Inflationists in Store New York, Sept, 30.
Organization of the Sound Money HLeague, with former United States [Senator Robert L. Owen, Oklahoma [Democrat, as president, was formally announced "here to-day.
'The Sound Money League, the Rouncement said, favours esta ment of a central bank as a measure restore confidence in the sound-Mess of.the United States' banking structure.
Washington, Oct, 8.
President Roosevelt will verbally "spank the bankers" when be addresses the American Bankers' Association annual convention New York on October 24, observers hhere predicted to-day.
The President, it was reported, will take the bankers severely. to task for their failure to assist the United States Government as the British bankers have assisted their Gov-
It is the belief of founders of the Jeague that such a step would lead to restoring the monetary system and expanding demand deposits in private banks to normal levels, "whereatter {the purchasing power of the dollar could be stabilized and maintained at constant level.
The United States faces an orgy of inflation, disaster "and impoverishment unless a majority of the next [Congress favours. a sound money programme, leading economists [warned to-day, In a bulletin issued by the Econ-arnists' National Committee on Monetary Police, the voters were urged to Jconsider carefully the monetary convictions of those seeking their' votes the November elections.
The bulletin was signed by many Jof the most eminent "economists in the world, including Dr. E. W. Kemmerer, formerly financial adviser to the governments of China and a Jdozen other nations, Colonel Leonard P. Ayres, expert of the Cleveland Trust Company, and Mr. 0. M. W. [Sprague, former adviser to the Bank Jot England and later to the United [States Treasury.
Voters were urged by the econ-arnists to disregard party lines in cast ing their ballots next month and to fleet to the next Congress only those candidates who are "level-headed advocates. of sound money."
'The next Congress, the economists declared, must be composed of legisators who understand that recovery from the depression Is not a increasing the money supply, but fof enabling business to resume' pro-[ductive activities with a reasonable assurance of being allowed to make a profit.
The bulletin declared that the thinking voter should cast his ballot Hfor candidates who favour repeal of the currency provisions of the [Thomas Amendment to the Agricultural Adjustment Act.
The election of Senators and Representativer who favour a return to an outright gold standard, with the unit of "weight not less' than the present 15 5/21 grains, was urged by the monetary experts.
Voters were urged by the eco! lornists to send to Washington men wh will work for United States Govern ment ce-operation in international [stabilization of currencies and who Tt was also said in well-informed.
Jclrcles that President Roosevelt will fell the bankers that the. Administration abhors uncontrolled inflation.
Text read from the printed page and cleaned; old type leaves the occasional error.