Honpy VI IS's Money Experience
Carries Present-Day
B ELMEIf C. VJfLZER
UPI Financial Editor
New York - (UPB-A banking
"tority warns that we'd bet
ter nae a bit o& modern-day
moneyage
than an attack
of morbus nu
mericus. c
That means
it's better to
raise taxes
than to debase
the currency.
The Feder
eral Reserve
WMrVal Bank of Phil
adelphia is' the author of a
cetory on. money which uses
mese unusual woads. It has
flon a superb job of explain
in the story of money, using
the3 vSjrds and phrases that
have) grewn with currency de
velopment and explaining all
in simple, understandable
language.
Thestory of money is done
under the title, "Henry VIII
Revisited,, the Problems and
. lemptations of Money Crea-
tion," and is bundled up in an
Tour moit
it
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SPECI AlltS III
245 9. Central at 10th
attractive 20-page pamphlet,
illustrated with little draw
ings and charts. The author is
unnamed.
Where King Henry, the
Eighth, comes in is an illustra
tion of money debasement
that was assumed as a prerog
ative of king's ruling by di
vine right.
King Henry was a spender.
When he needed money, "Old
Copper Nose" as he was call
ed, melted down silver coins
his tax collectors gathered
and added base metals to cre
ate additional money to fi
nance his spending programs.
Other Devices
Rulers of old used all sorts
of devices to swell their cur
rencies. If a private citizen
were caught doing these
things he was hanged. But the
king could do no wrong.
This regal means of debas
ing currency was given the
sonorous latin label, morbus
numericus, which literally
means money disease.
There were sound thinkers
in those days and they tried to
outstanding bvy
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Warning
prevent this currency tinker
ing. They submitted to a thing
called moneyage, a heavy tax
leveyed every third year as a
recompense for the king not to
alter or debase coins. Even
then the monarch often re
neged and did it anyhow.
Banks Take Over
Eventually divine right of
kings went out of existence
and bankers took over the
money issuing job. They stor
ed gold for their customers
and issued notes against the
gold.
They found that since there
were no wholesale withdraw
als of gold . represented by
their notes that they could is
sue much more than the gold
that backed the notes. Panics
that developed from time to
time proved this wasn't the
best plan.
Then came central banks to
take over the money creation
job. The nearest we have to a
central bank is .the Federal
Reserve System.
Limitations were placed on
currency issuance, but the
Federal Reserve was given
latitude to maintain an elastic
currency.
The Philadelphia b a n k's
story reveals several things
that have not been explained
too carefully by politicians.
Still Puzzles
For example, to bring in
terest rates down, the only
things the Federal Reserve
could do would be to expand
the currency. That inflation
ary move would result in
higher prices.
Deficit spending likewise
involves creation of money
with its inflationary poten
tial. Having developed the intri
cacies of the money story, the
Philadelphia Federal Reserve
Bank makes some observa
tions on our present situation:
"If the problem of cost
push unemployment results
from changed market condi
tions and power concentra
tion, it would seem more logi
cal to attack the problem at
its roots within that market
structure rather than 'solv
ing it' by debasing our cur
rency. "If we need greater public
expenditures in the areas of
education, basic research, and
defense why not first try to
redirect some of our existing
public expenditures?
"If this proves insufficient,
greater taxes would be a fair
er answer than currency de
basement. "Better a modern-day mon
eyage, equitably based than
inflation, the crudest and
most arbitrary tax of all.
History Repeats Self .
"It has been said that his
tory repeats itself, that men
do not learn from the errors
of the past.
"Today it is possible that
we have reached an import
ant juncture in the historical
cycle of money creation.
"This juncture involves a
fundamental choice. Will we
continue to insulate the func
tion of money creation from
the day-to-day financial pres
sures that beseeched the sov
ereign? "Or will we follow the lead
of Henry VIII, Old Copper
Nose revisited? -
"These are the problems
and the temptations of money
creation.".
Drivers Should
Be Alert For
Playing Children
Shouts of joy are filling
streets and highways as
youngsters take to the spring
weather with baseball, bicy
cling and other-forms of out
door fun.
It's a time for motorists to
stay especially alert, Med
ford's Chief of Police Charles
P. Champlin says, so shouts
of joy won't be turned into
screams of pain.
Champlin hopes the good
weather will not cause driv
ers' attention to be taken off
the road where it's needed
more than ever.
He advises drivers not to
assume children will do the
right thing. He points to in
experience and lack of un
derstanding of problems faced
in driving as factors causing
youngsters to make pedestrian
and bicycling errors.
"Any youngster on the road,
at the side of the road, or
playing adjacent to the road
is a human danger sign," he
said. "Any ball nlling in
front of your car may have
a oungster just a few yards
behind."
Bicyclists offer danger signs
to careful motorists, too, he
said, because the bike rider
may suddenly turn or lall in
front of a car.
Champlin urges parents to
refresh their children's mem
ories on safe bicycling rules
as an added precaution for
this season of the year.
DIETETICS PIONEER DIES
St. Paul, Minn. - (DM - Serv
ices were to be held today
for Mrs. Winifred Howard
Erickson, 63, a pioneer in the
field of dietetics,
Section B
Medford
MEDFORD,
ww n---- a.-v
WINDOW SHATTERED Mrs. Walter Sherry Jr., looks
through a window of her home, shattered by an explosion.
Three Oklahoma Publishing Co. employees who recently
worked in a Portland, Ore., newspaper shop where a strike
is in progress had their homes bombed. UPI Telephoto)
SEE HOW FINE BEER S MADE
OREGON, TUESDAY, MARCH 29, 1960
ENJW
to
VISIT SCW RAINIER BREWING CO,
Pages 1-6
Tribune
News About
Servicemen
AIRMAN OF MONTH
Airman Second Class Ray
Dahl, son of Mr. and Mrs. R.
W. Dahl, Barnett rd., was
named airman-of - the - month
for February while serving
with the radar maintenance
section at North Truro, Mass.
Dahl, a graduate of Phoenix
High school in 1955, joined the
Air Force in 1957. In addition
to his regular duties he is a
member of the first string bas
ketball team of his squadron.
IN EXERCISE '
Two Jackson county Ma
rines are among those par
ticipating in Exercise Blue
Star being held in Southern
Taiwan involving U. S. Navy
and Marine Corps personnel
in conjunction with National
ist Chinese forces.
The local boys are Pfc. Don
ald L. Gregory, son of Mr. and
Mrs. Francis H. Gregory 916
South Holly st., and Cpl. Ron
ald D. Keen, son of Mr. and
Mrs. Lionel F. Keen, Jackson
ville. They are members of First
This is your kind of refreshment Exceedingfy light
without being thin. Exceptionally smooth and easy going. Rainier has jost
the right touch of taste-a fine, delicate flavor that invites you
pour another. The result of
and imhurried natural aging. Add the Tight touch
to yow fighter rnornents-make it Rainier, for Bfe.
SEATTLE SPOKANE, WASH - SINCE 1878
Religion of Good Shepherd
Points to Work of Christ Jesus
By the REV NORMAN GORE
Rector, Episcopal Church of
The Epiphany, Atlanta, Ga.
Written for UPI
In the Old Testament we
read that many of the leaders
in Israel were shepherds. Yet
nowhere in the Old Testa
ment do we read that a shep
herd should lay down his life
for his sheep. Only in the
New Testament have we this
example. The Gospel of the
Good Shepherd is cross-centered
and expresses the ideal
and purpose of the Christian
faith. It is the example of re
sponsibility and leadership.
The religion of the Good
Samaritan is a practical re
ligion and can be worked into
a practical program. It is a
program of doing things for
other people. But the religion
of the Good Shepherd is far
more difficult because its les
son points to the cross and to
the work of redemption in
Christ Jesus. The religion of
the Good Shepherd is not so
much what one can do. It is
more what can one be. It is
a way of life. ..
Since history knows of
many a hero who died for his
country, physicians who died
trying to save lives and re
formers who died for the
truth, why then does the
death of Jesus differ from
that of other people? It is
because that, while death
came to them by accident, it
came to him by design. Jesus
Rainiers natural brewing
ICTl in 1 11
came to die for mankind that
through his death they may
live a life eternal.
4-H Club News
Sewing Bees
Wednesday, March 23, the
Sewing Bees held their sixth
meeting at the home of Kathy
Vandergrift.
Visitors were Mrs. Whipple
and Mrs. Vandergrift.
At the meeting Mrs. Keith
inspected the work done so
far on the aprons. They are
expected to be done by the
next meeting.
The next meeting will be at
the home of Oma Lea Whip
ple, Thursday, March 31.
Oma Lee Whipple,
Reporter
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Cub Scout!
Pack IS
Phoenix-Thursday evening
an award was presnted to
Mrs. Virginia Graham at the
meeting of Pack 15. Mrs.
Graham has been a Den Mo
ther two years in succession.
Other awards ure psent
ed, also. Wolf badge went to
Chris Thompson and Steven
Furry. Wolf ArrowsQto Chris
Thompson, Don Taylor, Dell
Nickolson, Hugh Henriksen,
Eddie Taylor, Lloyd Hood,
Jim Lawrence, and Richard
Romback. Bear Arrows Oo
Larry Sauer, and Charles
Glidden. and a one yeir p
to Pat Graham. O
Leo Furry announced that
an overnight outing for Dad
and Son will be held in May
at Howard PrSirie.
Also, it was announced,
the Pack will have activity
during the summer months.
flHP SEDVICE
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Nothing Down, 3 Yes
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Modernizing Credit Plan
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