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From: Tel, BO gardus 4-1729 A r g u s P r e s s c l ip p in g B u r e a u OTTO S P E N G L E R , D i r e c t o r 3 5 2 THIRD AVE., NEW YORK T E R M S: Payable in advance * £40— for 1000 clippings #12— for 250 clippings $22 for 500 clippings #6— for 100 clippings ( N o time limit WE ASK Sizes- F ILE US NEW YORK ABOUT "TH E D A ILIES 6x9% , 9x12, 12 MONTHS SCRAP B O O K S ." 1 1 x 1 4 and 18% x 2 3 % . ‘ ! <4 -t - „ : u ., * * * * N. Y FOR BOOKSHELF The “Sound Money” League When the Committee for the Nation was formed a few months ago most people believed that a permanent, all-time low had been estab‘ lished in deceptive nomenclature. However, that mark has now, apparently, been surpassed. A group has just been formed under the leader ship of former Senator Robert" L. Owen which will try tQ do for the, country’s banking system, roughly, what the Committee for the Nation . souahLwith some success to do for (or to) the currency; and this committee, as we live and breathe, has assumed the title of the “Sound Money League’’! The “Sound Money League,” according to Mr. Owen, wants to do away with the Federal Re serve system and set up what is euphoniously referred to as a “central bank.” Why does it wish to do this? Mr. Owen is very specific on that point. “Our bankers,” he says, “now expand credit in speculative times, when it should be contracted, and contract it in bad times, when it should be expanded.” We wonder if Mr. Owen would regard the spring of 1929 as a “speculative” era or as “bad times.” The question is somewhat pertinent because Mr. Owen, under his own signature, on April 29, 1929, had this to say: “The Federal Reserve Board appears to have been moved by the popular notion that 'specu lation;/should be suppressed ag ‘gambling,’ and the public press has had literally millions of repetitions of the grave misconception that brokers’ loans are ‘speculative’ loans. . . . The Reserve Board is ghilty of contracting credit without justification.” , . . / ' /'v-1 ■/ ■ This will all seem a little confusing no doubt and a little contradictory to the ordinary ob server. But, then, it is scarcely more confusing than to read that an organization admittedly farmed to further the cause of nationalizing The Reserve system has chosen for itself the extraordinary designation of the “Sound Money League.” i
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