EDUCATING THE WILDCAT

The meanings of the word "education" are manifold. Perhaps the most significant is to teach the people to judge by reason and not by emotion, collectively and individually. Examples of this are on every hand. Perhaps the greatest need is in financial matters, for the aggregate ignorance of the 110 millions in this country, as far as affairs economic are concerned, is nothing short of appalling. When a man like Henry Ford advocates the substitution of some sort of land standard of values for the gold standard, in addition to the many proposed changes chronically being aired, there is good reason to consider the question. When a man with an audience as large and as unanalytical as Arthur Brisbane's advocates paying for the bonus with unsecured greenbacks, it is time to start some education. The climax is seen when a United States Senator lots loose a long tirade against the Federal Reserve System which has been written for him by an ex-Comptroller of Currency. Politics in the Federal Reserve System would wreck it as rapidly and effectively as polishing the works of a Swiss watch with steel wool would stop the watch.

Plainly there is great need for educative measures, counter propaganda. At present plans are on foot for, so to speak, popularizing the Federal Reserve System. It is unfortunate that it must be popularized because many things suffer in the process. But it must be done, so that the United States Senate will be aware of intelligent criticism if it proposes to meddle with this delicate machine. And yet here is only one phase of the financial problem that needs clarification. The fundamentals of exchange and foreign trade are not so vital to welfare, except that it is chiefly ignorance of them that leads to advocacy of most of the wildcat "--standard" schemes. From top to bottom, a thorough knowledge of economic principles is sadly lacking. As a starter, we recommend Economics A for about 90 percent of the United States Congress. Then Professors Taussing and Burbank might consider taking on the State Legislatures, in turn.

Eventually there would be some chance of educating the great mass.