National Affairs: Inflation Pox

When Congress assembled on Jan. 3 many a hard-money man's heart fluttered apprehensively lest Congress should inflict inflation on the U. S. Fortnight later Franklin D. Roosevelt dosed Congress with some homeopathic medicine, asked authority to devalue the dollar to the 50¢-60¢ level. Thereupon the Congressional demand for inflation all but disappeared. Last week it made a new appearance. Inflationary bills, like bright red pock marks, appeared on several parts of the U. S. legislative body. Three bills in particular—proposals to give somebody something handsome—promised inflation. They loomed particularly large because they...