fail to prevent inflation and to maintain employment opportunities. While our peacetime prosperity will be based on the private enterprise the government can and must assist in many ways.
It has been said that for the entire period 1776-1782 Virginia's exports were less than her exports of a single year before the Revolution. Wartime prices and inflation caused tobacco prices to increase from eighteen shillings per hundred pounds in 1775 to 2,000 shillings, in Continental currency, in 1781.
American workers who enlist in the fight against inflation deserve not just our gratitude, but they deserve the protection of the real wage insurance proposal that I have already made to the Congress. To be successful, we must change our attitudes as well as our policies. We cannot afford to live beyond our means.
If there is not, and if we find that the mine will bear inflation to two hundred thousand pounds, we shall be very glad of your aid in the matter, and will divide everything equally with you. That is to say, each of us will take a third. 'If I remember rightly, I asked you a question which you did not answer. I asked you how much you paid for the mine.
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