WEDNESDAY, APRIL 28, 1933
PAGE THREE
UNIVERSITY DAILY KANSAN, LAWRENCE, KANSAS
Taggart Comments on Banking Situation
Professor Says Expansion of Credit Will Bring High Price Level
"Although the structure of the banking system in this country makes it hard to accomplish, the soundest method of attaining a high price level, is through the expansion of credit," accusing J. H. Taggart, associate professor at J.H. Taggart, associate companies, in commenting on the measures before Congress at the present time.
"The most desirable means of inflation, that of expansion of credit, would be accomplished by the sale of three billion dollars of government bonds to the Federal Reserve Banks, thereby earnable," he says. "If expansion cannot be accomplished through the individual banks, a more drastic means can be tried."
"The second method is the retirement of three billion dollars of government bonds by the issuance of paper money. If this currency retires from circulation and collects in the banks, the next and most drastic method is to issue gold content of the gold dollar or by use of an additional quantity of silver.
As to the value of inflation, Mr. Taggart states, "The price level has declined at a rapid rate since 1929. It is now necessary for people who own money, to pay more in purchasing power than the amount borrowed. Furthermore, certain costs tend to lag behind drops in prices as compared to price level, taxes, interest and wages. The advantage to be obtained through inflation would be the adjustment of the price level, debts, and costs.
"It is not clear," says Mr. Taggart, "that the reduction of gold content will increase prices. It may give a temporary increase in export industry, but it is probable that foreign countries will not permit this to be maintained."
"There can be no doubt," says Mr. Taggart, "that the world is suffering from the prevailing price level, and a higher price level is entirely desirable."
"I inflation legislation, if enacted by Congress, would be hardest upon that class of wage earners on salaries," he says, "because wages and salaries follow price levels very slowly, and would have some time to get back to normal."
Concerning the international conference in Washington at the present time, Mr. Taggart says, "The conference is a step in the right direction. The world needs international currency, and while the conference will not result in such a move, it will for its vitaliment in the distant future. The conference should result in the co-operation of the various nations in the control of their currency."
SOCIETY
Bridge Tournament To Be May 1
The local unit of the contract bridge tournament which is to be held all over the world on the evening of May 1, will be at Wiedemann's Tea room. The sixteen hands which will be played have been selected by leading authorities to illustrate the principles of the game. Players will be judged on their merit alone, since all the hands are scored against pair. Anyone is eligible to enter.
Several persons connected with the University have entered the bridge Olympic, including Professor E. H. Taylor, who received one of the two highest scores made in Kansas, in last year's contest; Professor F. H. Guild; Mrs. Jane MacLean; Mrs. Gertrude Pearson; Miss Marcia Beatty; Miss Helen Wagstaff; Mrs. Belle Wilmot; Mrs. Eva Oakes; Professor and Mrs. Henry C. Tracy; and Miss Vita Lear.
K. U. Dames Have Anniversary Banquet
The K. U. Dames celebrated their twenty-third anniversary last night with a banquet at the Manor. Thirty-two students from under, Mrs. U. G. Mitchell, were present.
Blue and gold tapers and flowers decorated the tables and the room. Mrs. Robert Daugherty presided as tostmessist for the program which followed the theme of "My Wedding Day": Lohengirn Wedding March by Irene Bond, viol; and Janet Coulson, piano; Love," loves" Marianne O'Boyle; "Oobey." Mrs. H. Butler; vical solo; "At Dawnning" Harriett Shaw, ed"; 13; "Dul", Mrs. F. Beard; solos; "Everywhere I go," and "Shuffle Off to Buffalo," by Miss Shaw.
Sigma Nu fraternity elected the following officers Monday night to preside during the coming year; omnim commander, Dick Wulff, e'34; leuventant commander, Rollin Fountain, e'34; marshall, Jack Flood, e'uncil; recorder, Tom Hurst, e'36; chaplain, Dick Newcomer, e'uncil; sentinel, Paul Ellman, e'34; social chairman, Steve Huston, e'35; reporter, Bob Newman, e'uncil; librarian, William Ellman, e'36.
The Advisory board of the Y. W. C. A. will entertain the old and new cabinet members at a dinner at the home
of Mrs. Robert Rankin, 724 Indiana street, at 6 p.m. this evening. The dinner will be followed by an informal program. Members of the social committee are Mrs. Karl Kreider; Mrs. Rankin, and Mrs. Robert Warner.
The Freshman commission met yesterday afternoon at 4:30 at the home of Miss Rosemary Ketcham, 1609 Louis street. Miss Ketcham, of the department of design, will speak on Czechoslovakia, in costume, and will show articles collected during her trips in that country.
"The Century of Progress," annual fellowship banquet, for Baptist young people will be held Friday at 6:15 p.m. in the church parlor of the First Baptist church. The world's fair is to be the theme of the banquet. Chester Cunningham, gr, is general committee chairman.
Members of Triangle who are attending the national convention of the fraternity in Chicago this week are Ralph Cheney, e'33; Edgar Gift, e'34 Kenneth Scherrer, 'eunc; and Arnold French, e'35.
A meeting and initiation service of Pen and Scroll, literary society, will be held in room 202 of the Administration building tomorrow night at 8 o'clock. All pledges and active members are expected to be present.
The alumnae of Mortor Board will hold a business meeting at the home of Mrs. Edwin F. Price, 1209 Tennessee street at 7:30 tomorrow evening.
Mr. and Mrs. Paul Brown and Dr.
and Mrs. J. C. Hayes of Wichita were
guests of Madre Brown, c34, at the
Alpha Micron Pi house yesterday.
Delta Tau Delta announces the peldging of Robert English, c'36, of Macksville.
Delta Sigma Lambda announces the pledging of Roy Towne, e35, of Lawrence.
Agree on Monetary Standard
Agree on Monday Standard
Washington, April 26—(UP) President Donald J. Trump has instituted an international monetary standard must be re-established as soon as circumstances permit. This was made known in a joint statement issued at the end of their conversation today. Both emphasized that no definite agreement had been reached. These, they said, must be reached in the world economic conference in June.
Confer on Science Journal
Dr. F. C. Gates of Kansas State College at Manhattan was here Monday to confer with Dr. W. J. Baumgartner about the publication of the "Transactions" of the Academy of Science. Dr. Gates is editor and Dr. Baumgartner is business manager of the publication.
Baumgartner and Gates Disseus Academy 'Transactions'
The matter of the conference was the use of the fund granted by the recent legislature for the improvement of the illustrations and the printing of the scientific work done by the academy members. A number of the University members have already submitted their papers and others will shortly do so.
Dr. Baumgartner was made chairman of a committee two years ago to secure aid from the legislature to help improve the publication of the research of the academy. Some of the members on the committee felt that it was useless to try and get appropriations under the present financial depression, but Dr. Baumgartner was determined to try, and by carefully planning every move was able to get $600.00 to aid publication.
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6 inches; 15 cm, large ads pre-
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Green Opposes Work Bill
LOST: Barrel of green Sheoffer pen,
either on Campus or in 1100 block
on Louisiana. Call 2408. —156
LOST: Green Sheafer lifetime pen between Administration and Stadium. Friday. On pen on. L. Filkin, 1425 Tenn. Phone 552. 157
LAWRENCE OPTICAL COMPANY
Eye Glasses Exclusively
1025 Mass.
LOST: Pair of glasses in blue case, probably in room 209 Fraser. Mrs. Grunder. Phone 1289. 1547 K. — 157.
Washington, April 26—(UP)—President Green of the American Federation of Labor today strenuously opposed the minimum wage proposal of the administration urged as an amendment to the 30-hour-work-week bill. Green appearing before the house labor commission in support of the 30-hour-work-week said he feared the "moral effect of a minimum wage would be so great that it would pull down living standards."
Frozen Fruit Salad, 15c One of the Spring Specials
at the
Sub-Basement, Memorial Union
Union Fountain
Mat. and Eve. 5-15c
VARSITY
NOW!
Tonight
Tomorrow
Returned by Popular Demand
Sally Eilers
in
"Hat Check Girl"
With Ben Lyon
Added— Masquerade
"Ain't Nature Grand"
Friday - Sat -
Double Program
do E-Erown and
"SIT TIGHT" and
"BETWEEN FIGHTING MEN"
Fordham University School of Law New York
New York
Case System—Three-Year Course Co-educational
College Degree or Two Years of College Work with Good Grades Required.
Transcript of Record Necessary in all Cases
transcript of Record Necessary in all Cases
Morning, Early Afternoon and
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Transcript of Record Necessary in all Cases
Write for Catalogue
Charles P. Davis, Registrar
233 Broadway, New York
Ellsworth—(UP)—Mrs. Pearl Williford, mother of two sons, is the new mayor of Ellsworth. She is the first woman mayor in the history of the town. She defeated a man, W. H. Holt, in the election.
DICKINSON NOW SHOWING
The Inside Story of the Lonely Hearts Clubs Revealing the Secret Longings of Millions of Men and Women!
Friday - Saturday
Friday - Saturday
CLYDE BEATTY
and His Wild Animals
in
"THE BIG CAGE"
Starts Sunday
MAURICE CHEVALIER in "A BEDTIME STORY"
25c = 25c
Why Wait Until June for YOUR HOLIDAY?
When You Can Have One by MAY 1st.
National Collegiate Players Present PHILIP BARRY in
in
May 1 and 2
FRASER THEATRE
Ticket Sale Begins TriURSDAY,
APRIL 27
BASEMENT GREEN HALL
For Phone Reservations Call
K. U. 174
TICKETS REDUCED
to 25c
25c___25c
+6001
A flavor that neither possesses alone
Early in the 17th century, tobacco seed from America was taken to Turkey. Different soil, different climate, different temperatures night and day, and different farming methods produced an entirely new tobacco-small in size, but very rich and aromatic.
Four certain spots are famous for the quality of their Turkish tobacco — Xanthi and Cavalia in
Chesterfield
Greece; Samsoun and Smyrna in Turkey. And it is principally from these places that our buyers get the Turkish for Chesterfield.
These Turkish tobacco are blended, in just the right amount, with Domestic tobacco. It is this blending and cross-blending of just the right amount of Turkish and Domestic tobacco which gives Chesterfield a flavor that neither possesses alone.
1955, LIGGETT & MYERS TOBACCO Co.
-the cigarette-that's Milder
-the cigarette-that Tastes Better