Varsity Harriers Compete in I.C.4A. Meet Next Monday

With a fighting chance to show up in the lead, the Varsity cross country team will compete in the I.C.A.A.A.A. meet at New York Monday.

Coach Jaakko Mikkola, Leonard C. Leenx '36, James Parton '34, Arthur S. Pier, Jr. '35, Robert S. Playfair '36, Theodore A. Robinson '34, Edvelle S. Roys '35, John P. Scheu '35, Charles F. Woodard '35, and Manager Howard H. Thompson '34, will leave-Cambridge Sunday afternoon.

Manhattan College is favored to

Unless something is done to rehabilitate the position of the Treasury with the investing public, the chances of converting the immense floating debt of short time certificates into long term bonds are not bright. The Treasury made one slip last spring when it offered bonds redeemable in gold and the government repudiated this offer. This has not been forgiven, but investors have been disposed to regard it as an act of Congress rather than of an executive department and dictated by the emergency arising out of the impounding of gold during the bank holiday. A second instance of turnabout face is not so easy to defend. The withdrawal of Mr. Acheson serves to emphasize the perplexities that confront his successor. In fact the Treasury of the United States will have to get some help from President Roosevelt by way of assurances and pledges if future government securities are not to be driven downward in the markets of the world and if a way is to be found to get money for the government to carry on public works program without just turning on the printing presses.

Should stabilization be announced and a return to a gold basis authoritatively forecast, there would be an instantaneous change for the better. Even an issue of $3,000,000,000 or more of bonds would be accepted as within the government's credit capacity for the profit on gold held by the Treasury would enable the Federal Government to issue large sums of money which would have back of it a metallic reserve instead of an empty promise.

While this would be inflation in a sense, it would be easier to defend and probably would not result in the psychology of alarm which has surrounded the printing press idea